Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(this “Agreement”) is made and entered into as of this [●] day of [●], 202[●],
by and between AdaptHealth Corp., a Delaware corporation (the “Company”), and Stephen P. Griggs
(“Executive”).

 

W I T N E S S E T H :

 

WHEREAS, Executive
is currently employed by AeroCare Holdings, Inc., a Delaware corporation (“AeroCare”), as its Chief
Executive Officer; and

 

WHEREAS, Executive
is a party to an employment agreement with AeroCare, dated November 1, 2002 (the “Prior Agreement”);
and

 

WHEREAS, in connection
with the transactions contemplated by the Acquisition Agreement, AeroCare will become a wholly owned subsidiary of the Company;
and

 

WHEREAS, the Company
desires to employ Executive and to enter into this Agreement embodying the terms of such employment and Executive desires to enter
into this Agreement and to accept such employment, subject to the terms and provisions of this Agreement.

 

NOW, THEREFORE, in
consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are mutually acknowledged, the Company and Executive hereby agree as follows:

 

Section 1.          Definitions.

 

(a)          “Accrued
Obligations” shall mean (i) all accrued but unpaid Base Salary through the date of termination of Executive’s
employment, (ii) any unpaid or unreimbursed expenses incurred in accordance with Section 7 hereof, and (iii) any
benefits provided under the Company’s employee benefit plans upon a termination of employment (excluding any employee benefit
plan providing for severance or similar benefits), in accordance with the terms contained therein.

 

(b)          “Acquisition
Agreement” shall mean that certain Agreement and Plan of Merger, dated as of December 1, 2020, by and among
the Company, AH Apollo Merger Sub Inc., a Delaware corporation, AH Apollo Merger Sub II Inc., a Delaware corporation, AeroCare
and Peloton Equity, LLC, a Delaware limited liability company, solely in its capacity as the Stockholder Representative (as defined
therein).

 

(c)          “Agreement”
shall have the meaning set forth in the preamble hereto.

 

(d)          “Annual
Bonus” shall have the meaning set forth in Section 4(b) hereof.

 

(e)          “Base
Salary” shall mean the salary provided for in Section 4(a) hereof or any increased salary granted to Executive
pursuant to Section 4(a) hereof.

 

(f)           “Board”
shall mean the Board of Directors of the Company.

 

     

     

    

 

(g)          “Cause”
shall mean (i) Executive’s act(s) of gross negligence or willful misconduct in the course of Executive’s
employment hereunder, (ii) willful failure or refusal by Executive to perform in any material respect Executive’s duties
or responsibilities under this Agreement, (iii) misappropriation (or attempted misappropriation) by Executive of any assets
or business opportunities of the Company or any other member of the Company Group, (iv) theft, embezzlement or fraud committed
(or attempted) by Executive, at Executive’s direction, or with Executive’s prior actual knowledge, (v) Executive’s
conviction of or pleading “guilty” or “no contest” to, (x) a felony or (y) any other criminal
charge that has, or could be reasonably expected to have, an adverse impact on the performance of Executive’s duties to the
Company or any other member of the Company Group or otherwise result in material injury to the reputation or business of the Company
or any other member of the Company Group, (vi) any material violation by Executive of the policies of the Company including
but not limited to those relating to sexual harassment or business conduct, and those otherwise set forth in the manuals or statements
of policy of the Company, (vii) Executive’s material breach of this Agreement or breach of the Restrictive Covenant
Agreement, (viii) any willful act or omission to act of Executive that is intended to result in material injury to the business,
property, operations, financial condition or reputation of the Company or any other member of the Company Group, or (ix) Executive’s
willful failure to reasonably cooperate, if requested by the Board, with any investigation or inquiry into Executive’s or
the Company’s business practices (in each case, to the extent related to the Company or any other member of the Company Group),
whether internal or external, including, but not limited to, Executive’s refusal to be deposed or to provide truthful testimony
or evidence at any trial, proceeding or inquiry. If, within ninety (90) days subsequent to Executive’s termination for any
reason other than by the Company for Cause, the Company determines that Executive’s employment could have been terminated
for Cause pursuant to clauses (iii), (iv), or (v) of the definition thereof, Executive’s employment will be deemed to
have been terminated for Cause for all purposes, and Executive will be required to disgorge to the Company all amounts received
pursuant to this Agreement or otherwise on account of such termination that would not have been payable to Executive had such termination
been by the Company for Cause.

 

(h)          “Closing
Date” shall have the meaning ascribed to such term in the Acquisition Agreement.

 

(i)           “Code”
shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

 

(j)           “Company”
shall have the meaning set forth in the preamble hereto.

 

(k)          “Company
Group” shall mean the Company together with any direct or indirect subsidiaries of the Company.

 

(l)           “Compensation
Committee” shall mean the Board or the committee of the Board designated to make compensation decisions relating
to senior executive officers of the Company Group.

 

(m)         “Delay
Period” shall have the meaning set forth in Section 13(a) hereof.

 

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(n)          “Disability”
shall mean any physical or mental disability or infirmity of Executive that prevents the performance of Executive’s duties
for a period of (i) ninety (90) consecutive days or (ii) one hundred twenty (120) non-consecutive days during any consecutive
twelve (12) month period. Any question as to the existence, extent, or potentiality of Executive’s Disability upon which
Executive and the Company cannot agree shall be determined by a qualified, independent physician selected by the Company and approved
by Executive (which approval shall not be unreasonably withheld). The determination of any such physician shall be final and conclusive
for all purposes of this Agreement.

 

(o)          “Executive”
shall have the meaning set forth in the preamble hereto.

 

(p)          “Good
Reason” shall mean, without Executive’s consent, (i) a material diminution in Executive’s title,
duties, or responsibilities as set forth in Section 3 hereof, (ii) a material reduction in Base Salary set forth in Section 4(a) hereof
or Annual Bonus opportunity set forth in Section 4(b) hereof, (iii) the relocation of Executive’s principal
place of employment (as provided in Section 3(c) hereof) more than fifty (50) miles from its current location, or (iv) any
other material breach of a provision of this Agreement by the Company (other than a provision that is covered by clause (i), (ii),
or (iii) above). Executive acknowledges and agrees that Executive’s exclusive remedy in the event of any breach of this
Agreement shall be to assert Good Reason pursuant to the terms and conditions of Section 8(e) hereof. Notwithstanding
the foregoing, during the Term, in the event that the Company reasonably believes that Executive may have engaged in conduct that
could constitute Cause hereunder, the Company may, in its sole and absolute discretion, suspend Executive from performing Executive’s
duties hereunder for up to sixty (60) days, and in no event shall any such suspension constitute an event pursuant to which Executive
may terminate employment with Good Reason or otherwise constitute a breach hereunder; provided, that no such suspension
shall alter the Company’s obligations under this Agreement during such period of suspension.

 

(q)          “Person”
shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company,
trust (charitable or non-charitable), unincorporated organization, or other form of business entity.

 

(r)          “Prior
Agreement” shall have the meaning set forth in the recitals hereto.

 

(s)          “Release
of Claims” shall mean the Release of Claims in substantially the same form attached hereto as Exhibit B
(as the same may be revised from time to time by the Company upon the advice of counsel).

 

(t)           “Restrictive
Covenant Agreement” shall mean the Restrictive Covenant Agreement attached hereto as Exhibit A.

 

(u)          “Severance
Benefits” shall have the meaning set forth in Section 8(g) hereof.

 

(v)          “Severance
Term” shall mean the twenty-four (24) month period following Executive’s termination by the Company without
Cause (other than by reason of death or Disability) or by Executive for Good Reason.

 

(w)         “Term”
shall mean the period specified in Section 2 hereof.

 

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Section 2.          Acceptance
and Term.

 

The Company agrees
to employ Executive, and Executive agrees to serve the Company, on the terms and conditions set forth herein. The Term shall commence
on the Closing Date and shall continue until terminated as provided in Section 8 hereof.

 

Section 3.          Position,
Duties, and Responsibilities; Place of Performance.

 

(a)          Position,
Duties, and Responsibilities. During the Term, Executive shall be employed and serve as the Co-Chief Executive Officer of the
Company (together with such other position or positions consistent with Executive’s title as the Board shall specify from
time to time) and shall have such duties and responsibilities commensurate with such title. Executive also agrees to serve as an
officer and/or director of any other member of the Company Group, in each case without additional compensation.

 

(b)          Performance.
Executive shall devote Executive’s full business time, attention, skill, and best efforts to the performance of Executive’s
duties under this Agreement and shall not engage in any other business or occupation during the Term, including, without limitation,
any activity that (x) conflicts with the interests of the Company or any other member of the Company Group, (y) interferes
with the proper and efficient performance of Executive’s duties for the Company, or (z) interferes with Executive’s
exercise of judgment in the Company’s best interests. Notwithstanding the foregoing, nothing herein shall preclude Executive
from (i) serving, with the prior written consent of the Board, as a member of the boards of directors or advisory boards (or
their equivalents in the case of a non-corporate entity) of non-competing businesses and charitable organizations, (ii) engaging
in charitable activities and community affairs, and (iii) managing Executive’s personal investments and affairs; provided,
however, that the activities set out in clauses (i), (ii), and (iii) shall be limited by Executive so as not to materially
interfere, individually or in the aggregate, with the performance of Executive’s duties and responsibilities hereunder.

 

(c)          Principal
Place of Employment. Executive’s principal place of employment shall be in Orlando, Florida, although Executive understands
and agrees that Executive may be required to travel from time to time for business reasons.

 

Section 4.          Compensation.

 

During the Term, Executive
shall be entitled to the following compensation:

 

(a)          Base
Salary. Executive shall be paid an annualized Base Salary, payable in accordance with the regular payroll practices of the
Company, of not less than $500,000, with increases, if any, as may be approved in writing by the Compensation Committee.

 

(b)          Annual
Bonus. Executive shall be eligible for an annual incentive bonus award determined by the Compensation Committee in respect
of each fiscal year during the Term (the “Annual Bonus”). The target Annual Bonus for each fiscal
year (commencing with the 2021 fiscal year) shall be 100% of Base Salary, with the actual Annual Bonus payable being based upon
the level of achievement of annual Company and individual performance objectives for such fiscal year, as determined by the Compensation
Committee and communicated to Executive. The Annual Bonus shall be paid to Executive at the same time as annual bonuses are generally
payable to other senior executives of the Company subject to Executive’s continuous employment through the payment date except
as otherwise provided for in this Agreement.

 

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Section 5.          Employee
Benefits.

 

During the Term, Executive
shall be entitled to participate in health, insurance, retirement, and other benefits provided generally to similarly situated
employees of the Company. Executive shall also be entitled to the same number of holidays, vacation days, and sick days, as well
as any other benefits, in each case as are generally allowed to similarly situated employees of the Company in accordance with
the Company policy as in effect from time to time. Nothing contained herein shall be construed to limit the Company’s ability
to amend, suspend, or terminate any employee benefit plan or policy at any time without providing Executive notice, and the right
to do so is expressly reserved.

 

Section 6.          Key-Man
Insurance.

 

At any time during
the Term, the Company shall have the right to insure the life of Executive for the sole benefit of the Company, in such amounts,
and with such terms, as it may determine. All premiums payable thereon shall be the obligation of the Company. Executive shall
have no interest in any such policy, but agrees to cooperate with the Company in procuring such insurance by submitting to physical
examinations, supplying all information required by the insurance company, and executing all necessary documents, provided that
no financial obligation is imposed on Executive by any such documents.

 

Section 7.          Reimbursement
of Business Expenses.

 

During the Term, the
Company shall pay (or promptly reimburse Executive) for documented, out-of-pocket expenses reasonably incurred by Executive in
the course of performing Executive’s duties and responsibilities hereunder, which are consistent with the Company’s
policies in effect from time to time with respect to business expenses, subject to the Company’s requirements with respect
to reporting of such expenses.

 

Section 8.          Termination
of Employment.

 

(a)          General.
The Term shall terminate earlier than as provided in Section 2 hereof upon the earliest to occur of (i) Executive’s
death, (ii) a termination by reason of a Disability, (iii) a termination by the Company with or without Cause, and (iv) a
termination by Executive with or without Good Reason. Upon any termination of Executive’s employment for any reason, except
as may otherwise be requested by the Company in writing and agreed upon in writing by Executive, Executive shall be deemed to have
resigned from any and all directorships, committee memberships, and any other positions Executive holds with the Company or any
other member of the Company Group and hereby agrees to execute any documents that the Company (or any member of the Company Group)
determines necessary to effectuate such resignations. Notwithstanding anything herein to the contrary, the payment (or commencement
of a series of payments) hereunder of any “nonqualified deferred compensation” (within the meaning of Section 409A
of the Code) upon a termination of employment shall be delayed until such time as Executive has also undergone a “separation
from service” as defined in Treas. Reg. 1.409A-1(h), at which time such nonqualified deferred compensation (calculated
as of the date of Executive’s termination of employment hereunder) shall be paid (or commence to be paid) to Executive on
the schedule set forth in this Section 8 as if Executive had undergone such termination of employment (under the same circumstances)
on the date of Executive’s ultimate “separation from service.”

 

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(b)          Termination
Due to Death or Disability. Executive’s employment shall terminate automatically upon Executive’s death. The Company
may terminate Executive’s employment immediately upon the occurrence of a Disability, such termination to be effective upon
Executive’s receipt of written notice of such termination. Upon Executive’s death or in the event that Executive’s
employment is terminated due to Executive’s Disability, Executive or Executive’s estate or Executive’s beneficiaries,
as the case may be, shall be entitled to:

 

(i)          The
Accrued Obligations; and

 

(ii)         Any
unpaid Annual Bonus in respect of any completed fiscal year that has ended prior to the date of such termination, which amount
shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than the date
that is two and one-half (21⁄2) months following the last day of the fiscal year in which such termination occurred.

 

Following Executive’s death or a
termination of Executive’s employment by reason of a Disability, except as set forth in this Section 8(b), Executive
shall have no further rights to any compensation or any other benefits under this Agreement.

 

(c)          Termination
by the Company with Cause.

 

(i)          The
Company may terminate Executive’s employment at any time with Cause, effective upon Executive’s receipt of written
notice of such termination; provided, however, that with respect to any Cause termination relying on clause (ii) or
(vi) of the definition of Cause set forth in ‎Section 1(g) hereof, to the extent that such act or acts
or failure or failures to act are curable, Executive shall be given not less than ten (10) days’ written notice by
the Board of the Company’s intention to terminate him with Cause, such notice to state in detail the particular act or acts
or failure or failures to act that constitute the grounds on which the proposed termination with Cause is based, and such termination
shall be effective at the expiration of such ten (10) day notice period unless Executive has fully cured such act or acts
or failure or failures to act that give rise to Cause during such period.

 

(ii)         In
the event that the Company terminates Executive’s employment with Cause, Executive shall be entitled only to the Accrued
Obligations. Following such termination of Executive’s employment with Cause, except as set forth in this Section 8(c)(ii),
Executive shall have no further rights to any compensation or any other benefits under this Agreement.

 

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(d)          Termination
by the Company without Cause. The Company may terminate Executive’s employment at any time without Cause, effective upon
Executive’s receipt of written notice of such termination. In the event that Executive’s employment is terminated by
the Company without Cause (other than due to death or Disability), Executive shall be entitled to:

 

(i)          The
Accrued Obligations;

 

(ii)         Any
unpaid Annual Bonus in respect of any completed fiscal year that has ended prior to the date of such termination, which amount
shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than the date
that is two and one-half (21⁄2) months following the last day of the fiscal year in which such termination occurred;

 

(iii)        Continued
payment of Base Salary during the Severance Term, payable in accordance with the Company’s regular payroll practices; and

 

(iv)        An
amount equal to two (2) times Executive’s then-current target Annual Bonus, payable in substantially equal installments
during the Severance Term in accordance with the Company’s regular payroll practices.

 

Notwithstanding the foregoing, the payments
and benefits described in clauses (ii), (iii) and (iv) above shall immediately terminate, and the Company shall have
no further obligations to Executive with respect thereto, in the event that Executive breaches any provision of the Restrictive
Covenant Agreement. Following such termination of Executive’s employment by the Company without Cause, except as set forth
in this Section 8(d), Executive shall have no further rights to any compensation or any other benefits under this Agreement.
For the avoidance of doubt, Executive’s sole and exclusive remedy upon a termination of employment by the Company without
Cause shall be receipt of the Severance Benefits.

 

(e)          Termination
by Executive with Good Reason. Executive may terminate Executive’s employment with Good Reason by providing the Company
ten (10) days’ written notice setting forth in reasonable specificity the event that constitutes Good Reason, which
written notice, to be effective, must be provided to the Company within sixty (60) days of the first occurrence of such event.
During such ten (10) day notice period, the Company shall have a cure right (if curable), and if not cured within such period,
Executive’s termination will be effective upon the expiration of such cure period, and Executive shall be entitled to the
same payments and benefits as provided in Section 8(d) hereof for a termination by the Company without Cause, subject
to the same conditions on payment and benefits as described in Section 8(d) hereof. Following such termination of Executive’s
employment by Executive with Good Reason, except as set forth in this Section 8(e), Executive shall have no further rights
to any compensation or any other benefits under this Agreement. For the avoidance of doubt, Executive’s sole and exclusive
remedy upon a termination of employment with Good Reason shall be receipt of the Severance Benefits.

 

(f)           Termination
by Executive without Good Reason. Executive may terminate Executive’s employment without Good Reason by providing the
Company sixty (60) days’ written notice of such termination. In the event of a termination of employment by Executive under
this Section 8(f), Executive shall be entitled only to the Accrued Obligations. In the event of termination of Executive’s
employment under this Section 8(f), the Company may, in its sole and absolute discretion, by written notice accelerate such
date of termination without changing the characterization of such termination as a termination by Executive without Good Reason.
Following such termination of Executive’s employment by Executive without Good Reason, except as set forth in this Section 8(f),
Executive shall have no further rights to any compensation or any other benefits under this Agreement.

 

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(g)          Release.
Notwithstanding any provision herein to the contrary, the payment of any amount or provision of any benefit pursuant to subsection
(b), (d), or (e) of this Section 8 (other than the Accrued Obligations) (collectively, the “Severance Benefits”)
shall be conditioned upon Executive’s execution, delivery to the Company, and non-revocation of the Release of Claims (and
the expiration of any revocation period contained in such Release of Claims) within sixty (60) days following the date of Executive’s
termination of employment hereunder. If Executive fails to execute the Release of Claims in such a timely manner so as to permit
any revocation period to expire prior to the end of such sixty (60) day period, or timely revokes Executive’s acceptance
of such release following its execution, Executive shall not be entitled to any of the Severance Benefits. Further, (i) to
the extent that any of the Severance Benefits constitutes “nonqualified deferred compensation” for purposes of Section 409A
of the Code, any payment of any amount or provision of any benefit otherwise scheduled to occur prior to the sixtieth (60th)
day following the date of Executive’s termination of employment hereunder, but for the condition on executing the Release
of Claims as set forth herein, shall not be made until the first regularly scheduled payroll date following such sixtieth (60th)
day and (ii) to the extent that any of the Severance Benefits do not constitute “nonqualified deferred compensation”
for purposes of Section 409A of the Code, any payment of any amount or provision of any benefit otherwise scheduled to occur
following the date of Executive’s termination of employment hereunder, but for the condition on executing the Release of
Claims as set forth herein, shall not be made until the first regularly scheduled payroll date following the date the Release
of Claims is timely executed and the applicable revocation period has ended, after which, in each case, any remaining Severance
Benefits shall thereafter be provided to Executive according to the applicable schedule set forth herein. For the avoidance of
doubt, in the event of a termination due to Executive’s death or Disability, Executive’s obligations herein to execute
and not revoke the Release of Claims may be satisfied on Executive’s behalf by Executive’s estate or a person having
legal power of attorney over Executive’s affairs.

 

Section 9.          Restrictive
Covenant Agreement.

 

As a condition of,
and prior to commencement of, Executive’s employment with the Company, Executive shall have executed and delivered to the
Company the Restrictive Covenant Agreement. The parties hereto acknowledge and agree that this Agreement and the Restrictive Covenant
Agreement shall be considered separate contracts, and the Restrictive Covenant Agreement will survive the termination of this Agreement
for any reason.

 

Section 10.        Representations
and Warranties of Executive.

 

Executive represents
and warrants to the Company that —

 

(a)          Executive
is entering into this Agreement voluntarily and that Executive’s employment hereunder and compliance with the terms and conditions
hereof will not conflict with or result in the breach by Executive of any agreement to which Executive is a party or by which Executive
may be bound;

 

(b)          Executive
has not violated, and in connection with Executive’s employment with the Company will not violate, any non-solicitation,
non-competition, or other similar covenant or agreement of a prior employer by which Executive is or may be bound; and

 

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(c)          in
connection with Executive’s employment with the Company, Executive will not use any confidential or proprietary information
Executive may have obtained in connection with employment with any prior employer.

 

Section 11.        Taxes.

 

The Company may withhold
from any payments made under this Agreement all applicable taxes, including but not limited to income, employment, and social insurance
taxes, as shall be required by law. Executive acknowledges and represents that the Company has not provided any tax advice to Executive
in connection with this Agreement and that Executive has been advised by the Company to seek tax advice from Executive’s
own tax advisors regarding this Agreement and payments that may be made to Executive pursuant to this Agreement, including specifically,
the application of the provisions of Section 409A of the Code to such payments.

 

Section 12.        Set
Off; Mitigation.

 

The Company’s
obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall be subject to set-off, counterclaim,
or recoupment of amounts owed by Executive to the Company or its affiliates; provided, however, that to the extent
any amount so subject to set-off, counterclaim, or recoupment is payable in installments hereunder, such set-off, counterclaim,
or recoupment shall not modify the applicable payment date of any installment, and to the extent an obligation cannot be satisfied
by reduction of a single installment payment, any portion not satisfied shall remain an outstanding obligation of Executive and
shall be applied to the next installment only at such time the installment is otherwise payable pursuant to the specified payment
schedule. Executive shall not be required to mitigate the amount of any payment or benefit provided pursuant to this Agreement
by seeking other employment or otherwise, and the amount of any payment or benefit provided for pursuant to this Agreement shall
not be reduced by any compensation earned as a result of Executive’s other employment or otherwise.

 

Section 13.        Additional
Section 409A Provisions.

 

Notwithstanding any
provision in this Agreement to the contrary—

 

(a)          Any
payment otherwise required to be made hereunder to Executive at any date as a result of the termination of Executive’s employment
shall be delayed for such period of time as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of
the Code (the “Delay Period”). On the first business day following the expiration of the Delay Period,
Executive shall be paid, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to
the preceding sentence, and any remaining payments not so delayed shall continue to be paid pursuant to the payment schedule set
forth herein.

 

(b)          Each
payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code.

 

(c)          To
the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified
deferred compensation (within the meaning of Section 409A of the Code), (i) any such expense reimbursement shall be made
by the Company no later than the last day of the taxable year following the taxable year in which such expense was incurred by
Executive, (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit, and (iii) the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year
shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided,
that the foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of
the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect.

 

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(d)          While
the payments and benefits provided hereunder are intended to be structured in a manner to avoid the implication of any penalty
taxes under Section 409A of the Code, in no event whatsoever shall the Company or any of its affiliates be liable for any
additional tax, interest, or penalties that may be imposed on Executive as a result of Section 409A of the Code or any damages
for failing to comply with Section 409A of the Code (other than for withholding obligations or other obligations applicable
to employers, if any, under Section 409A of the Code).

 

Section 14.        Successors
and Assigns; No Third-Party Beneficiaries.

 

(a)          The
Company. This Agreement shall inure to the benefit of the Company and its respective successors and assigns. Neither this Agreement
nor any of the rights, obligations, or interests arising hereunder may be assigned by the Company to a Person (other than another
member of the Company Group, or its or their respective successors) without Executive’s prior written consent (which shall
not be unreasonably withheld, delayed, or conditioned); provided, however, that in the event of a sale of all or
substantially all of the assets of the Company or any direct or indirect division or subsidiary thereof to which Executive’s
employment primarily relates, the Company may provide that this Agreement will be assigned to, and assumed by, the acquiror of
such assets, it being agreed that in such circumstances, Executive’s consent will not be required in connection therewith.

 

(b)          Executive.
Executive’s rights and obligations under this Agreement shall not be transferable by Executive by assignment or otherwise,
without the prior written consent of the Company; provided, however, that if Executive shall die, all amounts then
payable to Executive hereunder shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee,
or other designee, or if there be no such designee, to Executive’s estate.

 

(c)          No
Third-Party Beneficiaries. Except as otherwise set forth in Section 8(b) or Section 14(b) hereof, nothing
expressed or referred to in this Agreement will be construed to give any Person other than the Company, the other members of the
Company Group, and Executive any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision
of this Agreement.

 

Section 15.        Waiver
and Amendments.

 

Any waiver, alteration,
amendment, or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by each of the
parties hereto; provided, however, that any such waiver, alteration, amendment, or modification must be consented
to on the Company’s behalf by the Board. No waiver by either of the parties hereto of their rights hereunder shall be deemed
to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states
that it is to be construed as a continuing waiver.

 

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Section 16.        Severability.

 

If any covenants or
such other provisions of this Agreement are found to be invalid or unenforceable by a final determination of a court of competent
jurisdiction, (a) the remaining terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable
term or provision hereof shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to
expressing the intention of the invalid or unenforceable term or provision hereof.

 

Section 17.        Governing
Law and Jurisdiction.

 

EXCEPT WHERE PREEMPTED
BY FEDERAL LAW, THE VALIDITY, INTERPRETATION, CONSTRUCTION, AND PERFORMANCE OF THIS AGREEMENT IS GOVERNED BY AND IS TO BE
CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE, WITHOUT REGARD
TO CONFLICT OF LAWS RULES. ALL DISPUTES AND CONTROVERSIES ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE FINALLY SETTLED
AND BINDING UNDER THE RULES OF INTERNATIONAL COMMERCIAL DISPUTE RESOLUTION OF THE AMERICAN ARBITRATION ASSOCIATION. THE PLACE OF
ARBITRATION SHALL BE NEW YORK, NEW YORK. ANY SUCH ARBITRATION SHALL BE CONDUCTED BY A SINGLE ARBITRATOR APPOINTED IN ACCORDANCE
WITH ICDR RULES. ANY AWARD, VERDICT OR SETTLEMENT ISSUED UNDER SUCH ARBITRATION MAY BE ENTERED BY ANY PARTY FOR ORDER OF ENFORCEMENT
BY ANY COURT OF COMPETENT JURISDICTION. THE ARBITRATOR SHALL HAVE THE POWER TO TAKE INTERIM MEASURES HE OR SHE DEEMS NECESSARY, INCLUDING
INJUNCTIVE RELIEF AND MEASURES FOR THE PROTECTION OR CONSERVATION OR PROPERTY.

 

Section 18.        Notices.

 

(a)          Place
of Delivery. Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or
delivered to the party for whom or which it is intended at such address as may from time to time be designated by it in a notice
mailed or delivered to the other party as herein provided; provided, that unless and until some other address be so designated,
all notices and communications by Executive to the Company shall be mailed or delivered to the Company at its principal executive
office, and all notices and communications by the Company to Executive may be given to Executive personally or may be mailed to
Executive at Executive’s last known address, as reflected in the Company’s records.

 

(b)          Date
of Delivery. Any notice so addressed shall be deemed to be given or received (i) if delivered by hand, on the date of
such delivery, (ii) if mailed by courier or by overnight mail, on the first business day following the date of such mailing,
and (iii) if mailed by registered or certified mail, on the third business day after the date of such mailing.

 

    	 	11	 

     

    

 

Section 19.        Section Headings.

 

The headings of the
sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof
or affect the meaning or interpretation of this Agreement or of any term or provision hereof.

 

Section 20.        Entire
Agreement.

 

This Agreement, together
with any exhibits attached hereto, constitutes the entire understanding and agreement of the parties hereto regarding the employment
of Executive. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings, and
agreements between the parties relating to the subject matter of this Agreement, including, without limitation, the Prior Agreement.

 

Section 21.        Survival
of Operative Sections.

 

Upon any termination
of Executive’s employment, the provisions of Section 8 through ‎‎Section 23 of this Agreement (together
with any related definitions set forth in Section 1 hereof) shall survive to the extent necessary to give effect to the provisions
thereof.

 

Section 22.        Counterparts.

 

This Agreement may
be executed in two (2) or more counterparts, each of which shall be deemed to be an original but all of which together shall
constitute one and the same instrument. The execution of this Agreement may be by actual signature or by signature delivered by
facsimile or by e-mail as a portable document format (.pdf) file or image file attachment.

 

Section 23.        Conditional
Upon Closing of Transactions.

 

This Agreement shall
be conditioned upon the closing of the transactions contemplated by the Acquisition Agreement. In the event that the Acquisition
Agreement terminates prior to the closing of the transactions contemplated thereby, this Agreement shall be void ab initio.

 

*          *          *

 

[Signatures to appear on the following
page(s).]

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date first above written.

 

 

	 	ADAPTHEALTH CORP.
	 	 
	 	 
	 	By:	                                     
	 	Name:
	 	Title:
	 	 
	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	 
	 	Stephen P. Griggs

 

[Signature Page to Stephen P. Griggs
Employment Agreement]

 

     

     

    

 

Exhibit A

 

RESTRICTIVE COVENANT AGREEMENT

 

As a condition of my
becoming employed by, or continuing employment with, AdaptHealth Corp., a Delaware corporation (the “Company”),
and in consideration of my employment with the Company and my receipt of the compensation now and hereafter paid to me by the Company, I
agree to the following:

 

Section 1.          Confidential
Information.

 

(a)          Company
Group Information. I acknowledge that, during the period of my employment with the Company (the “Employment Period”), I
will have access to information about the Company and its direct and indirect parents, subsidiaries and affiliates (collectively,
the “Company Group”) and that my employment with the Company shall bring me into close contact with
confidential and proprietary information of the Company Group. In recognition of the foregoing, I agree, at all times during
the Employment Period and thereafter, to hold in confidence, and not to use, except for the benefit of the Company Group, or to
disclose to any person, firm, corporation, or other entity without prior written authorization of the Company, any Confidential
Information that I obtain or create. I further agree not to make copies of such Confidential Information except as authorized by
the Company. I understand that “Confidential Information” means information that the Company Group has
developed, acquired, created, compiled, discovered, or owned or will develop, acquire, create, compile, discover, or own, that
has value in or to the business of the Company Group. I understand that Confidential Information includes, but is not limited to,
any and all non-public information that relates to the actual or anticipated business and/or products, research, or development
of the Company Group, or to the Company Group’s technical data, trade secrets, or know-how, including, but not limited to,
research, product plans, or other information regarding the Company Group’s products or services and markets, customer lists,
and customers (including, but not limited to, customers of the Company Group on whom I called or with whom I may become acquainted
during the Employment Period), software, developments, inventions, processes, formulas, technology, designs, drawings, engineering,
hardware configuration information, marketing, finances, and other business information disclosed by the Company Group either directly
or indirectly in writing, orally, or by drawings or inspection of premises, parts, equipment, or other Company Group property.
Notwithstanding the foregoing, Confidential Information shall not include (i) any of the foregoing items that have become
publicly and widely known through no unauthorized disclosure by me or others who were under confidentiality obligations as to the
item or items involved or (ii) any information that I am required to disclose to, or by, any governmental or judicial authority;
provided, however, that in such event I will give the Company prompt written notice thereof so that the Company Group
may seek an appropriate protective order and/or waive in writing compliance with the confidentiality provisions of this Restrictive
Covenant Agreement (this “Agreement”).

 

(b)          Former
Employer Information. I represent that my performance of all of the terms of this Agreement as an employee of the Company has
not breached and will not breach any agreement to keep in confidence proprietary information, knowledge, or data acquired by me
in confidence or trust prior or subsequent to the commencement of my employment with the Company, and I will not disclose to any
member of the Company Group, or induce any member of the Company Group to use, any developments, or confidential or proprietary
information or material I may have obtained in connection with employment with any prior employer in violation of a confidentiality
agreement, nondisclosure agreement, or similar agreement with such prior employer. During the Employment Period, I will not
improperly make use of, or disclose, any developments, or confidential or proprietary information or material of any prior employer
or other third party, nor will I bring onto the premises of the Company or use any unpublished documents or any property belonging
to any prior employer or other third party, in violation of any lawful agreements with that prior employer or third party. I will
use in the performance of my duties only information that is generally known and used by persons with training and experience comparable
to my own, is common knowledge in the industry or otherwise legally in the public domain, or is otherwise provided or developed
by the Company.

 

    	 	A-1	 

     

    

 

(c)          Third
Party Information. I understand that the Company Group has received and in the future may receive from third parties confidential
or proprietary information (“Third Party Information”) subject to a duty on the Company Group’s
part to maintain the confidentiality of such information and to use it only for certain limited purposes. In recognition of the
foregoing, I agree, at all times during the Employment Period and thereafter, to hold in confidence and will not disclose
to anyone (other than Company Group personnel who need to know such information in connection with their work for the Company Group),
and not to use, except for the benefit of the Company Group, Third Party Information without the express prior written consent
of an officer of the Company and otherwise treat Third Party Information as Confidential Information.

 

(d)          Whistleblower;
Defend Trade Secrets Act Disclosure.

 

(i)          In
addition, I understand that nothing in this Agreement shall be construed to prohibit me from (A) filing a charge or complaint
with, participating in an investigation or proceeding conducted by, or reporting possible violations of law or regulation to any
federal, state or local government agency, (B) truthfully responding to or complying with a subpoena, court order, or other
legal process, or (C) exercising any rights I may have under applicable labor laws to engage in concerted activity with other
employees.

 

(ii)         Under
the U.S. Defend Trade Secrets Act of 2016, 18 U.S.C. § 1833(b) (the “Act”), persons who
disclose trade secrets in connection with lawsuits or other proceedings under seal (including lawsuits alleging retaliation), or
in confidence to a federal, state or local government official, or attorney, solely for the purpose of reporting or investigating
a suspected violation of law, enjoy immunity from civil and criminal liability under state and federal trade secrets laws for such
disclosure.  I acknowledge that I have hereby received adequate notice of this immunity, such that the Company is entitled
to all remedies available for violations of the Act, including exemplary damages and attorney fees.  Nothing in this Agreement
is intended to conflict with the Act or create liability for disclosures of trade secrets that are expressly allowed by the Act.

 

(iii)        Notice. 
 “An individual shall not be held criminally or civilly liable under any Federal or state trade secret law for the disclosure
of a trade secret that is made in confidence to a Federal, state, or local government official or to an attorney solely for the
purpose of reporting or investigating a suspected violation of law.  An individual shall not be held criminally or civilly
liable under any Federal or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by
an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use
the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal;
and does not disclose the trade secret, except pursuant to court order.”

 

    	 	A-2	 

     

    

 

Section 2.          Inventions.

 

(a)          No
Prior Developments. By signing below, I represent that there are no developments, inventions, concepts, know-how, original
works of authorship, improvements, trade secrets, methodology, algorithms, software, processes, formulas, designs, drawings and
other technological advancements and implementations that I can demonstrate were created or owned by me prior to the commencement
of the Employment Period, which belong solely to me or belong to me jointly with another, that relate in any way to any of the
actual or proposed businesses, products, or research and development of any member of the Company Group and which are not assigned
to the Company hereunder.

 

(b)          Assignment
of Inventions. Without additional compensation, I agree to assign, and hereby do assign, to the Company all rights, title
and interest throughout the world in and to all Inventions (as defined below) which I may solely or jointly conceive, create, invent,
develop, modify, compile or reduce to practice, at any time during any period during which I perform or performed services for
the Company Group both before or after the date hereof (the “Assignment Period”), whether as an officer,
employee, director, independent contractor, consultant, or agent, or in any other capacity, whether or not during regular working
hours, provided they either (i) relate at the time of conception, development or reduction to practice to the business of
any member of the Company Group, or the actual or anticipated research or development of any member of the Company Group; (ii) result
from or relate to any work performed for any member of the Company Group; or (iii) are developed through the use of equipment,
supplies, or facilities of any member of the Company Group, or any Confidential Information, or in consultation with personnel
of any member of the Company Group (collectively referred to as “Company IP Rights”). I understand that
 “Inventions” means inventions, concepts, know-how, developments, original works of authorship, improvements, trade
secrets, methodology, algorithms, software, processes, formulas, designs, drawings and other technological advancements and implementations.
I agree that I will promptly make full written disclosure to the Company of any Company IP Rights I participate in conceiving,
creating, inventing, developing, modifying, compiling or reducing to practice during the Assignment Period. I further acknowledge
that, to the greatest extent permitted by applicable law, all Company IP Rights made by me (solely or jointly with others) within
the scope of and during the Assignment Period are “works made for hire” for which I am, in part, compensated by my
salary, unless regulated otherwise by law. If any Company IP Rights cannot be assigned, I hereby grant to the Company Group
an exclusive, assignable, irrevocable, perpetual, worldwide, sublicenseable (through one or multiple tiers), royalty-free, unlimited
license to use, make, modify, sell, offer for sale, reproduce, distribute, create derivative works of, publicly perform, publicly
display and digitally perform and display such work in any media now known or hereafter known. Outside the scope of my service,
whether during or after the Employment Period, I agree not to (i) modify, adapt, alter, translate, or create derivative
works from any such work of authorship or (ii) merge any such work of authorship with other Company IP Rights. To the extent
rights related to paternity, integrity, disclosure and withdrawal (collectively, “Moral Rights”) may
not be assignable under applicable law and to the extent the following is allowed by the laws in the various countries where Moral
Rights exist, I hereby irrevocably waive such Moral Rights and consent to any action of the Company Group that would violate
such Moral Rights in the absence of such consent.

 

    	 	A-3	 

     

    

 

(c)          Maintenance
of Records. I agree to keep and maintain adequate and current written records of all Company IP Rights made by me (solely or
jointly with others) during the Assignment Period. The records may be in the form of notes, sketches, drawings, flow charts, electronic
data or recordings, and any other format. The records will be available to and remain the sole property of the Company Group at
all times. I agree not to remove such records from the Company’s place of business except as expressly permitted by Company
Group policy, which may, from time to time, be revised at the sole election of the Company Group for the purpose of furthering
the business of the Company Group.

 

(d)          Intellectual
Property Rights. I hereby agree to assist the Company, or its designee, at the Company’s expense, in every way to secure
the rights of the Company Group in the Company IP Rights and any copyrights, patents, trademarks, service marks, database rights,
domain names, mask work rights, moral rights, and other intellectual property rights relating thereto in any and all countries,
including the disclosure to the Company of all pertinent information and data with respect thereto, the execution of all applications,
specifications, oaths, assignments, recordations, and all other instruments that the Company shall deem necessary in order to apply
for, obtain, maintain, and transfer such rights and in order to assign and convey to the Company Group the sole and exclusive right,
title, and interest in and to such Company IP Rights, and any intellectual property and other proprietary rights relating thereto.
I further agree that my obligation to execute or cause to be executed, when it is in my power to do so, any such instrument or
papers shall continue after the Assignment Period until the expiration of the last such intellectual property right to expire in
any country of the world; provided, however, that the Company shall reimburse me for my reasonable expenses incurred
in connection with carrying out the foregoing obligation. If the Company is unable because of my mental or physical incapacity
or unavailability for any other reason to secure my signature to apply for or to pursue any application for any United States or
foreign patents or copyright registrations covering Company IP Rights or original works of authorship assigned to the Company as
above, then I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and
attorney in fact to act for and in my behalf and stead to execute and file any such applications or records and to do all other
lawfully permitted acts to further the application for, prosecution, issuance, maintenance, and transfer of letters patent or registrations
thereon with the same legal force and effect as if originally executed by me. I hereby waive and irrevocably quitclaim to the Company
any and all claims, of any nature whatsoever, that I now or hereafter have for past, present, or future infringement of any and
all proprietary rights assigned to the Company.

 

(e)          State
Non-assignable Invention Exemptions. Solely to the extent that I (i) was or am an employee of the Company and (ii) was
or am based in California, Illinois, Washington, Kansas or Minnesota or otherwise entitled to the benefits of the state statutes
of California, Illinois, Washington, Kansas or Minnesota during the Employment Period, then, to the extent the assignment
of Company IP Rights to the Company in this Section 2 can be construed to cover inventions excluded under the appropriate
state statutes (including California Labor Code Sec. 2870, Illinois Employee Patent Act, 765 ILCS 1060, Sec. 2, Revised Code
of Washington Section 49.44.140(1), Kansas Statute K.S.A. §44-130, and Minn. Stat. §181.78, each incorporated herein
by reference), this Section 2 shall not apply to such inventions.

 

    	 	A-4	 

     

    

 

Section 3.          Returning
Company Group Documents.

 

I agree that, at the
time of termination of my employment with the Company for any reason, I will deliver to the Company (and will not keep in
my possession, recreate, or deliver to anyone else) any and all Confidential Information, Third Party Information and all other
documents, materials, information, and property developed by me pursuant to my employment or otherwise belonging to the Company
and, if so requested, will certify in writing that I have fully complied with the foregoing obligation. I agree further that I
will not copy, delete, or alter any information contained upon my Company computer or Company equipment before I return it to the
Company. In addition, if I have used any personal computer, server, or e-mail system to receive, store, review, prepare or transmit
any Company information, including but not limited to, Confidential Information, I agree to provide the Company with a computer-useable
copy of all such Company information and then permanently delete and expunge such Company information from those systems; and I
agree to provide the Company access to my system as reasonably requested to verify that the necessary copying and/or deletion is
completed. I agree further that any property situated on the Company’s premises and owned by the Company (or any other member
of the Company Group), including disks and other storage media, filing cabinets, and other work areas, is subject to inspection
by personnel of any member of the Company Group at any time with or without notice.

 

Section 4.          Disclosure
of Agreement.

 

As long as it remains
in effect, I will disclose the existence of this Agreement to any prospective employer, partner, co-venturer, investor, or
lender prior to entering into an employment, partnership, or other business relationship with such person or entity. I also consent
to the notification of my prospective employer, partner, co-venturer, investor, or lender of my rights and obligations under this
Agreement, by the Company providing a copy of this Agreement or otherwise.

 

Section 5.          Publicity.

 

I hereby consent to
any and all uses and displays by the Company Group of my name, voice, likeness, image, appearance and biographical information
in or in connection with any printed, electronic or digital materials, including, without limitation, any pictures, audio or video
recordings, digital images, websites, television programs, advertising, sales or marketing brochures, printed materials and computer
media, throughout the world and at any time during or after the Employment Period for all legitimate business purposes of the Company
Group (the “Permitted Use”). I hereby forever release the Company Group and each of their respective
current or former directors, officers, employees, shareholders, representatives and agents from any and all claims, actions, damages,
losses, costs, expenses and liability of any kind arising under any legal or equitable theory whatsoever at any time during or
after the Employment Period in connection with any Permitted Use.

 

    	 	A-5	 

     

    

 

Section 6.          Restrictions
on Interfering.

 

(a)          Non-Competition.
During the Restricted Period, I shall not, directly or indirectly, individually or on behalf of any person, company, enterprise,
or entity, or as a sole proprietor, partner, shareholder, director, officer, principal, agent, or executive, or in any other capacity
or relationship, engage in any Competitive Activities, within the United States or any other jurisdiction in which the Company
Group is actively engaged in business.

 

(b)          Non-Interference.
During the Restricted Period, I shall not, directly or indirectly for my own account or for the account of any other individual
or entity, engage in Interfering Activities.

 

(c)          Definitions.
For purposes of this Agreement:

 

(i)          “Business
Relation” shall mean any current or prospective client, customer, licensee, or other business relation of the Company
Group, or any such relation that was a client, customer, licensee, supplier, or other business relation within the twelve (12)
month period prior to the termination of the Employment Period, in each case, to whom I provided services, or with whom I transacted
business, or whose identity became known to me in connection with my relationship with or employment by the Company.

 

(ii)         “Competitive
Activities” shall mean the business of owning and operating a durable medical equipment business or any other business
activity that is competitive with the then-current or demonstrably planned business activities of the Company Group.

 

(iii)        “Interfering
Activities” shall mean (A) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit,
or induce, any Person employed by, or providing consulting services to, any member of the Company Group and who is or is likely
to be in possession of Confidential Information to terminate such Person’s employment or services (or in the case of a consultant,
materially reducing such services) with the Company Group; (B) hiring any individual who was employed by the Company Group
within the six (6) month period prior to the date of such hiring; or (C) encouraging, soliciting, or inducing, or in
any manner attempting to encourage, solicit, or induce, any Business Relation to cease doing business with or reduce the amount
of business conducted with any member of the Company Group, or in any way interfering with the relationship between any such Business
Relation and any member of the Company Group.

 

(iv)        “Person”
shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company,
trust (charitable or non-charitable), unincorporated organization, or other form of business entity.

 

(v)         “Restricted
Period” shall mean the period commencing on the date hereof and ending on the twenty-four (24) month anniversary
of the date of any termination of the Employment Period.

 

(d)          Non-Disparagement.
I agree that during the Employment Period, and at all times thereafter, I will not make any disparaging or defamatory comments
regarding any member of the Company Group or its respective current or former directors, officers, employees or shareholders in
any respect or make any comments concerning any aspect of my relationship with any member of the Company Group or any conduct or
events which precipitated any termination of my employment from the Company. However, my obligations under this subsection (d) shall
not apply to disclosures required by applicable law, regulation, or order of a court or governmental agency. Further, nothing in
this Agreement prohibits me from speaking with law enforcement, the Equal Employment Opportunity Commission, any state or local
division of human rights or fair employment agency, or my attorney.

 

    	 	A-6	 

     

    

 

Section 7.          Reasonableness
of Restrictions.

 

I acknowledge and recognize
the highly competitive nature of the Company’s business, that access to Confidential Information renders me special and unique
within the Company’s industry, and that I will have the opportunity to develop substantial relationships with existing and
prospective clients, accounts, customers, consultants, contractors, investors, and strategic partners of the Company Group during
the course of and as a result of my employment with the Company. In light of the foregoing, I recognize and acknowledge that
the restrictions and limitations set forth in this Agreement are reasonable and valid in geographical and temporal scope and in
all other respects and are essential to protect the value of the business and assets of the Company Group. I acknowledge further
that the restrictions and limitations set forth in this Agreement will not materially interfere with my ability to earn a living
following the termination of the Employment Period and that my ability to earn a livelihood without violating such restrictions
is a material condition to my employment with the Company.

 

Section 8.          Independence;
Severability; Blue Pencil.

 

Each of the rights
enumerated in this Agreement shall be independent of the others and shall be in addition to and not in lieu of any other rights
and remedies available to the Company Group at law or in equity. If any of the provisions of this Agreement or any part of any
of them is hereafter construed or adjudicated to be invalid or unenforceable, the same shall not affect the remainder of this Agreement,
which shall be given full effect without regard to the invalid portions. If any of the covenants contained herein are held to be
invalid or unenforceable because of the duration of such provisions or the area or scope covered thereby, I agree that the
court making such determination shall have the power to reduce the duration, scope, and/or area of such provision to the maximum
and/or broadest duration, scope, and/or area permissible by law, and in its reduced form said provision shall then be enforceable.

 

Section 9.          Injunctive
Relief.

 

I expressly acknowledge
that, because my services are personal and unique and because I will have access to Confidential Information, any breach or threatened
breach of any of the terms and/or conditions set forth in this Agreement may result in substantial, continuing, and irreparable
injury to the members of the Company Group for which monetary damages would not be an adequate remedy. Therefore, I hereby
agree that, in addition to any other right or remedy that may be available to the Company in law or in equity, any member of the
Company Group shall be entitled to injunctive relief, specific performance, or other equitable relief by a court of appropriate
jurisdiction in the event of any breach or threatened breach of the terms of this Agreement without the necessity of proving irreparable
harm or injury as a result of such breach or threatened breach or posting a bond and without liability should relief be denied,
modified or vacated. Notwithstanding any other provision to the contrary, I acknowledge and agree that the Restricted Period
shall be tolled during any period of violation of any of the covenants in Section 6 hereof and during any other period required
for litigation during which the Company or any other member of the Company Group seeks to enforce such covenants against me if
it is ultimately determined that I was in breach of such covenants.

 

    	 	A-7	 

     

    

 

Section 10.        Cooperation.

 

I agree that, following
any termination of my employment, I will continue to provide reasonable cooperation to the Company and/or any other member
of the Company Group and its or their respective counsel in connection with any investigation, administrative proceeding, or litigation
relating to any matter that occurred during the Employment Period in which I was involved or of which I have knowledge. As a condition
of such cooperation, the Company shall reimburse me for reasonable out-of-pocket expenses incurred at the request of the Company
with respect to my compliance with this Section. I also agree that, in the event that I am subpoenaed by any person or entity (including,
but not limited to, any government agency) to give testimony or provide documents (in a deposition, court proceeding, or otherwise)
that in any way relates to my employment by the Company and/or any other member of the Company Group, I will give prompt notice
of such request to the Company and will make no disclosure until the Company and/or the other member of the Company Group has had
a reasonable opportunity to contest the right of the requesting person or entity to such disclosure.

 

Section 11.        General
Provisions.

 

(a)          Governing
Law and Jurisdiction. EXCEPT WHERE PREEMPTED BY FEDERAL LAW, THE VALIDITY, INTERPRETATION, CONSTRUCTION, AND PERFORMANCE
OF THIS AGREEMENT IS GOVERNED BY AND IS TO BE CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND
TO BE PERFORMED IN THAT STATE, WITHOUT REGARD TO CONFLICT OF LAWS RULES. FURTHER, I HEREBY CONSENT TO THE EXCLUSIVE JURISDICTION
OF THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF NEW YORK, AND WAIVE ANY RIGHT TO TRIAL BY JURY, IN CONNECTION WITH
ANY DISPUTE ARISING UNDER OR CONCERNING THIS AGREEMENT.

 

(b)          Entire
Agreement. This Agreement sets forth the entire agreement and understanding between the Company and me relating to the subject
matter herein and merges all prior discussions between us. No modification or amendment to this Agreement, nor any waiver of any
rights under this Agreement, will be effective unless in writing signed by the party to be charged. Any subsequent change or changes
in my duties, obligations, rights, or compensation will not affect the validity or scope of this Agreement.

 

(c)          No
Right of Continued Employment. I acknowledge and agree that nothing contained herein shall be construed as granting me any
right to continued employment by the Company, and the right of the Company to terminate my employment at any time and for any reason,
with or without cause, is specifically reserved.

 

    	 	A-8	 

     

    

 

(d)          Successors
and Assigns. This Agreement will be binding upon my heirs, executors, administrators, and other legal representatives and will
be for the benefit of the Company, its successors, and its assigns. I expressly acknowledge and agree that this Agreement may be
assigned by the Company without my consent to any other member of the Company Group as well as any purchaser of all or substantially
all of the assets or stock of the Company or of any business or division of the Company for which I provide services, whether by
purchase, merger, or other similar corporate transaction.

 

(e)          Survival.
The provisions of this Agreement shall survive the termination of my employment with the Company and/or the assignment of this
Agreement by the Company to any successor in interest or other assignee.

 

*          *          *

 

[Signature to appear on the following
page.]

 

    	 	A-9	 

     

    

 

I, Stephen P. Griggs,
have executed this Restrictive Covenant Agreement on the date set forth below:

 

 

	Date: _____________, 202__	 
	 	(Signature)
	 	 
	 	 
	 	Stephen P. Griggs
	 	(Type/Print Name)

 

[Signature Page to Stephen P. Griggs
Restrictive Covenant Agreement]

 

     

     

    

 

Exhibit B

 

RELEASE OF CLAIMS

 

As used in this Release
of Claims (this “Release”), the term “claims” will include all claims, covenants, warranties,
promises, undertakings, actions, suits, causes of action, obligations, debts, accounts, attorneys’ fees, judgments, losses,
and liabilities, of whatsoever kind or nature, in law, in equity, or otherwise.

 

For and in consideration
of the Severance Benefits (as defined in my Employment Agreement, dated [__],
202[_], with AdaptHealth Corp., a Delaware corporation (such entity, the “Company”
and such agreement, my “Employment Agreement”)), and other good and valuable consideration, I,
Stephen P. Griggs, for and on behalf of myself and my heirs, administrators, executors, and assigns, effective as of the date on
which this release becomes effective pursuant to its terms, do fully and forever release, remise, and discharge the Company and
each of its direct and indirect subsidiaries and affiliates, and their respective successors and assigns, together with their respective
current and former officers, directors, partners, shareholders, employees, and agents (collectively, the “Group”),
from any and all claims whatsoever up to the date hereof that I had, may have had, or now have against the Group, whether known
or unknown, for or by reason of any matter, cause, or thing whatsoever, including any claim arising out of or attributable to my
employment or the termination of my employment with the Company, whether for tort, breach of express or implied employment contract,
intentional infliction of emotional distress, wrongful termination, unjust dismissal, defamation, libel, or slander, or under any
federal, state, or local law dealing with discrimination based on age, race, sex, national origin, handicap, religion, disability,
or sexual orientation. The release of claims in this Release includes, but is not limited to, all claims arising under the Age
Discrimination in Employment Act of 1967 (“ADEA”), Title VII of the Civil Rights Act of 1964, the Americans
with Disabilities Act of 1990, the Civil Rights Act of 1991, the Family and Medical Leave Act of 1993, the Worker Adjustment and
Retraining Notification Act of 1988 and the Equal Pay Act of 1963, each as may be amended from time to time, and all other federal,
state, and local laws, the common law, and any other purported restriction on an employer’s right to terminate the employment
of employees. The release contained herein is intended to be a general release of any and all claims to the fullest extent permissible
by law.

 

By executing this Release, I
specifically release all claims relating to my employment and its termination under ADEA, a United States federal statute that,
among other things, prohibits discrimination on the basis of age in employment and employee benefit plans.

 

Notwithstanding any
provision of this Release to the contrary, by executing this Release, I am not releasing (i) any claims relating to my
rights under Section 8 of my Employment Agreement, (ii) any claims that cannot be waived by law, (iii) my rights
with respect to any equity securities that I own in the Company, or (iv) my right of indemnification as provided by, and in
accordance with the terms of, the Company’s by-laws or a Company insurance policy providing such coverage, as any of such
may be amended from time to time.

 

    	 	B-1	 

     

    

 

I expressly acknowledge
and agree that I –

 

§          Am
able to read the language, and understand the meaning and effect, of this Release;

 

§          Have
no physical or mental impairment of any kind that has interfered with my ability to read and understand the meaning of this Release
or its terms, and that I am not acting under the influence of any medication, drug, or chemical of any type in entering into this
Release;

 

§          Am
specifically agreeing to the terms of the release contained in this Release because the Company has agreed to pay me the Severance
Benefits in consideration for my agreement to accept it in full settlement of all possible claims I might have or ever have had,
and because of my execution of this Release;

 

§          Acknowledge
that, but for my execution of this Release, I would not be entitled to the Severance Benefits;

 

§          Understand
that, by entering into this Release, I do not waive rights or claims under ADEA that may arise after the date I execute this
Release;

 

§          Had
or could have had [twenty-one (21)][forty-five (45)]1
calendar days from the date of my termination of employment (the “Release Expiration Date”)
in which to review and consider this Release, and that if I execute this Release prior to the Release Expiration Date, I
have voluntarily and knowingly waived the remainder of the review period;

 

§          Have
not relied upon any representation or statement not set forth in this Release or my Employment Agreement made by the Company or
any of its representatives;

 

§          Was
advised to consult with my attorney regarding the terms and effect of this Release; and

 

§          Have
signed this Release knowingly and voluntarily.

 

I represent and warrant
that I have not previously filed, and to the maximum extent permitted by law agree that I will not file, a complaint, charge, or
lawsuit against any member of the Group regarding any of the claims released herein. If, notwithstanding this representation and
warranty, I have filed or file such a complaint, charge, or lawsuit, I agree that I shall cause such complaint, charge,
or lawsuit to be dismissed with prejudice and shall pay any and all costs required in obtaining dismissal of such complaint, charge,
or lawsuit, including without limitation the attorneys’ fees of any member of the Group against whom I have filed such a
complaint, charge, or lawsuit. Notwithstanding anything to the contrary, nothing herein shall prevent or restrict me from (i) filing
a charge or complaint with, participating in an investigation or proceeding conducted by, or reporting possible violations of law
or regulation to any federal, state or local government agency; (ii) truthfully responding to or complying with a subpoena,
court order, or other legal process; or (iii) exercising any rights I may have under applicable labor laws to engage in concerted
activity with other employees; provided however, that I hereby forgo any monetary benefit from the filing of a charge or
complaint with a government agency except pursuant to a whistleblower program or where my right to receive such a monetary benefit
is otherwise not waivable by law.

 

 

 

		1	To be selected based on whether applicable termination was “in connection with an exit incentive
or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967).

 

    	 	B-2	 

     

    

 

I hereby agree to waive
any and all claims to re-employment with the Company or any other member of the Group and affirmatively agree not to seek further
employment with the Company or any other member of the Group.

 

Notwithstanding
anything contained herein to the contrary, this Release will not become effective or enforceable prior to the expiration of the
period of seven (7) calendar days immediately following the date of its execution by me (the “Revocation
Period”), during which time I may revoke my acceptance of this Release by notifying the Company and the Board of
Directors of the Company, in writing, delivered to the Company at its principal executive office, marked for the attention of
its General Counsel. To be effective, such revocation must be received by the Company no later than 11:59 p.m. on the
seventh (7th) calendar day following the execution of this Release. Provided that the Release is executed and I do
not revoke it during the Revocation Period, the eighth (8th) calendar day following the date on which this Release
is executed shall be its effective date. I acknowledge and agree that if I revoke this Release during the Revocation Period, this
Release will be null and void and of no effect, and neither the Company nor any other member of the Group will have any obligations
to pay me the Severance Benefits.

 

The provisions of this
Release shall be binding upon my heirs, executors, administrators, legal personal representatives, and assigns. If any provision
of this Release shall be held by any court of competent jurisdiction to be illegal, void, or unenforceable, such provision shall
be of no force or effect. The illegality or unenforceability of such provision, however, shall have no effect upon and shall not
impair the enforceability of any other provision of this Release.

 

EXCEPT WHERE PREEMPTED
BY FEDERAL LAW, THE VALIDITY, INTERPRETATION, CONSTRUCTION, AND PERFORMANCE OF THIS RELEASE IS GOVERNED BY AND IS TO BE CONSTRUED
UNDER THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE, WITHOUT REGARD TO CONFLICT
OF LAWS RULES. ANY DISPUTE OR CLAIM ARISING OUT OF OR RELATING TO THIS RELEASE OR CLAIM OF BREACH HEREOF SHALL BE BROUGHT EXCLUSIVELY
IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, TO THE EXTENT FEDERAL JURISDICTION EXISTS, AND IN ANY
COURT SITTING IN MANHATTAN, NEW YORK, BUT ONLY IN THE EVENT FEDERAL JURISDICTION DOES NOT EXIST, AND ANY APPLICABLE APPELLATE COURTS.
BY EXECUTION OF THIS RELEASE, I CONSENT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS, AND WAIVE ANY RIGHT TO CHALLENGE JURISDICTION
OR VENUE IN SUCH COURT WITH REGARD TO ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS RELEASE. FURTHER, I
HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS RELEASE.

 

    	 	B-3	 

     

    

 

Capitalized terms used,
but not defined herein, shall have the meanings ascribed to such terms in my Employment Agreement.

 

*          *          *

 

I, Stephen P. Griggs,
have executed this Release of Claims on the respective date set forth below:

 

	 	 
	 	Stephen P. Griggs
	 	 	 
		Date:	[To Be Executed Following

Termination of Employment]

 

    	 	B-4Exhibit 4.1

 

NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

UNDERWRITER COMMON STOCK PURCHASE WARRANT

 

OUTLOOK
THERAPEUTICS, Inc.

 

	Warrant Shares: [●]	Issue Date: February 2, 2021
	 	Initial Exercise Date: February 2, 2021

 

THIS UNDERWRITER COMMON
STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, [NAME] or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date set forth above (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City
time) on January 28, 2026 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Outlook
Therapeutics, Inc., a Delaware corporation (the “Company”), up to [●] shares (as subject to adjustment
hereunder, the “Warrant Shares”) of the Company’s Common Stock, as defined in Section 1 herein. The purchase
price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant
is being issued pursuant to the Underwriting Agreement.

 

Section 1.Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are
authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to
be authorized or required by law to remain closed due to “stay
at home”, “shelter-in-place”, “non-essential
employee” or any other similar orders or restrictions or the closure of any physical branch locations at the
direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of
commercial banks in The City of New York generally are open for use by customers on such day.

 

    	 	1	 

     

    

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.01 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or its subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or
the New York Stock Exchange (or any successors to any of the foregoing).

 

“Transfer
Agent” means American Stock Transfer & Trust Company, LLC, with offices located at 6201 15 Avenue, Brooklyn, NY 11219,
and any successor transfer agent of the Company.

 

“Underwriting
Agreement” means that certain underwriting agreement entered into by and between H.C. Wainwright & Co., LLC and the
Company, dated as of January 28, 2021.

 

Section 2.Exercise.

 

a)                 
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part,
at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of
a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed
hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid,
the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by
wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section
2(c) below, is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall
any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder
has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder
shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within one (1) Trading Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount
stated on the face hereof.

 

    	 	2	 

     

    

 

b)                 
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $1.25, subject to
adjustment hereunder (the “Exercise Price”).

 

c)                 
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or
the prospectus contained therein is not available for the issuance or resale of the Warrant Shares to or by the Holder, then this
Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder
shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A)	=	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

    	 	3	 

     

    

 

	 	(B)	=	the
Exercise Price of this Warrant, as adjusted hereunder; and

 

 

		(X)	=	the number of Warrant Shares that would be issuable upon exercise
of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless
exercise.

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on
a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most
recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common
Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Securities
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is
then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on
a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as
applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock
are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices),
the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a
share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest
of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the
Company.

 

    	 	4	 

     

    

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position
contrary to this Section 2(c).

 

d)                 
Mechanics of Exercise.

 

i.           
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company
is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder
without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise
by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder
in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the
Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number
of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date,
the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for
all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than
in the case of a cashless exercise) is received by the Warrant Share Delivery Date. If the Company fails for any reason to deliver
to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to
the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based
on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per
Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share
Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer
agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

    	 	5	 

     

    

 

ii.           
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at
the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver
to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant.

 

iii.           Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section
2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.           Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount,
if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common
Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required
to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such
purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver
to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder, provided that, for purposes of clarity, under this clause (B), the Holder shall not
be entitled to both (i) require the reinstatement of the portion of the Warrant and the equivalent Warrant Shares for which such
exercise was not honored and (ii) receive the number of shares of Common Stock that would have been issued if the Company had
timely complied with its delivery requirements hereunder.. For example, if the Holder purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price
giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be
required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder
in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

 

    	 	6	 

     

    

 

v.           
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such
exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal
to such fraction multiplied by the Exercise Price or round up to the next whole share.

 

vi.           
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue
or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses
shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may
be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any
Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar
functions) required for same-day electronic delivery of the Warrant Shares.

 

vii.           
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely
exercise of this Warrant, pursuant to the terms hereof.

 

e)                  Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to
exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such
issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such
Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation
(as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by
the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon
exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of
Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or
nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock
Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for
purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act
and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not
representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is
solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other
securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is
exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be
the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder
together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case
subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of
such determination. In addition, a determination as to any group status as contemplated above shall be determined in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this
Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the
Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or
oral request of a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the number
of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be
determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the
Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock
was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common
Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this
Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of
this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the
Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this
Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial
Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The
provisions of this paragraph shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or
any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or
to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in
this paragraph shall apply to a successor holder of this Warrant.

 

    	 	7	 

     

    

 

Section 3.Certain
Adjustments.

 

a)                 
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)                 
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be
entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have
acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, that to the extent that the Holder’s right to participate in any such Purchase Right
would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right
to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its
right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

    	 	8	 

     

    

 

c)                 
 Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any
dividend or other distribution (other than cash) of its assets (or rights to acquire its assets) to holders of shares of Common
Stock, by way of return of capital or otherwise (including, without limitation, any distribution of stock or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other
similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such
case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders
of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that
to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the
Holder exceeding the Beneficial Ownership Limitation).

 

d)                 
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company
(and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer,
conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any,
direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property
and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share
purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off,
merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons
making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement
or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this
Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section
2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the
Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any
Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within
30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable
Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes
Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental
Transaction; provided, however, that if the Fundamental Transaction is not within the Company's control, including not approved
by the Company's Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity the same
type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant,
that is being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether
that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given
the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; provided,
further, that if holders of Common Stock of the Company are not offered or paid any consideration in such Fundamental Transaction,
such holders of Common Stock will be deemed to have received common stock of the Successor Entity (which Entity may be the Company
following such Fundamental Transaction) in such Fundamental Transaction. “Black Scholes Value” means the value
of this Warrant based on the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P.
(“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing
purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between
the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility
equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365-day
annualization factor) as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction,
(C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered
in cash, if any, plus the value of any non-cash consideration,

 

    	 	9	 

     

    

 

if any, being offered in such
Fundamental Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public announcement of such Fundamental
Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction and (D) a remaining option
time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination
Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds within five (5) Trading
Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction).  The Company shall
cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”)
to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section
3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange
for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent
entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any
limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the
exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock
pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock
and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation
of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence
of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead
to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the
Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

e)                 
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

f)                  
Notice to Holder.

 

i.           
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

    	 	10	 

     

    

 

ii.           
 Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale
or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock
is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile
or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company,
at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x)
the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if
a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

g)                  
Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market
and subject to any applicable FINRA rules, the Company may at any time during the term of this Warrant, subject to the prior written
consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the
Board of Directors of the Company

 

    	 	11	 

     

    

 

Section 4.Transfer
of Warrant.

 

a)                 
 Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section
4(d) hereof, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the
Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3)
Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The
Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without
having a new Warrant issued.

 

b)                 
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. As to any transfer which may be involved in such division or combination, the Company
shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date of this Warrant and shall be identical
with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)                 
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may
deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d)                 
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, to provide to the Company an opinion of counsel, the form and
substance of which opinion shall be reasonably satisfactory to the Company to the effect that the transfer of this Warrant does
not require registration under the Securities Act.

 

    	 	12	 

     

    

 

e)                 
 Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring
this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and
not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act
or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

Section 5.Miscellaneous.

 

a)                 
No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting
rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i),
except as expressly set forth in Section 3. Without limiting the rights of a Holder to receive Warrant Shares on a “cashless
exercise,” and to receive the cash payments contemplated pursuant to Sections 2(d)(i) and 2(d)(iv), in no event will the
Company be required to net cash settle an exercise of this Warrant.

 

b)                 
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

 

c)                 
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised
on the next succeeding Trading Day.

 

d)                 
Authorized Shares.

 

The Company
covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under
this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this
Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be
issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market
upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the
exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this
Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and
nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than
taxes in respect of any transfer occurring contemporaneously with such issue).

 

    	 	13	 

     

    

 

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

e)                  Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and
construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense
of this Warrant shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the
 “New York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New
York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any
claim that it is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or
inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party
shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action,
suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

    	 	14	 

     

    

 

f)                  
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not
registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal
securities laws.

 

g)                 
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding
the fact that the right to exercise this Warrant terminates on the Termination Date. Without limiting any other provision of this
Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material
damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses
including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder
in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)                 
Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including,
without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a
nationally recognized overnight courier service, addressed to the Company, at the address set forth above Attention: Chief Executive
Officer, facsimile number (609)-228-4113, email address lawrencekenyon@OutlookTherapeutics.com, or such other facsimile number,
email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or email, or sent
by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, email address or address
of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed
given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile
or email at the facsimile number or email address set forth in this Section prior to 5:30 p.m. (New York City time) on any date,
(ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile or email at
the facsimile number or email address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New
York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.

 

i)                  
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.

 

    	 	15	 

     

    

 

j)                  
 Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)                 
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time
of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

l)                  
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the
Company, on the one hand, and the Holder of this Warrant, on the other hand.

 

m)                  Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)                 
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant.

 

********************

 

(Signature Page Follows)

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	OUTLOOK THERAPEUTICS, INC.
	 	 	 
	 	By:	 
	 	 	Name: Lawrence Kenyon
	 	 	Title: Chief Executive Officer

 

    	 	17	 

     

    

 

NOTICE OF EXERCISE

 

To:OUTLOOK
THERAPEUTICS, Inc.

 

(1)  
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)  
Payment shall take the form of (check applicable box):

 

[  ] in lawful
money of the United States; or

 

[  ] if permitted
the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c),
to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

 

(3)  
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

 

The Warrant Shares shall be delivered to
the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)  
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated
under the Securities Act of 1933, as amended.

 

	[SIGNATURE OF HOLDER]	 	 
	 	 	 
	Name of Investing Entity:	 	 
	Signature of Authorized Signatory of Investing Entity: 	 
	Name of Authorized Signatory:	 	 
	Title of Authorized Signatory:	 	 
	Date:	 	 

 

    	 	 	 

     

    

 

EXHIBIT B

 

ASSIGNMENT
FORM

(To assign the
foregoing Warrant, execute this form and supply required information. Do not use this form to exercise the Warrant to purchase
shares.)

 

FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	
	 	 	(Please Print)
	Address:	 	
	
        

         
	 	
        (Please Print)

         

        

	
    Phone Number:	 	 
	Email
        Address: 	 	 
	Dated: 	_______________ __, ______	 
	Holder’s Signature:	 	 
	Holder’s Address:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]