Document:

Exhibit 10.2

 

 

 

Securities Purchase Agreement

 

By and Among

 

Sysorex, Inc.

 

And

 

The Investors as Named Herein

 

Dated as of October 18, 2022

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	Article I. Definitions and Interpretation	1
	 	Section 1.01	Definitions	1
	 	Section 1.02	 Interpretive Provisions	3
	Article II. Purchase and Sale; Additional Agreements	3
	 	Section 2.01	 Purchase and Sale	3
	 	Section 2.02	Initial Registration Rights Agreement	4
	 	Section 2.03	Damages for Failure to Register	4
	 	Section 2.04	 Piggyback Registration Rights Agreement	5
	 	Section 2.05	Deliverables at Closing	6
	 	Section 2.06	 Closing	6
	 	Section 2.07	 Additional Closing Actions	6
	 	Section 2.08	Use of Proceeds	7
	Article III. Representations and Warranties of the Company	7
	 	Section 3.01	Authorization of Transactions	7
	 	Section 3.02	Governmental Approvals; Non-contravention	7
	 	Section 3.03	Issuance of the Securities	8
	 	Section 3.04	Brokers	8
	 	Section 3.05	No Other Representations	8
	Article IV. Representations and Warranties of Each Investor	8
	 	Section 4.01	Authorization of Transactions	8
	 	Section 4.02	Governmental Approvals; Non-contravention	8
	 	Section 4.03	Investment Representations	9
	 	Section 4.04	 Brokers	11
	 	Section 4.05	No Other Representations	11
	Article V. Indemnification	11
	 	Section 5.01	 General Indemnification	11
	 	Section 5.02	Procedures for Indemnification	11
	 	Section 5.03	Payment	12
	 	Section 5.04	Effect of Knowledge on Indemnification	12
	Article VI. Miscellaneous	12
	 	Section 6.01	Notices	12
	 	Section 6.02	Attorneys’ Fees	13
	 	Section 6.03	Amendments; No Waivers; No Third-Party Beneficiaries	13
	 	Section 6.04	No Consequential Damages	13
	 	Section 6.05	Expenses	13
	 	Section 6.06	Further Assurances	14
	 	Section 6.07	Successors and Assigns; Benefit	14
	 	Section 6.08	Governing Law; Etc	14

 

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	 	Section 6.09	Survival	15
	 	Section 6.11	Severability	15
	 	Section 6.12	Entire Agreement	15
	 	Section 6.13	Specific Performance	15
	 	Section 6.14	Construction	15
	 	Section 6.15	Counterparts	15

 

Exhibits

 

	Exhibit A-1	Form of Common Stock Purchase Warrant – Form 1
	Exhibit A-2	Form of Common Stock Purchase Warrant – Form 2
	Exhibit A-3	Form of Common Stock Purchase Warrant – Form 3
	Exhibit B	Initial Registration Rights Agreement
	Exhibit C	Piggyback Registration Rights Agreement

 

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Securities
Purchase Agreement

 

This Securities Purchase Agreement
(this “Agreement”) is entered into as of October 18, 2022 (the “Closing Date”), by and among Sysorex, Inc., a
Nevada corporation (the “Company”) and each of the Persons (as defined below) signatories hereto (each an “Investor”
and collectively the “Investors”). The Company and the Investors may be collectively referred to herein as the “Parties”
and individually as a “Party.”

 

WHEREAS, the Company desires
to issue and sell to the Investors certain units of securities of the Company, being comprised of shares of the Company’s common
stock, par value $0.00001 per share (the “Common Stock”) and certain warrants to acquire certain shares of Common Stock, and
each Investor desires to buy certain shares of the Common Stock and such warrants, as set forth herein; and

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follows:

 

Article
I. Definitions and Interpretation

 

Section 1.01 Definitions.
In addition to the terms defined elsewhere in this Agreement, the following terms, as used herein, have the following meanings:

 

		(a)	“Affiliate” means, with respect to a specified Person, any other Person that directly or indirectly
Controls, is Controlled by or is under common Control with, the specified Person.

 

		(b)	“Business Day” means any day except Saturday, Sunday and any legal holiday or a day on which
banking institutions in Nevada generally are authorized or required by Law or other governmental actions to close.

 

		(c)	“Control” means (a) the possession, directly or indirectly, of the power to vote 10% or more
of the securities or other equity interests of a Person having ordinary voting power, (b) the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of a Person, by contractor otherwise, or (c) being a director, officer,
executor, trustee or fiduciary (or their equivalents) of a Person or a Person that controls such Person.

 

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

 

		(e)	“Governmental Entity” means any federal, state, municipal, local or foreign government and
any court, tribunal, arbitral body, administrative agency, department, subdivision, entity, commission or other governmental, government
appointed, quasi-governmental or regulatory authority, reporting entity or agency, domestic, foreign or supranational.

 

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		(f)	“Law” means any applicable foreign, federal, state or local law (including common law), statute,
treaty, rule, directive, regulation, ordinances and similar provisions having the force or effect of law or an Order of any Governmental
Entity.

 

		(g)	“Liabilities” means liabilities, obligations or responsibilities of any nature whatsoever,
whether direct or indirect, matured or un-matured, fixed or unfixed, known or unknown, asserted or un asserted, choate or inchoate, liquidated
or unliquidated, secured or unsecured, absolute, contingent or otherwise, including any direct or indirect indebtedness, guaranty, endorsement,
claim, loss, damage, deficiency, cost or expense.

 

		(h)	“Lien” means, with respect to any property or asset, any lien, security interest, mortgage,
pledge, charge, claim, lease, agreement, right of first refusal, option, limitation on transfer or use or assignment or licensing, restrictive
easement, charge or any other restriction of any kind, and any conditional sale or voting agreement or proxy, and including any restriction
on the ownership, use, voting, transfer, possession, receipt of income or other exercise of any attributes of ownership, in respect of
such property or asset, and any agreement to give any of the foregoing.

 

		(i)	“Losses” means any losses, damages, deficiencies, Liabilities, assessments, fines, penalties,
judgments, actions, claims, costs, disbursements, fees, expenses or settlements of any kind or nature, including legal, accounting and
other professional fees and expenses.

 

		(j)	“Order” means any judgment, writ, decree, determination, award, compliance agreement, settlement
agreement, injunction, ruling, charge, judicial or administrative order, determination or other restriction of any Governmental Entity
or arbitrator.

 

		(k)	“Person” means a natural person, a corporation, a limited liability company, a partnership,
an association, a trust or any other entity or organization, including a government or political subdivision or any agency or instrumentality
thereof.

 

		(l)	“Securities Act” means the United States Securities Act of 1933, as amended, and the rules
and regulation promulgated thereunder.

 

		(m)	“Transactions” means the purchase and sale of the Purchased Shares and the Warrants and the
other transactions contemplated under the Transaction Documents.

 

		(n)	“Transaction Documents” means this Agreement, the Warrants, the Initial Registration Rights
Agreement, the Piggyback Registration Rights Agreement and any other agreement, document, certificate or writing delivered or to be delivered
in connection with this Agreement and any other document related to the Transactions related to the forgoing, including, without limitations,
those delivered at the Closing.

 

		(o)	“Trigger Date” means the latter of (1) 90 days from the Issue Date and (2) date on which the
Company has amended its Articles of Incorporation, via a reverse split of the Common Stock, an increase of the number of authorized shares
of Common Stock, or some combination thereof, such that the Company has a number of authorized but unissued shares of Common Stock equal
to 110% of the total number of shares of Common Stock that may be issued upon exercise of all Warrant 2s that are issued to Investors
in the Offering, such determination being made assuming issuance of all shares of Common Stock pursuant to all Warrant 1s issued at the
Closing.

 

		(p)	“Warrants” means the Warrant 1s, Warrant 2s and/or the Warrant 3s, as applicable.

 

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Section 1.02 Interpretive
Provisions. Unless the express context otherwise requires, the words “hereof,” “herein,” and
“hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not
to any particular provision of this Agreement; terms defined in the singular shall have a comparable meaning when used in the
plural, and vice versa; the terms “Dollars” and “$” mean United States Dollars, unless otherwise specified
herein; references herein to a specific Section, Subsection or Recital shall refer, respectively, to Sections, Subsections or
Recitals of this Agreement; wherever the word “include,” “includes,” or “including” is used
in this Agreement, it shall be deemed to be followed by the words “without limitation”; references herein to any gender
shall include each other gender; references herein to any Person shall include such Person’s heirs, executors, personal
representatives, administrators, successors and assigns; provided, however, that nothing contained in this Section 1.02 is intended
to authorize any assignment or transfer not otherwise permitted by this Agreement; references herein to a Person in a particular
capacity or capacities shall exclude such Person in any other capacity; references herein to any contract or agreement (including
this Agreement) mean such contract or agreement as amended, supplemented or modified from time to time in accordance with the terms
thereof; with respect to the determination of any period of time, the word “from” means “from and including”
and the words “to” and “until” each means “to but excluding”; references herein to any Law or
any license mean such Law or license as amended, modified, codified, reenacted, supplemented or superseded in whole or in part, and
in effect from time to time; and references herein to any Law shall be deemed also to refer to all rules and regulations promulgated
thereunder.

 

Article
II. Purchase and Sale; Additional Agreements

 

Section 2.01 Purchase
and Sale.

 

		(a)	Subject to the terms and conditions of this Agreement and as set forth below, at the Closing (as defined
below) the Company shall issue and sell to each Investor a number of Units of securities of the Company (each, a “Unit”),
at a purchase price of $0.001 per Unit, with each Unit being comprised of

 

		(i)	one share of Common Stock;

 

		(ii)	a warrant to acquire one share of Common Stock at an exercise price of $0.001 per share, in the form of
the Common Stock Purchase Warrant – Form 1 as attached hereto as Exhibit A-1 (each a, “Warrant 1”) which exercise price
pursuant to such Warrant 1 shall not be subject to adjustment as a result of any forward or reverse split of the Common Stock; and

 

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		(iii)	a warrant to acquire one share of Common Stock at an exercise price of $0.001 per share, in the form of
the Common Stock Purchase Warrant – Form 2 as attached hereto as Exhibit A-2 (each a, “Warrant 2”) which exercise price
pursuant to such Warrant 2 shall not be subject to adjustment as a result of any forward or reverse split of the Common Stock.

 

		(b)	For each Unit acquired by an Investor, the Investor shall be issued the applicable number of shares of
Common Stock subscribed for by such Investor (the “Purchased Shares”), one Warrant 1 to acquire the same number of shares
of Common Stock and one Warrant 2 to acquire the same number of shares of Common Stock. By way of example, and not limitation, in the
event that an Investor has subscribed to acquire 100,000,000 Units for $100,000, such Investor shall be issued 100,000,000 shares of Common
Stock, a Warrant 1 to acquire 100,000,000 shares of Common Stock and a Warrant 2 to acquire 100,000,000 shares of Common Stock. The Investors,
collectively, are subscribing hereunder for a total of 500,000,000 Units, for total consideration payable to the Company of $500,000.

 

		(c)	Each Investor hereby subscribes for, and agrees to acquire at the Closing, the number of Units as set
forth on such Investor’s signature page hereto, for the purchase price as set forth on such Investor’s signature page hereto
(as to each Investor, the “Purchase Price”).

 

Section 2.02 Initial Registration
Rights Agreement.

 

		(a)	At the Closing, the Company and the Investors shall enter into the Initial Registration Rights Agreement
attached hereto as Exhibit B (the “Initial Registration Rights Agreement”), which shall provide for the registration of all
of the Purchased Shares and all of the shares of Common Stock that may be acquired by the Investors pursuant to the Warrant 1s (the “Warrant
1 Shares” and, together with the Purchased Shares, the “Shares”) pursuant to the Securities Act, subject to the terms
and conditions herein and therein.

 

		(b)	The Company shall use all commercially reasonable efforts to have the (as defined in the Initial Registration
Rights Agreement) declared effective by the SEC (as defined in the Initial Registration Rights Agreement) within 90 days of the Effective
Date (the “Registration Deadline”).

 

Section 2.03 Damages for
Failure to Register.

 

		(a)	If a Registration Statement registering the Registrable Securities has not become effective by the Registration
Deadline, and provided that the Registrable Securities cannot otherwise be sold pursuant to Rule 144 pursuant to the Exchange Act as of
the Registration Deadline, then, subject to the provisions of this Section 2.03, the Company agrees to, and shall, issue to each Investor:

 

		(i)	a number of additional shares of Common Stock equal to 10% of the Purchased Shares acquired by such Investor
on the Closing Date, with such number of Purchased Shares being adjusted for any forward or reverse splits of the Common Stock between
the Closing Date and the date of such issuance (the “Additional Shares”); and

 

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		(ii)	a new warrant, in the form of Common Stock Purchase Warrant – Form 3 as attached hereto (each, a
“Warrant 3”) equal to the number of Additional Shares in the applicable issuance.

 

		(b)	By way of example and not limitation, in the event that an Investor acquired 100,000,000 Units at the
Closing, then in the event that Section 2.03(a) becomes applicable, such Investor would be issued 10,000,000 Additional Shares and a Warrant
3 to acquire 10,000,000 shares of Common Stock (without adjustment for any splits of the Common Stock).

 

		(c)	The Additional Shares and the Warrant 3 shall, if applicable, shall be issuable to the Investors for each
30-day period, or portion thereof, that the Registration Statement registering the Registrable Securities has not become effective by
the Registration Deadline.

 

		(d)	The Company’s obligation to issue the Additional Shares and the Warrant 3, if applicable, shall
not arise until the Company has amended its Articles of Incorporation, via a reverse split of the Common Stock, an increase of the number
of authorized shares of Common Stock, or some combination thereof, such that the Company has a number of authorized but unissued shares
of equal to (1) the number of Additional Shares that are otherwise to be issued plus (2) the number of shares of Common Stock that may
be issuable pursuant to the Warrant 3.

 

Section 2.04 Piggyback
Registration Rights Agreement.

 

		(a)	At the Closing, the Company and the Investors shall enter
into the Piggyback Registration Rights Agreement attached hereto as Exhibit C (the “Piggyback Registration Rights Agreement”),
which shall provide piggyback registration rights for the shares of Common Stock that may be acquired by the Investors pursuant to the
Warrant 2s.

 

		(b)	In the event that the Warrant 3s are issued pursuant to the provisions of Section 2.02, then at the time
of such issuances the Company and the Investors shall amend the Piggyback Registration Rights Agreement such that the Piggyback Registration
Rights Agreement shall also apply with respect to the shares of Common Stock that may be acquired by the Investors pursuant to the Warrant
3s, such amended to be as reasonably determined by the Company and the Investors acquiring a majority of the Units as of the Closing.

 

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Section 2.05 Deliverables
at Closing.

 

		(a)	At the Closing, the Company shall:

 

		(i)	issue to each Investor the Purchased Shares subscribed for by such Investor, via book entry in the books
and records of the Company, and the Parties acknowledge that the Purchased Shares shall not be certificated;

 

		(ii)	Deliver to each Investor a copy of the Warrant 1 for such Investor, duly executed by an authorized officer
of the Company;

 

		(iii)	Deliver to each Investor a copy of the Warrant 2 for such Investor, duly executed by an authorized officer
of the Company;

 

		(iv)	Deliver to each Investor a copy of the Initial Registration Rights Agreement, duly executed by an authorized
officer of the Company and the other Investors; and

 

		(v)	Deliver to each Investor a copy of the Piggyback Registration Rights Agreement, duly executed by an authorized
officer of the Company and the other Investors.

 

		(b)	At the Closing, each Investor shall deliver to the Company:

 

		(i)	The Purchase Price payable by such Investor, via wire transfer to an account as designated by the Company;

 

		(ii)	A copy of the Warrant 1 for such Investor, duly executed by an authorized officer of such Investor;

 

		(iii)	A copy of the Warrant 2 for such Investor, duly executed by an authorized officer of such Investor;

 

		(iv)	A copy of the Initial Registration Rights Agreement, duly executed by an authorized officer of such Investor;
and

 

		(v)	A copy of the Piggyback Registration Rights Agreement, duly executed by an authorized officer of such
Investor.

 

Section 2.06 Closing.
On the terms set forth herein, the closing of the Transactions (the “Closing”) shall take place by conference call and
electronic communication (i.e., emails/pdf) or facsimile of executed documents on the Closing Date immediately following the
execution of this Agreement, and effective as of 8:00 a.m. Eastern time on the Closing Date.

 

Section 2.07 Additional
Closing Actions. At and following the Closing, the Parties shall execute, acknowledge, and deliver (or shall ensure to be
executed, acknowledged, and delivered), any and all certificates, opinions, financial statements, schedules, agreements,
resolutions, rulings or other instruments required by this Agreement to be so delivered at or prior to the Closing, together with
such other items as may be reasonably requested by the Parties and their respective legal counsel in order to effectuate or evidence
the transactions contemplated hereby.

 

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Section 2.08 Use of
Proceeds. The Company shall use the net proceeds from the sale of the Units for working capital purposes and shall not use such
proceeds (a) for the redemption of any Common Stock or preferred stock or convertible debt which is convertible into Common Stock
(provided that, for the avoidance of doubt, the Company may use such net proceeds for the repayment of any convertible debt in
accordance with the terms thereof); (b) for the settlement of any outstanding litigation; (c) in violation of the Foreign Corrupt
Practices Act or Office of Foreign Assets Control regulations or (d) to lend, give credit or make advances to any officers,
directors, employees or affiliates (provided that, for the avoidance of doubt, the Company may use such net proceeds for the payment
of costs, fees, salaries and benefits in the ordinary course of business with respect to such officers, directors, employees or
affiliates).

 

Article
III. Representations and Warranties of the Company

 

The Company represents and
warrants to each Investor that the following representations and warranties contained in this Article III are true and correct as of the
Closing Date:

 

Section 3.01 Authorization
of Transactions. The Company is a corporation duly authorized and in good standing in the State of Nevada and has the requisite
power and capacity to execute and deliver the Transaction Documents to which it is a party and to perform its obligations hereunder
and thereunder. The execution, delivery and performance by the Company of the applicable Transaction Documents and the consummation
of the Transactions have been duly and validly authorized by all requisite action on the part of the Company. The Transaction
Documents to which the Company is a party have been duly and validly executed and delivered by The Company. Each Transaction
Document to which the Company is a party constitutes the valid and legally binding obligation of the Company, enforceable against
the Company in accordance with its terms and conditions, except to the extent enforcement thereof may be limited by applicable
bankruptcy, insolvency or other Laws affecting the enforcement of creditors’ rights or by the principles governing the
availability of equitable remedies.

 

Section 3.02 Governmental
Approvals; Non-contravention.

 

		(a)	No consent, Order, action or non-action of, or filing, notification, declaration or registration with,
any Governmental Entity or Person is necessary for the execution, delivery or performance by the Company of this Agreement or any other
Transaction Document to which the Company is a party.

 

		(b)	The execution, delivery and performance by the Company of the Transaction Documents to which the Company
is a party, and the consummation by the Company of the Transactions, do not (i) violate any Laws or Orders to which the Company is subject
or (ii) violate, breach or conflict with any provision of the Company’s organizational documents.

 

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Section 3.03 Issuance
of the Securities. The Securities (as defined below) are duly authorized and, when issued and paid for in accordance with the
applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed
by the Company other than restrictions on transfer provided for in the Transaction Documents. The shares of Common Stock that may be
issued pursuant to the Warrants, if and when issued in accordance with the terms of the Warrants, will be validly issued, fully paid
and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the
Transaction Documents.

 

Section 3.04 Brokers.
Other than Joseph Gunnar & Co., LLC, the Company has not engaged, or caused to be incurred any Liability or obligation to, any
investment banker, finder, broker or sales agent or any other Person in connection with the origin, negotiation, execution, delivery
or performance of the Transaction Documents to which it is a party, or the Transactions.

 

Section 3.05 No Other
Representations. The Parties acknowledge and agree that the Company has not given to the Investors any other representations or
warranties other than as set forth herein, and has not provided to the Investors any other information other than as set forth
herein or in the reports filed by the Company with the SEC.

 

Article
IV. Representations and Warranties of Each Investor

 

Each Investor, severally and
not jointly and severally, represents and warrants to the Company that the following statements contained in this Article IV are true
and correct as of the Closing Date and as of the date of the issuances of any Additional Shares and any Warrant 3s to such Investor pursuant
to the provisions of Section 2.03:

 

Section 4.01 Authorization
of Transactions. Such Investor is a natural person or is an entity, duly organized and in good standing in the jurisdiction of
its organization, and has the requisite power and capacity to execute and deliver the Transaction Documents to which it is a party
and to perform its obligations hereunder and thereunder. The execution, delivery and performance by such Investor of the applicable
Transaction Documents and the consummation of the Transactions have been duly and validly authorized by all requisite action on the
part of such Investor. The Transaction Documents to which such Investor is a party have been duly and validly executed and delivered
by such Investor. Each Transaction Document to which such Investor is a party constitutes the valid and legally binding obligation
of such Investor, enforceable against such Investor in accordance with its terms and conditions, except to the extent enforcement
thereof may be limited by applicable bankruptcy, insolvency or other Laws affecting the enforcement of creditors’ rights or by
the principles governing the availability of equitable remedies.

 

Section 4.02 Governmental
Approvals; Non-contravention.

 

		(a)	No consent, Order, action or non-action of, or filing, notification, declaration or registration with,
any Governmental Entity is necessary for the execution, delivery or performance by such Investor of this Agreement or any other Transaction
Document to which such Investor is a party.

 

		(b)	The execution, delivery and performance by such Investor of the Transaction Documents to which such Investor
is a party, and the consummation by such Investor of the Transactions, do not (i) violate any Laws or Orders to which such Investor is
subject or (ii) if such Investor is an entity, violate, breach or conflict with any provision of such Investor’s organizational
documents.

 

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Section 4.03 Investment
Representations.

 

		(a)	Such Investor understands and agrees that the consummation of this Agreement including the delivery of
the Purchased Shares and the Warrants, and the shares of Common Stock as may be received by such Investor upon any exercise of the Warrants
held by such Investor (collectively, as to such Investor, the “Securities”) to such Investor as contemplated hereby constitutes
the offer and sale of securities under the Securities Act and applicable state statutes and that the Securities are being acquired for
such Investor’s own account and not with a present view towards the public sale or distribution thereof, except pursuant to sales
registered or exempted from registration under the Securities Act.

 

		(b)	Such Investor is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
D under the Securities Act (an “Accredited Investor”).

 

		(c)	Such Investor understands that the Securities are being offered and sold to such Investor in reliance
upon specific exemptions from the registration requirements of United States federal and state securities Laws and that the Company is
relying upon the truth and accuracy of, and such Investor’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of such Investor set forth herein in order to determine the availability of such exemptions and the eligibility of
such Investor to acquire the Securities.

 

		(d)	Such Investor and such Investor’s advisors, if any, have been furnished with all materials relating
to the business, finances and operations of the Company and materials relating to the offer and sale of the Securities which have been
requested by such Investor or such Investor’s advisors. Such Investor and such Investor’s advisors, if any, have been afforded
the opportunity to ask questions of the Company. Such Investor understands that such Investor’s investment in the Securities involves
a significant degree of risk. Such Investor has received and reviewed the filings and reports made by the Company with the SEC, which
are available on www.sec.gov, and the matters as discussed therein, including, without limitation the risks associated with the acquisition
and ownership of the Securities.

 

		(e)	At no time was such Investor presented with or solicited by any leaflet, newspaper or magazine article,
radio or television advertisement, or any other form of general advertising or solicited or invited to attend a promotional meeting otherwise
than in connection and concurrently with such communicated offer. Such Investor is not purchasing the Securities acquired by such Investor
hereunder as a result of any “general solicitation” or “general advertising,” as such terms are defined in Regulation
D under the Securities Act, which includes, but is not limited to, any advertisement, article, notice or other communication regarding
the Securities acquired by such Investor hereunder published in any newspaper, magazine or similar media or on the internet or broadcast
over television, radio or the internet or presented at any seminar or any other general solicitation or general advertisement.

 

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		(f)	Such Investor is acquiring the Securities for its own account as principal, not as a nominee or agent,
for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof in whole or in part and
no other person has a direct or indirect beneficial interest in the Securities. Further, such Investor does not have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect
to the Securities.

 

		(g)	Such Investor understands that (i) the sale or re-sale of the Securities has not been and is not being
registered under the Securities Act or any applicable state securities laws, and the Securities may not be transferred unless (1) the
Securities are sold pursuant to an effective registration statement under the Securities Act, (2) such Investor shall have delivered to
the Company, at the cost of such Investor, an opinion of counsel that shall be in form, substance and scope customary for opinions of
counsel in comparable transactions to the effect that the Securities to be sold or transferred may be sold or transferred pursuant to
an exemption from such registration, which opinion shall be accepted by the Company, (3) the Securities are sold or transferred to an
“affiliate” (as defined in Rule 144 promulgated under the Securities Act (or a successor rule) (“Rule 144”)) of
such Investor who agrees to sell or otherwise transfer the Securities only in accordance with this Section and who is an Accredited Investor,
(4) the Securities are sold pursuant to Rule 144, (5) the Securities are sold pursuant to Regulation S under the Securities Act (or a
successor rule) (“Regulation S”), or (6) the Securities are sold pursuant to the exemption from registration afforded under
Section 4(a)(1) or Section 4(a)(7) of the Securities Act, and such Investor shall have delivered to the Company, at the cost of such Investor,
an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in corporate transactions, which opinion
shall be accepted by the Company; (ii) any sale of such Securities made in reliance on Rule 144 may be made only in accordance with the
terms of said Rule and further, if said Rule is not applicable, any re-sale of such Securities under circumstances in which the seller
(or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require
compliance with some other exemption under the Securities Act or the rules and regulations of the Securities and Exchange Commission thereunder;
and (iii) neither the Company nor any other person is under any obligation to register such Securities under the Securities Act or any
state securities laws or to comply with the terms and conditions of any exemption thereunder (in each case).

 

		(h)	Such Investor, either alone or together with such Investor’s representatives, has such knowledge,
sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective
investment in the Securities, and has so evaluated the merits and risks of such investment. Such Investor is able to bear the economic
risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

		(i)	Such Investor understands that no United States federal or state agency or any other governmental or state
agency has passed on or made recommendations or endorsement of the Securities or the suitability of the investment in the Securities nor
have such authorities passed upon or endorsed the merits of the transactions set forth herein.

 

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		(j)	Any legend required by the securities laws of any state to the extent such laws are applicable to the
Securities represented by the certificate shall be included on any certificate(s) representing the Securities. Such Investor also understands
that the Securities may bear the following or a substantially similar legend:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH
SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND REGISTERED
UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, SUCH QUALIFICATION
AND REGISTRATION ARE NOT REQUIRED. ANY TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS FURTHER SUBJECT TO OTHER RESTRICTIONS,
TERMS AND CONDITIONS WHICH ARE NOT SET FORTH HEREIN.

 

Section 4.04 Brokers.
Such Investor has not engaged any investment banker, finder, broker or sales agent or any other Person in connection with the
origin, negotiation, execution, delivery or performance of any Transaction Document to which it is a party, or the Transactions.

 

Section 4.05 No Other
Representations. The Parties acknowledge and agree that such Investor has not given to the Company any other representations or
warranties other than as set forth herein.

 

Article
V. Indemnification

 

Section 5.01 General
Indemnification. Then Company agrees to indemnify, defend and hold harmless each Investor and each Investor’s Affiliates
and each of their respective directors, officers, managers, partners, employees, agents, equity holders, successors and assigns
(each, an “Indemnified Party”), from and against any and all Losses incurred or suffered by any Indemnified Party
arising out of, based upon or resulting from any breach of any representation or warranty of the Company herein or breach by the
Company of, or any failure the Company to perform, any of the covenants, agreements or obligations contained in or made pursuant to
this Agreement of the other Transaction Documents by the Company.

 

Section 5.02 Procedures
for Indemnification. In the event that an Indemnified Party shall incur or suffer any Losses in respect of which indemnification
may be sought under this Article V against the Company, the Indemnified Party shall assert a claim for indemnification by providing
a written notice (the “Notice of Loss”) to the Company stating the nature and basis of such indemnification. The Notice
of Loss shall be provided to the Company as soon as practicable after the Indemnified Party becomes aware that it has incurred or
suffered a Loss.

 

    11

     

    

 

Section 5.03 Payment.
Upon a determination of liability under this Article V the Company shall pay or cause to be paid to the Indemnified Party the amount
so determined within five (5) Business Days after the date of such determination. If there should be a dispute as to the amount or
manner of determination of any indemnity obligation owed under this Agreement or the other Transaction Documents, the Company shall
nevertheless pay when due such portion, if any, of the obligation that is not subject to dispute. Upon the payment in full of any
amounts due under this Article V with respect to any claim, the Company shall be subrogated to the rights of the Indemnified Party
against any Person with respect to the subject matter of such claim.

 

Section 5.04 Effect of
Knowledge on Indemnification. The right to indemnification, reimbursement or other remedy based upon any representations,
warranties, covenants and obligations set forth in this Agreement or the other Transaction Documents shall not be affected by any
investigation conducted with respect to, or any knowledge acquired (or capable of being acquired) at any time, whether before or
after the execution and delivery of this Agreement or the other Transaction Documents, with respect to the accuracy or inaccuracy of
or compliance with any such representation, warranty, covenant or obligation. The waiver of any condition based upon the accuracy of
any representation or warranty, or on the performance of or compliance with any covenant or obligation, shall not affect the right
to indemnification, reimbursement or other remedy based upon such representations, warranties, covenants or obligations.

 

Article
VI. Miscellaneous

 

Section 6.01 Notices.

 

		(a)	Any notice or other communications required or permitted hereunder shall be in writing and shall be sufficiently
given if personally delivered to it or sent by email, overnight courier or registered mail or certified mail, postage prepaid, addressed
as follows:

 

if to the Company, to:

 

Sysorex, Inc.

Attn: Wayne Wasserberg

13880 Dulles Corner Lane, Suite 175

Herndon, VA 20171

Email: wayne@sysorexin.com

 

If to any Investor, to the
address as set forth on such Investor’s signature page hereto.

 

		(b)	Any Party may change its address for notices hereunder upon notice to each other Party in the manner for
giving notices hereunder.

 

		(c)	Any notice hereunder shall be deemed to have been given (i) upon receipt, if personally delivered, (ii)
on the first Business Day after dispatch, if sent by overnight courier, (iii) upon dispatch, if transmitted by email with return receipt
requested and received and (iv) three (3) days after mailing, if sent by registered or certified mail.

 

    12

     

    

 

Section 6.02 Attorneys’
Fees. In the event that any Party institutes any action or suit to enforce this Agreement or the other Transaction Documents or
to secure relief from any default hereunder or breach hereof, the prevailing Party shall be reimbursed by the losing Party for all
reasonable costs, including reasonable attorneys’ fees, incurred in connection therewith and in enforcing or collecting any
judgment rendered therein.

 

Section 6.03 Amendments;
No Waivers; No Third-Party Beneficiaries.

 

		(a)	This Agreement may be amended, modified, superseded, terminated or cancelled, and any of the terms, covenants,
representations, warranties or conditions hereof may be waived, only by a written instrument executed by the Company and by Investors
purchasing a majority of the Units on the Closing Date.

 

		(b)	Every right and remedy provided herein shall be cumulative with every other right and remedy, whether
conferred herein, at law, or in equity, and may be enforced concurrently herewith, and no waiver by any Party of the performance of any
obligation by another Party shall be construed as a waiver of the same or any other default then, theretofore, or thereafter occurring
or existing.

 

		(c)	Neither any failure or delay in exercising any right or remedy hereunder or in requiring satisfaction
of any condition herein nor any course of dealing shall constitute a waiver of or prevent any Party from enforcing any right or remedy
or from requiring satisfaction of any condition. No notice to or demand on a Party waives or otherwise affects any obligation of that
Party or impairs any right of the Party giving such notice or making such demand, including any right to take any action without notice
or demand not otherwise required by this Agreement or the other Transaction Documents. No exercise of any right or remedy with respect
to a breach of this Agreement or the other Transaction Documents shall preclude exercise of any other right or remedy, as appropriate
to make the aggrieved Party whole with respect to such breach, or subsequent exercise of any right or remedy with respect to any other
breach.

 

		(d)	This Agreement is strictly between the Parties and, and except as specifically provided herein, no other
Person and no director, officer, stockholder, employee, agent, independent contractor or any other Person shall be deemed to be a third-party
beneficiary of this Agreement.

 

Section 6.04 No
Consequential Damages. Notwithstanding anything else contained herein, no Party shall seek, nor shall any Party be liable
for, consequential, punitive or exemplary damages, under any tort, contract, equity, or other legal theory, with respect to any
breach (or alleged breach) of this Agreement or the other Transaction Documents or any provision hereof or any matter otherwise
relating hereto or arising in connection herewith.

 

Section 6.05 Expenses.
Unless otherwise contemplated or stipulated by this Agreement, all costs and expenses incurred in connection with this Agreement or
the other Transaction Documents shall be paid by the Party incurring such cost or expense.

 

    13

     

    

 

Section 6.06 Further
Assurances. Following the Closing, each Party shall execute and deliver such documents and other papers and take such further
action as may be reasonably required to carry out the provisions of the Transaction Documents.

 

Section 6.07 Successors
and Assigns; Benefit. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective
successors and permitted assigns. No Party shall have any power or any right to assign or transfer, in whole or in part, this
Agreement, or any of its rights or any of its obligations hereunder, including, without limitation, any right to pursue any claim
for damages pursuant to this Agreement or the transactions contemplated herein, or to pursue any claim for any breach or default of
this Agreement, or any right arising from the purported assignor’s due performance of its obligations hereunder, without the
prior written consent of the other Party and any such purported assignment in contravention of the provisions herein shall be null
and void and of no force or effect.

 

Section 6.08 Governing
Law; Etc.

 

		(a)	This Agreement and the other Transaction Documents, and all matters based upon, arising out of or relating
in any way to the Transactions or the Transaction Documents, including all disputes, claims or causes of action arising out of or relating
to the Transactions or the Transaction Documents as well as the interpretation, construction, performance and enforcement of the Transaction
Documents, shall be governed by the laws of the United States and the State of Nevada, without regard to any jurisdiction’s conflict-of-laws
principles.

 

		(b)	ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE OTHER TRANSACTION
DOCUMENTS OR THE CONTEMPLATED TRANSACTIONS SHALL BE INSTITUTED SOLELY IN THE STATE OF VIRGINIA OR THE FEDERAL COURTS OF THE UNITED STATES,
IN EACH CASE LOCATED IN FAIRFAX COUNTY, VIRGINIA, AND EACH PARTY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF SUCH COURTS IN ANY
SUCH SUIT, ACTION OR PROCEEDING. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION
OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

		(c)	EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS, THE
PERFORMANCE THEREOF OR THE FINANCINGS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 6.08(c).

 

		(d)	Each of the Parties acknowledge that each has been represented in connection with the signing of this
waiver by independent legal counsel selected by the respective Party and that such Party has discussed the legal consequences and import
of this waiver with legal counsel. Each of the Parties further acknowledge that each has read and understands the meaning of this waiver
and grants this waiver knowingly, voluntarily, without duress and only after consideration of the consequences of this waiver with legal
counsel.

 

    14

     

    

 

Section 6.09 Survival.
The representations and warranties in this Agreement shall survive the Closing for a period of 12 months from the Closing Date, and
no claim for indemnification may be made after such time. All covenants and agreements in this Agreement will survive until fully
performed; provided, however, that, nothing herein shall prevent a Party from making any claim hereunder, or relieve any other Party
from any liability hereunder, after such time for any breach thereof.

 

Section 6.10 Severability.
If any provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy, all
other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or
legal substance of the Transactions is not affected in any manner adverse to any Party. Upon such determination that any provision
is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the Transactions are
fulfilled to the extent possible.

 

Section 6.12 Entire
Agreement. This Agreement and the other Transaction Documents constitute the entire agreement between the Parties with respect
to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, between the
Parties with respect to the subject matter hereof and thereof.

 

Section 6.13 Specific
Performance. Each Party agrees that irreparable damage would occur if any provision of this Agreement and the other Transaction
Documents were not performed in accordance with the terms hereof and that each Party shall be entitled to seek specific performance
of the terms hereof and thereof in addition to any other remedy at law or in equity.

 

Section 6.14 Construction.
The table of contents and headings contained in this Agreement are for reference purposes only and will not affect in any way the
meaning or interpretation of this Agreement.

 

Section 6.15 Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together
shall be but a single instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any
counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

[Signature page follows]

 

    15

     

    

 

IN WITNESS WHEREOF, the Parties
have caused this Agreement to be duly executed as of the Closing Date.

 

	 	Sysorex, Inc.
	 	 	 
	 	By:	/s/ Wayne Wasserberg
	 	Name: 	Wayne Wasserberg
	 	Title:	Chief Executive Officer

 

[Investors’
Signatures Appear on Following Pages]

 

    16

     

    

 

	 	Investor name: Brian M. Herman
	 	 	 
	 	By:	/s/ Brian M. Herman
	 	Name: 	Brian M. Herman
	 	 	 
	 	Number of Units subscribed for: 100,000,000 Units
	 	 	 
	 	Purchase Price:     $100,000.00
	 	 	 
	 	Address for notices:
	 	 	 
	 	Brian M. Herman
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Email:	          

 

    17

     

    

 

	 	Investor name: James Resnick and Lidia
Resnick
	 	 	 
	 	By:	/s/ James Resnick
	 	Name: 	James Resnick
	 	 	 
	 	By:	/s/ Lidia Resnick
	 	Name:	Lidia Resnick
	 	 	 
	 	Number of Units subscribed for: 100,000,000 Units
	 	 	 
	 	Purchase Price:     $100,000.00
	 	 	 
	 	Address for notices:
	 	 	 
	 	James Resnick and Lidia Resnick
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Email:	          

 

    18

     

    

 

	 	Investor name: Andrew Resnick
	 	 	 
	 	By:	/s/ Andrew Resnick
	 	Name: 	Andrew Resnick
	 	 	 
	 	Number of Units subscribed for: 100,000,000 Units
	 	 	 
	 	Purchase Price:     $100,000.00
	 	 	 
	 	Address for notices:
	 	 	 
	 	Andrew Resnick
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Email:	          

 

    19

     

    

 

	 	Investor name: Kantor Family Investments,
Inc.
	 	 	 
	 	By:	/s/ Brian Kantor
	 	Name: 	Brian Kantor
	 	Title:	Managing Member
	 	 	 
	 	Number of Units subscribed for: 50,000,000
Units
	 	 	 
	 	Purchase Price:      $50,000.00
	 	 	 
	 	Address for notices:
	 	 	 
	 	Kantor Family Investments, Inc.
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Email:	          

 

    20

     

    

 

	 	Investor name: B.K. Consulting Group LLC
	 	 	 
	 	By:	/s/ Brian Kantor
	 	Name: 	Brian Kantor
	 	Title:	Managing Member
	 	 	 
	 	Number of Units subscribed for: 100,000,000
Units
	 	 	 
	 	Purchase Price:      $100,000.00
	 	 	 
	 	Address for notices:
	 	 	 
	 	B.K. Consulting Group LLC
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Email:	          

 

    21

     

    

 

	 	Investor name: Bigger Capital Fund, L
P
	 	 	 
	 	By:	/s/ Michael Bigger
	 	Name: 	Michael Bigger
	 	Title:	Managing Member of the GP
	 	 	 
	 	Number of Units subscribed for: 25,000,000
Units
	 	 	 
	 	Purchase Price:      $25,000.00
	 	 	 
	 	Address for notices:
	 	 	 
	 	Bigger Capital Fund, L P
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Email:	          

 

    22

     

    

 

	 	Investor name: District 2 Capital Fund,
L P
	 	 	 
	 	By:	/s/ Michael Bigger
	 	Name: 	Michael Bigger
	 	Title:	Managing Member of the GP
	 	 	 
	 	Number of Units subscribed for: 25,000,000
Units
	 	 	 
	 	Purchase Price:      $25,000.00
	 	 	 
	 	Address for notices:
	 	 	 
	 	District 2 Capital Fund, L P
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Email:	          

 

 

23Exhibit 10.3

 

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 UNLESS, IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, SUCH QUALIFICATION
AND REGISTRATION ARE NOT REQUIRED.

 

COMMON
STOCK PURCHASE WARRANT - Form 1

Sysorex, Inc. 

 

	Warrant Shares: _______________, subject to adjustment as set forth herein.	Issue Date: October 18, 2022

 

Holder name: _________________________

 

THIS COMMON STOCK PURCHASE
WARRANT – FORM 1 (the “Warrant”) certifies that, for value received, the holder named above or its permitted 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 Issue Date as set forth above (the “Issue Date”) and on or prior to 5:00 p.m. (Eastern time) on
the fifth annual anniversary of the Issue Date (the “Termination Date”) but not thereafter, to subscribe for and purchase
from Sysorex, Inc., a company organized in the State of Nevada (the “Company”), up to the number of shares set forth above
(as subject to adjustment hereunder, the “Warrant Shares”) of common stock, par value $0.00001 per share, of the Company (the
“Common Stock”). 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 entered into
pursuant to the Securities Purchase Agreement entered into by the Company, the Holder and certain other parties on the Issue Date, and
is subject to the terms and conditions thereof (the “Agreement”).

 

Section 1. Definitions. Defined
terms used herein without definition shall have the meanings given in the Agreement. In addition to such terms and the terms defined
elsewhere in this Warrant, the following terms have the following meanings:

 

(a)   “Party”
means the Company or the Holder, and “Parties” means the Company and the Holder.

 

(b)   “Trading
Market” means the OTC Markets or a United States national securities exchange which is the primary trading market for the Common
Stock.

 

(c)   “Trading
Day” means any day on which the Common Stock is traded or available for trading on the Trading Market.

 

(d)   “Transfer
Agent” means the Company’s transfer agent for the Common Stock as in place at the applicable time.

 

     

     

    

 

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 Issue 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 with return receipt requested (or e-mail attachment to an e-mail with return receipt requested) of the Notice of Exercise
in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days (as defined below) and
(ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i)) following the date of exercise
as aforesaid, the Holder shall deliver to the Company the aggregate Exercise Price for the 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) (if available) 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 exercised the
rights to purchase 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 together with the final Notice of Exercise as 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, and the records of the Company shall be deemed controlling in the absence of manifest error. The Company shall deliver any
objection to any Notice of Exercise within one (1) Business 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 Section 2(a), 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.

 

(b)   Exercise
Price. The exercise price per share of Common Stock under this Warrant shall be $0.001 (as the same may be adjusted as set forth herein,
the “Exercise Price”). The Exercise Price shall not be subject to any adjustment as a result of any forward or reverse split
of the Common Stock.

 

(c)   Cashless
Exercise.

 

		(i)	In the event that as of the date of the delivery of a Notice
of Exercise there is no effective registration statement registering the Warrant Shares, or no current prospectus available for the resale
of the Warrant Shares by the Holder, this Warrant (to the extent set forth in such Notice of Exercise) 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 computed using the following formula:

 

X = Y (A-B)

 

A

 

Where X = the number of Shares to be issued to Holder.

 

		Y =	the number of Warrant Shares that the Holder elects to purchase under this Warrant (at the date of such
calculation).

 

A =   the VWAP
(as defined below) at the date of such calculation.

 

B =   Exercise
Price (as adjusted to the date of such calculation).

 

		(ii)	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).

 

    2

     

    

 

		(iii)	For purposes herein, “VWAP” means, for any date, the price determined by the first of the
following clauses that applies: (1) If the Common Stock is then listed for trading on the OTC Markets or a United States national securities
exchange (as applicable, the “Trading Market”), then the volume-weighted average (rounded to the nearest $0.0001) of the closing
prices of Common Stock on such Trading Market during the 10 Trading Day (as defined below) period immediately prior to the applicable
measurement date, as reported by such Trading Market or other reputable source; (2) if the Common Stock is not then listed or quoted for
trading on a Trading Market, and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets
Group, Inc. (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; and (3) if the closing price of Common Stock or the most recent bid price per share of the Company Common
Stock cannot be calculated for such security on such date on bases as set forth in clause (1) or clause (2) above, the VWAP on such date
shall be the fair market value of the Common Stock as mutually determined in good faith by the Board of Directors of the Company and the
Holder after taking into consideration factors they may each deem appropriate. All such determinations of the VWAP as set forth in clause
(1) or clause (2) above shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other
similar transaction during such measurement period. “Trading Day” means any day on which the Common Stock is traded or available
for trading on the Trading Market.

 

(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, and otherwise in book-entry format by recording the Holder as the beneficial owner
of the Warrant Shares in the books and records of the Transfer Agent. The Warrant Shares shall not be certificated. The Warrant Shares
shall be issued 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, if applicable, 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
within the earlier of (i) two (2) Business Days and (ii) the number of Business Days comprising the Standard Settlement Period following
delivery of the Notice of Exercise. As used herein, “Standard Settlement Period” means, if applicable, the standard settlement
period, expressed in a number of Business Days, on the OTC Markets or a United States national securities exchange which is the primary
trading market for the Common Stock as in effect on the date of delivery of the Notice of Exercise. In no event shall the Company be required
to net cash settle an exercise of this Warrant.

 

		(ii)	Delivery of New Warrants Upon Partial 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)	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.

 

    3

     

    

 

		(iv)	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 of the Company in respect of the issuance of such Warrant Shares, all of which
taxes and Company 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.

 

		(v)	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 the 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 debt, preferred stock, rights, options, warrants 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) 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 two Trading Days 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
9.99% 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, provided, further, however, that the Beneficial Ownership Limitation may be increased by the Holder,
at the election of the Holder, on not less than 61 days’ prior notice to the Company, and the Beneficial Ownership Limitation shall
continue to apply until such 61st day (or such later date, as determined by the Holder, as may be specified in such notice
of waiver). The provisions of this Section 2(e) shall be construed and implemented in a manner otherwise than in strict conformity with
the terms of this Section 2(e) to correct this Section 2(e) (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 Section 2(e) shall apply to a successor holder of this Warrant.

 

    4

     

    

 

Section 3. Certain Adjustments.

 

(a)   Stock
Splits. If the Company, at any time while this Warrant is outstanding: (i) subdivides outstanding shares of Common Stock into a larger
number of shares, or (ii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number
of shares, then in each case the number of shares of Common Stock for which this Warrant is exercisable 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, without
any adjustment of the Exercise Price. By way of example and not limitation, in the event of a forward split of the Common Stock following
the Issue Date in which each share of Common Stock is converted into two shares of Common Stock, the number of shares of Common Stock
for which this Warrant is exercisable shall be increased by 100%, and in the event of a reverse split of the Common Stock following the
Issue Date in which each two shares of Common Stock are converted into one share of Common Stock, the number of shares of Common Stock
for which this Warrant is exercisable shall be reduced by 50%, in each case without adjustment to the Exercise Price. 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)   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, 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
Exercise Price shall not be adjusted, 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. 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(b) 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 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.

 

    5

     

    

 

(c)   Dilutive
Issuances. If the Company, at any time prior to the full exercise of this Warrant, issues, sells or grants any option to purchase,
or sells or grants any right to reprice, or otherwise disposes of, or issues (or has sold or issued, as the case may be, or announces
any sale, grant or any option to purchase or other disposition), any Common Stock or other securities convertible into, exercisable for,
or otherwise entitle any person or entity the right to acquire, shares of Common Stock, in each or any case at an effective price per
share of less than $0.001 per share of Common Stock (such lower price, the “Base Exercise Price” and such issuances, collectively,
a “Dilutive Issuance”) (it being agreed that if the holder of the Common Stock or other securities so issued shall at any
time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise,
or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common
Stock at an effective price per share that is lower than $0.001 per share of Common Stock, such issuance shall be deemed to have occurred
for less than $0.001 per share of Common Stock on such date of the Dilutive Issuance), then the Exercise Price shall be reduced, at the
option of the Holder, to a price equal to the Base Exercise Price. Such adjustment shall be made whenever such Common Stock or other securities
are issued. Notwithstanding the foregoing, no adjustment will be made under this Section 3(c) in respect of an Exempt Issuance (as defined
below). In the event of an issuance of securities involving multiple tranches or closings, any adjustment pursuant to this Section 3(c)
shall be calculated as if all such securities were issued at the initial closing. An “Exempt Issuance” shall mean the issuance
of (a) shares of Common Stock or other securities to officers or directors of the Company pursuant to any stock or option or similar equity
incentive plan duly adopted for such purpose, by a majority of the non-employee members of the Company’s Board of Directors or a
majority of the members of a committee of non-employee directors established for such purpose in a manner which is consistent with the
Company’s prior business practices; (b) securities issued pursuant to a merger, consolidation, acquisition or similar business combination
approved by a majority of the disinterested directors of the Company, provided that any such issuance shall only be to a Person (or to
the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business
synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds,
but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity
whose primary business is investing in securities; (c) securities issued pursuant to any equipment loan or leasing arrangement, real property
leasing arrangement or debt financing from a bank or similar financial institution approved by a majority of the disinterested directors
of the Company; or (d) securities issued with respect to which the Holder waives its rights in writing under this Section 3(c).

 

(d)   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.

 

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(e)   Notice
to Holder. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver
to the Holder by email a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts
requiring such adjustment.

 

(f)   Voluntary
Adjustment By Company. Subject to the rules and regulations of the Trading Market, 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.

 

Section 4. Transfer of Warrant.

 

(a)   Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d), this Warrant and all rights hereunder
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, together with proper evidence of succession, assignment, or authority to transfer as reasonably acceptable to the Company,
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 as of the date of the assignment of this Warrant.

 

(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. Subject to compliance with Section 4(a), 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 original Issue Date and shall be identical with this
Warrant except as to the number of Warrant Shares issuable pursuant thereto and any changes to the Exercise Price occurring prior to such
issuance.

 

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(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.

 

		(i)	The Holder, as of the Issue Date as set forth above, represents to the Company that such Holder is acquiring
this Warrant for its own account for investment purposes and not with a view to the distribution thereof or of the Warrant Shares. Notwithstanding
any provisions contained in this Warrant to the contrary, this Warrant and the related Warrant Shares shall not be transferable except
pursuant to the proviso contained in the following sentence or upon the conditions specified in this Section 4(d), which conditions are
intended, among other things, to insure compliance with the provisions of the Securities Act of 1933, as amended (the “Securities
Act”) and applicable state law in respect of the transfer of this Warrant or such Warrant Shares. The Holder by acceptance of this
Warrant agrees that the Holder will not transfer this Warrant or the related Warrant Shares prior to delivery to the Company of an opinion
of the Holder’s counsel (as such opinion and such counsel are described in Section 4(d)(ii)) or until registration of such Warrant
Shares under the Securities Act has become effective.

 

		(ii)	The Holder, by its acceptance hereof, agrees that prior to any transfer of this Warrant or of the related
Warrant Shares (other than pursuant to a registration under the Securities Act), the Holder will give written notice to the Company of
its intention to effect such transfer, together with an opinion of such counsel for the Holder as shall be reasonably acceptable to the
Company, to the effect that the proposed transfer of this Warrant and/or such Warrant Shares may be effected without registration under
the Securities Act. Upon delivery of such notice and opinion to the Company, the Holder shall be entitled to transfer this Warrant and/or
such Warrant Shares in accordance with the intended method of disposition specified in the notice to the Company.

 

    8

     

    

 

		(iii)	Each stock certificate representing Warrant Shares issued upon exercise or exchange of this Warrant shall
bear the following legend unless the opinion of counsel referred to in this Section 4(d) states such legend is not required:

 

“THIS SECURITY HAS NOT 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 MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT
IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.”

 

Section 5. Miscellaneous.

 

(a)   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).

 

(b)   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 any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to
Section 2(c) (if available), in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

    9

     

    

 

(c)   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.

 

(d)   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 Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

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

 

(f)   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. IN NO EVENT WILL ANY PARTY BE LIABLE TO ANY OTHER PARTY UNDER OR IN CONNECTION WITH THIS WARRANT OR IN CONNECTION WITH THE TRANSACTIONS
CONTEMPLATED HEREIN FOR SPECIAL, GENERAL, INDIRECT, CONSEQUENTIAL, OR PUNITIVE OR EXEMPLARY DAMAGES, INCLUDING DAMAGES FOR LOST PROFITS
OR LOST OPPORTUNITY, EVEN IF THE PARTY SOUGHT TO BE HELD LIABLE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.

 

(g)   Currency.
All dollar amounts are in U.S. dollars.

 

(h)   Notices.
Any notices hereunder shall be given in accordance with the terms of the Agreement.

 

(i) Attorneys’ Fees.
In the event that any Party institutes any action or suit to enforce this Warrant or to secure relief from any default hereunder or breach
hereof, the prevailing Party shall be reimbursed by the losing Party for all costs, including reasonable attorney’s fees, incurred
in connection therewith and in enforcing or collecting any judgment rendered therein.

 

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(j)   Amendments;
No Waivers; No Third-Party Beneficiaries.

 

		(i)	This Warrant may be amended, modified, superseded, terminated or cancelled, and any of the terms, covenants,
representations, warranties or conditions hereof may be waived, only by a written instrument executed by all of the Parties.

 

		(ii)	Every right and remedy provided herein shall be cumulative with every other right and remedy, whether
conferred herein, at law, or in equity, and may be enforced concurrently herewith, and no waiver by any Party of the performance of any
obligation by another Party shall be construed as a waiver of the same or any other default then, theretofore, or thereafter occurring
or existing.

 

		(iii)	Neither any failure or delay in exercising any right or remedy hereunder or in requiring satisfaction
of any condition herein nor any course of dealing shall constitute a waiver of or prevent any Party from enforcing any right or remedy
or from requiring satisfaction of any condition. No notice to or demand on a Party waives or otherwise affects any obligation of that
Party or impairs any right of the Party giving such notice or making such demand, including any right to take any action without notice
or demand not otherwise required by this Warrant. No exercise of any right or remedy with respect to a breach of this Warrant shall preclude
exercise of any other right or remedy, as appropriate to make the aggrieved Party whole with respect to such breach, or subsequent exercise
of any right or remedy with respect to any other breach.

 

		(iv)	This Warrant is strictly between the Parties and no other person or entity, employee, agent, independent
contractor of either Party shall be deemed to be a third-party beneficiary of this Warrant.

 

(k)   Expenses.
Unless otherwise contemplated or stipulated by this Warrant, all costs and expenses incurred in connection with this Warrant shall be
paid by the Party incurring such cost or expense.

 

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(l)   Successors
and Assigns; Benefit. This Warrant shall be binding upon and shall inure to the benefit of the Parties and their respective successors
and permitted assigns. No Party shall have any power or any right to assign or transfer, in whole or in part, this Warrant, or any of
its rights or any of its obligations hereunder, including, without limitation, any right to pursue any claim for damages pursuant to this
Warrant or the transactions contemplated herein, or to pursue any claim for any breach or default of this Warrant, or any right arising
from the purported assignor’s due performance of its obligations hereunder, without the prior written consent of the other Party
and any such purported assignment in contravention of the provisions herein shall be null and void and of no force or effect.

 

(m) Governing Law; Etc. 

 

		(i)	This Warrant, and all matters based upon, arising out of or relating in any way to this warrant or the
transactions contemplated herein (the “Transactions”) including all disputes, claims or causes of action arising out of or
relating to the Transactions or this Warrant as well as the interpretation, construction, performance and enforcement of this Warrant,
shall be governed by the laws of the United States and the State of Nevada, without regard to any jurisdiction’s conflict-of-laws
principles.

 

		(ii)	ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREIN SHALL BE INSTITUTED SOLELY IN THE COURTS OF THE STATE OF FLORIDA OR THE COURTS OF THE UNITED STATES OF AMERICA, IN EACH CASE LOCATED
FAIRFAX COUNTY, VIRGINIA, AND EACH PARTY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING.
THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS
AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT
HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

		(iii)	EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREIN, THE PERFORMANCE THEREOF OR THE FINANCINGS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section
5(m)(iii).

 

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		(iv)	Each of the Parties acknowledge that each has been represented in connection with the signing of this
waiver by independent legal counsel selected by the respective Party and that such Party has discussed the legal consequences and import
of this waiver with legal counsel. Each of the Parties further acknowledge that each has read and understands the meaning of this waiver
and grants this waiver knowingly, voluntarily, without duress and only after consideration of the consequences of this waiver with legal
counsel.

 

(n)   Severability.
If any provision of this Warrant is invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other
conditions and provisions of this Warrant shall nevertheless remain in full force and effect so long as the economic or legal substance
of the Transactions is not affected in any manner adverse to any Party. Upon such determination that any provision is invalid, illegal
or incapable of being enforced, the Parties shall negotiate in good faith to modify this Warrant so as to effect the original intent of
the Parties as closely as possible in an acceptable manner to the end that the Transactions are fulfilled to the extent possible.

 

(o)   Entire
Agreement. This Warrant, the Agreement and the other Transaction Documents constitute the entire agreement between the Parties with
respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, between
the Parties with respect to the subject matter hereof and thereof, and provided that the Parties acknowledge and agree that this Warrant
and the other Transaction Documents shall be interpreted, enforced and implemented separately expect to the extent they specifically relate
to each other.

 

(p)   Arm’s
Length Bargaining; No Presumption Against Drafter. This Warrant has been negotiated at arm’s-length by parties of equal bargaining
strength, each represented by counsel or having had but declined the opportunity to be represented by counsel and having participated
in the drafting of this Warrant. This Warrant creates no fiduciary or other special relationship between the Parties, and no such relationship
otherwise exists. No presumption in favor of or against any Party in the construction or interpretation of this Warrant or any provision
hereof shall be made based upon which Person might have drafted this Warrant or such provision.

 

(q)   Specific
Performance. Each Party agrees that irreparable damage would occur if any provision of this Warrant were not performed in accordance
with the terms hereof and that each Party shall be entitled to seek specific performance of the terms hereof in addition to any other
remedy at law or in equity.

 

(r)   Construction.
The headings contained in this Warrant are for reference purposes only and will not affect in any way the meaning or interpretation of
this Warrant.

 

(s)   Counterparts.
This Warrant may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together shall
be but a single instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying
with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be
deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

[Signature
page follows]

 

    13

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Warrant to be executed by its officer thereunto duly authorized as of the Issue Date.

 

	 	Sysorex, Inc. 
	 	 
	 	By:	 
	 	Name: 	Wayne Wasserberg
	 	Title:	Chief Executive Officer

 

	Agreed and accepted:	 
	 	 
	Holder name:	 	 

 

	By:	 	 
	Name: 	 	 
	Title:	 	 

 

    14

     

    

 

NOTICE
OF EXERCISE

 

TO: Sysorex, 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 Section 2(c) of the attached Warrant, to
exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set
forth in such in Section 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:	 
	 

 

    15

     

    

 

ASSIGNMENT
FORM

 

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:	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

 

16

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