Document:

Exhibit 10.23

 

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

 

This
Employment Agreement (the “Agreement”) is made as of October 19, 2017 (the “Effective Date”), by and between
Citius Pharmaceuticals, Inc. (the “Employer”), and Leonard L. Mazur (the “Executive”). In consideration
of the mutual covenants contained in this Agreement, the Employer and the Executive agree as follows:

 

1. Employment.
The Employer agrees to employ the Executive and the Executive agrees to be employed by the Employer on the terms and conditions
set forth in this Agreement.

 

2. Term.
The initial term (the “Initial Term”) of this Agreement shall begin as of the Effective Date and shall continue for
three (3) years, until the third anniversary of the Effective Date, unless sooner terminated by either party as set forth below.
Effective upon the expiration of the Initial Term and of each Renewal Term (as defined below), if any, the term of this Agreement
shall automatically renew for successive periods of one-year (each, a “Renewal Term”) unless the Employer gives written
notice to the Executive at least ninety (90) days prior to the end of the Initial Term or at least ninety (90) days prior to the
end of any Renewal Term that the term of the Agreement shall not be further extended. As used in this Agreement, the “Term”
shall refer to the Initial Term and any Renewal Term.

 

3. Capacity.
The Executive shall serve as Executive Chairman of the Employer’s Board (as defined below). The Executive shall also serve
the Employer in such other or additional offices as the Executive and Employer’s Board of Directors (the “Board”)
mutually may agree, provided that such other or additional offices are consistent with the Executive’s position and the
terms of Section 6 below. In such capacity or capacities, the Executive shall serve as chair of the board of directors, develop
agendas for board meetings, participate in the Company’s executive meetings, represent the Company to the investor community,
lead capital raise efforts, engage in strategic business opportunities and negotiations for the Company, and perform such other
services and duties in connection with the business, affairs and operations of the Employer and consistent with his position(s)
and the terms of Section 6 below; provided, however, it is understood and agreed that, in the event of a dispute between the Employer
and Akrimax (as defined in Section 6 below and/or Prezamax (as defined in Section 6 below), the Executive shall not be required
to provide any services to the Employer related to such dispute. Employer shall use its best efforts to cause the Executive to
be elected as a voting member of its Board throughout the Term and shall include him in the management slate for election as a
director at every stockholders meeting during the Term at which his term as a director would otherwise expire. The Executive agrees
to accept election, and to serve during the Term, as a member of the Board without any compensation therefore other than as specified
in this Agreement.

 

4. Compensation
and Benefits. The regular compensation and benefits payable to the Executive under this Agreement shall be as follows:

 

(a) Salary.
For all services rendered by the Executive under this Agreement, the Employer shall pay the Executive a salary (the “Salary”)
at the annual rate of two hundred and fifty thousand dollars ($250,000). The Salary shall be payable in periodic installments
in accordance with the Employer’s usual practice for its senior executives.

 

     

     

    

 

(b) Annual
Milestone Bonus. Executive will receive a discretionary bonus on each anniversary of the Effective Date during the Term (the
“Annual Milestone Bonus”) in an amount up to fifty percent (50%) of his then current Base Salary based on the attainment
by the Executive of certain financial, clinical development and business milestones (the “Milestones”) as established
annually by the Board (or a committee thereof), after consultation with the Executive. The Annual Milestone Bonus shall be payable
as a lump-sum payment by no later than March 15 of the year following the close of the year to which such bonus relates.

 

(c) Regular
Benefits. The Executive shall also be entitled to participate in any medical insurance plans, life insurance plans, disability
income plans, retirement plans, vacation and other paid time off plans and policies, expense reimbursement plans and policies
and other benefit plans and policies, which the Employer may from time to time establish and have in effect for all or most of
its senior executives. Such participation shall be subject to the terms of the applicable plan documents and policies, and applicable
law. Nothing contained in this Agreement shall be construed to create any obligation on the part of the Employer to establish
any such plan or to maintain the effectiveness of any such plan which may be in effect from time to time. The Executive shall
be entitled to four (4) weeks of paid vacation each calendar year, which vacation shall be taken in accordance with the Employer’s
vacation plans and policies.

 

(d) Equity
Grants.

 

(i) On
the September 12, 2014, the Employer granted the Executive an option to purchase 3,300,000 shares of common stock of the Employer,
at an exercise price of $0.45 cents per share (the “Option”). The Company executed a 1 for 15 reverse stock split
on June 9, 2017, the (“Split”). The impact of the split was such that the Option now consisted of 220,000 shares of
common stock at an exercise price of $6.75 per share The Option has fully vested as of September 12, 2017.

 

(ii) On
the September 15, 2017, the Citius Board of Directors granted the Executive an option to purchase 40,000 shares of common stock
of the Employer, at an exercise price of $3.45 cents per share (the “2017 Option”). The options will vest 1/3 on the
one year anniversary of the Vesting Commencement Date, and then vest monthly at the end of each month for the next two years in
equal amounts for the remaining 2/3 of the options, provided that the Optionee provides Continuous Service to the Company as of
each such vesting date.

 

(iii) If
application of the vesting percentages causes a fractional Share or Unit, such fractional Share shall be rounded down to the nearest
whole Share or Unit for each vesting date except for the last vesting date, on which the Option shall become exercisable for the
full remainder of the Shares.

 

(iv) Notwithstanding
anything to the contrary, upon a Change of Control (as defined in Section 8), all options granted to the Executive by the Employer,
including, but not limited to the Option, shall immediately accelerate and become exercisable or non-forfeitable as of the consummation
of such Change of Control.

 

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(v) The
Option was granted pursuant to and subject to the terms and conditions established in the Citius Pharmaceuticals, Inc.
2014 Stock Incentive Plan, a copy of which is attached hereto as Exhibit A (“Stock Incentive Plan”) and the
award agreement (the “Option Award Agreement”) in the form attached hereto as Exhibit B.

 

(vi) Subject
to the terms of this Section 4(d), the Executive shall also be entitled to any other rights and benefits with respect to option
awards, to the extent and upon the terms provided in the employee option plan or any agreement or other instrument attendant thereto
pursuant to which such options were granted.

 

(e) Taxation
of Payments and Benefits. The Employer shall undertake to make deductions, withholdings and tax reports with respect to payments
and benefits under this Agreement to the extent that it reasonably and in good faith believes that it is required to make such
deductions, withholdings and tax reports. Payments under this Agreement shall be in amounts net of any such deductions or withholdings.
Nothing in this Agreement shall be construed to require the Employer to make any payments to compensate the Executive for any
adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit.

 

(f) Exclusivity
of Salary and Benefits. The Executive shall not be entitled to any payments or benefits other than those provided under this
Agreement, or as otherwise agreed between the Executive and the Employer.

 

5. Principal
Place of Business. Executive shall perform services under this Agreement in the Employer’s office space located in New
Jersey, USA. At all times during the Term of this Agreement, Employer shall provide Executive with appropriate and reasonable
administrative support for the performance of his services under this Agreement.

 

6. Extent
of Service. During the Executive’s employment under this Agreement, the Executive shall, subject to the direction and
supervision of the Board, devote the Executive’s best efforts and business judgment, skill and knowledge to the advancement
of the Employer’s interests and to the discharge of the Executive’s duties and responsibilities under this Agreement;
provided, however, that the Executive may engage in the Permitted Activities (as defined below) both during and outside of regular
business hours, provided that such Permitted Activities during regular business hours do not impair the Executive’s ability
to fulfill the Executive’s duties and responsibilities under this Agreement. “Permitted Activities” means (a) serving
on the board of directors or similar governing body (and any committee thereof) of IntelliCell Biosciences (“IntelliCell”),
Leonard Meron Biosciences (“Meron”), Akrimax Pharmaceuticals (“Akrimax”), Prenzamax LLC (“Prenzamax”),
Rouses Point Pharmaceuticals, LLC (“Rouses”), Novellus, Inc. (“Novellus”), their respective subsidiaries
and any of their respective successors and assigns (together, the “Excluded Businesses”), (b) serving as interim Chief
Executive Officer of Novellus, (c) continuing to have an equity interest in and/or investing in the Excluded Businesses,
and (d) activities in connection with the operations or affairs of the Excluded Businesses. During the Executive’s
employment under this Agreement, the Executive shall not engage in any other competing business activity, except for such other
business activities as may be previously approved by the Board; provided, however, for the avoidance of doubt, the Permitted Activities
shall in no event be deemed a “competing business activity” In addition to the express understanding that Executive
may engage in the Permitted Activities, nothing in this Agreement shall be construed as preventing the Executive from:

 

(a) investing
the Executive’s assets in any company or other entity in a manner not prohibited by Section 9(d) and in such form or manner
as shall not require any activities on the Executive’s part in connection with the operations or affairs of the companies
or other entities in which such investments are made or otherwise impair the Executive’s ability to fulfill the Executive’s
duties and responsibilities under this Agreement; or

 

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(b) engaging
in religious, charitable or other community or non-profit activities that do not impair the Executive’s ability to fulfill
the Executive’s duties and responsibilities under this Agreement.

 

7. Termination.
The Executive’s employment under this Agreement shall terminate under the following circumstances.

 

(a) Termination
by the Employer for Cause. The Executive’s employment under this Agreement may be terminated for Cause without further
liability (other than to pay or provide the Accrued Benefits) on the part of the Employer effective immediately upon a vote of
the Board and written notice to the Executive. Only the following shall constitute “Cause” for such termination:

 

(i) any
act of fraud, dishonesty or gross willful misconduct that is demonstrated to have caused material harm to the Employer, as reasonably
determined in good faith by the Board;

 

(ii) the
indictment of the Executive for the Executive’s commission of a (x) felony or (y) misdemeanor involving moral turpitude
or fraud.

 

(iii) failure
of the Executive to make a good faith effort to perform the Executive’s material duties and responsibilities lawfully assigned
or delegated by the Board under this Agreement, which failure continues uncured (in the reasonable judgment of the Board, acting
in good faith) for more than thirty (30) days after written notice describing the particulars of such alleged failure is given
to the Executive by the Board; or

 

(iv) a
material and willful breach by the Executive of any of the Executive’s material obligations under this Agreement, which
breach continues uncured (in the reasonable judgment of the Board acting in good faith) for more than thirty (30) days, after
written notice describing the particulars of such alleged breach is given to the Executive by the Board.

 

For
purposes of this definition of “Cause,” no act or failure to act, on the part of the Executive, shall be considered
“willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that
the Executive’s action or omission was in the best interests of the Employer.

 

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(b) Termination
by the Executive for Good Reason. Subject to the payment of Termination Benefits pursuant to Section 8(c) or Section 8(d),
as applicable, the Executive’s employment under this Agreement may be terminated by the Executive for Good Reason, provided
that the Executive first provides written notice (“Good Reason Notice”) to the Board not later than forty-five (45)
days following the initial occurrence of the act or failure to act that constitutes Good Reason setting forth the act or failure
to act that constitutes Good Reason. The Employer shall have a period of thirty (30) days in which it may correct the act or failure
to act that constitutes the grounds for Good Reason as set forth in the Executive’s Good Reason Notice (the “Good
Reason Cure Period”). If the Employer does not correct the act or failure to act, the Executive must terminate his employment
for Good Reason within thirty (30) days after the end of the Good Reason Cure Period, in order for the termination to be considered
a Good Reason termination. Good Reason shall mean the occurrence of one or more of the following, without the Executive’s
consent:

 

(i) a
reduction of the Executive’s Salary, other than a reduction of the Executive’s Salary by a percentage that is not
greater than 10% in connection with a general reduction in base compensation that affects all of the Employer’s executives
in substantially the same proportions;

 

(ii) a
material diminution in the Executive’s authority, responsibilities or duties;

 

(iii) a
material relocation of the geographic location at which the Executive must perform services for the Employer, which, for purposes
of this Agreement, means the relocation of the geographic location at which the Executive must perform services for the Employer
to a location more than fifty (50) miles from such geographic location prior to the relocation (“Relocation”);

 

(iv) the
Executive is not elected or re-elected, as applicable, to serve on the Board; or

 

(v) a
material breach by the Employer of this Agreement, including, but not limited to Section 13 below.

 

(c) Termination
by the Employer Without Cause. Subject to the payment of Termination Benefits pursuant to Section 8(c) or Section 8(d), as
applicable, the Executive’s employment under this Agreement may be terminated by the Employer without Cause upon at least
thirty (30) days advance written notice to the Executive.

 

(d) Voluntary
Termination by the Executive without Good Reason. The Executive’s employment may be terminated by the Executive voluntarily
without Good Reason upon at least thirty (30) days advance written notice to the Employer.

 

(e) Death.
The Executive’s employment with the Employer shall terminate upon his death.

 

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(f) Disability.
If the Executive shall incur a “Disability” so as to be unable to perform the essential functions of the Executive’s
then existing position or positions under this Agreement, with or without reasonable accommodation, the Board may relieve him
from any responsibilities during the period of such Disability. Notwithstanding any such removal or reassignment, the Executive
shall continue to receive the Executive’s full Salary (less any Disability pay or sick pay benefits to which the Executive
may be entitled under the Employer’s plans or policies) and benefits under Section 5 of this Agreement (except to the extent
that the Executive may be ineligible for one or more such benefits under applicable plan terms) for up to ninety (90) or more
consecutive days or one hundred eighty (180) days in the aggregate during any consecutive twelve (12) month period, and the Executive’s
employment may be terminated by the Employer on account of Disability at any time thereafter. For purposes of this Agreement,
“Disability” shall mean the Executive is eligible to receive long-term disability benefits under the Employer’s
long-term disability plan, provided, however, that if the Employer does not maintain a long-term disability plan, “Disability”
shall mean a medical determination by physician(s) selected by the Employer to whom the Executive or the Executive’s guardian
has no reasonable objections that due to the Executive’s illness or other physical or mental disability, the Executive was
or will be unable to substantially perform the essential functions of the Executive’s employment under this Agreement, with
or without reasonable accommodation, for a period of ninety (90) or more consecutive days or for one hundred eighty (180) days
in the aggregate during any consecutive twelve (12) month period. Nothing in this Section 7(g) shall be construed to waive
the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993,
29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

 

8. Compensation
Upon Termination.

 

(a) Termination
Generally. If the Executive’s employment with the Employer is terminated for any reason, the Employer shall pay or provide
to the Executive (or to his authorized representative or estate) any earned but unpaid Salary (which earned, but unpaid Salary
shall be paid on or before the time required by law, but in no event more than sixty (60) days after the last day of the
Executive’s employment), unpaid expense reimbursements (which unpaid expense reimbursements shall be paid on or before the
time required by law, but in no event more than sixty (60) days after the last day of the Executive employment), accrued but unused
vacation (which accrued but unused vacation shall be paid on or before the time required by law, but in no event more than sixty
(60) days after the last day of the Executive’s employment), any bonus Executive has earned under Section 4(b) of the
Agreement (which bonus shall be paid according to the time set forth in Section 4(b) above), and any vested benefits the
Executive may have under any employee benefit plan of the Employer (which benefits shall be paid and/or provided in accordance
with the terms of the applicable plan) (the “Accrued Benefit”).

 

(b) Voluntary
Termination without Good Reason. If the Executive elects voluntarily to terminate his employment without Good Reason in accordance
with Section 7(b), the Employer shall have no further obligation to the Executive other than to pay and/or provide his Accrued
Benefit through the date of termination (which Accrued Benefit will be paid and/or provided in accordance with Section 8(a) above).

 

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(c) Termination
by the Employer Without Cause or by the Executive for Good Reason. In the event of a termination of the Executive’s
employment with the Employer by the Employer without Cause or by the Executive for Good Reason, and subject to the Executive’s
execution and non-revocation of a release of any and all legal claims in the form annexed hereto as Exhibit C (the “Release”),
in addition to the Accrued Benefit, the Employer shall provide to the Executive the following termination benefits (“Termination
Benefits”):

 

(i) continuation
of the Executive’s Salary at the highest annual rate applicable within the four (4) months preceding the date of termination;

 

(ii) provided
the Executive timely elects continued coverage under any of Employer’s group health, dental, vision or prescription drug
plan benefits in which he participates on the date of his termination of employment to the extent authorized by and consistent
with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”), monthly reimbursement for COBRA premiums paid by the
Executive for such continued coverage, less the amount that the Executive would be required to contribute for such coverage if
the Executive were an active employee of the Employer;

 

(iii) immediate
vesting in any options that would have vested at the next immediate vesting event following the date the Executive’s employment
is terminated, provided, however, that the Executive must continue to comply with his obligations under this Agreement to be eligible
for such vesting, including, without limitation, his post-employment obligations set forth in Section 9 below.

 

The
Termination Benefits set forth in Sections 8(c)(i) and (ii) above shall continue effective for twelve (12) months after the date
of termination (the “Termination Benefits Period”). The Salary continuation payments under Section 8(c)(i) will be
paid in installments in accordance with the Employer’s regular payroll practices, commencing with the first regular payroll
date on or following sixty (60) days following the date of the Executive’s termination of employment, and the first payment
will include any payments not yet paid during the period between the date of termination of employment and the date of the first
payment.

 

(d) Termination
by the Employer Without Cause or by the Executive for Good Reason and Within Ninety (90) Days Prior to a Change of Control
or Within Two Years Following a Change of Control. Notwithstanding the foregoing, in the event of a termination of the Executive’s
employment with the Employer by the Employer without Cause or by the Executive for Good Reason and within ninety (90) days
prior to a Change of Control or within two (2) years following a Change of Control, and subject to the Executive’s execution
and non-revocation of the Release, the Executive will receive (in addition to the Accrued Benefit) all of the payments and benefits
as set forth in Section 8(c), except that the Termination Benefits Period shall be eighteen (18) months instead of twelve (12)
months, and any such options shall immediately vest and be exercisable in full and, in the event of a termination on or within
two (2) years following a Change of Control, the Salary continuation payments under Section 8(c)(i) shall be paid in a lump
sum no later than sixty (60) days following the termination of the Executive’s employment.

 

(e) Termination
by the Employer with Cause. If the Executive’s employment is terminated by the Employer with Cause, the Employer shall
have no further obligation to the Executive other than payment of his Accrued Benefit.

 

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(f) Additional
Limitation.

 

(i) In
the event that it shall be determined that any benefit or payment in the nature of compensation (within the meaning of Section
280G(b)(2) of the Code) to or for the benefit of the Executive under this Agreement, or any other plan, arrangement, or agreement
with the Employer (the “Payments”) would constitute a “parachute payment” within the meaning of Section
280G of the Code and (but for this sentence) be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the
Code (or any similar tax that may hereafter be imposed), the aggregate present value of the Payments under this Agreement, and
such other plan, arrangement or agreement with the Employer, shall be reduced (but not below zero) to the Reduced Amount. The
“Reduced Amount” shall be either (A) the largest portion of the Payments that would result in no portion of the Payments
being subject to the Excise Tax or (B) the largest portion, up to and including the total, of the Payments, whichever amount,
after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax, results
in the Executive’s receipt, on an after-tax basis, of the greater amount of the Payments notwithstanding that all or some
portion of the Payments may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute
payments” is necessary so that the Payments equal the Reduced Amount, the Employer shall reduce the Payments by first reducing
or eliminating any cash payments (with the Payments to be made furthest in the future being reduced first), then by reducing or
eliminating accelerated vesting of stock options or similar awards, and then by reducing or eliminating any other remaining Payments,
provided that with each category the reduction shall be done on a basis resulting in the highest amount retained by the Executive;
and provided, further, that to the extent permitted by Section 409A of the Code and Sections 280G and 4999 of the Code, if a different
reduction procedure would be permitted without violating Section 409A of the Code or losing the benefit of the reduction under
Sections 280G and 4999 of the Code, the Executive may designate a different order of reduction.

 

(ii) All
determinations to be made under this Section 8(f) shall be made by an independent certified public accounting firm selected by
the Employer and approved by the Executive (the “Accounting Firm”), which shall provide its determinations and any
supporting calculations both to the Employer and the Executive within ten (10) days following the Change of Control. For purposes
of this Section 8(f), the Accounting Firm shall take into account all applicable federal, state and local income and employment
taxes and the Excise Tax (all computed at the Executive’s actual marginal tax rate). Any determinations by the Accounting
Firm in accordance with this Section 8(f) shall be binding upon the Employer and the Executive. All of the fees and expenses of
the Accounting Firm in performing the determinations referred to in this Section 8(f) shall be borne solely by the Employer.

 

(iii) Notwithstanding
anything herein to the contrary, for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
if the Executive is a “specified employee” of a publicly held corporation at his termination date, the postponement
provisions of Section 409A of the Code, as described in Section 18(a) below, shall apply, if applicable. Additionally, notwithstanding
anything herein to the contrary, in no event shall the timing of the Executive’s execution of the Release, directly or indirectly,
result in the Executive designating the calendar year of payment, and if a payment that is subject to execution of the Release
could be made in more than one taxable year, payment shall be made in the later taxable year. The Employer’s liability for
Salary continuation pursuant to Section 8(c)(i) shall be reduced by the amount of any severance actually paid to the Executive
pursuant to any severance pay plan of the Employer. Nothing in Section 8(c) or Section 8(d) shall be construed to affect
the Executive’s right to receive COBRA continuation entirely at the Executive’s own cost to the extent that the Executive
may continue to be entitled to COBRA continuation after the Executive’s right to reimbursements under Section 8(c)(ii) or
Section 8(d) ceases.

 

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(iv) As
used in this Agreement, “Change of Control” means (x) a change in ownership of the Employer under clause (A)
below or (y) a change in the ownership of a substantial portion of the assets of the Employer under clause (B) below:

 

(A) Change
in the Ownership of the Employer. A change in the ownership of the Employer shall occur on the date that any one person, or
more than one person acting as a group (as defined in clause (C) below), acquires ownership of capital stock of the Employer that,
together with capital stock held by such person or group, constitutes more than 50 percent of the total fair market value or total
voting power of the capital stock of the Employer. However, if any one person or more than one person acting as a group, is considered
to own more than 50 percent of the total fair market value or total voting power of the capital stock of the Employer, the acquisition
of additional capital stock by the same person or persons shall not be considered to be a change in the ownership of the Employer.
An increase in the percentage of capital stock owned by any one person, or persons acting as a group, as a result of a transaction
in which the Employer acquires capital stock in the Employer in exchange for property will be treated as an acquisition of stock
for purposes of this paragraph.

 

(B) Change
in the Ownership of a Substantial Portion of the Employer’s Assets. A change in the ownership of a substantial portion
of the Employer’s assets shall occur on the date that any one person, or more than one person acting as a group (as defined
in clause (C) below), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by
such person or persons) assets from the Employer that have a total gross fair market value equal to or more than 80 percent of
the total gross fair market value of all of the assets of the Employer immediately prior to such acquisition or acquisitions.
For this purpose, gross fair market value means the value of the assets of the Employer, or the value of the assets being disposed
of, determined without regard to any liabilities associated with such assets. There is no Change of Control under this clause
(B) when there is a transfer to an entity that is controlled by the shareholders of the Employer immediately after the transfer,
as provided below in this clause (B). A transfer of assets by the Employer is not treated as a change in the ownership of such
assets if the assets are transferred to (1) a shareholder of the Employer (immediately before the asset transfer) in exchange
for or with respect to its capital stock, (2) an entity, 50 percent or more of the total value or voting power of which is owned,
directly or indirectly, by the Employer, (3) a person, or more than one person acting as a group, that owns, directly or indirectly,
50 percent or more of the total value or voting power of all the outstanding capital stock of the Employer, or (4) an entity,
at least 50 percent of the total value or voting power of which is owned, directly or indirectly, by a person described in clause
(B)(3) of this paragraph. For purposes of this clause (B), a person’s status is determined immediately after the transfer of the
assets.

 

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(C) Persons
Acting as a Group. For purposes of clauses (A) and (B) above, persons will not be considered to be acting as a group solely
because they purchase or own capital stock or purchase assets of the Employer at the same time. However, persons will be considered
to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition
of assets or capital stock, or similar business transaction with the Employer. If a person, including an entity, owns stock in
both corporations that enter into a merger, consolidation, purchase or acquisition of assets or capital stock, or similar transaction,
such shareholder is considered to be acting as a group with other shareholders in a corporation only with respect to the ownership
in that corporation before the transaction giving rise to the change and not with respect to the ownership interest in the other
corporation. For purposes of this paragraph, the term “corporation” shall have the meaning assigned such term under
Treasury Regulation section 1.280G-1, Q&A-45.

 

(D) Each
of clauses (A) through (C) above shall be construed and interpreted consistent with the requirements of Section 409A and any Treasury
Regulations or other guidance issued thereunder. For the avoidance of doubt, the Transaction or a similar financing or recapitalization,
including a financing or recapitalization that results in any person or entity acquiring a majority interest of the Employer’s
outstanding equity, shall not be a “Change of Control” for purposes of this Agreement.

 

9. Confidential
Information, Noncompetition and Cooperation.

 

(a) Confidential
Information. As used in this Agreement, “Confidential Information” means information belonging to the Employer
which is of value to the Employer in the course of conducting its business and is maintained as confidential by the Employer and
the disclosure of which could result in a competitive or other disadvantage to the Employer. Confidential Information includes,
without limitation, financial information, reports, and forecasts; inventions, improvements and other intellectual property; trade
secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business
plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been
discussed or considered by the management of the Employer. Confidential Information includes information developed by the Executive
in the course of the Executive’s employment by the Employer, as well as other information to which the Executive may have
access in connection with the Executive’s employment. Confidential Information also includes the confidential information
of others with which the Employer has a business relationship. Notwithstanding the foregoing, Confidential Information does not
include: (i) information in the public domain unless due to breach of the Executive’s duties under Section 9(b); (ii)
information known to the Executive prior to such information being disclosed to the Executive in connection with his employment
hereunder; (iii) is disclosed to the Executive at any time other than in the course of the Executive’s performance of his
duties as an employee of Employer, by any third party not bound at the time of the disclosure directly or indirectly, by any confidentiality
agreement with Employer.

 

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(b) Confidentiality.
The Executive understands and agrees that the Executive’s employment creates a relationship of confidence and trust between
the Executive and the Employer with respect to all Confidential Information. At all times, both during the Executive’s employment
with the Employer and after its termination, the Executive will keep in confidence and trust all such Confidential Information,
and will not use or disclose any such Confidential Information without the written consent of the Employer, except (i) as
may be necessary in the ordinary course of performing the Executive’s duties to the Employer, (ii) to enforce any rights
or defend any claims hereunder or under any other agreement to which the Executive is a party, provided that such disclosure is
relevant to the enforcement of such rights or defense of such claims and is only disclosed to the extent necessary in the formal
proceedings related thereto, or (iii) when required to do so by a court of law, by any governmental agency having supervisory
authority over the business of the Employer or by any administrative or legislative body (including a committee thereof) with
jurisdiction to order the Executive to divulge, disclose or make accessible such information, provided that the Executive shall
give prompt written notice to the Employer of such requirement, disclose no more information than is so required, and reasonably
cooperate with any attempt by the Employer to obtain a protective order or similar treatment.

 

(c) Documents,
Records, etc. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to
Confidential Information, which are furnished to the Executive by the Employer or are produced by the Executive in connection
with the Executive’s employment will be and remain the sole property of the Employer. The Executive will return to the Employer
all such materials and property as and when requested by the Employer. In any event, the Executive will return all such materials
and property immediately upon termination of the Executive’s employment for any reason. The Executive will not retain with
the Executive any such material or property or any copies thereof after such termination.

 

(d) Noncompetition
and Nonsolicitation.

 

(i) During
the term of the Executive’s employment with the Employer hereunder and for nine (9) months thereafter, the Executive will
not, directly or indirectly, whether as owner, partner, shareholder, consultant, agent, employee, co-venturer or otherwise, engage,
participate, assist or invest in any Competing Business (as defined below in this Section 9(d) below).

 

(ii) During
the term of the Executive’s employment with the Employer and for two (2) years thereafter, the Executive will not, directly
or indirectly, whether as owner, partner, shareholder, consultant, agent, employee, co-venturer or otherwise; (A) attempt
to employ, recruit or otherwise solicit, induce or influence any person to leave employment with the Employer (other than terminations
of employment of employees undertaken in the course of the Executive’s employment with the Employer and/or in the Executive’s
capacity as a member of the Board); and (B) solicit or encourage any customer or supplier to terminate or otherwise modify adversely
its business relationship with the Employer; provided, that neither (1) the general advertisement for employees or service providers
(i.e., not targeted toward any of the Employer’s employees) nor (2) the Executive being named as an reference for
an employee of the Employer and responding to ordinary course inquiries made of the Executive by prospective employers or service
recipients of such employee in connection with such reference so long as the reference is for employment with an employer that
does not engaging a Competing Business with Employer, shall be deemed a violation of this Section 9(d)(ii). Further, for the avoidance
of doubt, nothing in this Section 9(d)(ii) shall be deemed to prohibit senior level general solicitations in connection with
any activities that are not prohibited by Section 9(d)(i) above shall not be deemed a violation of this Section 9(d)(ii).

 

    -11-

     

    

 

The
Executive understands that the restrictions set forth in this Section 9(d) are intended to protect the Employer’s interest
in its Confidential Information and established employee, customer and supplier relationships and goodwill, and agrees that such
restrictions are reasonable and appropriate for this purpose. For purposes of this Agreement, the term “Competing Business”
shall mean a biopharmaceuticals business conducted anywhere in the United States which is focused on therapies for obesity, or
topical therapies for hemorrhoids and/or other anal rectal diseases or disorders, or on other therapeutic categories to be identified
and added to Addendum A to this Agreement from time to time during the employment of the Executive; provided, however, in no event
shall any of the Excluded Businesses be deemed a Competing Business, and provided further, however, that any other therapeutic
categories identified and added to Addendum A of this Agreement shall relate to therapeutic categories with respect to which the
Employer is actively conducting business or which are actively under development by the Employer. Notwithstanding the foregoing,
the Executive may own up to one percent (1%) of the outstanding stock of a publicly held corporation which constitutes or is affiliated
with a Competing Business.

 

(e) Third-Party
Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the terms of any non-competition and/or
non-solicitation agreement with any previous employer, other current employer or other party which prohibits or materially limits
the performance by the Executive of his duties to Employer hereunder. The Executive represents to the Employer that the Executive’s
execution of this Agreement, the Executive’s employment with the Employer and the performance of the Executive’s proposed
duties for the Employer will not violate any obligations the Executive may have to any such previous employer, other current employer
or other party. In the Executive’s work for the Employer, the Executive will not disclose or make use of any information
in violation of any agreements with or rights of any such previous employer, current employer or other party, and the Executive
will not bring to the premises of the Employer any copies or other tangible embodiments of non-public information belonging to
or obtained from any such previous employment, concurrent employment or other party.

 

    -12-

     

    

 

(f) Litigation
and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall reasonably cooperate with
the Employer in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against
or on behalf of the Employer which relate to events or occurrences that transpired while the Executive was employed by the Employer.
The Executive’s cooperation in connection with such claims or actions shall include, but not be limited to, being reasonably
available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Employer at mutually
convenient times. During and after the Executive’s employment, the Executive also shall reasonably cooperate with the Employer
in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or
review relates to events or occurrences that transpired while the Executive was employed by the Employer. The Employer shall reimburse
the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations
pursuant to this Section 9(f), including Executive’s attorneys’ fees to the extent the Executive reasonably determines
that the Executive should be represented by his own counsel.

 

(g) Injunction.
The Executive agrees that it would be difficult to measure any damages caused to the Employer which might result from any breach
by the Executive of the promises set forth in this Section 9, and that in any event money damages would be an inadequate remedy
for any such breach. Accordingly, subject to Section 10 of this Agreement, the Executive agrees that if the Executive breaches,
or proposes to breach, any portion of this Agreement, the Employer shall be entitled, in addition to all other remedies that it
may have, to seek an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any
actual damage to the Employer.

 

10. Arbitration
of Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising
out of the Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful
employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration
in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration
Association (“AAA”) in Boston, Massachusetts in accordance with the Employment Dispute Resolution Rules of the AAA,
including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that any person
or entity other than the Executive or the Employer may be a party with regard to any such controversy or claim, such controversy
or claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered
by the arbitrator may be entered in any court having jurisdiction thereof. This Section 10 shall be specifically enforceable.
Notwithstanding the foregoing, this Section 10 shall not preclude either party from pursuing a court action for the sole purpose
of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate, provided
that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 10. The Employer shall bear
the cost of all arbitration fees, but each party shall be responsible for its own attorneys’ fees.

 

11. Consent
to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce Section 10 of this Agreement,
the parties hereby consent to the jurisdiction of the Superior Court of the State of New Jersey and the United States District
Court for the District of New Jersey. Accordingly, with respect to any such court action, the Executive (a) submits to the personal
jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute,
rule of court, or otherwise) with respect to personal jurisdiction or service of process.

 

    -13-

     

    

 

12. Integration.
This Agreement, the Stock Incentive Plan and the Option Award Agreement constitute the entire agreement between the parties with
respect to the subject matter hereof and supersede all prior agreements between the parties with respect to any related subject
matter.

 

13. Indemnification;
Liability Insurance. The Employer shall indemnify and hold Executive harmless to the fullest extent permitted by the laws
of the Employer’s state of organization or incorporation in effect at the time against and in respect of any and all actions,
suits, proceedings, claims, demands, judgments, costs, expenses (including advancement of reasonable attorney’s fees), losses,
and damages resulting from the Executive’s performance of the Executive’s duties and obligations with the Employer.
Executive will be entitled to be covered, both during and, while potential liability exists, by the insurance policies the Employer
may elect to maintain generally for the benefit of officers and directors of the Employer against all costs, charges and expenses
incurred in connection with any action, suit or proceeding to which the Executive may be made a party by reason of being an officer
or director of the Employer in the same amount and to the same extent as the Employer covers its other officers and directors.
Without limitation of the foregoing, the Employer agrees to continue and maintain a directors’ and officers’ liability
insurance policy covering the Executive in an amount, and on terms and conditions (including without limitation, with respect
to scope, exclusions, sub-amounts and deductibles), no less favorable to him than (x) the coverage the Employer provides other
senior executives and directors from time to time or, if greater, (y) the coverage provided to senior executives and directors
on the Effective Date. These obligations shall survive the termination of Executive’s employment with the Employer.

 

14. Assignment;
Successors and Assigns, etc. Except as otherwise set forth in this Section 14, neither the Employer nor the Executive may
make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent
of the other party. Notwithstanding the foregoing, the Employer may assign its rights under this Agreement without the consent
of the Executive to a successor in the event that the Employer shall effect a reorganization, consolidate with or merge into any
other corporation, partnership, organization or other entity, or transfer all of substantially all of its properties or assets
to any other corporation, partnership, organization or other entity and such successor shall assume and agree to perform this
Agreement in the same manner and to the same extent that the Employer would be required to perform it if no such succession had
taken place. As used in this Agreement, “Employer” shall mean the Employer and any such successor which assumes and
agrees to perform the duties and obligations of the Employer under this Agreement by operation of law or otherwise. This
Agreement shall inure to the benefit of and be binding upon the Employer and the Executive, their respective successors, executors,
administrators, heirs and permitted assigns.

 

15. Enforceability.
If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this
Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of
this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared
illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable
to the fullest extent permitted by law.

 

    -14-

     

    

 

16. Waiver.
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any
party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

17. Notices.
Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered
in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return
receipt requested, to the Executive at the last address the Executive has filed in writing with the Employer or, in the case of
the Employer, at its main offices, attention of the Board, and shall be effective on the date of delivery in person or by courier
or three (3) days after the date mailed.

 

18. Section
409A.

 

(a) This
Agreement is intended to comply with Section 409A of the Code and its corresponding regulations, or an exemption, and payments
may only be made under this Agreement upon an event and in a manner permitted by Section 409A of the Code, to the extent applicable.
To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A of the Code, or to the
extent any provision in this Agreement must be modified to comply with Section 409A of the Code, such provision shall be read
in such a manner so that no payment due to the Executive shall be subject to an “additional tax” within the meaning
of Section 409A(a)(1)(B) of the Code. Severance benefits under the Agreement are intended to be exempt from Section 409A of the
Code under the “short-term deferral” exception, to the maximum extent applicable, and then under the “separation
pay” exception, to the maximum extent applicable. Notwithstanding anything in this Agreement to the contrary, if required
by Section 409A of the Code, if the Executive is considered a “specified employee” for purposes of Section 409A
of the Code and if payment of any amounts under this Agreement is required to be delayed for a period of six (6) months after
separation from service pursuant to Section 409A of the Code, payment of such amounts shall be delayed as required by Section
409A of the Code, and the accumulated amounts shall be paid in a lump sum payment within ten (10) days after the end of the six (6)
month period. If the Executive dies during the postponement period prior to the payment of benefits, the amounts withheld on account
of Section 409A of the Code shall be paid to the personal representative of the Executive’s estate within sixty (60) days
after the date of the Executive’s death.

 

(b) To
the extent required to comply with Section 409A of the Code, any Termination Benefits or other payments to be made upon a termination
of employment under this Agreement may only be made upon a “separation from service” as defined under Section 409A
of the Code. For purposes of Section 409A of the Code, each payment hereunder shall be treated as a separate payment and the right
to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments. In no event
may the Executive, directly or indirectly, designate the calendar year of a payment. All reimbursements and in-kind benefits provided
under the Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code.

 

    -15-

     

    

 

19. Amendment.
This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative
of the Employer.

 

20. Governing
Law. This is a New Jersey contract and shall be construed under and be governed in all respects by the laws of the state of
New Jersey, without giving effect to the conflict of laws principles of such state. With respect to any disputes concerning federal
law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court
of Appeals for the Third Circuit.

 

21. Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be
an original; but such counterparts shall together constitute one and the same document.

 

IN WITNESS WHEREOF,
this Agreement has been executed as a sealed instrument by the Employer, by its duly authorized member, and by the Executive, as
of the Effective Date.

 

	LEONARD MAZUR	 	CITIUS PHARMACEUTICALS, INC. 
	 	 	 	 
	/s/ Leonard Mazur	 	/s/ Myron Holubiak
	 	 	By:	Myron Holubiak

 

    -16-Exhibit 10.1

 

THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES OR ANY OTHER COUNTRY OR JURISDICTION. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS
ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES
LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM, OR AS PROVIDED IN THIS WARRANT.

 

WARRANT TO PURCHASE SHARES OF COMMON
STOCK

 

OF

 

MOBIQUITY TECHNOLOGIES, INC.

 

Issued on [__], 2018

 

This certifies
that the person whose name appears on the signature page hereto is entitled, subject to the terms and conditions of this Warrant,
to purchase from MOBIQUITY TECHNOLOGIES, INC., a New York corporation (the “Company”), with its principal
office at 35 Torrington Ln., Shoreham, NY 11786, at any time following the date hereof, and prior to 5:00 p.m. Eastern time on
[__], 2028 (the “Expiration Date”), the Warrant Shares (as defined below) at the Warrant Price (as defined below),
upon delivery at the principal offices of the Company, of a duly executed subscription form in the form attached hereto as Exhibit
1 and simultaneous payment of the full Warrant Price for the number of Warrant Shares being purchased. The Warrant Price and
the Warrant Shares purchasable under this Warrant are subject to adjustment as provided herein.

 

This Warrant is issued
in connection with that certain Agreement and Plan of Merger, dated November 20, 2018, by and among the Company, Glen Eagles Acquisition
LP, AVNG Acquisition Sub, LLC, Advangelists, LLC (“Advangelists”), and Deepankar Katyal (the “Merger
Agreement”) and represents a portion of the Equity Consideration (as defined in the Merger Agreement) delivered pursuant
to the terms of the Merger Agreement.

 

1.              
Definitions. The following definitions shall apply for purposes of this Warrant:

 

1.1           
“Company” is defined in the first paragraph above and includes any entity which shall succeed to or assume
the obligations of the Company under this Warrant.

 

1.2           
“Fair Market Value” means the closing sales price of the shares of Company’s common stock on any
established stock exchange or a national market system, or on any other market for which closing prices are available on which
the Company’s common stock is listed or quoted. If, however, the Company’s common stock is quoted but closing prices
are not reported, then the average of the mean between the high bid and low asked prices for the Company’s common stock shall
be used instead of the closing price. In the absence of any quotations for the Company’s common stock, the Fair Market Value
of the Warrant Shares shall be determined in good faith by the Board of Directors of the Company.

 

1.3           
“Holder” means the person whose name appears on the signature page hereto.

 

1.4           
“Shares” means shares of common stock of the Company, $0.0001 par value per share, subject to adjustment
as set forth herein.

 

1.5           
“Warrant” means this Warrant and any warrant(s) delivered in substitution or exchange therefor, as provided
herein.

 

1.6           
“Warrant Price” shall be equal to $0.14 per Share, subject to adjustment as set forth herein .

 

1.7           
“Warrant Shares” means an aggregate of [•]([•]) Shares, subject to adjustment as set forth
herein, purchasable upon the exercise, and in accordance with the terms, of this Warrant.

 

 

 

    	 	1	 

     

    

 

2.              
Exercise.

 

2.1         
Method of Exercise. Subject to the terms and conditions of this Warrant, the Holder may exercise this Warrant at
any time, in full or partially, on any business day after the date hereof and before the Expiration Date at the Warrant Price.
This Warrant is exercisable for up to the total number of Warrant Shares by delivery of the subscription form attached hereto at
the principal offices of the Company, duly completed for the number of Warrant Shares purchased, executed by the Holder, and payment
therefor.

 

2.2         
Form of Payment. Payment may be made, at the Holder’s option, by (i) a check payable to the Company’s
order, (ii) wire transfer of funds to the Company, (iii) cancellation of indebtedness of the Company to the Holder, (iv) a reduction
of the number of Warrant Shares otherwise issuable upon the exercise of this Warrant by a number of Shares having a Fair Market
Value equal to the Exercise Price payable for such Warrant Shares being purchased, or (v) any combination of the foregoing.

 

2.3         
Restrictions on Exercise. This Warrant may not be exercised if the issuance of the Warrant Shares upon such exercise
would constitute a violation of any applicable federal or state securities laws or other laws, regulations or rules.

 

3.              
Issuance of Warrant Shares. This Warrant, or the pro rata portion thereof that is exercised, shall be deemed
to have been exercised immediately prior to the close of business on the date of the delivery of the subscription form for exercise
as provided above, and the Holder shall be treated for all purposes as the holder of record of such number of Warrant Shares that
are purchased as of the close of business on such date. This Warrant shall be surrendered with the delivery of the subscription
form for the final exercise of the Warrant, provided however, surrender of this Warrant in connection with the exercise
thereof shall not be required if the Holder delivers an executed affidavit of loss, damage or mutilation, and an executed agreement
to indemnify the Company (as reasonably requested by the Company).

 

4.              
Adjustment Provisions. The number and character of Warrant Shares issuable upon exercise of this Warrant (or
any equity or other securities or property at the time receivable or issuable upon exercise of this Warrant) and the Warrant Price
therefor, are subject to adjustment upon the occurrence of the following events between the date this Warrant is issued and the
date it is exercised:

 

4.1         
Adjustment for Splits, Dividends, Recapitalizations. etc. The Exercise Price of this Warrant and the number of Warrant
Shares issuable upon exercise of this Warrant (or any other securities at the time issuable upon exercise of this Warrant) shall
each be proportionally adjusted to reflect any dividend, split, reverse split, reclassification, recapitalization or other similar
event affecting the number of outstanding Shares of the Company (or such other stock or securities).

 

4.2         
Adjustment for Splits, Dividends and Distributions. In case the Company shall make or issue, or shall fix a record
date for the determination of eligible holders entitled to receive, a dividend or other distribution payable with respect to the
Shares of the Company that is payable in (a) securities of the Company, or (b) assets, then, and in each such case, the Holder,
upon exercise of this Warrant at any time after the consummation, effective date or record date of such event, shall receive, in
addition to the Warrant Shares issuable upon such exercise prior to such date, the securities or such other assets of the Company
to which the Holder would have been entitled upon such date if the Holder had exercised this Warrant immediately prior thereto
(all subject to further adjustment as provided in this Warrant).

 

4.3         
Adjustment for Reorganization, Consolidation, Merger. In case of any reorganization of the Company (or of any other
entity, the equity or other securities of which are at the time receivable on the exercise of this Warrant), after the date of
this Warrant, or in case, after such date, the Company (or any such entity) shall consolidate with or merge into another entity
or convey all or substantially all of its assets to another entity and then distribute the proceeds to its holders of Shares, then,
and in each such case, the Holder, upon the exercise of this Warrant (as provided in Section 3), at any time after the consummation
of such reorganization, consolidation, merger or conveyance, shall be entitled to receive, in lieu of the Warrant Shares or other
securities and property receivable upon the exercise of this Warrant prior to such consummation, the equity or other securities
or property to which the Holder would have been entitled upon the consummation of such reorganization, consolidation, merger or
conveyance if the Holder had exercised this Warrant immediately prior thereto, all subject to further adjustment as provided in
this Warrant, and the successor or purchasing entity in such reorganization, consolidation, merger or conveyance (if other than
the Company) shall duly execute and deliver to the Holder a supplement hereto acknowledging such entity’s obligations under
this Warrant; and in each such case, the terms of this Warrant shall be applicable to the equity or other securities or property
receivable upon the exercise of this Warrant after the consummation of such reorganization, consolidation, merger or conveyance.

 

 

 

    	 	2	 

     

    

 

4.4         
Notice of Adjustments. The Company shall promptly give written notice of each adjustment or readjustment pursuant
to this Article 4, if any. The notice shall describe the adjustment or readjustment and show in reasonable detail the facts on
which the adjustment or readjustment is based. The description of such adjustments in any report, registration statement, or proxy
or information statement filed by the Company under the Securities Act or the Securities Exchange Act of 1934, as amended, or in
any press release issued by the Company, shall constitute the notice of such adjustments, among other forms of notice.

 

4.5         
No Change Necessary. The form of this Warrant need not be changed because of any adjustment in as provided in this
Article 4.

 

5.              
No Rights or Liabilities. This Warrant does not by itself entitle the Holder to any voting rights or other
rights as a shareholder of the Company. In the absence of affirmative action by the Holder to purchase Warrant Shares by exercise
of this Warrant, no provisions of this Warrant, and no enumeration herein of the rights or privileges of the Holder, shall cause
the Holder to be a shareholder of the Company for any purpose.

 

6.              
No Impairment; Reservation of Shares. The Company will not willfully avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such
terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder against
wrongful impairment. Without limiting the generality of the foregoing, the Company hereby represents and warrants that (i) the
Warrant Shares, when issued, sold and delivered in accordance with the terms of this Warrant for the consideration expressed herein,
will be duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer other than restrictions
on transfer under applicable state and federal securities laws, and (ii) it has reserved a sufficient number of authorized Shares
for issuance of the Warrant Shares upon the due exercise of this Warrant.

 

7.              
Assignment; Transfer; Forfeiture. The Company may assign this Warrant, and all of its rights and obligations
hereunder to any entity that acquires all or substantially all of the assets or equity interests of the Company, or the Company’s
successor as a result of merger or consolation (an “Acquisition”), without the consent of the Holder. Such assignee
shall thereafter be deemed the “Company” for purposes of this Warrant. This Warrant is issued to the Holder in connection
with the Merger Agreement, and the Holder may not assign this Warrant to any other person without the prior written consent of
the Company; provided, however, that this Warrant may be assigned to the Member Representative (as defined in the Merger Agreement)
pursuant to that certain Member Merger Consideration and Release Agreement, or similar agreement, between Advangelists and the
Holder (the “Merger Consideration and Release Agreement”) without the prior written consent of the Company. The Holder
hereby acknowledges and agrees that this Warrant may be forfeited in accordance with the terms and conditions set forth in the
Merger Consideration and Release Agreement.

 

8.              
Governing Law. This Warrant shall be governed by and construed under the internal laws of the State of New
York as applied to agreements among New York residents entered into and to be performed entirely within New York, without reference
to principles of conflict of laws or choice of laws.

 

9.              
Headings. The headings and captions used in this Warrant are used only for convenience and are not to be considered
in construing or interpreting this Warrant. All references in this Warrant to sections and exhibits shall, unless otherwise provided,
refer to sections hereof and exhibits attached hereto, all of which exhibits are incorporated herein by this reference.

 

10.           
Notices; Notice of Certain Events. Except as may be otherwise provided herein, all notices, requests, waivers
and other communications made pursuant to this Warrant shall be made by first-class mail, postage prepaid, or overnight mail or
courier and, if given by the Holder addressed to the Company at the Principal Office, Attention: President; and if given by the
Company, addressed to the Holder at the address of the Holder shown on the books of the Company.

 

11.           
Severability. If one or more provisions of this Warrant are held to be unenforceable under applicable law,
such provision(s) shall be excluded from this Warrant, and the balance of the Warrant shall be interpreted as if such provision(s)
were so excluded and shall be enforceable in accordance with its terms.

 

12.           
Terms Binding. By acceptance of this Warrant, the Holder accepts and agrees to be bound by all the terms and
conditions of this Warrant.

 

[Rest of page intentionally left blank.
Signatures are on the next page.]

 

 

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF, the Company has
caused this Warrant to be signed in its name as of the date first above written.

 

	 	THE COMPANY:
	 	 
	 	MOBIQUITY TECHNOLOGIES, INC.
	 	 
	 	 
	 	 
	 	By:______________________________
	 	Name: Dean Julia
	 	Title: Chief Executive Officer
	 	 
	 	 
	 	AGREED AND ACKNOWLEDGED:
	 	 
	 	THE HOLDER:
	 	 
	 	 
	 	 
	 	_________________________
	 	Name:

 

 

 

    	 	4	 

     

    

 

EXHIBIT 1

 

FORM OF SUBSCRIPTION

 

(To be signed only upon exercise of Warrant)

 

 

 

To: The President of Mobiquity Technologies, Inc.:

 

The undersigned, the
holder of a right to purchase shares of common stock, $0.0001 par value per share, (the “Warrant Shares”) of
MOBIQUITY TECHNOLOGIES, INC., a New York corporation (the “Company”), pursuant to that certain Warrant
to Purchase Shares of Common Stock of Mobiquity Technologies, Inc. (the “Warrant”), dated as of [__], 2018,
hereby irrevocably elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder, [insert
number] Shares of the Company and herewith makes payment of __________________ Dollars ($_____________) therefor by the
following method: [insert form of payment per Section 2.2].

 

In connection with
the aforesaid purchase of Warrant Shares, the undersigned represents and warrants that:

 

(a)  
The Warrant Shares acquired by it are being acquired for its own account, for investment purposes and not with a view to
any distribution within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). The undersigned
will not sell, assign, mortgage, pledge, hypothecate, transfer or otherwise dispose of any of the Warrant Shares unless (i) a registration
statement under the Securities Act with respect thereto is in effect and the prospectus included therein meets the requirements
of Section 10 of the Securities Act, or (ii) the Company has received a written opinion of its counsel that, after an investigation
of the relevant facts, such counsel is of the opinion that such proposed sale, assignment, mortgage, pledge, hypothecation, transfer
or disposition does not require registration under the Securities Act or any state securities law.

 

(b)  
The undersigned understands that the resale of the Warrant Shares is not, and is not being, registered under the Securities
Act and the Warrant Shares must be held indefinitely unless they are subsequently registered thereunder or an exemption from such
registration is available.

 

(c)  
The undersigned recognizes that the acquisition of the Warrant Shares involves a high degree of risk and is suitable only
for persons of adequate financial means who have no need for liquidity in this investment in that (i) the undersigned may not be
able to liquidate its investment in the event of emergency; (ii) transferability is extremely limited; and (iii) it could sustain
a complete loss of its investment.

 

(d)  
The undersigned represents that it (i) is competent to understand and does understand the nature of its investment in the
Shares; and (ii) is able to bear the economic risk of its investment in the Warrant Shares.

 

(e)  
The undersigned represents that, either alone or with its purchaser representative (as such term is defined in Rule 501
promulgated under the Securities Act), it has such knowledge and experience in financial and business matters that it is capable
of evaluating the merits and risks of the acquisition of the Warrant Shares.

 

(f)   
The undersigned represents that it has reviewed all information regarding the Company that has been filed with the Securities
Exchange Commission. The undersigned also represents that it has been furnished by the Company with all information regarding the
Company which it had requested or desired to know; that all documents which could be reasonably provided have been made available
for its inspection and review; that it has been afforded the opportunity to ask questions of and receive answers from duly authorized
representatives of the Company concerning the Company; and that it has had the opportunity to consult with its own tax or financial
advisor concerning an investment in the Company.

 

(g)  
The undersigned consents to the placement of a legend on the Warrant Shares stating that they have not been registered under
the Securities Act and setting forth or referring to the restrictions on transferability and sale thereof. The undersigned is aware
that the Company will make a notation in its appropriate records with respect to the restrictions on the transferability of the
Warrant Shares.

 

 

 

    	 	5	 

     

    

 

(h)  
The undersigned acknowledges and understands that THE WARRANT SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND WILL BE OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE WARRANT SHARES WILL BE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY
NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER SAID ACT AND SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.
THE WARRANT SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION
OR ANY OTHER REGULATORY AUTHORITY. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

 

(i)   
The undersigned acknowledges that counsel to the Company will be relying, and may rely, upon the foregoing in connection
with any opinion of counsel it may give with regard to the issuance of the Warrant Shares by the Company to the undersigned, and
any subsequent transfer of the Warrant Shares by the undersigned, and agrees to advise the Company and its counsel in writing in
the event of any change in any of the foregoing.

 

DATED: _____________________

 

	 	HOLDER:
	 	_________________________
	 	Name:  

 

 

 

 

 

 

 

 

 

    	 	6

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