Document:

Exhibit 10.1

 

ICAGEN, INC.

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES
PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of [__________], by and between
Icagen, Inc., a Delaware corporation (the “Company”), and the investors set forth on the signature pages
affixed hereto (each, an “Investor” and, collectively, the “Investors”).

 

WHEREAS, subject
to the terms and conditions set forth in this Agreement and pursuant to exemptions from registration under the Securities Act (as
defined below), the Company desires to issue and sell to each Investor, and each Investor, severally and not jointly, desires to
purchase from the Company, the Securities of the Company as, as more fully described in this Agreement;

  

WHEREAS, in
connection with the Investors’ purchase of the Securities, the Investors will be subject to certain restrictions on the transfer
of the Securities, all as more fully set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the mutual terms, conditions and other agreements set forth herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby
agree to the sale and purchase of the Units as set forth herein.

 

1. Definitions.

 

For purposes of this
Agreement, the terms set forth below shall have the corresponding meanings provided below.

 

“Affiliate”
shall mean, with respect to any specified Person (as defined below), (i) if such Person is an individual, the spouse, heirs, executors,
or legal representatives of such individual, or any trusts for the benefit of such individual or such individual’s spouse
and/or lineal descendants, or (ii) otherwise, another Person that directly, or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with, the Person specified. As used in this definition, “control” shall
mean the possession, directly or indirectly, of the sole and unilateral power to cause the direction of the management and policies
of a Person, whether through the ownership of voting securities or by contract or other written instrument.

 

“Business
Day” shall mean any day on which banks located in New York City are not required or authorized by law to remain closed.

 

“Closing” and “Closing
Date” as defined in Section 2.2(c) hereof.

 

“Common Stock”
means the common stock of the Company, par value $0.001 per
share, and any other class of securities into which such securities may hereafter be reclassified or changed.  

 

“Company Financial
Statements” as defined in Section 4.5(a) hereof.

 

“Company’s
Knowledge” means the actual knowledge of the Chief Executive Officer (as defined in Rule 405 under the Securities Act),
or the knowledge of any fact or matter which the Chief Executive Officer would reasonably be expected to become aware of in the
course of performing the duties and responsibilities.

 

“Company Permits”
as defined in Section 4.6 hereof.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“First Closing” and “First
Closing Date” as defined in Section 2.2(a) hereof.

 

“Intellectual Property Rights”
as defined in Section 4.13 hereof.

 

     

     

    

 

“Liens”
means any mortgage, lien, title claim, assignment, encumbrance, security interest, adverse claim, contract of sale, restriction
on use or transfer or other defect of title of any kind.

 

“Material
Adverse Effect” means a material adverse effect on (i) the assets, liabilities, results of operations, condition (financial
or otherwise), business, or prospects of the Company; (ii) the transactions contemplated hereby or in any of the Transaction Documents;
or (iii) the ability of the Company to perform its obligations under the Transaction Documents (as defined below).

 

“Note”
means the 15% Subordinated Promissory Note due February 28, 2023, issued by the Company to the Investor in the form of Exhibit
A attached hereto.

 

“Person”
shall mean an individual, entity, corporation, partnership, association, limited liability company, limited liability partnership,
joint-stock company, trust or unincorporated organization.

 

“Principal
Amount” means as to the Investor, the amount set forth below the Investor’s
signature block on the signature pages hereto next to the heading “Principal Amount,” in United States Dollars, which
shall equal the Investor’s Subscription Amount.

  

“Regulation
D” as defined in Section 3.7 hereof.

 

“Regulation
S” as defined in Section 5.1(5) hereof.

 

“Rule 144” means Rule
144 promulgated under the Securities Act (or a successor rule).

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“SEC Documents”
as defined in Section 4.5 hereof.

 

“Securities” mean the
Notes, Series C Preferred Stock Shares and Warrant.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Senior
Agent” as defined in Section 8.15 hereof.

 

“Senior
Indebtedness” as defined in Section 8.15 hereof.

 

“Series
C Preferred Stock” shall mean the Company’s shares of preferred stock designated as Series C Preferred Stock, having
the right, terms and preferences as set forth in the Certificate of Designation of the Company attached as Exhibit B hereto.

 

“Subsequent Closing”
and “Subsequent Closing Date” as defined in Section 2.2(b) hereof.

 

“Subsidiaries”
shall mean any corporation or other entity or organization, whether incorporated or unincorporated, in which the Company owns,
directly or indirectly, any equity or other ownership interest or otherwise controls through contract or otherwise.

 

“Transaction
Documents” shall mean this Agreement, the Note and the Warrant.

 

“Transfer”
shall mean any sale, transfer, assignment, conveyance, charge, pledge, mortgage, encumbrance, hypothecation, security interest
or other disposition, or to make or effect any of the above.

 

“Warrants”
means the warrants to purchase an aggregate of [__________] shares of Common Stock in the form attached as Exhibit C
to this Agreement.

 

    2

     

    

 

2. Sale and Purchase of Securities.

 

2.1. Purchase of
Securities by Investors. Subject to the terms and conditions of this Agreement, on each Closing Date (as hereinafter defined)
substantially concurrent with the execution and delivery of this Agreement by the applicable
parties hereto, the Company shall sell and issue to the Investors, and the Investors for
such amount set forth opposite each such Investor’s name in column (3) of the Schedule of Investors will purchase, severally
and not jointly, an aggregate of up to Five Hundred Thousand Dollars ($500,000) in Principal Amount of Notes. In consideration
for each Investor’s purchase of the Note, the Company shall issue to each such Investor a Warrant to purchase the number
of shares of Common Stock set forth opposite each such Investor’s name in column (4) of the Schedule of Investors (Warrants
to purchase 28,571 shares of Common Stock for each $100,000 Principal Amount of Notes) and the number of shares of Series C Preferred
Stock set forth opposite each such Investor’s name in column (5) of the Schedule of Investors (28,571 shares of Series C
Preferred Stock for each $100,000 Principal Amount of Notes”).

 

2.2. Closing.

 

(a) Closing. Subject to the
terms and conditions set forth in this Agreement, on each Closing Date, in addition to delivery
by each party of this Agreement duly executed by such party, upon the terms and subject to the conditions set forth herein, substantially
concurrent with the execution and delivery of this Agreement by the applicable parties hereto, the Purchasers on the Closing Date
set forth opposite each such Purchaser’s name in column (6) of the Schedule of Purchasers, will purchase, such Investor’s
Subscription Amount as set forth on the Schedule of Investors and signature page hereto executed by such Purchaser. At the Closing,
each such Investor shall deliver to the Company, via wire transfer to the account designated by the Company, immediately available
funds equal to such Investor’s Subscription Amount as set forth on the Schedule of Investors and the signature page hereto
executed by such Purchaser, and the Company shall deliver to such Investor its Note, in the Principal Amount set forth opposite
its name on the Schedule of Investors, the Warrant to purchase the number of shares of Common Stock set forth opposite its name
on the Schedule of Investors and the number of shares of Series C Preferred Stock set forth opposite its name on the Schedule of
Investors. Upon delivery of the foregoing, the Closing shall occur at the offices of Gracin & Marlow, LLP or
such other location as the parties shall mutually agree, and may by agreement be undertaken remotely by electronic exchange of
Closing documentation.

 

(b) There may be more
than one Closing after the initial Closing ; provided, however, that the final subsequent Closing shall take place
within the time periods determined by the Company. The date of any subsequent Closing is hereinafter referred to as a “Subsequent
Closing Date.” Notwithstanding the foregoing, the maximum aggregate Principal Amount of Notes following the First Closing
shall be $2,500,000. 

 

(c) Closing.
The initial Closing and any applicable subsequent Closings are each referred to in this Agreement as a “Closing.”
The initial Closing Date and any Subsequent Closing Dates are sometimes referred to herein as a “Closing Date.”
All Closings shall occur at the offices of Gracin & Marlow, LLP., counsel to the Company, at The Chrysler Building, 405 Lexington
Avenue, New York, New York 10174 or remotely via the exchange of documents and signatures.

  

3. Representations, Warranties and Acknowledgments of
the Investors.

 

Each Investor, severally
and not jointly, represents and warrants to the Company solely as to such Investor that:

 

3.1. Authorization.
The Purchaser is either an individual or an entity duly incorporated or formed, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership,
limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by this
Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution, delivery and performance by
such Investor of this Agreement have been duly authorized and will constitute the valid and legally binding obligation of such
Investor, enforceable against such Investor in accordance with its respective terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’ rights
generally.

 

    3

     

    

 

3.2. Purchase
Entirely for Own Account. The Securities to be received by such Investor hereunder will be acquired for such Investor’s
own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the
Securities Act, and such Investor has no present intention of selling, granting any participation in, or otherwise distributing
the same in violation of the Securities Act, without prejudice, however, to such Investor’s right at all times to
sell or otherwise dispose of all or any part of such Securities in compliance with applicable federal and state securities laws.
Nothing contained herein shall be deemed a representation or warranty by such Investor to hold the Securities for any period of
time.

 

3.3. Investment
Experience. Such Investor acknowledges that the purchase of the Securities is a highly speculative investment and that it can
bear the economic risk and complete loss of its investment in the Securities and has such knowledge and experience in financial
or business matters such that it is capable of evaluating the merits and risks of the investment contemplated hereby.

 

3.4.  Disclosure
of Information. Such Investor has had an opportunity to receive all information related to the Company and the Securities requested
by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions
of the offering of the Securities. Neither such inquiries nor any other due diligence investigation conducted by such Investor
shall modify, amend or affect such Investor’s right to rely on the Company’s representations and warranties contained
in this Agreement. Such Investor acknowledges that it has received and reviewed the Company’s filings with the SEC and this
Agreement, the Note, the Warrant and the Series C Certificate of Designation.

 

3.5. Restricted
Securities. Such Investor understands that the Securities and the shares of Common Stock underlying the Warrant and into which
the Series C Preferred Stock may be converted, are characterized as “restricted securities” under the U.S. federal
securities laws since they are being acquired from the Company in a transaction not involving a public offering and that under
such laws and applicable regulations such securities may be resold without registration under the Securities Act only in certain
limited circumstances.

 

3.6. Legends.
It is understood that, except as provided below, certificates evidencing the Securities may bear the following or any similar legend:

 

(a) “The securities
represented hereby may not be transferred unless (i) such securities have been registered for sale pursuant to the Securities Act
of 1933, as amended; (ii) such securities may be sold pursuant to an available exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act; or (iii) the Company has received an opinion of counsel reasonably satisfactory
to it that such transfer may lawfully be made without registration under the Securities Act of 1933 or qualification under applicable
state securities laws.”

 

(b)  If required
by the authorities of any state in connection with the issuance of sale of the Securities, the legend required by such state authority.

 

3.7. Accredited
Investor/ Bad Boy Acts. Such Investor, and if an entity, all equity holders of such Investor, is an accredited investor as
defined in Rule 501(a) of Regulation D, as amended, under the Securities Act (“Regulation D”). Such Investor
has not been the subject of any bad actor events under Rule 506 of Regulation D.

 

3.8. No General
Solicitation. Such Investor did not learn of the investment in the Securities as a result of any public advertising or general
solicitation.

  

3.9.
Brokers and Finders. Except for a fee payable to Taglich Brothers set forth on Schedule 3.9, no Investor will have, as a
result of the transactions contemplated by this Agreement, any valid right, interest or claim against or upon the Company, any
Subsidiary or any other Investor, for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding
entered into by or on behalf of such Investor.

 

    4

     

    

 

4. Representations and Warranties of the Company.

 

The Company represents,
warrants and covenants to the Investors that:

 

4.1. Organization;
Execution, Delivery and Performance.

 

(a) The Company
is a corporation or other entity duly organized, validly existing and in good standing under the laws of the jurisdiction in which
it is incorporated or organized, with full power and authority (corporate and other) to own, lease, use and operate its properties
and to carry on its business as and where now owned, leased, used, operated and conducted. The Company is duly qualified as a foreign
corporation to do business and is in good standing in every jurisdiction in which its ownership or use of property or the nature
of the business conducted by it makes such qualification necessary except where the failure to be so qualified or in good standing
would not have a Material Adverse Effect.

 

(b)(i) The Company has
all requisite corporate power and authority to enter into and perform the Transaction Documents and to consummate the transactions
contemplated hereby and thereby and to issue the Securities, in accordance with the terms hereof and thereof; (ii) the execution
and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby and thereby
(including without limitation, the issuance of the Securities) have been duly authorized by the Company’s Board of Directors
and no further consent or authorization of the Company, its Board of Directors, or its stockholders, is required; (iii) each of
the Transaction Documents has been duly executed and delivered by the Company by its authorized representative, and such authorized
representative is a true and official representative with authority to sign each such document and the other documents or certificates
executed in connection herewith and bind the Company accordingly; and (iv) each of the Transaction Documents constitutes, and upon
execution and delivery thereof by the Company will constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except to the extent limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other laws of general application affecting enforcement of creditors’ rights and general principles of equity
that restrict the availability of equitable or legal remedies.

 

4.2. Securities
Duly Authorized. The Notes, Warrants and shares of Series C Preferred Stock to be issued to each such Investor pursuant to
this Agreement, when issued and delivered in accordance with the terms of this Agreement, will be duly and validly issued free
from all taxes or Liens with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights
of stockholders of the Company. The Notes, Warrants and shares of Series C Preferred Stock to be issued to each such Investor,
when issued in accordance with the terms of this Agreement, will be legal, valid and binding obligations of the Company enforceable
in accordance with their terms. The shares of Common Stock issuable upon exercise of the Warrants and upon conversion of the Series
C Preferred Stock in accordance with their respective terms will be duly and validly issued and fully paid and non-assessable.
Subject to the accuracy of the representations and warranties of the Investors to this Agreement, the offer and issuance by the
Company of the Securities is exempt from registration under the Securities Act.

  

4.3. No Conflicts.
The execution, delivery and performance of this Agreement, issuance of the Securities and the consummation by the Company of the
transactions contemplated hereby and thereby will not: (i) conflict with or result in a violation of any provision of the Certificate
of Incorporation or By-laws of the Company; or (ii) violate or conflict with, or result in a breach of any provision of, or constitute
a default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which
the Company or any of its Subsidiaries is a party, except for possible violations, conflicts or defaults as would not, individually
or in the aggregate, have a Material Adverse Effect; or (iii) result in a violation of any law, rule, regulation, order, judgment
or decree (including federal and state securities laws and regulations and regulations of any self-regulatory organizations to
which the Company or its securities are subject) applicable to the Company or any of its Subsidiaries or by which any property
or asset of the Company or any of its Subsidiaries is bound or affected. Neither the Company nor any of its Subsidiaries is in
default (and no event has occurred which with notice or lapse of time or both could put the Company or any of its Subsidiaries
in default) under, and neither the Company nor any of its Subsidiaries has taken any action or failed to take any action that would
give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to
which the Company or any of its Subsidiaries is a party or by which any property or assets of the Company or any of its Subsidiaries
is bound or affected, or for possible defaults as would not, individually or in the aggregate, have a Material Adverse Effect.
The businesses of the Company and its Subsidiaries are not being conducted in violation of any law, rule ordinance or regulation
of any governmental entity, except for possible violations which would not, individually or in the aggregate, have a Material Adverse
Effect. Except as required under the Securities Act, the Exchange Act, and any applicable state securities laws, the Company is
not required to obtain any consent, authorization or order of, or make any filing or registration with, any court, governmental
agency, regulatory agency, self-regulatory organization or stock market or any third party in order for it to execute, deliver
or perform any of its obligations under this Agreement or to issue and sell the Securities in accordance with the terms hereof.
All consents, authorizations, orders, filings and registrations which the Company is required to obtain pursuant to the preceding
sentence have been obtained or effected on or prior to the date hereof.

 

    5

     

    

 

4.4. Capitalization.
As of August 1, 2019, the authorized capital stock of the Company consists of (i) 50,000,000 shares of Common Stock, of which 6,393,107
shares are outstanding, 10,000,000 shares of Preferred Stock, of which 400,000 are designated Series A Preferred Stock and no shares
are issued and outstanding, 3,000,000 shares are designated Series B Preferred Stock and no shares are issued and outstanding,
1,142,856 are designated as Series C Preferred Stock, of which 799,989 are issued and outstanding, 3,819,059 of the authorized
shares are reserved for the issuance of warrants, and 1,382,945 options have been issued to employees, consultants and directors
of

Icagen, Inc. In the Offering contemplated by this Agreement, warrants exercisable for up to 225,000 shares of Common Stock may
be issued to investors. The Company has reserved, and at all times will keep reserved, a sufficient number of shares for issuance
upon the conversion of the Notes and the exercise of the Warrants. Except as described in the SEC Documents, (i) there are no outstanding
options, warrants, scrip, rights to subscribe for, puts, calls, rights of first refusal, agreements, understandings, claims or
other commitments or rights of any character whatsoever relating to, or securities or rights convertible into or exchangeable for
any shares of capital stock of the Company or any of its Subsidiaries, or arrangements by which the Company or any of its Subsidiaries
is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries; (ii) there are no
agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of its or
their securities under the Securities Act (except for the registration rights provisions contained herein and piggyback rights
of the Series A Preferred Stock) that will be triggered by the issuance of the Securities. All of such outstanding shares of capital
stock are, or upon issuance will be, duly authorized, validly issued, fully paid and nonassessable. No shares of capital stock
of the Company are subject to preemptive rights or any other similar rights of the stockholders of the Company or any Lien imposed
through the actions or failure to act of the Company.

 

4.5. SEC Information.

 

(a) The Company
has filed or furnished all registration statements, prospectuses, reports, schedules, forms, statements and other documents required
to be filed or furnished by it with the SEC pursuant to the requirements of the Securities Act or the Exchange Act (all of the
foregoing and all other documents filed with the SEC prior to the date hereof, being hereinafter referred to herein as the “SEC
Documents”). The SEC Documents have been made available to the Investors via the SEC’s EDGAR system. As of their
respective dates, the SEC Documents complied in all material respects with the requirements of the Exchange Act or the Securities
Act, as the case may be, and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none
of the SEC Documents, including any financial statements, schedules or exhibits included or incorporated by reference therein,
at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading. There are no outstanding any unresolved comments of the staff of the SEC. As of their respective dates,
the financial statements of the Company included in the SEC Documents (“Company Financial Statements”) complied
as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC
with respect thereto. The Company Financial Statements have been prepared in accordance with United States generally accepted accounting
principles (“GAAP”), consistently applied, during the periods involved (except (i) as may be otherwise indicated
in such financial statements or the notes thereto or (ii) in the case of unaudited interim statements, to the extent they may not
include footnotes or may be condensed or summary statements in accordance with GAAP and the applicable rules and regulations of
the SEC) and fairly present in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries
as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended (subject, in
the case of unaudited statements, to normal year-end audit adjustments as permitted by GAAP and the applicable rules and regulations
of the SEC). Except as set forth in the Company Financial Statements, the Company has no liabilities, contingent or otherwise,
other than: (i) liabilities incurred in the ordinary course of business subsequent to March 31, 2019 (the fiscal period end of
the Company’s most recently-filed periodic report) and (ii) obligations under contracts and commitments incurred in the ordinary
course of business and not required under generally accepted accounting principles to be reflected in such financial statements,
which, individually or in the aggregate, are not material to the financial condition or operating results of the Company.

 

(b) The shares of
Common Stock are not currently traded on any market.

 

    6

     

    

 

4.6. Permits;
Compliance. The Company and each of its Subsidiaries is in possession of all franchises, grants, authorizations, licenses,
permits, easements, variances, exemptions, consents, certificates, approvals and orders necessary to own, lease and operate its
properties and to carry on its business as it is now being conducted (collectively, the “Company Permits”),
and there is no action pending or, to the knowledge of the Company, threatened regarding suspension or cancellation of any of the
Company Permits. Neither the Company nor any of its Subsidiaries is in conflict with, or in default or violation of, any of the
Company Permits, except for any such conflicts, defaults or violations which, individually or in the aggregate, would not reasonably
be expected to have a Material Adverse Effect. Since January 1, 2019, neither the Company nor any of its Subsidiaries has received
any notification with respect to possible conflicts, defaults or violations of applicable laws, except for notices relating to
possible conflicts, defaults or violations, which conflicts, defaults or violations would not have a Material Adverse Effect.

 

4.7. Litigation.
There is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public board, government agency,
self-regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries, threatened against
or affecting the Company or any of its Subsidiaries, or their respective businesses, properties or assets or their officers or
directors in their capacity as such, that would have a Material Adverse Effect. The Company is unaware of any facts or circumstances
which might give rise to any of the foregoing. There has not been, and to the Company’s Knowledge, there is not pending or
contemplated, any investigation by the SEC involving the Company, any of its Subsidiaries or any current or former director or
executive officer of the Company or any of its Subsidiaries.

  

4.8. No Material Changes.

 

(a) Since March
31, 2019, except as set forth in the SEC Documents and additional operating expenses, there has not been:

 

(i) Any
material adverse change in the financial condition, operations or business of the Company from that shown on the Company Financial
Statements, or any material transaction or commitment effected or entered into by the Company outside of the ordinary course of
business;

 

(ii) Any
effect, change or circumstance which has had, or could reasonably be expected to have, a Material Adverse Effect; or

 

(iii) Any
incurrence of any material liability outside of the ordinary course of business.

 

4.9.  No General
Solicitation. Neither the Company nor any person participating on the Company’s behalf in the transactions contemplated
hereby has conducted any “general solicitation,” as such term is defined in Regulation D promulgated under the Securities
Act, with respect to any of the Securities being offered hereby.

 

4.10.  No Integrated
Offering. Neither the Company, nor any of its Affiliates, nor any person acting on its or their behalf, has directly or indirectly
made any offers or sales in any security or solicited any offers to buy any security under circumstances that would require registration
under the Securities Act of the issuance of the Securities to the Investors. The issuance of the Securities to the Investors will
not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes of any stockholder
approval provisions applicable to the Company or its securities.

 

4.11.  No Brokers.
Except as set forth on Schedule 3.9, the Company has taken no action which would give rise to any claim by any person for brokerage
commissions, transaction fees or similar payments relating to this Agreement or the transactions contemplated hereby.

 

    7

     

    

 

4.12. Form
D; Blue Sky Laws. The Company agrees to file a Form D with respect to the Securities as required under Regulation D within
ten days after the First Closing. The Company shall, on or before the Closing Date, take such action as the Company shall reasonably
determine is necessary to qualify the Securities for sale to the Investors at the applicable Closing pursuant to this Agreement
under applicable securities or “blue sky” laws of the states of the United States (or to obtain an exemption from such
qualification).

 

4.13. Intellectual
Property Rights. The Company and its Subsidiaries own or possess adequate rights to use or licenses to use all trademarks,
trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, original works, inventions,
licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights and all applications and
registrations therefor (“Intellectual Property Rights”) necessary to conduct their respective businesses as
now conducted and as presently proposed to be conducted. None of the Company’s or its Subsidiaries’ Intellectual Property
Rights have expired, terminated or been abandoned, or are expected to expire, terminate or be abandoned, within two years from
the date of this Agreement. The Company has no knowledge of any infringement by the Company or any of its Subsidiaries of Intellectual
Property Rights of others. Except as set forth in the SEC Documents, there is no claim, action or proceeding being made or brought,
or to the Company’s Knowledge, being threatened, against the Company or any of its Subsidiaries regarding their Intellectual
Property Rights. The Company is not aware of any facts or circumstances which might give rise to any of the foregoing infringements
or claims, actions or proceedings. The Company and each of its Subsidiaries have taken reasonable security measures to protect
the secrecy, confidentiality and value of all of their Intellectual Property Rights, except where failure to take such measures
would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

 

4.14. Tax Status.
Except for occurrences that would not, either individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect, the Company and each of its Subsidiaries (i) has timely made or filed all foreign, federal and state income and
all other tax returns, reports and declarations required by any jurisdiction to which it is subject; (ii) has timely paid all taxes
and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports
and declarations, except those being contested in good faith; and (iii) has set aside on its books provision reasonably adequate
for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There
are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the
Company and its Subsidiaries know of no basis for any such claim. The Company is not operated in such a manner as to qualify as
a passive foreign investment company, as defined in Section 1297 of the U.S. Internal Revenue Code of 1986, as amended.

 

4.15. Shell
Company Status. The Company was never a “shell issuer”, as defined in Rule 144(i)(1).

 

4.16. Investment
Company Act Status. The Company and its subsidiaries are not, and after giving effect to the offering and sale of the Units
will not be, required to register as an “investment company” as such term is defined in the Investment Company Act
of 1940, as amended.

 

5. Transfer Restrictions.

 

5.1. Transfer
or Resale. Each Investor understands that:

 

The sale or resale of
all or any portion of the Securities has not been and is not being registered under the Securities Act or any applicable state
securities laws, and all or any portion of the Securities may not be transferred unless:

 

(1)  the Securities
are sold pursuant to an effective registration statement under the Securities Act;

 

(2)  the Investor
shall have delivered to the Company, at the cost of the Company, a customary opinion of counsel that shall be in form, substance
and scope reasonably acceptable to the Company, to the effect that the Securities to be sold or transferred may be sold or transferred
pursuant to an exemption from such registration;

 

    8

     

    

 

(3)  the Securities
are sold or transferred to an “affiliate” (as defined in Rule 144) of the Investor who agrees to sell or otherwise
transfer the Securities only in accordance with this Section 5.1 and who is an Accredited Investor;

 

(4)  the Securities
are sold pursuant to Rule 144; or

 

(5)  the Securities
are sold pursuant to Regulation S under the Securities Act (or a successor rule) (“Regulation S”);

 

and, in each case, the Investor shall have
delivered to the Company, at the cost of the Company, a customary opinion of counsel, in form, substance and scope reasonably acceptable
to the Company. Notwithstanding the foregoing or anything else contained herein to the contrary, the Securities may be pledged
as collateral in connection with a bona fide margin account or other lending arrangement. 

 

5.2  Transfer
Agent Instructions. If an Investor provides the Company with a customary opinion of counsel, that shall be in form, substance
and scope reasonably acceptable to the Company, to the effect that a public sale or transfer of such Securities may be made without
registration under the Securities Act and such sale or transfer is effected, the Company shall permit the transfer and promptly
instruct its transfer agent to issue one or more certificates, free from restrictive legend, in such name and in such denominations
as specified by such Investor. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Investors, by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, the Company acknowledges
that the remedy at law for a breach of its obligations under this Section 5.2 may be inadequate and agrees, in the event of a breach
or threatened breach by the Company of the provisions of this Section, that the Investors shall be entitled, in addition to all
other available remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity of showing
economic loss and without any bond or other security being required.

 

6. Conditions to Closing of the
Investors.

 

The obligation of each
Investor hereunder to purchase the Securities at the Closing is subject to the satisfaction, at or before the Closing Date, of
each of the following conditions, provided that these conditions are for each Investor’s sole benefit and may be waived by
such Investor at any time in its sole discretion by providing the Company with prior written notice thereof:

 

6.1. Representations,
Warranties and Covenants. The representations and warranties of the Company shall be true and correct in all material respects
as of the date when made and as of the Closing Date as though originally made at that time (except for representations and warranties
that speak as of a specific date, which shall be true and correct in all material respects as of such date) and the Company shall
have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required to be performed,
satisfied or complied with by the Company at or prior to the Closing Date.

 

6.2. Consents.
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale
of the Securities.

 

6.3. Delivery by
Company. The Company shall have duly executed and delivered to each Investor each of the Note, Warrant and shall have made
an entry in its books and records regarding the Series C Preferred Stock to be issued.

 

6.4. No Material
Adverse Effect. Since the date of first execution of this Agreement, no event or series of events shall have occurred that
reasonably would have or result in a Material Adverse Effect.

 

6.5. No Prohibition.
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by the Transaction Documents.

 

    9

     

    

 

6.6. Other Documents.
The Company shall have delivered to such Investor such other documents, instruments or certificates relating to the transactions
contemplated by this Agreement as such Investor or its counsel may reasonably request.

 

7.  Conditions to Closing of the Company.

 

The obligations of
the Company to effect the transactions contemplated by this Agreement with each Investor are subject to the fulfillment at or prior
to each Closing Date of the conditions listed below. 

 

7.1. Representations
and Warranties. The representations and warranties made by such Investor in Section 3 shall be true and correct in all material
respects at the time of Closing as if made on and as of such date.

 

7.2. Corporate Proceedings.
All corporate and other proceedings required to be undertaken by such Investor in connection with the transactions contemplated
hereby shall have occurred and all documents and instruments incident to such proceedings shall be reasonably satisfactory in substance
and form to the Company.

 

7.3. Delivery
by the Investor. The Investor shall have duly executed and delivered to the Company (a) each of the other Transaction Documents
to be signed by the Investor and (b) a Purchaser Questionnaire and a Purchaser Information Request.

 

8. Miscellaneous.

 

8.1. Notices.
All notices, requests, demands and other communications provided in connection with this Agreement shall be in writing and shall
be deemed to have been duly given at the time when hand delivered, delivered by express courier, or sent by facsimile (with receipt
confirmed by the sender’s transmitting device) in accordance with the contact information provided below or such other contact
information as the parties may have duly provided by notice.

 

	
        The Company:

         

        Icagen, Inc.

        4222 Emperor Blvd., Suite 350

        Durham, North Carolina 27703

        Telephone: (919) 941-5206

        Facsimile: (302) 347-1326

        Attention: Mark Korb

                          Chief Financial Officer
	 	
        With a copy to:

         

        Gracin& Marlow, LLP

        The Chrysler Building

        405 Lexington Avenue, 26th Floor

        New York, New York 10174

        Attention: Leslie Marlow, Esq.

        Telephone: (212) 907-6457

        Facsimile: (212) 208-4657

 

The Investors:

 

As per the contact information provided on the signature pages hereof.

 

8.2. Survival of
Representations and Warranties. Each party hereto covenants and agrees that the representations and warranties of such party
contained in this Agreement shall survive the Closing. Each Investor shall be responsible only for its own representations, warranties,
agreements and covenants hereunder.

 

8.3. Indemnification.

 

(a)  The Company
agrees to indemnify and hold harmless each Investor and its Affiliates and their respective directors, officers, employees and
agents from and against any and all losses, claims, damages, liabilities and expenses (including without limitation reasonable
attorney fees and disbursements and other expenses incurred in connection with investigating, preparing or defending any action,
claim or proceeding, pending or threatened and the costs of enforcement thereof) (collectively, “Losses”) to
which such Person may become subject as a result of any breach of representation, warranty, covenant or agreement made by or to
be performed on the part of the Company under the Transaction Documents, and will reimburse any such Person for all such amounts
as they are incurred by such Person. 

 

    10

     

    

 

(b)  Promptly after
receipt by any Investor (the “Indemnified Person”) of notice of any demand, claim or circumstances which would
or might give rise to a claim or the commencement of any action, proceeding or investigation in respect of which indemnity may
be sought pursuant to this Section 8.3, such Indemnified Person shall promptly notify the Company in writing and the Company shall
assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Person, and shall assume
the payment of all fees and expenses; provided, however, that the failure of any Indemnified Person so to notify
the Company shall not relieve the Company of its obligations hereunder except to the extent that the Company is materially prejudiced
by such failure to notify. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Person unless: (i) the Company and the Indemnified
Person shall have mutually agreed to the retention of such counsel; or (ii) in the reasonable judgment of counsel to such Indemnified
Person representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. The Company shall not be liable for any settlement of any proceeding effected without its written consent, which
consent shall not be unreasonably withheld, but if settled with such consent, or if there be a final judgment for the plaintiff,
the Company shall indemnify and hold harmless such Indemnified Person from and against any loss or liability (to the extent stated
above) by reason of such settlement or judgment. Without the prior written consent of the Indemnified Person, which consent shall
not be unreasonably withheld, the Company shall not affect any settlement of any pending or threatened proceeding in respect of
which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party,
unless such settlement includes an unconditional release of such Indemnified Person from all liability arising out of such proceeding.

 

8.4. Entire Agreement.
This Agreement, the Notes and the Warrants contain the entire agreement between the parties hereto in respect of the subject matter
contained herein and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject
matter contained herein.

 

8.5. Third Party
Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and
assigns only. Notwithstanding any of the foregoing to the contrary, the Senior Agent is a third-party beneficiary of the subordination
provisions contained in Section 8.15 below and shall be entitled to enforce such provisions as though it were a party hereto.

 

8.6. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.
Neither the Company nor any Investor shall assign this Agreement or any rights or obligations hereunder without the prior written
consent of the other.

 

8.7. Use of Proceeds.
The proceeds derived from the sale of the Securities shall be used by the Company for its general working capital needs.

 

8.8. Binding
Effect; Benefits. This Agreement and all the provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns; except as set forth in Section 8.5 above, nothing in this Agreement,
expressed or implied, is intended to confer on any persons other than the parties hereto or their respective successors and permitted
assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

8.9. Amendment;
Waivers. All modifications, amendments or waivers to this Agreement shall require the written consent of each of (i) the Company
and (ii) the Investors owning a majority in principal amount of the Notes.

 

8.10. Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving
effect to the conflict of law provisions thereof, and the parties hereto.

 

    11

     

    

 

8.11.
Arbitration. Each Investor and the Company agree that they shall resolve all disputes, controversies and differences which
may arise between them, out of or in relation to or in connection with this Agreement, after discussion in good faith attempting
to reach an amicable solution. Provided that such disputes, controversies and differences remain unsettled after discussion between
the parties, both parties agree that those unsettled matter(s) shall be finally settled by arbitration in New York, New York in
accordance with the latest Rules of the American Arbitration Association. Such arbitration shall be conducted by three arbitrators
appointed as follows: each party will appoint one arbitrator and the appointed arbitrators shall appoint a third arbitrator. If
within thirty (30) days after confirmation of the last appointed arbitrator, such arbitrators have failed to agree upon a chairman,
then the chairman will be appointed by the American Arbitration Association. The decision of the tribunal shall be final and may
not be appealed. The arbitral tribunal may, in its discretion award fees and costs as part of its award. Judgment on the arbitral
award may be entered by any court of competent jurisdiction, including any court that has jurisdiction over either party or any
of their assets. At the request of any party, the arbitration proceeding shall be conducted in the utmost secrecy subject to a
requirement of law to disclose. In such case, all documents, testimony and records shall be received, heard and maintained by the
arbitrators in secrecy, available for inspection only by any party and by their attorneys and experts who shall agree, in advance
and in writing, to receive all such information in secrecy.

 

8.12. Further
Assurances. Each party hereto shall do and perform or cause to be done and performed all such further acts and shall execute
and deliver all such other agreements, certificates, instruments and documents as any other party hereto reasonably may request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

8.13. Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which
taken together shall constitute one and the same instrument. This Agreement may also be executed via facsimile, which shall be
deemed an original.

 

8.14. Independent
Nature of Investors. The obligations of each Investor under this Agreement or other transaction document are several and not
joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations
of any other Investor under this Agreement or any other transaction document. Each Investor shall be responsible only for its own
representations, warranties, agreements and covenants hereunder. The decision of each Investor to purchase Securities pursuant
to this Agreement has been made by such Investor independently of any other Investor and independently of any information, materials,
statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition
(financial or otherwise) or prospects of the Company which may have been made or given by any other Investor or by any agent or
employee of any other Investor, and no Investor or any of its agents or employees shall have any liability to any other Investor
(or any other person) relating to or arising from any such information, materials, statements or opinions. Nothing contained herein
or in any other transaction document, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute
the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement.
Except as otherwise provided in this Agreement or any other transaction document, each Investor shall be entitled to independently
protect and enforce its rights arising out of this Agreement or out of the other transaction documents, and it shall not be necessary
for any other Investor to be joined as an additional party in any proceeding for such purpose. Each Investor has been represented
by its own separate legal counsel in connection with the transactions contemplated hereby.

 

8.15. Subordination.
Notwithstanding anything to the contrary set forth in this Agreement, the Company, for itself, its successors and assigns, covenants
and agrees, and each Investor by its acceptance of its Note likewise covenants and agrees, that the payment of principal and interest
on, and all other amounts due with respect to, its Note is hereby wholly subordinated, junior and subject in right of payment,
to the extent and in the manner set forth in Section 1 of its Note, to prior payment in full of all Senior Indebtedness (as
defined below) of the Company now or hereafter incurred. The provisions of this Section 8.15 shall constitute a continuing
offer to all persons who, in reliance upon such provisions, become holders of, or continue to hold, Senior Indebtedness. As used
in this Agreement, “Senior Indebtedness” means all present and future indebtedness of the Company pursuant
to (i) that certain Credit and Guaranty dated as of August 31, 2018, among the Company, certain subsidiaries of the Company party
from time to time thereto as subsidiary guarantors, the lenders from time to time party thereto and Perceptive Credit Holdings
II, LP, as the administrative agent thereunder (the “Senior Agent”) and (ii) that certain Credit and Guaranty
Agreement dated as of August 31, 2018, among Icagen-T, Inc., as borrower, the Company and certain subsidiaries of the Company
party thereto from time to time as guarantors, the lenders from time to time party thereto and the Senior Agent as administrative
agent thereunder.

 

[Signature Page to Follow]

 

    12

     

    

 

IN WITNESS WHEREOF,
the undersigned Investors and the Company have caused this Securities Purchase Agreement to be duly executed as of the date first
above written.

 

	 	ICAGEN, INC.
	 	 
	 	By: 	 
	 	Name: 	Richard Cunningham
	 	Title:	President and Chief Executive Officer

 

 [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[INVESTOR
SIGNATURE PAGES TO ICAGEN, INC. SECURITIES PURCHASE AGREEMENT]

 

    13

     

    

 

The undersigned, desiring to: (i)
enter into this Securities Purchase Agreement dated as of  [__________] (the “Agreement”), with the
undersigned, Icagen, Inc., a Delaware corporation (the “Company”), in or substantially in the form
furnished to the undersigned and (ii) purchase the Securities as set forth opposite the undersigned’s name on the
Schedule of Investors annexed to this Agreement, hereby agrees to purchase such Securities from the Company as of the Closing
and further agrees to join the Agreement as a party thereto, with all the rights and privileges appertaining thereto, and to
be bound in all respects by the terms and conditions thereof. The undersigned specifically acknowledges having read
the representations in the Agreement section entitled “Representations, Warranties and Acknowledgments of the
Investors,” and hereby represents that the statements contained therein are complete and accurate with respect to the
undersigned as an Investor.

 

	All Investors:
    	 	Name
    of Investor:
	 	 	 	 
	Address:	 	If
    an entity: 
	 	 	 	 
	Telephone No.:	 	Print
    Name of Entity:
	 	 	 	 
	Facsimile No.:	 	     	 
	 	 	By:	 
	Email Address:	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	If
    an individual:
	 	 	 	 
	 	 	Print
    Name:
	 	 	 	 
	 	 	Signature: 	 
	 	 	 	 
	 	 	If
    joint individuals: 
	 	 	 	 
	 	 	Print Name:   	 
	 	 	 	 
	 	 	Signature: 	 
	 	 	 	 
	Closing Subscription Amount: $____________		 	 

 

    14

     

    

 

SCHEDULE OF INVESTORS

 

	 	(1)		 	 	(2)			 	(3)		 	 	(4)		 	 	(5)		 	 	(6)	 
	 	Investor	 	 	 	Principal Amount of
 Notes
	 	 	 	Subscription Amount	 	 	 	Shares of Common Stock Underlying Warrant  	 	 	 	Shares of Series C Preferred Stock	 	 	 	
 Closing Date
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    15

     

    

 

Annex
2

 

CONFIDENTIAL PURCHASER QUESTIONNAIRE

 

THIS QUESTIONNAIRE MUST BE ANSWERED FULLY
AND RETURNED ALONG WITH YOUR COMPLETED SUBSCRIPTION AGREEMENT IN CONNECTION WITH YOUR PROSPECTIVE PURCHASE OF UNITS FROM ICAGEN,
INC. (THE “COMPANY”).

 

THE INFORMATION SUPPLIED IN THIS QUESTIONNAIRE
WILL BE HELD IN STRICT CONFIDENCE. NO INFORMATION WILL BE DISCLOSED EXCEPT TO THE EXTENT THAT SUCH DISCLOSURE IS REQUIRED BY LAW
OR REGULATION, OTHERWISE DEMANDED BY PROPER LEGAL PROCESS OR IN LITIGATION INVOLVING THE COMPANY AND ITS CONTROLLING PERSONS.

 

Capitalized terms used herein without definition
shall have the respective meanings given such terms as set forth in the Subscription Agreement between Icagen, Inc. and the subscriber
signatory thereto (the “Subscription Agreement”).

 

(1) The undersigned
represents and warrants that he, she or it comes within at least one category marked below, and that for any category marked, he,
she or it has truthfully set forth, where applicable, the factual basis or reason the undersigned comes within that category. The
undersigned agrees to furnish any additional information which the Company deems necessary in order to verify the answers set forth
below.

 

	Category A __	The undersigned is an individual (not a partnership, corporation, etc.) whose individual net worth, or joint net worth with his or her spouse, presently exceeds $1,000,000.

 

Explanation. In calculating net
worth you may include equity in personal property and may include real estate, provided, however, you cannot include your principal
residence), cash, short-term investments, stock and securities. Equity in personal property and real estate should be based on
the fair market value of such property less debt secured by such property.

 

	Category B __	The undersigned is an individual (not a partnership, corporation, etc.) who had an income in excess of $200,000 in each of the two most recent years, or joint income with his or her spouse in excess of $300,000 in each of those years (in each case including foreign income, tax exempt income and full amount of capital gains and losses but excluding any income of other family members and any unrealized capital appreciation) and has a reasonable expectation of reaching the same income level in the current year.

 

	Category C __	The undersigned is a director or executive officer of the Company which is issuing and selling the Securities.

 

	Category D __	The undersigned is a bank, as defined in Section 3(a)(2) of the Securities Act of 1933, as amended (the “Act”); a savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Act, whether acting in its individual or fiduciary capacity; any insurance company as defined in Section 2(13) of the Act; any investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that Act; any Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment advisor, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors. (describe entity)
	 	 
	 	 

  

    Annex 2 - 1

     

    

 

	Category E __	The undersigned is a private business development company as defined in section 202(a) (22) of the Investment Advisors Act of 1940. (describe entity)
	 	 
	 	 

 

	Category F __	The undersigned is either a corporation, partnership, Massachusetts business trust, or non-profit organization within the meaning of Section 501(c)(3) of the Internal Revenue Code, in each case not formed for the specific purpose of acquiring the Securities and with total assets in excess of $5,000,000. (describe entity)
	 	 
	 	 

 

	Category G __	The undersigned is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Securities, where the purchase is directed by a “sophisticated investor” as defined in Regulation 506(b)(2)(ii) under the Act.
	 	 
	 	 

 

	Category H __	The undersigned is an entity (other than a trust) in which all of the equity owners are “accredited investors” within one or more of the above categories. If relying upon this Category alone, each equity owner must complete a separate copy of this Purchaser Questionnaire. (describe entity)
	 	 
	 	 

 

The undersigned agrees that the
undersigned will notify the Company at any time on or prior to the applicable closing in the event that the representations and
warranties in this Purchaser Questionnaire shall cease to be true, accurate and complete.

 

(2) Suitability (please answer each
question)

 

	 	(a)	For an individual, please describe your current employment, including the company by which you are employed and its principal business:
	 	 	 
	 	 	 
	 	 	 

 

    Annex 2 - 2

     

    

 

	 	(b)	For an individual, please describe any college or graduate degrees held by you:
	 	 	 
	 	 	 

 

	 	(c)	For all subscribers, please list types of prior investments:
	 	 	 
	 	 	 

  

	 	(d)	For all subscribers, please state whether you have you participated in other private placements before:

 

Yes ☐                              No
☐

 

	 	(e)	If your answer to question (d) above was “YES”, please indicate frequency of such prior participation in private placements of:

 

	 	 	Public

Companies	 	Private

Companies
	 	Frequently	 	 	 
	 	Occasionally	 	 	 
	 	Never	 	 	 

 

	 	(f)	For individuals, do you expect your current level of income to significantly decrease in the foreseeable future?

 

Yes ☐                              No
☐

 

	 	(g)	For trust, corporate, partnership and other institutional subscribers, do you expect your total assets to significantly decrease in the foreseeable future?

 

Yes ☐                              No
☐

 

	 	(h)	For all subscribers, do you have any other investments or contingent liabilities which you reasonably anticipate could cause you to need sudden cash requirements in excess of cash readily available to you?

 

Yes ☐                              No
☐

 

	 	(i)	For all subscribers, are you familiar with the risk aspects and the non-liquidity of investments such as the Securities for which you seek to purchase?

 

Yes ☐                              No
☐

 

[SIGNATURE
PAGE TO FOLLOW]

 

    Annex 2 - 3

     

    

 

The undersigned has been informed of the
significance to the Company of the foregoing representations and answers contained in this Confidential Purchaser Questionnaire
and such representations and answers have been provided with the understanding that the Company will rely on them.

 

		 	Individual
	 	 	 	 
	Date:	 	 	 	 	 
	 	 	Name of Individual
	 	 	(Please type or print)
	 	 	 	 
	 	 	 	 
	 	 	Signature of Individual
	 	 	 	 
	 	 	 	 
	 	 	Name of Joint Owner 
	 	 	(Please type or print)
	 	 	 	 
	 	 	 	 
	 	 	Signature (Joint Owner)
	 	 	 	 
	 	 	Partnership, Corporation or
	 	 	Other Entity
	 	 	 	 
	Date:	 	 	 	 	 
	 	 	Print or Type Entity Name
	 	 	 	 
	 	 	By:	                      
	 	 	Name:	 
	 	 	Title: 	 
	 	 	  	 
	 	 	Signature
	 	 	 	 
		 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 	Signature (other authorized signatory)

 

 

Annex
2 - 4Exhibit 4.3

 

PRE-FUNDED COMMON STOCK PURCHASE WARRANT

 

NUTRIBAND
INC.

 

	Warrant Shares: [_______]	Initial Exercise Date: [____], 2019

 

THIS PRE-FUNDED COMMON
STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the
“Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and until this Warrant is exercised
in full (the “Termination Date”) but not thereafter, to subscribe for and purchase from Nutriband, Inc., a Nevada
corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant
Shares”) of 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).

 

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

 

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

 

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

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

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

  

“Common Stock”
means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities
may hereafter be reclassified or changed.

 

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

 

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

 

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

 

“Registration
Statement” means the Company’s registration statement on Form S-1 (File No. 333-232370).

 

     

     

    

 

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

 

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

 

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

 

“Transfer
Agent” means American Stock Transfer & Trust Company, LLC, the current transfer agent of the Company with a mailing
address of 6201 15th Ave, Brooklyn, NY 11219, a phone number of (800) 937-5449 and an email address of [ ]@astfinancial.com, and
any successor transfer agent of the Company.

 

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

  

“Warrants”
means this Warrant and other Pre-Funded Common Stock purchase warrants issued by the Company pursuant to the Registration Statement.

 

Section 2.Exercise.

 

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

 

    2

     

    

 

b) Exercise
Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.01 per Warrant Share, was pre-funded
to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal
exercise price of $0.01 per Warrant Share) shall be required to be paid by the Holder to any Person to effect any exercise of this
Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price
under any circumstance or for any reason whatsoever, including in the event this Warrant shall not have been exercised prior to
the Termination Date. The remaining unpaid exercise price per share of Common Stock under this Warrant shall be $0.01, subject
to adjustment hereunder (the “Exercise Price”).

  

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

 

(A) =
as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed
and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as
defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option
of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z)
the Bid Price of the Common Stock on the Trading Market or principal market as reported by Bloomberg L.P. as of the time of the
Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading
hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of
“regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable
Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered
pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

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

 

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

 

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 registered characteristics of the Warrants being exercised. The Company agrees
not to take any position contrary to this Section 2(c).

 

    3

     

    

  

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) this Warrant is being exercised via cashless exercise, and otherwise by physical
delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the
number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice
of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading
Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant
Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes
to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of
the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a
cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the
Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the
Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder,
in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP
of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on
the fifth (5th)Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery
Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent
that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. Notwithstanding
the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial
Exercise Date, which may be delivered at any time after the time of execution of the Underwriting Agreement, dated [_____], 2019
between the Company and Aegis Capital Corp., the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00
p.m. (New York City time) on the Initial Exercise Date.

 

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

 

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

 

    4

     

    

 

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

  

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

 

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

 

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

 

    5

     

    

 

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

 

Section 3.Certain
Adjustments.

 

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

 

    6

     

    

 

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

 

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

 

    7

     

    

 

d) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, 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 or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard
to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance
with the provisions of this Section 3(d) pursuant to written agreements prior to such Fundamental Transaction and shall, at the
option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares
of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable
upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of
this Warrant immediately prior to the consummation of such Fundamental Transaction). 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. For the avoidance of doubt, if, at any time
while this Warrant is outstanding, a Fundamental Transaction occurs, pursuant to the terms of this Section 3(d), the Holder shall
not be entitled to receive more than one of (i) the 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,
or (ii) the assumption by the Successor Entity of all of the obligations of the Company under this Warrant and the option to receive
a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant.

 

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

 

    8

     

    

 

f) Notice
to Holder.

 

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

 

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

 

Section 4.Transfer
of Warrant.

 

a) Transferability.
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 and funds sufficient to pay any transfer taxes payable upon the making of
such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this
Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company
assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.

 

b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. 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 initial
issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

    9

     

    

 

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.

 

Section 5.Miscellaneous.

 

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

 

b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (including the posting
of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

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

 

d) Authorized
Shares.

 

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

 

    10

     

    

 

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

 

(iii) use commercially reasonable
efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof,
as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

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

 

e) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense
of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors,
officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall
commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or
proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such action or proceeding. Notwithstanding the foregoing, nothing in this
paragraph shall limit or restrict the federal district court in which a Holder may bring a claim under the federal securities laws.

 

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

 

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

 

    11

     

    

 

h) Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation,
any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized
overnight courier service, addressed to the Company, at 121 South Orange Ave., Suite 1500, Orlando, Florida 32801, Attention: Chief
Executive Officer, facsimile number [ ], E-mail: gareth@nutriband.com, or such other facsimile number, email address or address
as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries
to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally
recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address or address of such Holder
appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective
on the earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number
or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next
Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number
or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York
City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent
that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(Signature Page Follows)

 

    12

     

    

  

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

 

	NUTRIBAND, INC. 	 
	 	 	 
	By:	                	 
	Name: 	 	 
	Title:	 	 

 

    13

     

    

 

NOTICE OF EXERCISE

 

To:
NUTRIBAND, Inc.

 

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

 

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

 

☐ in lawful money
of the United States; or

 

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

 

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

 

_______________________________

 

(4) In electing to
exercise this Warrant, the undersigned represents and warrants that the number of shares of Common Stock issuable upon such exercise
will not result in the issuance of more shares of Common Stock than are issuable pursuant to the Holder’s Exercise Limitation
set forth in subsection 2(e) of the Warrant.

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

 

Signature of Authorized Signatory of
Investing Entity: _________________________________________________

 

Name of Authorized Signatory: ___________________________________________________________________

 

Title of Authorized Signatory: ____________________________________________________________________

 

Date: ______________________________________________________________________________

 

    14

     

    

 

ASSIGNMENT FORM

 

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

 

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

 

	Name:	 
	 	(Please Print)
	Address:	 
	 	(Please Print)
	Phone Number:	 
	 	 
	Email Address:	 
	 	 
	Dated: _______________ __, ______	 
	 	 
	Holder’s Signature:	 
	 	 
	Holder’s Address:	 

 

 

15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00299-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00299-of-00352.parquet"}]]