Document:

EX-10.6

 Exhibit 10.6 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT
ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT
REQUIRED. 
 PROMISSORY NOTE 

September 12, 2018 

$300,000.00 

No. A-1 
 Osprey
Acquisition Corp. II (the “Maker”) promises to pay to the order of Osprey Sponsor II, LLC or its registered assigns or successors in interest (the “Payee”) the principal sum of up to Three Hundred Thousand dollars
($300,000.00) or such lesser amount as shall have been advanced by Payee to Maker and shall remain unpaid under this Note on the Maturity Date (as defined below) in lawful money of the United States of America, on the terms and conditions described
below. 
 1. Principal. The entire unpaid principal balance of Note shall be payable on the earlier of: (i) June 30, 2019, or (ii) the date
on which Maker consummates an initial public offering (“IPO”) of its securities (such earlier date, the “Maturity Date”). The principal balance may be prepaid at any time. Under no circumstances shall any
individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder. 

2. Interest. This Note shall bear no interest. 
 3.
Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorneys’ fees, then to the payment in
full of any late charges and finally to the reduction of the unpaid principal balance of this Note. 
 4. Events of Default. Failure by Maker to pay
the principal of, or other payments on, this Note within five (5) business days following the date when due, shall constitute an Event of Default. 

5. Remedies. Upon the occurrence of an Event of Default specified in Section 4, Payee may, by written notice to Maker, declare this Note to be due
and payable, whereupon the principal amount of this Note, and all other amounts payable under this Note, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 
 6. Waivers. Maker and all endorsers and
guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to this Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale
under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of
execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee. 
 7. Unconditional Liability. Maker
hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and
shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by
Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to them or affecting their liability hereunder. 

 8. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by
certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery, (iv) sent by facsimile or (v) sent by
e-mail, to the following addresses or to such other address as either party may designate by notice in accordance with this Section: 
 If
to Maker: 
 Osprey Acquisition Corp. II 

1845 Walnut Street, 10th Floor 

Philadelphia, PA 19103 

Attention: John P. Hanna 
 Email:
jhanna@hepcollc.com 
 If to Payee: 

Osprey Sponsor II, LLC 
 1845
Walnut Street, 10th Floor 
 Philadelphia, PA 19103 

Attention: Corey Cannon 
 Email:
ccannon@hepcollc.com 
 Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a
facsimile transmission confirmation, (iii) the date on which an e-mail transmission was received by the receiving party’s online access provider, (iv) the date reflected on a signed delivery receipt, or (vi) two (2) business
days following tender of delivery or dispatch by express mail or delivery service. 
 9. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF. 
 10. Severability. Any provision
contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 11. Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of the trust account (other than interest income
earned on such trust account) in which will be deposited the proceeds of Maker’s IPO and the proceeds of the sale of the securities issued in a private placement to be consummated concurrently with the completion of the Maker’s IPO, and
hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account (other than interest income earned on such trust account) for any reason whatsoever. 

12. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker
and the Payee. 
 13. Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by
operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be
duly executed the day and year first above written. 
  

			
	OSPREY ACQUISITION CORP. II
		
	By:	 	 /s/ John P. Hanna

	 Name: John P. Hanna

	 Title: President and Chief Financial Officer

 [Signature Page – Osprey II Pre-IPO Promissory Note]Exhibit 4.6

 

FORM
OF COMMON STOCK PURCHASE WARRANT

DRONE
AVIATION HOLDING CORP.

 

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

 

THIS
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 on or prior to 5:00 p.m. (New York City time) on [___________] (the “Termination Date”) but not
thereafter, to subscribe for and purchase from Drone Aviation Holding Corp., 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). This Warrant shall initially be issued and maintained in the form of a security
held in book-entry form and the Depository Trust Company or its nominee (“DTC”) shall initially be the
sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form
pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

 

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 OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Stock are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest
of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the
Company.

 

“Business
Days” 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 $0.0001 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. 333-232020).

 

“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 ClearTrust, LLC, with offices located at 16540 Pointe Village Dr., Suite 210, Lutz, Florida 33558, 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 OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Stock are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest
of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the
Company.

 

“Warrant
Agency Agreement” means that certain warrant agency agreement, dated on or about the Initial Exercise Date, between
the Company and the Warrant Agent.

 

“Warrant
Agent” means the Transfer Agent and any successor warrant agent of the Company.

 

“Warrants”
means this Warrant and other 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 or cashier’s check drawn on a United States bank unless
                                         the cashless exercise procedure specified in Section 2(c) below is specified in the applicable
                                         Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any
                                         medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise
                                         be required. Notwithstanding anything herein to the contrary, the Holder shall not be
                                         required to physically surrender this Warrant to the Company until the Holder has purchased
                                         all of the Warrant Shares available hereunder and the Warrant has been exercised in full,
                                         in which case, the Holder shall surrender this Warrant to the Company for cancellation
                                         within three (3) Trading Days of the date on which the final Notice of Exercise is delivered
                                         to the Company. Partial exercises of this Warrant resulting in purchases of a portion
                                         of the total number of Warrant Shares available hereunder shall have the effect of lowering
                                         the outstanding number of Warrant Shares purchasable hereunder in an amount equal to
                                         the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain
                                         records showing the number of Warrant Shares purchased and the date of such purchases.
                                         The Company shall deliver any objection to any Notice of Exercise within one (1) Trading
                                         Day of receipt of such notice. The Holder and any assignee, by acceptance of this
                                         Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
                                         the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares
                                         available for purchase hereunder at any given time may be less than the amount stated
                                         on the face hereof.

 

    2

     

    

 

Notwithstanding
the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing
this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall
effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the
appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such
other clearing corporation, as applicable), subject to a Holder’s right to elect to receive a Warrant in certificated form
pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

 

		b)	Exercise
                                         Price. The exercise price per share of Common Stock under this Warrant shall be $[
                                               ]1, 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
                                         principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s
                                         execution of the applicable Notice of Exercise if such Notice of Exercise is executed
                                         during “regular trading hours” on a Trading Day and is delivered within two
                                         (2) hours thereafter (including until two (2) hours after the close of “regular
                                         trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP
                                         on the date of the applicable Notice of Exercise if the date of such Notice of Exercise
                                         is a Trading Day and such Notice of Exercise is both executed and delivered pursuant
                                         to Section 2(a) hereof after the close of “regular trading hours” on such
                                         Trading Day;

 

		(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.

 

 

 

 

1 120%
of the public offering price of one unit

 

    3

     

    

 

In
addition, a cashless exercise may occur after 30 days from pricing (the “Cashless Date”), if the VWAP of the Common
Stock on any Trading Day on or after the Cashless Date fails to exceed the Exercise Price in effect as of the date hereof (subject
to adjustment for any stock splits, stock dividends, stock combinations, recapitalizations and similar events). In such event,
in lieu of the formula, the aggregate number of Warrant Shares issuable in such cashless exercise pursuant to any given Notice
of Exercise electing to effect a cashless exercise shall equal the product of (x) the aggregate 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 and (y) 1.0.

 

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).

 

		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.

 

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, nonexercised portion of this Warrant beneficially owned by the Holder
                                                                                                                                                or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of
                                                                                                                                                any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a
                                                                                                                                                limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of
                                                                                                                                                its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e),
                                                                                                                                                beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
                                                                                                                                                promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such
                                                                                                                                                calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
                                                                                                                                                required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the
                                                                                                                                                determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any
                                                                                                                                                Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of
                                                                                                                                                the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether
                                                                                                                                                this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
                                                                                                                                                Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation,
                                                                                                                                                and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a
                                                                                                                                                determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the
                                                                                                                                                Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the
                                                                                                                                                number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as
                                                                                                                                                reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B)
                                                                                                                                                a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent
                                                                                                                                                setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company
                                                                                                                                                shall within one 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% (or, upon election by a Holder prior to the issuance of any Warrants, 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.

 

Section
3. Certain Adjustments.

 

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

 

		b)	Reserved.

 

 

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		c)	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).

 

		d)	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).

 

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		e)	Fundamental
                                                                                                                                                Transaction. Other than the issuance of securities in connection with the Company’s public offering pursuant to
                                                                                                                                                which this Warrant is being issued as part of the units offered and over-allotment option, which offering was registered on
                                                                                                                                                Registration Statement on Form S-1, Registration No. 333-232020 (the “Form S-1”), 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, merger or scheme of arrangement) with another Person or
                                                                                                                                                group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not
                                                                                                                                                including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or
                                                                                                                                                affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination)
                                                                                                                                                (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall
                                                                                                                                                have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the
                                                                                                                                                occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on
                                                                                                                                                the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of
                                                                                                                                                the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
                                                                                                                                                Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of
                                                                                                                                                Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any
                                                                                                                                                limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
                                                                                                                                                Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
                                                                                                                                                Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall
                                                                                                                                                apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
                                                                                                                                                different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities,
                                                                                                                                                cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the
                                                                                                                                                Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. 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(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
                                                                                                                                                prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this
                                                                                                                                                Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to
                                                                                                                                                this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its
                                                                                                                                                parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without
                                                                                                                                                regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price
                                                                                                                                                which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the
                                                                                                                                                shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of
                                                                                                                                                shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
                                                                                                                                                immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and
                                                                                                                                                substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
                                                                                                                                                be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring
                                                                                                                                                to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the
                                                                                                                                                Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor
                                                                                                                                                Entity had been named as the Company herein.

 

 

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		f)	[Reserved.]

 

		g)	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.

 

		h)	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.

 

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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. If this Warrant is not held in global form through DTC (or any successor
                                         depositary), 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.

 

		c)	Warrant
                                         Register. The Warrant Agent (or, in the event a Holder elects to receive a
                                         Definitive Certificate (as defined in the Warrant Agency Agreement), the Company), shall
                                         register this Warrant, upon records to be maintained by the Warrant Agent (or, in the
                                         event a Holder elects to receive a Definitive Certificate, the Company) for that purpose
                                         (the “Warrant Register”), in the name of the record Holder hereof from time
                                         to time. The Company and the Warrant Agent 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 will the Company
                                         be required to net cash settle a Warrant exercise.

 

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

 

		c)	Saturdays,
                                         Sundays, Holidays, etc. If the last or appointed day for the taking of any action
                                         or the expiration of any right required or granted herein shall not be a 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 nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

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.

 

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		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. Without limiting any other provision
                                         of this Warrant, if the Company willfully and knowingly fails to comply with any provision
                                         of this Warrant, which results in any material damages to the Holder, the Company shall
                                         pay to the Holder such amounts as shall be sufficient to cover any costs and expenses
                                         including, but not limited to, reasonable attorneys’ fees, including those of appellate
                                         proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or
                                         in otherwise enforcing any of its rights, powers or remedies hereunder.

 

		h)	Notices.
                                         Any and all notices or other communications or deliveries to be provided by the Holders
                                         hereunder including, without limitation, any Notice of Exercise, shall be in writing
                                         and delivered personally, by facsimile or e-mail, or sent by a nationally recognized
                                         overnight courier service, addressed to the Company, at 11651 Central Parkway, #118,
                                         Jacksonville, Florida 32224, Attention: Chief Executive Officer, facsimile number [__],
                                         email at [__], 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.

 

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		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 or the beneficial owner of this
                                         Warrant, on the other hand.

 

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

 

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

 

		o)	Warrant
                                         Agency Agreement. If this Warrant is held in global form through DTC (or any successor
                                         depositary), this Warrant is issued subject to the Warrant Agency Agreement. To the extent
                                         any provision of this Warrant conflicts with the express provisions of the Warrant Agency
                                         Agreement, the provisions of this Warrant shall govern and be controlling.

 

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

(Signature
Page Follows)

 

    13

     

    

 

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

 

DRONE
AVIATION HOLDING CORP.

 

	By:		 	 
	 	Name: 	 	 
	 	Title:	 	 

 

    14

     

    

 

NOTICE
OF EXERCISE

 

TO:
DRONE AVIATION HOLDING CORP.

 

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

 

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

 

[_]
in lawful money of the United States; or

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

 

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

 

________________________________

 

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

________________________________

________________________________

________________________________

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity:

___________________________________________________________________

Signature
of Authorized Signatory of Investing Entity:

___________________________________________________________________

Name
of Authorized Signatory:

___________________________________________________________________

Title
of Authorized Signatory:

___________________________________________________________________

Date:

___________________________________________________________________

 

    15

     

    

 

ASSIGNMENT
FORM

 

(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:

        Address:

        Phone
        Number:

        Email

        Address:

        Dated:
        _______________ __, ______

        Holder’s
        Signature:

        Holder’s
        Address:
	(Please
                                         Print)

        (Please
        Print)

        _____________________________________

        _____________________________________

 

 

16

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