Document:

Exhibit 10.1

 

Certain
identified information in this document has been excluded because it is both (i) not material and (ii) is the type of information that
the registrant both customarily and actually treats as private and confidential, and has been ma rked with “[***]” to indicate
where omissions have been made.

 

MANUFACTURING AND SERVICE
AGREEMENT

 

This Manufacturing and Service
Agreement (this “Agreement”), effective as of 07th July 2021 (the “Effective Date”),
is entered into by and between 374Water Systems, Inc., a Delaware corporation, having an address at 3710 Shannon Road, #51788, Durham,
NC 27717 (“374Water”), and Merrell Bros. Fabrication, LLC, an Indiana limited liability company, having a place of
business at 8811 West 500 North, Kokomo, IN 46901 (“Manufacturer”).

 

1.                  
Definitions.

 

1.1             
 “Affiliate” means a person, corporation, partnership, or other entity that controls,
is controlled by or is under common control with a party to this Agreement. For the purposes of this Section 1.1, the word “control”
(including, with correlative meaning, the terms “controlled by” or “under the common control with”) means the
actual power, either directly or indirectly through one or more intermediaries, to direct the management and policies of such entity,
whether by the ownership of at least fifty percent (50%) of the voting stock of such entity, or by contract or otherwise.

 

1.2             
“Allocable Overhead” means the following costs, attributable to Units, all of
which will be consistent with GAAP in accordance with Manufacturer’s then current practices: (i) indirect supplies and department
overhead, such as indirect labor and other department expenses; (ii) facility overhead, such as rent, depreciation, utilities and facility
support; and (iii) general overhead, including infrastructure services such as purchasing, information systems, and related expenses.

 

1.3              
“Applicable Laws” means all federal, state, local, national and supra-national
laws, statutes, rules, and regulations applicable to jurisdictions in the United States of America, including any rules, regulations,
guidelines, or requirements of Regulatory Authorities, national securities exchanges, or securities listing organizations that may be
in effect from time to time and applicable to a particular activity hereunder.

 

1.4              
“Build Order” means a document agreed to between the parties, the form of which
is attached hereto as Exhibit A-1, setting forth the Customer (which, in the case of a Demonstration Unit, may be 374Water), the Unit
to be manufactured, the Specifications for such Unit, the delivery date for such Unit, and any other terms and or conditionals relevant
to the specific build order.

 

1.5               
“Cost of Goods” means the sum of (i) Manufacturing Cost incurred in the normal
business process in connection with the Units, (ii) freight, insurance, customs charges, duty, temporary storage and other costs of shipping
the applicable Unit to Third Parties (to the extent actually incurred by the shipping party and not reimbursed by the third party) and
(iii) applicable Allocable Overhead. means the following costs, attributable to Units, all of which will be consistent with GAAP in Allocable
Overhead, Cost of Goods shall not include any non-recurring engineering expenses. The maximum hourly rates for specified individuals and
categories of workers are as set forth on Exhibit B, subject to annual increases as provided in this Agreement or in Exhibit
B. In no event will the Cost of Goods include expenses incurred by 374Water or its Affiliates.

 

1.6             
“Covered” means (i) with respect to any country, that the use of the 374Water
Process to manufacture a Unit in such country would, infringe any claim of a 374Water Patent or (ii) that the use of the 374Water Process
to manufacture a Unit requires the use of the 374Water Know-How. 

 

    

     

    

 

1.7               
“Customer” means a customer identified in an Order Form.

 

1.8               
“Demonstration Unit” means a Unit designated as a “Demonstration Unit”
on the applicable Build Order, which Unit shall be fabricated by Manufacturer, at Manufacturer’s facilities, for the purpose of
demonstrating efficacy or marketing.

 

1.9               
“Field” means the treatment or disposal of biosolids, the treatment of municipal
drinking water, and the treatment or disposal of municipal wastewater sludge.

 

1.10           
“GAAP” means U.S. generally accepted accounting principles, consistently applied,
as designated and used by the applicable party from time to time.

 

1.11           
“General and Administrative Costs” means general and administrative costs, such
as investor relations, human resources, business development, legal affairs, accounting and finance attributable to Manufacturer’s
performance of its obligations under this Agreement.

 

1.12           
“Intellectual Property Rights” means, collectively, all of the following worldwide
intangible legal rights, whether or not filed, perfected, registered or recorded and whether now or hereafter existing, filed, issued
or acquired: (i) inventions, patents, patent disclosures, patent rights, including any and all continuations, continuations-in-part, divisionals,
reissues, reexaminations, utility model, industrial designs and design patents or any extensions thereof, (ii) rights associated with
works of authorship, including without limitation, copyrights, copyright applications and copyright registrations, (iii) rights in trademarks,
trademark registrations and applications therefore, trade names, service marks, service names, logos, or trade dress, (iv) rights relating
to the protection of formulae, trade secrets, know-how and confidential information, and (v) all other intellectual or proprietary rights
anywhere in the world.

 

1.13           
“Know-How” means all information provided by 374Water to Manufacturer relating
to the Units or to the 374Water Process. 

 

1.14           
“374Water Patents” means patent applications and patents owned or controlled by
374Water that Cover a Unit or the use of the 374Water Process to manufacture, or provide services to, a Unit in a country in the Territory.

 

1.15           
“374Water Process” means 374Water’s proprietary process for using supercritical
water oxidation to treat wastewater.

 

1.16           
“374Water IP” means (i) 374Water Patents and (ii) 374Water Know-How

 

1.17           
“Manufacturing Cost” means, with respect to a finished Unit, Manufacturer’s
reasonable, documented, out-of-pocket costs to supply applicable Unit components, related inputs, and services (a) supplied by an unaffiliated
third party or (b) manufactured directly by Manufacturer or its Affiliates; it being understood and agreed that (i) in the case of costs
referred to in clause (a) of this sentence where an unaffiliated third party is the manufacturer, Manufacturing Costs will equal one hundred
percent (100%) of the amounts invoiced by (1) such unaffiliated third party and (2) any other unaffiliated third party engaged by Manufacturer
or its Affiliates to provide product quality assurance/control services (e.g., release testing, stability testing) with respect to the
applicable Unit or shipping of such components to the applicable assembly facility, and (ii) in the case of costs referred to in clause
(b) of this sentence where Manufacturer or its Affiliates is the manufacturer, Manufacturing Costs will equal the Manufacturer’s
reasonable, documented, out-of-pocket costs of manufacturing the applicable Unit, which manufacturing costs: (x) will include the cost
of raw materials actually purchased by Manufacturer or its Affiliates, direct and identifiable labor, product quality assurance/control
costs and other direct and identifiable variable costs and appropriate direct and identifiable costs (or appropriate allocation thereof)
for equipment pools, plant operations, yield losses (to the extent consistent with industry practice) and plant support services (including
utilities, maintenance, engineering, safety, human resources, finance, plant management and other similar activities), and (y) will be
calculated in accordance with GAAP and the Manufacturer’s policies and procedures for its other products, in each case consistently
applied (and such plant operations and support services costs will be allocated consistent with GAAP), and (z) notwithstanding anything
to the contrary, will exclude all costs which cannot be linked to a specific manufacturing activity such as charges for corporate overhead.

 

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1.18            
“Order Form” means, as applicable, each or any Build Order or Service Order. 

 

1.19           
“Regulatory Authority” means any federal, national, supranational, multinational,
state, provincial or local regulatory agency, department, bureau or other governmental entity with authority over the use, treatment,
or discharge of water in the United States of America, including but not limited to the United States Environmental Protection Agency
and any state or local agency with the authority to enforce the Clean Water Act of 1972 (as amended from time to time).

 

1.20           
“Service Order” means a document agreed to between the parties, the form of which
is attached hereto as Exhibit A-2, setting forth the Customer (which, in the case of a Demonstration Unit, may be 374Water), the location
of the Unit(s) to be serviced, and the nature and duration of the Services.

 

1.21          
“Services” means the services set forth in a Service Order which are of a type
described in Exhibit B.

 

1.22           
“Specifications” means the specifications for the Unit set forth in the applicable
Build Order.

 

1.23           
“Territory” means the United States and Canada.

 

1.24           
“Unit” means a 374Water AirSCWO supercritical water oxidation product having the
Specifications set forth in an Order Form.

 

2.                  
Effectiveness; Term. This Agreement shall commence as of the Effective Date herein and shall
continue for three (3) years (the “Initial Term”) unless earlier terminated for breach in accordance with Section 8.
Following the expiration of the Initial Term this Agreement shall automatically renew for additional one (1) year periods (each a “Renewal
Term” and, together with the Initial Term, the “Term”)) unless either party provides the other party with
written notice of non-renewal in accordance with Section 3 (if applicable) at least sixty (60) days prior to the expiration of the Initial
Term or the then-current Renewal Term. 

 

3.                 
 Exclusivity. During the Initial Term, 374Water shall not enter into an agreement with any
unaffiliated third party to make or service Units in the Field in the Territory. Following the Initial Term, 374Water shall not enter
into an agreement with any unaffiliated third party to make or service Units in the Field in the Territory (and at the end of the Initial
Term or any Renewal Term 374Water shall not give notice of non-renewal under Section 2 and thereafter enter into an agreement with any
unaffiliated third party to make or service Units in the Field in the Territory) unless this Agreement has first been terminated in accordance
with Section 8 or, if it has not been so terminated, both of the following have occurred:

 

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		(i)	374Water reasonably believes that such third party will have the ability to manufacture and supply, or
provide services with respect to, Units in the Field in the Territory at better value in any way, including but not limited to, terms
of cost, quality of work, speed of delivery, or relationships with Customers, than Manufacturer or (ii) Manufacturer is in breach of its
obligations

 

		(ii)	374Water has provided Manufacturer with at least thirty (30) days’ written notice of such determination
by 374Water (together with reasonable documentation of the lower cost proposed to be charged by such third party) and Manufacturer has
failed to demonstrate to 374Water’s reasonable satisfaction that Manufacturer can manufacture and supply, or provide services with
respect to, Units in the Field in the Territory on the same material terms as in this Agreement but at the same or lower cost as such
third party proposes to charge 374Water.

 

4.                 
Manufacturing and Service Quality; Regulatory.

 

4.1               
Manufacturer shall use commercially reasonable efforts to (i) manufacture and supply to 374Water
or a Customer designated by 374Water the quantity of the applicable Units ordered by such Customer in accordance with the Specifications
and timelines mutually agreed upon by both parties and set forth in the applicable Build Order and (ii) perform the Services as set forth
in the applicable Service Order.

 

4.2               
Manufacturer warrants and covenants that all Units supplied under this Agreement shall (i) be manufactured
in accordance with the Specifications supplied by 374Water, (ii) comply with all Applicable Laws (iii) not contain any manufacturing defects.

 

4.3               
Manufacturer shall conduct quality control testing of every Unit manufactured by it and provide 374Water
with certificates of quality assurance and analysis with respect to all Units delivered by it to Customers, based on the Specifications
provided by 374Water. For clarity, Manufacturer is only responsible for certifying that Units are built in accordance with the Specifications
provided by 374Water but not the design, Specifications, performance or throughput of Units built by Manufacturer in accordance with such
Specifications. Manufacturer shall keep complete, accurate and authentic accounts, notes, data and records regarding Units manufactured
by it and shall maintain complete and adequate records pertaining to the components, methods, and facilities used by it for the manufacture,
processing, testing, storage, and distribution of Units in accordance with the Applicable Laws and the Specifications. All raw data generated
in the manufacture, testing, and supply of Units shall be maintained by the Manufacturer in a readily accessible manner for at least 5
years from the date of manufacture.

 

4.4               
All facilities utilized by the Manufacturer to manufacture, store, or otherwise handle Units (“Facilities”)
shall comply with and satisfy all requirements under Applicable Laws. Without limiting the generality of the foregoing, the Manufacturer
shall obtain and maintain all licenses, registrations, and other authorizations required under the Applicable Laws to operate Facilities,
including to enable Third Parties to view and inspect Demonstration Units if approved by 374Water. 374Water shall be provided with access
to the Facilities for the purpose of inspecting any finished Units or Units in the process of being manufactured and/or for the purpose
of performing inventory audits.

 

4.5               
Manufacturer also shall advise 374Water of any occurrence or new information which arises out of
the Manufacturer’s manufacturing of Units which may reasonably be expected to have reporting consequences concerning any Unit. Manufacturer
shall promptly report any adverse events, customer complaints, or other circumstances of which Manufacturer becomes aware that may relate
to the safety or efficacy of any Units. 

 

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4.6               
Manufacturer shall, subject to this paragraph, be responsible for handling and responding to any
appropriate Regulatory Authority inspections with respect to its manufacturing of Units, except that Manufacturer is not required to respond
to any inspection or inquiry by a Regulatory Authority if Manufacturer reasonably believes that such response would violate Manufacturer’s
confidentiality obligations under Section 6 unless 374Water either (i) permits such disclosure after receiving a notice provided
under Section 6.2(a) or (ii) Manufacturer reasonably believes that it is required by Applicable Law to disclose such information
to the Regulatory Authority and either (A) 374 Water has failed to respond to a Section 6.2(a) notice within ten (10) days
or (B) Manufacturer has received an administrative or judicial subpoena for such information and disclosure of such information is
required notwithstanding 374Water’s objections or prior to the end of the ten (10)-day period. Manufacturer shall promptly
provide to 374Water copies of any (i) request or inquiry made by any Regulatory Authority with respect to Units or their manufacture and
(ii) any response thereto or information provided in response with respect to the foregoing by the Manufacturer, provided that 374Water
shall be provided an opportunity to review and comment on any and all such responses reasonably in advance of their submission by Manufacturer
to any Regulatory Authority. 

 

4.7               
Manufacturer shall notify 374Water in writing as soon as possible of any notification received by
Manufacturer from any Regulatory Authority to conduct an inspection related to the manufacture of Units. Within five (5) business days
of receipt thereof, the Manufacturer shall provide to 374Water a copy of any report and other written communications (including a detailed
summary, in English, of any oral comments made by an agent of any Regulatory Authority) received by them from any Regulatory Authority
to the extent that such report or communication relates to Units or the manufacture thereof. Manufacturer shall provide 374Water with
frequent, prompt status updates regarding any audit or inspection conducted by any Regulatory Authority of Manufacturer which relates
to Units or which could impact on the ability to make or to continue to make and supply Units.

 

4.8               
Manufacturer shall notify 374Water in writing upon completion of the manufacturing of a Unit and
prior to the shipping of such Unit to 374Water’s customer. On or before a date ten (10) days after receipt of such a notice,
374Water may inspect the Unit to determine if the Unit fails to conform with the applicable Specifications. If 374Water does not notify
Manufacturer in writing within such 10-day period that 374Water believes the Unit does not conform with the applicable Specifications,
then the Unit shall be considered accepted by 374Water and to conform to the applicable Specifications, 

 

4.9               
In order for 374Water to determine whether the Manufacturer is operating in accordance with the provisions
of this Agreement, and to conduct the inspections contemplated by Section 4.8, the Manufacturer agrees to allow 374Water or an agent
or designee of 374Water, upon reasonable prior notice and at 374Water’s expense, to periodically inspect the Facilities, technical,
quality assurance and quality control records, and associated business functions relating to the manufacture of Units.

 

5.                 
Invoicing, Payments and Reporting. 

 

5.1               
Invoices and Payments to Manufacturer. Manufacturer shall invoice 374Water on the timeframes
set forth in each applicable Order Form. Each such invoice shall include, on an Order Form-by-Order Form basis: (i) a detailed breakdown
of the Cost of Goods for each of the activity categories set forth on Exhibit B and (ii) the payment due with respect to each activity
(which payment shall not exceed the amounts set forth on Exhibit B). Unless otherwise mutually agreed by the parties and set forth
in the applicable Order Form, payment for manufactured Units is due by 374Water to Manufacturer within thirty (30) days after receipt
by 374Water of an invoice conforming to the requirements of this section. 374Water shall notify Manufacturer in writing before the invoice
due date if payment cannot be made within the payment terms due to lack of proper documentation. The parties may modify the terms set
forth in this Section 5.1 setting forth different terms in an Order Form that (i) is executed by both parties and (ii) expressly states
the parties’ mutual intent to modify the terms set forth in this Section 5.1. The maximum hourly rates in Exhibit B shall
be automatically increased or decreased on each anniversary of the Effective Date by the percentage increase or decrease in the Employment
Cost Index (Not Seasonally Adjusted), for Total Compensation, and Wages and Salaries, for Private Industry Workers, for the Chicago-Naperville,
IL, IN WI CSA as published by the Bureau of Labor Statistics, United States Department of Labor, or if such index is no longer published,
by the percentage increase or decrease in the Consumer Price Index, All Urban Consumers, All Items, as published by the Bureau of Labor
Statistics, United States Department of Labor.

 

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5.2               
Books and Records. Manufacturer agrees to maintain accurate books and records pertaining to
its Costs of Goods for a rolling period of at least two (2) years after each Invoice. Such books and records shall contain enough detail
for 374Water to confirm Manufacturer’s compliance with this Agreement and shall be maintained in accordance with generally accepted
accounting principles, consistently applied.

 

5.3               
Right to Audit. For the purpose of confirming Manufacturer’s compliance with this Section
5 and the accuracy of any invoice submitted to 374Water hereunder, 374Water shall have the right to conduct an inspection and audit of
the books and records of Manufacturer and to obtain true and correct photocopies thereof, during regular business hours at Manufacturer’s
offices and in such a manner as not to interfere unreasonably with Manufacturer’s normal business activities. Manufacturer shall
reasonably cooperate with 374Water in the conduct of any such audit. If any such audit should disclose any overpayment by 374Water, Manufacturer
shall promptly reimburse 374Water such overpaid amount, together with interest thereon at an annual rate of twelve percent (12%)
starting from the date of such overpayment, or the highest rate allowed by law, whichever is lower. If the amount of such overpayment
exceeds five percent (5%) of the total amount due hereunder for the audited period, then Manufacturer shall also immediately reimburse
374Water for 374Water’s reasonable expenses associated with such audit.

 

6.                 
Confidential Information.

 

6.1               
All information provided or made available to the Manufacturer by on behalf of 374Water, including
but not limited to 374Water IP and information regarding the 374Water Process, is considered by 374Water to be proprietary and confidential
(all of the foregoing, collectively, the “Confidential Information”). Manufacturer shall keep all Confidential Information
confidential. Manufacturer agrees to protect the confidentiality of Confidential Information using the same protections it uses with respect
to its own proprietary and confidential information of a similar nature, which shall be no less than reasonable level of such protection.
Manufacturer shall not disclose Confidential Information to any third party. Manufacturer shall not use any Confidential Information for
any purpose other than for the purpose of manufacturing Units or providing Services pursuant to the license granted to it hereunder. Manufacturer
is permitted to disclose Confidential Information only to its employees who (i) need to know Confidential Information to exercise the
rights granted to Manufacturer under this Agreement and (ii) are bound by confidentiality obligations at least as restrictive as those
contained herein.

 

6.2               
Manufacturer is permitted to disclose Confidential Information to the extent required by Applicable
Laws provided that Manufacturer: (a) provides advance written notice of such disclosure as soon as reasonably practicable (subject to
Section 4.6) and (b) assists 374Water, as reasonably requested by 374Water, in seeking or obtaining confidential or protective treatment
of such information.

 

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6.3               
The confidentiality obligations of this Section 6 shall not extend to information which:

 

(a)               
is or becomes known to the public through no fault or action by Manufacturer; or

 

(b)              
is disclosed to the Manufacturer without restriction on disclosure by a third party not under an
obligation of secrecy to 374Water or 374Water’s Affiliates.

 

7.                   
Intellectual Property.

 

7.1              
374Water shall retain all right, title and interest in and to the 374Water IP and the 374Water Process.
Manufacturer shall not use 374Water’s name or any of its trademarks or logos without 374Water’s prior written consent, except
that Manufacturer may affix 374Water’s trademark or logo to a completed Unit if provided in the Specifications for such Unit. Manufacturer
shall not disclose the existence of this Agreement or the relationship with 374Water without 374Water’s prior written consent.

 

7.2            
374Water acknowledges that Manufacturer is also engaged in water purification product development
and that other than the 374Water IP and the 374Water Process, 374Water does not have, and shall not acquire by entering into this Agreement,
ordering and purchasing Units under this Agreement or performing any other action under this Agreement, any ownership, license or other
interest in any of Manufacturer’s patents, trade secrets, trademarks or trade names (“Manufacturer Intellectual Property”)
unless otherwise expressly agreed in writing by Manufacturer. 374Water shall not file any patent applications in any jurisdiction, regardless
of inventorship, nor pursue any patent rights in any United States or foreign jurisdiction, which applications or rights are derived from,
or contain information pertaining to, Manufacturer Intellectual Property or other Confidential Information of Manufacturer. 374Water shall
not use any trade names or trademarks of Manufacturer, except as specifically authorized by Manufacturer in writing both as to the names
or marks which may be used and as to the manner and prominence of use. Manufacture will not embed any of their IP into the Units without
374Water prior consent, if Manufacturer Intellectual Property is embedded into the Units, 374Water will have a fully paid-up license thereunder
to make, use, sell, offer for sale, import, etc., that IP for any use relating to the Units.

 

7.3            
Manufacturer shall promptly notify 374Water of any invention, discovery, know-how or improvement
that is conceived or made solely by one or more employees, consultants, agents, contractors, or representatives of Manufacturer or jointly
by employees, consultants, agents, contractors, or representatives of Manufacturer or 374Water as a result of Manufacturer’s access
to or use of 374Water IP, the 374Water Process, Units or 374Water’s Confidential Information, (collectively, “374Water-Related
Inventions”). Manufacturer covenants and warrants that all of its employees, consultants, agents, contractors, or representatives
are contractually or legally obligated to assign all of their rights in 374Water-Related Inventions to Manufacturer. Manufacturer hereby
assigns to 374Water all right, title, and interest in and to all 374Water-Related Inventions, including all underlying Intellectual Property
Rights, free and clear of all liens, claims, or encumbrances. Manufacturer shall take all reasonable actions and execute all documents
reasonably requested by 374Water to effect the purposes of the foregoing. Manufacturer agrees to assist 374Water, at 374Water’s
reasonable expense, in preparing and prosecuting patent applications and patent extensions or in obtaining other forms of intellectual
property right protections on any 374Water-Related Inventions assigned to 374Water under this Section 7 which 374Water elects to protect.

 

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8.                  
Termination. This Agreement may be terminated by either party in the event of a material breach
of any provision of this Agreement by the other party that is not cured within thirty (30) days after notice is provided by the nonbreaching
party to the breaching party. Either party shall have the right to terminate this Agreement if it determines, in its sole discretion,
that the continued production of the Units would infringe the intellectual property rights owned by a third party. Manufacturer may terminate
this Agreement at its election following Manufacturer’s completion of the third Unit if (i) Manufacturer notifies 374Water
in writing within thirty (30) days that one or more of the payment rate percentages for an activity in Exhibit B are insufficient
for Manufacturer’s business purposes, (ii) Manufacturer offers to negotiate with 374Water in good faith for not less than thirty (30)
days regarding increasing such payment rate percentages and (iii) Manufacturer and 374Water are unable to agree to the payment rate
percentages in Exhibit B despite such negotiations.

 

9.                   
Effects of Termination. Upon the expiration or termination of this Agreement for any reason,
(a) all licenses granted hereunder shall terminate, (b) Manufacturer shall immediately cease using the 374Water Process, manufacturing
Units, and providing Services and (c) unless otherwise agreed to in writing by 374Water and Manufacturer, Manufacturer shall, at 374Water’s
direction, either destroy all Units and Units in the process of being manufactured or at 374Water’s cost, ship all Units and Units
in the process of being manufactured to the location designated by 374Water. In either case, Manufacturer shall invoice 374Water in accordance
with Section 5.1 for all such Units and Units in the process of being manufactured and 374Water shall pay such invoices in accordance
with Section 5.1. The provisions of Sections 5.1, 6, 7 and 12 shall survive the expiration or termination of this Agreement. 

 

10.                
Waiver. It is agreed that no waiver by either party hereto of any breach or default of any
of the covenants or agreements herein set forth shall be deemed a waiver as to any subsequent and/or similar breach or default.

 

11.              
Assignments. No party may without written approval of the other party, such approval not to
be unreasonably withheld, assign this Agreement or transfer its interest or any part thereof under this Agreement to any third party,
provided that 374Water shall be entitled, without the Manufacturer’s prior written consent, to assign this Agreement to any Affiliate
of 374Water or in the event of 374Water’s merger, sale, consolidation, reorganization, or sale or transfer of the portion of its
business or assets relating to the 374Water Process.

 

12.                
Indemnification.

 

12.1           
374Water and its Affiliates shall indemnify, hold harmless, and defend Manufacturer, its Affiliates
and their officers, employees, agents, contractors, licensees, and distributors (collectively, the “Manufacturer Indemnified
Parties“), against any 3rd party: claims, suits, losses, damages, judgments, costs, fees, and expenses, including, without limitation,
reasonable attorney’s fees or dispute resolution costs (collectively, “Losses“) arising out of or related to
(i) any material breach by 374Water of this Agreement, (ii) any failure by 374Water to comply with Applicable Law or any Regulatory
Authority in connection with the Units or Manufacturer’s manufacture or service of Units, (iii) patent or trademark infringement
actions asserted by any third parties arising out of the 374Water IP or the 374Water Process, (iv) any component of a Unit supplied to
Manufacturer solely and specifically for the manufacture of a Unit. (v) 374Water’s negligence or willful misconduct in designing
the Units. Manufacturer shall notify 374Water immediately of any threatened or pending actions, suits, proceeding, claims, demands or
orders that could give rise to an obligation to indemnify under this provision. 374Water shall control the defense of any such action,
but without the written consent of Manufacturer, which shall not be unreasonably withheld, 374Water shall not agree to settle any claim
against Manufacturer to the extent that such settlement would create any obligation or require action on the part of Manufacturer other
than the payment of money (subject to indemnification) or would have a material adverse effect on Manufacturer.

 

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12.2           
Manufacturer and its Affiliates shall indemnify, hold harmless, and defend 374Water, its Affiliates
and its officers, employees, agents, contractors, licensees, and distributors (collectively, the “374Water Indemnified Parties”),
against any and all Losses arising out of or related to (i) the fabrication, installation, or unsafe operation of the Units by Manufacturer
or its Affiliates or its or their contractors, representatives, agents or consultants; or (ii) Manufacturer’s or its Affiliates’
or its or their contractors’, representatives’, agents’ or consultants’ material breach of this Agreement. 374Water
shall notify Manufacturer immediately of any threatened or pending actions, suits, proceeding, claims, demands or orders that could give
rise to an obligation to indemnify under this provision. Manufacturer shall control the defense of any such action, but without the written
consent of 374Water, which shall not be unreasonably withheld, Manufacturer shall not agree to settle any claim against 374Water to the
extent that such settlement would create any obligation or require action on the part of 374Water other than the payment of money (subject
to indemnification) or would have a material adverse effect on 374Water.

 

12.3           
Insurance. Manufacturer shall maintain during the Term and for a period of five (5) years
after the termination of expiration of this Agreement insurance coverage as follows:

 

		(i)	Professional Liability/Errors & Omissions as it pertains to work performed under this Agreement in
amounts of not less than [***].

 

		(ii)	Commercial General Liability insurance including Units and Completed Operations with limits of [***] each
occurrence [***] Products and Completed Operations Aggregate, [***] General Aggregate, Additional Umbrella coverage of [***] per occurrence.

 

		(iii)	Workers Compensation Insurance. This insurance shall be in strict accordance with the requirements of
the most current and applicable state Workmen’s Compensation Insurance Laws.

 

		(iv)	Pollution Liability insurance for a limit of not less than [***].

 

All of the foregoing insurance shall
be maintained with responsible carriers and the terms of coverage shall be evidenced by certificates of insurance and, if require by Customer,
endorsements listing such Customer as an “additional insured,” to be furnished by Manufacturer to 374Water on or prior to
the Effective Date of this Agreement or upon 374Water’s subsequent request.

 

12.4           
LIMITATION OF LIABILITY. 

 

(a)               
374WATER SHALL NOT BE LIABLE TO MANUFACTURER OR ANY OTHER PARTY FOR ANY LOSS OF USE, INTERRUPTION
OF BUSINESS, LOSS OR CORRUPTION OF DATA, OR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OF ANY KIND (INCLUDING
LOST PROFITS) REGARDLESS OF THE FORM OF ACTION WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT PRODUCT LIABILITY, LAW, EQUITY
OR OTHERWISE, EVEN IF 374WATER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO CASE OTHER THAN INDEMNIFICATION BY 374WATER
FOR CLAIMS BY THIRD PARTIES SHALL THE CUMULATIVE LIABILITY OF 374WATER FOR ALL CLAIMS MADE RELATING TO THIS AGREEMENT, IN CONTRACT, TORT
(INCLUDING NEGLIGENCE), STRICT PRODUCT LIABILITY, LAW, EQUITY OR OTHERWISE, EXCEED THE TOTAL AMOUNT PAID BY 374WATER HEREUNDER DURING
THE ONE YEAR PERIOD IMMEDIATELY PRECEDING THE DATE ON WHICH A CLAIM OR CLAIMS ARISE. 

 

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(b)              
MANUFACTURER SHALL NOT BE LIABLE TO 374WATER OR ANY OTHER PARTY FOR ANY LOSS OF USE, INTERRUPTION
OF BUSINESS, LOSS OR CORRUPTION OF DATA, OR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OF ANY KIND (INCLUDING
LOST PROFITS) REGARDLESS OF THE FORM OF ACTION WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT PRODUCT LIABILITY, LAW, EQUITY
OR OTHERWISE, EVEN IF MANUFACTURER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO CASE OTHER THAN INDEMNIFICATION BY MANUFACTURER
FOR CLAIMS BY THIRD PARTIES SHALL THE CUMULATIVE LIABILITY OF MANUFACTURER FOR ALL CLAIMS MADE RELATING TO THIS AGREEMENT, IN CONTRACT,
TORT (INCLUDING NEGLIGENCE), STRICT PRODUCT LIABILITY, LAW, EQUITY OR OTHERWISE, EXCEED THE TOTAL AMOUNT PAID BY 374WATER HEREUNDER DURING
THE ONE YEAR PERIOD IMMEDIATELY PRECEDING THE DATE ON WHICH A CLAIM OR CLAIMS ARISE. 

 

(c)             
EACH PARTY ACKNOWLEDGES THAT THE OTHER PARTY HAS ENTERED INTO THIS AGREEMENT IN RELIANCE UPON THE
LIMITATIONS OF LIABILITY AND THE DISCLAIMERS OF WARRANTIES AND DAMAGES SET FORTH IN THIS AGREEMENT, AND THAT THE SAME FORM AN ESSENTIAL
BASIS OF THE BARGAIN BETWEEN THE PARTIES. THE FOREGOING LIMITATION OF LIABILITY IS INDEPENDENT OF ANY EXCLUSIVE REMEDIES FOR BREACH OF
WARRANTY SET FORTH IN THIS AGREEMENT.

 

13.                
Independent Contractors. It is understood that the parties hereto are independent contractors
and engage in the operation of their own respective businesses and no party is to be considered the agent of the other party for any purpose
whatsoever and no party has any authority to enter into any contract or assume any obligation for the other parties or to make any warranty
or representation on behalf of the other party(ies). Each party shall be fully responsible for its own employees and consultants, and
the employees of one party shall not be deemed to be employees of the other party for any purpose whatsoever.

 

    10

     

    

 

14.                
NO WARRANTIES. 374WATER MAKES NO WARRANTIES TO MANUFACTURER REGARDING THE 374WATER IP OR THE
374WATER PROCESS. THE 374WATER IP AND 374WATER PROCESS ARE PROVIDED TO MANUFACTURER ON AN AS-IS BASIS, WITHOUT ANY WARRANTIES, EXPRESS
OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSES, AND NON-INFRINGEMENT.

 

15.                
Miscellaneous

 

15.1          
Governing Law. This Agreement shall be governed, construed, interpreted and enforced in all
respects in accordance with the laws of the State of Delaware, without regard to its conflict of laws and choice of law rules, and shall
be binding upon the parties hereto regardless of their location throughout the world. All disputes with respect to the Agreement shall
be brought and heard either in the Delaware state courts, or the federal district court for the District of Delaware. The Parties each
consent to the jurisdiction and venue of such courts. The Parties agree that service of process upon them in any such action may be made
if delivered in person, by courier service or by first class mail, and shall be deemed effectively given upon receipt.

 

15.2           
Notices. Any and all notices given under this Agreement shall be in writing and to the respective
parties at the following addresses by nationally recognized overnight courier or by electronic mail:

 

If to Manufacturer:

 

Merrell Bros. Fabrication, LLC

8811 West 500 North

Kokomo, IN 46901

Attn: Terry Merrell

terry@merrellbros.com

  

If to 374Water:

  

374Water Systems, Inc.

3710 Shannon Road, #51788

Durham, NC 27717

Attn: Yaacov Nagar

kn@374water.com

_________

 

or to such other addresses
as may be subsequently furnished by one party to the other in writing. Any such notice shall be deemed to have been given on the day following
the dispatch.

 

15.3           
Severability. In the event one or more terms of this Agreement are declared by any individual
or competent authority to be void, voidable, illegal or otherwise un-enforceable, the remaining provisions of this Agreement shall remain
in full force and effect. The invalid or unenforceable part or provision shall be replaced with a provision which accomplishes, to the
extent possible, the original business purpose of such invalid or unenforceable part or provision in a commercially reasonable, valid
and enforceable manner, and the remainder of this Agreement shall remain binding upon the parties hereto. The parties hereto shall negotiate
in good faith to modify this Agreement, but only to the extent necessary to make the terms of this Agreement valid and enforceable, having
full regard for all Applicable Laws and the intent and purposes of the parties entering into this Agreement.

 

    11

     

    

 

15.4           
Complete Agreement. This Agreement, including the Exhibits, whether appended at the time of
execution of this Agreement or later, as provided herein constitutes the entire Agreement between parties hereto relating to the subject
matter hereof, and this Agreement may not be amended, modified, or supplemented unless such amendment is in writing and duly executed
by the parties.

 

15.5           
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall
comprise the original instrument.

 

[Signature page to follow.]

 

    12

     

    

 

IN WITNESS WHEREOF, Manufacturer and 374Water have executed
this Manufacturing License Agreement by their respective officers hereunto duly authorized, the day and year first above written.

 

	Merrell Bros. Fabrication, LLC	 	374Water Systems, Inc.
	 	 	 	 	 
	By:	/s/ Karson Merrell	 	By:	/s/ Yaacov Nagar
	 	 	 	 	 
	Name:	Karson Merrell	 	Name: 	Yaacov Nagar
	 	 	 	 	 
	Title:	President	 	Title: 	CEO

 

[***]

 

13Exhibit
4.2

 

WARRANT
AGENT AGREEMENT

 

WARRANT
AGENT AGREEMENT (this “Warrant Agreement”) dated as of _________, 2021 (the “Issuance Date”) between
PetVivo Holdings, Inc., a company incorporated under the laws of the State of Nevada (the “Company”), and Equity Stock
Transfer, LLC (the “Warrant Agent”).

 

WHEREAS,
pursuant to the terms of that certain Underwriting Agreement (“Underwriting Agreement”), dated _________, 2021, by
and among the Company and ThinkEquity, a division of Fordham Financial Management, Inc., as representative of the underwriters set forth
therein, the Company is engaged in a public offering (the “Offering”) of up to _________ units (the “Units”),
each Unit consisting of one share (the “Shares”) of common stock, par value $0.001 per share (the “Common
Stock”) of the Company and one Warrant (each, a “Warrant” and collectively the “Warrants”)
to purchase one share of Common Stock (each, a “Warrant Share” and collectively the “Warrant Shares”),
including Shares and Warrants issuable pursuant to the underwriters’ over-allotment option;

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement on Form
S-1 (Registration No. 333-249452) (as the same may be amended from time to time, the “Registration Statement”), for
the registration under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, Shares, the Warrants
and Warrant Shares, and such Registration Statement was declared effective on _______, 2021;

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with
the terms set forth in this Warrant Agreement in connection with the issuance, registration, transfer, exchange and exercise of the Warrants;

 

WHEREAS,
the Company desires to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants the valid, binding and legal obligations of
the Company, and to authorize the execution and delivery of this Warrant Agreement.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.
Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company with respect to the
Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express terms and
conditions set forth in this Warrant Agreement (and no implied terms or conditions).

 

2.
Warrants.

 

2.1
Form of Warrants. The Warrants shall be registered securities and shall be initially evidenced by a global Warrant certificate
(“Global Certificate”) in the form of Annex A to this Warrant Agreement, which shall be deposited on behalf
of the Company with a custodian for The Depository Trust Company (“DTC”) and registered in the name of Cede &
Co., a nominee of DTC. If DTC subsequently ceases to make its settlement system available for the Warrants, the Company may instruct
the Warrant Agent regarding making arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it
is no longer necessary to have the Warrants available in, registration in the name of Cede & Co., a nominee of DTC, the Company may
instruct the Warrant Agent to provide written instructions to DTC to deliver to the Warrant Agent for cancellation the Global Certificate,
and the Company shall instruct the Warrant Agent to deliver to each Holder (as defined below) separate certificates evidencing Warrants
(“Definitive Certificates” and, together with the Global Certificate, “Warrant Certificates”),
in the form of Annex C to this Warrant Agreement. The Warrants represented by the Global Certificate are referred to as “Global
Warrants”.

 

    	 

     

    

 

2.2.
Issuance and Registration of Warrants.

 

2.2.1.
Warrant Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original
issuance and the registration of transfer of the Warrants. Any Person in whose name ownership of a beneficial interest in the Warrants
evidenced by a Global Certificate is recorded in the records maintained by DTC or its nominee shall be deemed the “beneficial owner”
thereof, provided that all such beneficial interests shall be held through a Participant (as defined below), which shall be the registered
holder of such Warrants.

 

2.2.2.
Issuance of Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver
the Warrants in the DTC settlement system in accordance with written instructions delivered to the Warrant Agent by the Company. Ownership
of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained
(i) by DTC and (ii) by institutions that have accounts with DTC (each, a “Participant”), subject to a Holder’s
right to elect to receive a Warrant in certificated form in the form of Annex C to this Warrant Agreement. Any Holder desiring to elect
to receive a Warrant in certificated form shall make such request in writing delivered to the Warrant Agent pursuant to Section 2.2.8,
and shall surrender to the Warrant Agent the interest of the Holder on the books of the Participant evidencing the Warrants which are
to be represented by a Definitive Certificate through the DTC settlement system. Thereupon, the Warrant Agent shall countersign and deliver
to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested.

 

2.2.3.
Beneficial Owner; Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent
may deem and treat the person in whose name that Warrant shall be registered on the Warrant Register (the “Holder,”
which term shall include a Holder’s transferees, successors and assigns and a “Holder” shall include, if the Warrants
are held in “streetname,” a Participant or a designee appointed by such Participants) as the absolute owner of such Warrant
for purposes of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by
any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any agent of
the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by DTC governing
the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners in a Warrant evidenced
by the Global Certificate shall be exercised by the Holder or a Participant through the DTC system, except to the extent set forth herein
or in the Global Certificate.

 

2.2.4.
Execution. The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized
Officer”), which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by facsimile
signature. The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant Agent, which need not be the same
signatory for all of the Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless so countersigned. In
case any Authorized Officer of the Company that signed any of the Warrant Certificates ceases to be an Authorized Officer of the Company
before countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be
countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Warrant
Certificates had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by
any person who, at the actual date of the execution of such Warrant Certificate, shall be an Authorized Officer of the Company authorized
to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement any such person was not such an Authorized
Officer.

 

2.2.5.
Registration of Transfer. At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be
registered and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate
or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder
desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such request in
writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates evidencing
the Warrants the transfer of which is to be registered or that is or are to be split up, combined or exchanged. Thereupon, the Warrant
Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be,
as so requested. The Warrant Agent may require reasonable and customary payment with respect to a registration of transfer of Warrants
or a split-up, combination or exchange of a Warrant Certificate (but, for purposes of clarity, not upon the exercise of the Warrants
and issuance of Warrant Shares to the Holder), of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with such registration of transfer, split-up, combination or exchange, together with reimbursement to the Warrant Agent of all reasonable
expenses incidental thereto. All such fees and expenses shall be paid by the Company, and not by the Holder.

 

    	 

     

    

 

2.2.6.
Loss, Theft and Mutilation of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory
to them of the loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of indemnity
or security in customary form and amount, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental
thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Warrant Agent shall, on
behalf of the Company, countersign and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate
so lost, stolen, destroyed or mutilated. The Warrant Agent may charge the Holder an administrative fee for processing the replacement
of lost Warrant Certificates, which shall be charged only once in instances where a single surety bond obtained covers multiple certificates.
The Warrant Agent may receive compensation from the surety companies or surety bond agents for administrative services provided to them.

 

2.2.7.
Proxies. The Holder of a Warrant may grant proxies or otherwise authorize any person, including the Participants and beneficial
holders that may own interests through the Participants, to take any action that a Holder is entitled to take under this Warrant Agreement
or the Warrants; provided, however, that at all times that Warrants are evidenced by a Global Certificate, exercise of
those Warrants shall be effected on their behalf by Participants through DTC in accordance the procedures administered by DTC.

 

2.2.8.
Warrant Certificate Request. A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below)
pursuant to a Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange
of some or all of such Holder’s Global Warrants for a Definitive Certificate evidencing the same number of Warrants, which request
shall be in the form attached hereto as Annex E (a “Warrant Certificate Request Notice” and the date of delivery
of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the deemed
surrender upon delivery by the Holder of a number of Global Warrants for the same number of Warrants evidenced by a Definitive Certificate,
a “Warrant Exchange”), the Warrant Agent shall promptly effect the Warrant Exchange and shall promptly issue and deliver
to the Holder a Definitive Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such
Definitive Certificate shall be dated the original issue date of the Warrants, shall be manually executed by an authorized signatory
of the Company, shall be in the form attached hereto as Annex C, and shall be reasonably acceptable in all respects to such Holder.
In connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the Definitive Certificate
to the Holder within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period
(as defined below) of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request
Notice (“Warrant Certificate Delivery Date”). If the Company fails for any reason to deliver to the Holder the Definitive
Certificate subject to the Warrant Certificate Request Notice by the Warrant Certificate 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 evidenced by such Definitive Certificate
(based on the VWAP of the Common Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after
such Warrant Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate,
the Holder rescinds such Warrant Exchange. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate
Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary
set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Warrants
evidenced by such Warrant Certificate and the terms of this Warrant Agreement, other than Sections 3.3 and 8 herein, which shall not
apply to the Warrants evidenced by the Definitive Certificate.

 

2.2.9.
Conflicting Terms. The terms of the Warrants are set forth in the form of the Definitive Certificate attached hereto as Annex
C, which form is incorporated by reference into this Warrant Agreement. For purposes of clarity, if there is a conflict between the
express terms of this Warrant Agreement and the Warrant certificate in the form of Annex C hereto with respect to terms of the Warrants,
the terms of the Warrant certificate shall govern and control.

 

3.
Terms and Exercise of Warrants.

 

3.1.
Exercise Price. Each Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of
this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $____ per whole
share, subject to the subsequent adjustments provided in Section 4 hereof. The term “Exercise Price” as used in this
Warrant Agreement refers to the price per share at which shares of Common Stock may be purchased at the time a Warrant is exercised.

 

    	 

     

    

 

3.2.
Duration of Warrants. Warrants may be exercised only during the period (“Exercise Period”) commencing on the
Issuance Date and terminating at 5:00 P.M., New York City time (the “close of business”) on ______, 2026 (“Expiration
Date”). Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights
in respect thereof under this Warrant Agreement shall cease at the close of business on the Expiration Date.

 

3.3.
Exercise of Warrants.

 

3.3.1.
Exercise and Payment.

 

(a)
Exercise of the purchase rights represented by a Warrant may be made, in whole or in part, at any time or times during the Exercise Period
by delivery to the Warrant Agent of the Notice of Exercise in the form annexed as Annex B 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 following
the date the Holder delivers the Notice of Exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares
specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless
exercise procedure specified in Section 3.3.6 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 form be required.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender a Warrant Certificate to the
Company until the Holder has purchased all of the Warrant Shares available thereunder and the Warrant has been exercised in full, in
which case, the Holder shall surrender such Warrant to the Company for cancellation within three (3) Trading Days of the date the final
Notice of Exercise is delivered to the Company. Partial exercises of a Warrant resulting in purchases of a portion of the total number
of Warrant Shares available thereunder 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) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of a 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 thereof.

 

(b)       Notwithstanding
the foregoing in this Section 3.3.1 a holder whose interest in a Warrant is a beneficial interest in certificate(s) representing such
Warrant held in registered form through DTC (or another established clearing corporation performing similar functions), shall effect
exercises made pursuant to this Section 3.3.1 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 this Warrant
Agreement, in which case this sentence shall not apply. Upon giving irrevocable instructions to its Participant to exercise Warrants,
solely for purposes of Regulation SHO, the holder whose interest in the Warrant is a beneficial interest shall be deemed to have exercised
such Warrant, regardless of when the applicable Warrant Shares are delivered to such holder.

 

3.3.2.
Issuance of Warrant Shares. (a) The Warrant Agent shall, on the Trading Day following the date of exercise of any Warrant, advise
the Company, the transfer agent and registrar for the Company’s Common Stock (the “Transfer Agent”), in respect
of (i) the number of Warrant Shares indicated on the Notice of Exercise as issuable upon such exercise with respect to such exercised
Warrants, (ii) the instructions of the Holder or Participant, as the case may be, provided to the Warrant Agent with respect to the delivery
of the Warrant Shares and the number of Warrants that remain outstanding after such exercise and (iii) such other information as the
Company or the Transfer Agent shall reasonably request.

 

    	 

     

    

 

(b)
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 DTC 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 Holder or (B) the 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 earlier of (i) two (2) Trading Days of, and (ii) 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 the 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 of 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 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 the Warrants
remain 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.

 

3.3.3.
Valid Issuance. All Warrant Shares issued by the Company upon the proper exercise of a Warrant in conformity with this Warrant
Agreement shall be validly issued, fully paid and non-assessable.

 

3.3.4.
No Fractional Exercise. No fractional Warrant Shares will be issued upon the exercise of the Warrant. If, by reason of any adjustment
made pursuant to Section 4, a Holder would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share,
the Company shall, upon such exercise, round up or down, as applicable, to the nearest whole number the number of Warrant Shares to be
issued to such Holder.

 

3.3.5
No Transfer Taxes. 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 Warrant Shares are to be issued in a name other than the name of the Holder, the 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 DTC (or another established clearing corporation
performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

3.3.6
Restrictive Legend Events; Cashless Exercise Under Certain Circumstances.

 

(a)       The
Company shall use its reasonable best efforts to maintain the effectiveness of the Registration Statement and the current status of the
prospectus included therein or to file and maintain the effectiveness of another registration statement and another current prospectus
covering the Warrants and the Warrant Shares at any time that the Warrants are exercisable. The Company shall provide to the Warrant
Agent and each Holder prompt written notice of any time that the Company is unable to deliver the Warrant Shares via DTC transfer or
otherwise without restrictive legend because (A) the Commission has issued a stop order with respect to the Registration Statement, (B)
the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently,
(C) the Company has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (D) the
prospectus contained in the Registration Statement is not available for the issuance of the Warrant Shares to the Holder or (E) otherwise
(each a “Restrictive Legend Event”). To the extent that the Warrants cannot be exercised as a result of a Restrictive
Legend Event, the Company shall, at the election of the Holder, which shall be given within five (5) days of receipt of such notice of
the Restrictive Legend Event, either (A) rescind the previously submitted Notice of Election and the Company shall return all consideration
paid by registered holder for such shares upon such rescission or (B) treat the attempted exercise as a cashless exercise as described
in paragraph (ii) below and refund the cash portion of the exercise price to the Holder.

 

    	 

     

    

 

(b)       If
a Restrictive Legend Event has occurred, the Warrant may also be exercisable on a cashless basis. Notwithstanding anything herein to
the contrary, the Company shall not be required to make any cash payments or net cash settlement to the Holder in lieu of delivery of
the Warrant Shares. Upon a “cashless exercise”, the Holder shall be entitled to receive the number of Warrant Shares equal
to the quotient (if such quotient would be a positive number) 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 3.3.1(a) hereof on a day that is not a Trading Day or (2) both executed
    and delivered pursuant to Section 3.3.1(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as
    defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option
    of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z)
    the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s
    execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours”
    on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular
    trading hours” on a Trading Day) pursuant to Section 3.3.1(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 3.3.1(a) hereof after the close of “regular trading hours” on such Trading Day
	 	 	 	 
	 	(B)
    = 	 	the
    Exercise Price of the Warrant, as adjusted as set forth herein; and
	 	 	 	 
	 	(X)
    =	 	the
    number of Warrant Shares that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant if such
    exercise were by means of a cash exercise rather than a cashless exercise.

 

(c)       If
the Warrant Shares are issued in such a cashless exercise, the Company acknowledges and agrees 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 and the Company
agrees not to take any position contrary thereto. Upon receipt of a Notice of Exercise for a cashless exercise, the Warrant Agent will
promptly deliver a copy of the Notice of Exercise to the Company to confirm the number of Warrant Shares issuable in connection with
the cashless exercise. The Company shall calculate and transmit to the Warrant Agent in a written notice, and the Warrant Agent shall
have no duty, responsibility or obligation under this Section 3.3.6 to calculate, the number of Warrant Shares issuable in connection
with any cashless exercise. The Warrant Agent shall be entitled to rely conclusively on any such written notice provided by the Company,
and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with such written
instructions or pursuant to this Warrant Agreement. Notwithstanding anything herein to the contrary, on the Termination Date, the Warrant
shall be automatically exercised via cashless exercise pursuant to this Section 3.3.6.

 

3.3.7
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of
Warrant Shares issuable in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant Shares
that are not disputed.

 

    	 

     

    

 

3.3.8
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 3.3.2(b) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is
required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases,
shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving
upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the
Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y)
the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection
with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B)
at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise
was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock
that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. 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.

 

3.3.9
Beneficial Ownership Limitation. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right
to exercise any portion of a Warrant, pursuant to Section 3 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 such 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, non-exercised portion of such Warrant
beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or
non-converted portion of any other securities of the Company (including, without limitation, any other securities of the Company which
would entitle the holder thereof to acquire at any time shares of 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, shares of Common Stock (“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 3.3.9, 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 3.3.9 applies, the determination of whether a Warrant is exercisable (in relation to other securities owned by the Holder
together with any Affiliates and Attribution Parties) and of which portion of a 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 a Warrant
is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which
portion of a 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 3.3.9, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the
case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer
Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall
within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any
case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including such 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 a Warrant. The Holder, upon notice to the Company,
may increase or decrease the Beneficial Ownership Limitation provisions of this Section 3.3.9, 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 the Warrant held by the Holder and the provisions of this Section 3.3.9 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 3.3.9 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 a Warrant.

 

    	 

     

    

 

4.
Adjustments.

 

4.1
Adjustment upon Subdivisions or Combinations. If the Company, at any time while the Warrants are 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 the Warrants), (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 and such other capital stock of the Company (excluding
treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common
Stock and such other capital stock of the Company (excluding treasury shares, if any) outstanding immediately after such event, and the
number of shares issuable upon exercise of each Warrant shall be proportionately adjusted such that the aggregate Exercise Price of such
Warrant shall remain unchanged. Any adjustment made pursuant to this Section 4.1 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.

 

4.2
Adjustment for Other Distributions.

 

4.2.1
       Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 4.1
above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities
or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then
the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of a 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).

 

4.2.2       
Dividends. If the Company, at any time during the Exercise Period, shall pay a dividend in cash, securities or other assets to
all holders of Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible), other than
a transaction described in Sections 4.1, 4.2.1 or 4.3 (any such non-excluded event being referred to herein as a “Dividend”),
then the Exercise Price shall be decreased, effective immediately after the effective date of such Dividend, by the quotient of (i) the
gross amount of cash and/or fair market value (as determined by the Company’s Board of Directors, in good faith) of all securities
or other assets paid to the holders of Common Stock (or other shares of the Company’s capital stock into which the Warrants are
convertible) in respect of such Dividend divided by (ii) the sum of the number of shares of Common Stock (or other shares of the Company’s
capital stock into which the Warrants are convertible) outstanding at the time of the Dividend plus the number of shares of Common Stock
then issuable upon exercise of all outstanding Warrants, provided, that the Exercise Price shall not be reduced below zero.

 

    	 

     

    

 

4.3.
Fundamental Transaction. If, at any time while the Warrants are 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 all 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 all outstanding shares of Common Stock are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related
transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires
more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons
making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or
other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of a 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 (without regard to any limitation in Section 3.3.9 on the exercise of a Warrant), the
number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation. 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 the Warrants in accordance with the provisions of
this Section 4.3 pursuant to written agreements prior to or during such Fundamental Transaction. Upon the occurrence of any such Fundamental
Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of the Warrants 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 the Warrants with the same effect as
if such Successor Entity had been named as the Company therein.

 

The
Company shall instruct the Warrant Agent in writing to mail by first class mail, postage prepaid, to each Holder, written notice of the
execution of any such amendment, supplement or agreement with the Successor Entity. Any supplemented or amended agreement entered into
by the successor corporation or transferee shall provide for adjustments, which shall be as nearly equivalent as may be practicable to
the adjustments provided for in this Section 4.3. The Warrant Agent shall have no duty, responsibility or obligation to determine the
correctness of any provisions contained in such agreement or such notice, including but not limited to any provisions relating either
to the kind or amount of securities or other property receivable upon exercise of warrants or with respect to the method employed and
provided therein for any adjustments, and shall be entitled to rely conclusively for all purposes upon the provisions contained in any
such agreement. The provisions of this Section 4.3 shall similarly apply to successive reclassifications, changes, consolidations, mergers,
sales and conveyances of the kind described above.

 

4.4.
Notices to Holder.

 

4.4.1       Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 4, 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.

 

    	 

     

    

 

4.4.2       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 20 calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to
be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected
that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to
deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to
be specified in such notice. To the extent that any notice provided in this Warrant Agreement constitutes, or contains, material, non-public
information regarding the Company or any of its Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. Provided such notice occurs within the Exercise Period, the Holder shall remain entitled to exercise
its 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.

 

4.5
Other Events. If any event occurs of the type contemplated by the provisions of Section 4.1 or 4.2 but not expressly provided
for by such provisions (including, without limitation, the granting of stock appreciation rights, Adjustment Rights, phantom stock rights
or other rights with equity features to all holders of Common Stock for no consideration), then the Company’s Board of Directors
will, at its discretion and in good faith, make an adjustment in the Exercise Price and the number of Warrant Shares or designate such
additional consideration to be deemed issuable upon exercise of a Warrant, so as to protect the rights of the registered Holder. No adjustment
to the Exercise Price will be made pursuant to more than one sub-section of this Section 4 in connection with a single issuance.

 

4.6.
Notices of Changes in Warrant. Upon every adjustment of the Exercise Price or the number of Warrant Shares issuable upon exercise
of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting
from such adjustment and the increase or decrease, if any, in the number of Warrant Shares purchasable at such price upon the exercise
of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the
occurrence of any event specified in Sections 4.1 or 4.2, then, in any such event, the Company shall give written notice to each Holder,
at the last address set forth for such holder in the Warrant Register, as of the record date or the effective date of the event. Failure
to give such notice, or any defect therein, shall not affect the legality or validity of such event. The Warrant Agent shall be entitled
to rely conclusively on, and shall be fully protected in relying on, any certificate, notice or instructions provided by the Company
with respect to any adjustment of the Exercise Price or the number of shares issuable upon exercise of a Warrant, or any related matter,
and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with any such certificate,
notice or instructions or pursuant to this Warrant Agreement. The Warrant Agent shall not be deemed to have knowledge of any such adjustment
unless and until it shall have received written notice thereof from the Company.

 

5.
Restrictive Legends; Fractional Warrants.

 

In
the event that a Warrant Certificate surrendered for transfer bears a restrictive legend, the Warrant Agent shall not register that transfer
until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the Warrants must also bear a restrictive legend upon that transfer. The Warrant Agent shall not be required to effect any registration
of transfer or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction of a Warrant.

 

    	 

     

    

 

6.
Other Provisions Relating to Rights of Holders of Warrants.

 

6.1.
No Rights as Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants,
shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall
anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the registered holder of
Warrants, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether
any reorganization, issue of stock, reclassification of share capital, consolidation, merger, conveyance or otherwise), receive notice
of meetings, receive dividends or subscription rights or rights to participate in new issues of shares, or otherwise, prior to the issuance
to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of Warrants.

 

6.2.
Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant
Agreement.

 

7.
Concerning the Warrant Agent.

 

7.1.
Any instructions given to the Warrant Agent orally, as permitted by any provision of this Warrant Agreement, shall be confirmed in writing
by the Company as soon as practicable. The Warrant Agent shall not be liable or responsible and shall be fully authorized and protected
for acting, or failing to act, in accordance with any oral instructions which do not conform with the written confirmation received in
accordance with this Section 7.1.

 

7.2.
Whether or not any Warrants are exercised, for the Warrant Agent’s services as agent for the Company hereunder, the Company shall
pay to the Warrant Agent the fees and expenses set forth on Exhibit A hereto and the Warrant Agent’s out of pocket expenses
in connection with this Warrant Agreement, including, without limitation, the fees and expenses of the Warrant Agent’s counsel.
While the Warrant Agent endeavors to maintain out-of-pocket charges (both internal and external) at competitive rates, these charges
may not reflect actual out-of-pocket costs, and may include handling charges to cover internal processing and use of the Warrant Agent’s
billing systems. All amounts owed by the Company to the Warrant Agent under this Warrant Agreement are due within 30 days of the Company’s
receipt of an invoice. Delinquent payments are subject to a late payment charge of one and one-half percent (1.5%) per month commencing
45 days from the invoice date. The Company agrees to reimburse the Warrant Agent for any attorney’s fees and any other costs associated
with collecting delinquent payments. No provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own funds
or otherwise incur any financial liability in the performance of any of its duties under this Warrant Agreement or in the exercise of
its rights.

 

7.3
As agent for the Company hereunder the Warrant Agent:

 

(a)
shall have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed to in writing by
the Warrant Agent and the Company;

 

(b)
shall be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness
of the Warrants or any Warrant Shares;

 

(c)
shall not be obligated to take any legal action hereunder; if, however, the Warrant Agent determines to take any legal action hereunder,
and where the taking of such action might, in its judgment, subject or expose it to any expense or liability it shall not be required
to act unless it has been furnished with an indemnity reasonably satisfactory to it;

 

(d)
may rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice,
letter, telegram, telex, facsimile transmission or other document or security delivered to the Warrant Agent and believed by it to be
genuine and to have been signed by the proper party or parties;

 

(e)
shall not be liable or responsible for any recital or statement contained in the Registration Statement or any other documents relating
thereto;

 

(f)
shall not be liable or responsible for any failure on the part of the Company to comply with any of its covenants and obligations relating
to the Warrants, including without limitation obligations under applicable securities laws;

 

    	 

     

    

 

(g)
may rely on and shall be fully authorized and protected in acting or failing to act upon the written, telephonic or oral instructions
with respect to any matter relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying
any such actions) of officers of the Company, and is hereby authorized and directed to accept instructions with respect to the performance
of its duties hereunder from the Company or counsel to the Company, and may apply to the Company, for advice or instructions in connection
with the Warrant Agent’s duties hereunder, and the Warrant Agent shall not be liable for any delay in acting while waiting for
those instructions; any applications by the Warrant Agent for written instructions from the Company may, at the option of the Warrant
Agent, set forth in writing any action proposed to be taken or omitted by the Warrant Agent under this Warrant Agreement and the date
on or after which such action shall be taken or such omission shall be effective; the Warrant Agent shall not be liable for any action
taken by, or omission of, the Warrant Agent in accordance with a proposal included in such application on or after the date specified
in such application (which date shall not be less than five (5) Business Days after the date such application is sent to the Company,
unless the Company shall have consented in writing to any earlier date) unless prior to taking any such action, the Warrant Agent shall
have received written instructions in response to such application specifying the action to be taken or omitted;

 

(h)
may consult with counsel satisfactory to the Warrant Agent, including its in-house counsel, and the advice of such counsel shall be full
and complete authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in good faith and in accordance
with the advice of such counsel;

 

(i)
may perform any of its duties hereunder either directly or by or through nominees, correspondents, designees, or subagents, and it shall
not be liable or responsible for any misconduct or negligence on the part of any nominee, correspondent, designee, or subagent appointed
with reasonable care by it in connection with this Warrant Agreement;

 

(j)
is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person; and

 

(k)
shall not be required hereunder to comply with the laws or regulations of any country other than the United States of America or any
political subdivision thereof.

 

7.4.
In the absence of gross negligence or willful or illegal misconduct on its part, the Warrant Agent shall not be liable for any action
taken, suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant Agreement.
Anything in this Warrant Agreement to the contrary notwithstanding, in no event shall Warrant Agent be liable for special, indirect,
incidental, consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even if the
Warrant Agent has been advised of the possibility of such losses or damages and regardless of the form of action. Any liability of the
Warrant Agent will be limited in the aggregate to the amount of fees paid by the Company hereunder. The Warrant Agent shall not be liable
for any failures, delays or losses, arising directly or indirectly out of conditions beyond its reasonable control including, but not
limited to, acts of government, exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil disobedience,
riots, rebellions, storms, electrical or mechanical failure, computer hardware or software failure, communications facilities failures
including telephone failure, war, terrorism, insurrection, earthquakes, floods, acts of God or similar occurrences.

 

7.5.
In the event any question or dispute arises with respect to the proper interpretation of the Warrants or the Warrant Agent’s duties
under this Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act and shall
not be held liable or responsible for its refusal to act until the question or dispute has been judicially settled (and, if appropriate,
it may file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent
jurisdiction, binding on all persons interested in the matter which is no longer subject to review or appeal, or settled by a written
document in form and substance satisfactory to Warrant Agent and executed by the Company and each such Holder. In addition, the Warrant
Agent may require for such purpose, but shall not be obligated to require, the execution of such written settlement by all the Holders
and all other persons that may have an interest in the settlement.

 

7.6.
The Company covenants to indemnify the Warrant Agent and hold it harmless from and against any loss, liability, claim or expense (“Loss”)
arising out of or in connection with the Warrant Agent’s duties under this Warrant Agreement, including the costs and expenses
of defending itself against any Loss, unless such Loss shall have been determined by a court of competent jurisdiction to be a result
of the Warrant Agent’s gross negligence or willful misconduct.

 

    	 

     

    

 

7.7.
The Company represents and warrants that (a) it is duly incorporated and validly existing under the laws of its jurisdiction of incorporation,
(b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions contemplated thereby (including
this Warrant Agreement) have been duly authorized by all necessary corporate action and will not result in a breach of or constitute
a default under the articles of association, bylaws or any similar document of the Company or any indenture, agreement or instrument
to which it is a party or is bound, (c) this Warrant Agreement has been duly executed and delivered by the Company and constitutes the
legal, valid, binding and enforceable obligation of the Company, (d) the Warrants will comply in all material respects with all applicable
requirements of law and (e) to the best of its knowledge, there is no litigation pending or threatened as of the date hereof in connection
with the offering of the Warrants.

 

7.8.
Set forth in Annex D hereto is a list of the names and specimen signatures of the persons authorized to act for the Company under
this Warrant Agreement. The Company shall, from time to time, certify to you the names and signatures of any other persons authorized
to act for the Company under this Warrant Agreement.

 

7.9.
The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities
hereunder after giving thirty (30) days’ notice in writing to the Company, or such shorter period of time agreed to by the Company.
The Company may terminate the services of the Warrant Agent, or any successor Warrant Agent, after giving thirty (30) days’ notice
in writing to the Warrant Agent or successor Warrant Agent, or such shorter period of time as agreed. If the office of the Warrant Agent
becomes vacant by resignation, termination or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant
Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it
has been notified in writing of such resignation or incapacity by the Warrant Agent, then the Warrant Agent or any Holder may apply to
any court of competent jurisdiction for the appointment of a successor Warrant Agent at the Company’s cost. Pending appointment
of a successor to such Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent shall be carried out
by the Company. Any successor Warrant Agent (but not including the initial Warrant Agent), whether appointed by the Company or by such
court, shall be a Person organized and existing under the laws of any state of the United States of America, in good standing, and authorized
under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment,
any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor
Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed, and except for executing
and delivering documents as provided in the sentence that follows, the predecessor Warrant Agent shall have no further duties, obligations,
responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination of this Warrant Agreement
and the resignation or removal of the Warrant Agent, including but not limited to its right to indemnity hereunder. If for any reason
it becomes necessary or appropriate or at the request of the Company, the predecessor Warrant Agent shall execute and deliver, at the
expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor
Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any
and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority,
powers, rights, immunities, duties, and obligations.

 

7.10.
In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and
the Transfer Agent not later than the effective date of any such appointment.

 

7.11.
Any Person into which the Warrant Agent may be merged or converted or with which it may be consolidated or any Person resulting from
any merger, conversion or consolidation to which the Warrant Agent shall be a party or any Person succeeding to the shareowner services
business of the Warrant Agent or any successor Warrant Agent shall be the successor Warrant Agent under this Warrant Agreement, without
any further act or deed.

 

8.
Miscellaneous Provisions.

 

    	 

     

    

 

8.1.
Unless terminated earlier by the parties hereto, this Warrant Agreement shall terminate 90 days after the earlier of the Expiration Date
and the date on which no Warrants remain outstanding (the “Termination Date”). On the Business Day following the Termination
Date, the Warrant Agent shall deliver to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement.
The Warrant Agent’s right to be reimbursed for fees, charges and out-of-pocket expenses as provided in Section 7 shall survive
the termination of this Warrant Agreement.

 

8.2.
If any provision of this Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant Agreement shall
be construed and enforced as if such provision had not been contained herein and shall be deemed an Agreement among the parties to it
to the full extent permitted by applicable law.

 

8.3.
In the event of inconsistency between this Warrant Agreement and the descriptions in the Registration Statement, as they may from time
to time be amended, the terms of this Warrant Agreement shall control.

 

8.4.
Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Company, the Warrant Agent or by the
holder of any Warrant to or on the Company or the Warrant Agent including, without limitation, any Notice of Exercise, shall be in writing
and delivered by e-mail, hand or sent by a nationally recognized overnight courier service, addressed (until another address is filed
in writing by the Company or the Warrant Agent) as set forth below and if to any holder any notice, statement or demand shall be given
to the last address set forth for such holder (if any) in the Warrant Register:

 

If
to the Company:

 

PetVivo
Holdings, Inc.

5251
Edina Industrial Blvd.

Edina,
MN 55439

Attn:
John Lai, CEO

Email:
jlai@petvivo.com

 

with
a copy (which shall not constitute notice) to:

 

Laura
M. Holm, Esq.

Patrick
Pazderka, Esq.

Fox
& Rothschild, LLP

Campbell
Mithum Tower

222
S. Ninth St., Suite 2000

Minneapolis,
MN 55402-3338

Email:
lholm@foxrothschild.com

Email:
ppazderka@foxrothschild.com

 

If
to the Warrant Agent:

 

Equity
Stock Transfer, LLC

237
W. 37th Street, Suite 602

New
York, NY 10018

Attn:
Nora Marckwordt

Email:
info@equitystock.com

Facsimile:
347-584-3644

 

8.5.
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 e-mail at the e-mail address set forth above prior to 5:30 p.m. (New York City time)
on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via e-mail at the
e-mail address set forth above 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. Notwithstanding any other provision of this Warrant Agreement, where
this Warrant Agreement provides for notice of any event to the Holder, if this Warrant Agreement is held in global form by DTC (or any
successor depositary), such notice shall be sufficiently given if given to DTC (or any successor depositary) pursuant to the procedures
of DTC (or such successor depositary), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant
to the terms of this Warrant Agreement, in which case this sentence shall not apply.

 

    	 

     

    

 

8.6.
This Warrant Agreement shall be governed by and construed in accordance with the laws of the State of New York. All actions and proceedings
relating to or arising from, directly or indirectly, this Warrant Agreement may be litigated in courts located within the Borough of
Manhattan in the City and State of New York. The Company hereby submits to the personal jurisdiction of such courts and consents that
any service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address
last specified for notices hereunder.

 

8.7.
This Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties hereto. This Warrant
Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the prior written consent of the
other party, which the other party will not unreasonably withhold, condition or delay; except that (i) consent is not required for an
assignment or delegation of duties by the Warrant Agent to any affiliate of the Warrant Agent and (ii) any reorganization, merger, consolidation,
sale of assets or other form of business combination by the Warrant Agent or the Company shall not be deemed to constitute an assignment
of this Warrant Agreement.

 

8.8.
No provision of this Warrant Agreement may be amended, modified or waived, except in a written document signed by both parties. The Company
and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable so long as such
amendment or supplement shall not adversely affect the interest of the Holders. All other amendments and supplements shall require the
vote or written consent of Holders of at least 50.1% of the then outstanding Warrants; provided that if any such amendment or supplement
disproportionately and adversely affects the rights of a Holder compared to the other Holders, the prior written consent of such Holder
shall also be required.

 

8.9.
The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect
of the issuance or delivery of Warrant Shares upon the exercise of Warrants, but the Company may require the Holders to pay any transfer
taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering any transfer of Warrants or any delivery
of any Warrant Shares unless or until the persons requesting the registration or issuance shall have paid to the Warrant Agent for the
account of the Company the amount of such tax or charge, if any, or shall have established to the reasonable satisfaction of the Company
and the Warrant Agent that such tax or charge, if any, has been paid.

 

8.10.
Nothing in this Warrant Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be
construed, to confer upon, or give to, any Person other than the parties hereto and the Holders any right, remedy, or claim under or
by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.

 

8.11.
A copy of this Warrant Agreement shall be available at all reasonable times at the office of the Warrant Agent designated for such purpose
for inspection by any Holder. Prior to such inspection, the Warrant Agent may require any such holder to provide reasonable evidence
of its interest in the Warrants.

 

8.12.
This Warrant Agreement may be executed in any number of original, facsimile or electronic counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

8.13.
The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation
thereof.

 

    	 

     

    

 

8.14.
If a Warrant is held in global form through DTC (or any successor depositary), such Warrant is issued subject to this Warrant Agent Agreement.
To the extent any provision of a Warrant conflicts with the express provisions of this Warrant Agent Agreement, the provisions of such
Warrant shall govern and be controlling.

 

9.
Certain Definitions.

 

As
used herein, the following terms shall have the following meanings:

 

“Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance,
sale or delivery (or deemed issuance, sale or delivery in accordance with Section 4) of Common Stock (other than rights of the type described
in Section 4.2 and 4.3 hereof) that could result in a decrease in the net consideration received by the Company in connection with, or
with respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights)
but excluding anti-dilution and other similar rights.

 

“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 (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 of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.

 

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

 

“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.

 

“Trading
Day” means any day on which the Common Stock is traded on the Trading Market, or, if the Trading Market is not the principal
trading market for the Common Stock, then on the principal securities exchange or securities market in the United States on which the
Common Stock is then traded, provided that “Trading Day” shall not include any day on which the Common Stock is are scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final
hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on
such exchange or market, then during the hour ending at 4:00 P.M., New York City time).

 

“Trading
Market” means 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).

 

“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 in the “Pink Open Market”
published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most
recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock
as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding
and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

     

    

 

IN
WITNESS WHEREOF, this Warrant Agent Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	PETVIVO
    HOLDINGS, INC.
	 	 	 
	 	By:	       
	 	Name:	 
	 	Title:	 

 

	 	EQUITY
    STOCK TRANSFER, LLC
	 	As
    Warrant Agent
	 	 	 
	 	By:	      
	 	Name:	 
	 	Title:
    	 

 

Annex
A Form of Global Certificate

Annex
B Notice of Exercise

Annex
C Form of Certificated Warrant

Annex
D Authorized Representatives

Annex
E Form of Warrant Certificate Request Notice

 

    	 

     

    

 

Exhibit
A

 

Warrant
Agent Compensation

 

Engagement
fee: $10,000

 

Maintenance
fee: $150 per month

 

    	 

     

    

 

ANNEX
A

 

[FORM
OF GLOBAL CERTIFICATE]

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE
& CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

PETVIVO
HOLDINGS, INC.

WARRANT CERTIFICATE

NOT EXERCISABLE AFTER ______, 2026

 

This
certifies that the person whose name and address appears below, or registered assigns, is the registered owner of the number of Warrants
set forth below. Each Warrant entitles its registered holder to purchase from PetVivo Holdings, Inc., a company incorporated under the
laws of the State of Nevada (the “Company”), at any time prior to 5:00 P.M. (New York City time) on ________, 2026,
one share of common stock, par value $0.001 per share, of the Company (each, a “Warrant Share” and collectively, the
“Warrant Shares”), at an exercise price of $___ per share, subject to possible adjustments as provided in the Warrant
Agreement (as defined below).

 

This
Warrant Certificate, with or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent, may be
exchanged for another Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or
Warrant Certificates surrendered. A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate
at the designated office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed
or accompanied by proper instruments of transfer, a signature guarantee, and such other and further documentation as the Warrant Agent
may reasonably request and duly stamped as may be required by the laws of the State of New York and of the United States of America.

 

The
terms and conditions of the Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in the Warrant
Agent Agreement dated as of _______, 2021 (the “Warrant Agreement”) between the Company and Equity Stock Transfer
LLC (the “Warrant Agent”). A copy of the Warrant Agreement is available for inspection during business hours at the
office of the Warrant Agent.

 

This
Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by an authorized signatory
of the Warrant Agent.

 

[Signature
Page Follows]

 

    	 

     

    

 

WITNESS
the facsimile signature of a proper officer of the Company.

 

	 	 	PETVIVO
    HOLDINGS, INC.
	 	 	 	 
	 	 	By:
    	                  
	 	 	Name:	 
	 	 	Title:	 

 

Dated:
____________, 2021

Countersigned:

 

EQUITY
STOCK TRANSFER, LLC,

As
Warrant Agent

 

	By:
    	                                                                              	 	 
	Name:	 	 	 
	Title:
    	 	 	 

  

PLEASE
DETACH HERE

——————————————————————————————————————

 

Certificate
No.:_________ Number of Warrants:__________

 

WARRANT
CUSIP NO.: ___________

 

	 	PETVIVO
    HOLDINGS, INC.
	 	 
	[Name
    & Address of Holder]	_______________________,
    Warrant Agent
	 	 
	 	By
    Mail:
	 	 
	 	 
	 	By
    hand or overnight courier:
	 	 

 

    	 

    	 

    

 

ANNEX
B

 

NOTICE
OF EXERCISE

 

	To:	PETVIVO
    HOLDINGS, INC.

 

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

                                                                                 

	 	(2)
    	Payment
    shall take the form of (check applicable box):
	 	 	 
	 	 	[  ]
    in lawful money of the United States; or
	 	 	 
	 	 	[  ]
    if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in Section
    3.3.6(b) of the Warrant Agreement (as defined in the Warrant Certificate) to exercise this Warrant with respect to the maximum
    number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in Section 3.3.6(b) of the Warrant
    Agreement.
	 	 	 
	 	(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:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Name
of Holder: ________________________________________________________________

 

Signature
of Authorized Signatory of Holder: __________________________________________

 

Name
of Authorized Signatory: ____________________________________________________________

 

Title
of Authorized Signatory: _____________________________________________________________

 

Date:
_________________________________________________________________________________

 

    	 

    	 

    

 

ANNEX
C

 

[FORM
OF CERTIFICATED WARRANT]

 

COMMON
STOCK PURCHASE WARRANT

 

PETVIVO
HOLDINGS, INC.

 

	Warrant
    Shares: _______	Initial
    Exercise Date: [●] ___, [●]
	 	Issue
    Date: [●] ___, 2021

 

	 	CUSIP:
    ______________
	 	ISIN:
    _______________

 

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 ___, 2021 (the “Initial Exercise Date”) and on or prior to 5:00 P.M., New York City
time on ___, 2026 (the “Termination Date”) but not thereafter, to subscribe for and purchase from PetVivo Holdings,
Inc., a Nevada corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant
Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise
Price, as defined in Section 2(b). 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 Agent
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 (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 of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Registration
Statement” means the Company’s registration statement on Form S-1 (File No. 333-249452).

 

“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 Equity Stock Transfer, LLC, with a mailing address of 237 W. 37th Street, Suite 602, New York, NY 10018,
and any successor transfer agent of the Company.

 

“Warrant
Agent Agreement” means that certain Warrant Agent Agreement, dated as of 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.

 

“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 in the “Pink Open Market”
published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most
recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock
as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding
and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

    	 

    	 

    

 

Section
2. Exercise of Warrant.

 

(a)
Exercise and Payment. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time
or times during the period commencing on the Initial Exercise Date and terminating at 5:00 P.M., New York City time on the Termination
Date (“Exercise Period”) by delivery to the Company of a duly executed facsimile copy (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 below) following the date of exercise
as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by
wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c)
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 form 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 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.

 

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
Agent Agreement, in which case this sentence shall not apply.

 

(b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $_____, 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 (if such quotient would be a positive number) by dividing [(A-B) (X)] by (A), where:

 

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

 

    	 

    	 

    

 

Notwithstanding
anything herein to the contrary, but without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise”
pursuant to this Section 2(c) or to receive cash payments pursuant to Section 3(d)(i) and Section 3(d)(iv) herein, the Company shall
not be required to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant Shares. 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).

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
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 DTC 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
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 earlier of
(i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise and (ii) 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 the earlier
of (i) two (2) Trading Days of and (ii) the number of Trading Days comprising the Standard Settlement Period following the 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 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.

 

(iv)
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required
by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares
of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon
such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x)
the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds
(y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection
with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B)
at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise
was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock
that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. 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 Warrant Shares will be issued upon the exercise of this Warrant. If a Holder would
be entitled, upon the exercise of this Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round
up or down, as applicable, to the nearest whole number the number of Warrant Shares to be issued to such Holder.

 

(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 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 DTC (or another established clearing corporation
performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

    	 

    	 

    

 

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

 

(e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number
of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude
the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, non-exercised 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
non-converted 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 two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock
then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date
as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 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 and such other capital stock of the Company (excluding treasury shares, if
any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock such other
capital stock of the Company (excluding treasury shares, if any) outstanding immediately after such event, and the number of shares issuable
upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.
Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision,
combination or re-classification.

 

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

 

(c)
Dividends. If the Company, at any time during the Exercise Period, shall pay a dividend in cash, securities or other assets to
all holders of Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible), other than
a transaction described in Section 3(a), Section 3(b) or Section 3(d) (any such non-excluded event being referred to herein as a “Dividend”),
then the Exercise Price shall be decreased, effective immediately after the effective date of such Dividend, by the quotient of (i) the
gross amount of cash and/or fair market value (as determined by the Company’s Board of Directors, in good faith) of all securities
or other assets paid to the holders of Common Stock (or other shares of the Company’s capital stock into which the Warrants are
convertible) in respect of such Dividend divided by (ii) the sum of the number of shares of Common Stock (or other shares of the Company’s
capital stock into which the Warrants are convertible) outstanding at the time of the Dividend plus the number of shares of Common Stock
then issuable upon exercise of all outstanding Warrants, provided, that the Exercise Price shall not be reduced below zero.

 

    	 

    	 

    

 

(d)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or
more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly
or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of
its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which all 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 all outstanding shares of Common Stock are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related
transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires
more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons
making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or
other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant,
the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior
to the occurrence of such Fundamental Transaction (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. The Company shall cause any successor
entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in
writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written
agreements prior or during such Fundamental Transaction. Upon the occurrence of any such Fundamental Transaction, the Successor Entity
shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of the Warrants
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 the Warrants with the same effect as if such Successor Entity had been named
as the Company therein.

 

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

 

(f)
Notice to Holder.

 

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

 

    	 

    	 

    

 

(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 (as defined below), at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on
which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the
date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock
for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange;
provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains,
material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice
with the Commission pursuant to a Current Report on Form 8-K. Provided such notice occurs within the Exercise Period, the Holder shall
remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

Section
4. Transfer of Warrant.

 

(a)
Transferability. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at
the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the
form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon
the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant
or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant
to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning this Warrant
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 depository), this Warrant may be divided
or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying
the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance
with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a
new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants
issued on transfers or exchanges shall be dated the original 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 shall register this Warrant, upon records to be maintained by the Warrant Agent 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. 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.

 

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

 

    	 

     

    

 

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

 

(d)
Authorized Shares.

 

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

 

(ii)
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 (A) 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, (B) take all such action as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this Warrant and (C) 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.

 

(iii)
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 conflict
of laws thereof. Each party agrees that all legal Proceedings concerning the interpretation, enforcement and defense of this Warrant
shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”).
Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any provision hereunder), and hereby irrevocably waives, and agrees not to assert in any suit, action or Proceeding, any claim that
it is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue
for such Proceeding. If any party shall commence an action or Proceeding to enforce any provisions of this Warrant, then the prevailing
party in such action or Proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses
incurred in the investigation, preparation and prosecution of such action or Proceeding.

 

(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 e-mail, or sent by a nationally recognized overnight
courier service, addressed to the Company, at 5251 Edina Industrial Blvd., Edina, MN 55439, Attention: John Lai, CEO, email address:
[jlai@petvivo.com]1, or such other 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 e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the e-mail address or
address of such Holder appearing on the books of the Warrant Agent. 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 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
date of transmission, if such notice or communication is delivered 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. Notwithstanding any other provision of this Warrant, where this Warrant provides for notice of any event
to the Holder, if this Warrant is held in global form by DTC (or any successor depositary), such notice shall be sufficiently given if
given to DTC (or any successor depositary) pursuant to the procedures of DTC (or such successor depositary), subject to a Holder’s
right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agent Agreement, in which case this sentence
shall not apply.

 

(i)
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 Agent Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant
Agent Agreement, the provisions of this Warrant shall govern and be controlling.

 

(j)
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.

 

(k)
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.

 

 

1
NTD: Given that exercise notices are to be sent directly to the Warrant Agent, we would suggest using a group email address for
the Warrant Agent here.

 

    	 

    	 

    

  

(l)
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.

 

(m)
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 either: (i) the Holder or the beneficial owner of this Warrant, on the other hand, or (ii) the vote or written consent
of the Holders of at least 50.1% of the then outstanding Warrants issued pursuant to the Warrant Agent Agreement, on the other hand;
provided that if any such modification, amendment or waiver disproportionately and adversely affects the rights of a Holder compared
to other Holders, the prior written consent of such Holder shall also be required.

 

(n)
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.

 

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

 

(Signature
Page Follows)

 

    	 

    	 

    

 

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.

 

	 	PETVIVO
    HOLDINGS, INC.
	 	 	 
	 	By:	               
	 	Name:	
	 	Title:	

 

    	 

    	 

    

 

NOTICE
OF EXERCISE

 

		To:	PETVIVO
    HOLDINGS, INC.

 

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

 

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

 

[  ]
in lawful money of the United States; or

 

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

 

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

 

	 	 	 

 

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

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Name
of Holder: ________________________________________________________________

 

Signature
of Authorized Signatory of Holder: __________________________________________

 

Name
of Authorized Signatory: ____________________________________________________________

 

Title
of Authorized Signatory: _____________________________________________________________

 

Date:
________________________________________________________________________________

 

    	 

    	 

    

 

ASSIGNMENT
FORM

 

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

 

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

 

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

 

    	 

    	 

    

 

ANNEX
D

 

AUTHORIZED
REPRESENTATIVES2

 

	Name	 	Title	 	Signature
	[NAME]	 	[TITLE]	 	 
	[NAME]	 	[TITLE]	 	 

 

 

2
NTD: PETV to complete.

 

    	 

    	 

    

 

Annex
E: Form of Warrant Certificate Request Notice

 

WARRANT
CERTIFICATE REQUEST NOTICE

 

	To:	Equity
                                            Stock Transfer, LLC,

    as
    Warrant Agent for PetVivo Holdings, Inc. (the “Company”)

 

The
undersigned Holder of Common Stock Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby
elects to receive a Definitive Certificate evidencing the Warrants held by the Holder as specified below:

 

(1)
Name of Holder of Warrants in form of Global Warrants:_______________________________________________

 

(2)
Name of Holder in Definitive Certificate (if different from name of Holder of Warrants in form of Global Warrants):________________________________________________________________________________

 

(3)
Number of Warrants in name of Holder in form of Global Warrants:_______________________________________

 

(4)
Number of Warrants for which Definitive Certificate shall be issued:______________________________________

 

(5)
Number of Warrants in name of Holder in form of Global Warrants after issuance:_____________________________

 

The
Definitive Certificate shall be delivered to the following address:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

The
undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Definitive Certificate,
the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number
of Warrants evidenced by the Definitive Certificate.

 

Name
of Holder: ________________________________________________________________

 

Signature
of Authorized Signatory of Holder: __________________________________________

 

Name
of Authorized Signatory: ____________________________________________________________

 

Title
of Authorized Signatory: _____________________________________________________________

 

Date:
_______________

 

    	 

    	 

    

 

Exhibit
2

 

Warrant
Agent Compensation

 

Engagement
fee: $10,000

 

Maintenance
fee: $150 per month

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