Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT,
is made as of the Start Date (as defined below), by and between BIONIK LABORATORIES CORP., a Delaware corporation (hereinafter referred
to as the “Company”), and Dan Gonsalves (hereinafter referred to as the “Employee”).

 

RECITALS

 

WHEREAS, the Company, directly
or through its subsidiaries, is engaged in the business of medical device research, development and production; and

 

WHEREAS, the Company and the
Employee have agreed to enter into an employment relationship upon the terms and subject to the conditions hereinafter set forth.

 

NOW THEREFORE, in consideration
of the mutual covenants and promises herein contained and other good and valuable consideration, the parties agree as follows:

 

ARTICLE 1- EMPLOYMENT AND DUTIES

 

1.1       Appointment.
Subject to the terms and conditions of this Agreement, the Company hereby agrees to employ the employee, and the Employee hereby accepts
employment, in the position of Chief Financial Officer of the Company and as the Company’s principal financial and accounting officer
(the “Position”), effective as of October 6th, 2022 (the “Start Date”).

 

1.2       Term.
The Employee shall be employed until terminated pursuant to the termination provisions set out in Article 4 and Article 5 of this Agreement
and to any amendments as may from time to time be agreed to in writing by the Employee and the Company (the “Term”).

 

1.3       Reporting
and Duties. The Employee shall report to the Chief Executive Officer of the Company and to the Board of Directors of the Company (the
 “Board”). The Employee shall be responsible for (a) the preparation and implementation of the finance strategy and budget
reviews for the Company, (b) preparation and delivery of all SEC and financial markets regulatory agencies reporting requirements, (c)
operational management of cash flow, receivables, payables, expenses and payroll, (d) support the CEO in Investor Relation activities
including fund raising, Board meetings and monitoring of shares, (e) perform all of the normal and customary duties, responsibilities
and authorities customarily accorded to, and expected and required of the Position, including those duties, responsibilities and authorities
as may be reasonably designated by the Chief Executive Officer of the Company or the Board from time to time, (f) providing to the Company
such personal information as is necessary and appropriate for the Company to satisfy its reporting obligations under applicable United
States securities laws and stock exchange rules and requirements and (g) certifying the Annual Reports on Form 10-K and Quarterly Reports
on Form 10-Q of the Company, and all other required filings, pursuant to Rule 13a-14(a) or 15d-14(a), and Rule 13a-14(b) or 15d-14(b),
in each case promulgated under the United States Securities Exchange Act of 1934, as amended (collectively, the “Duties”).
Services performed pursuant to this Agreement shall be performed at the Company’s U.S. headquarters in Boston, Massachusetts, or
such place(s) as shall be mutually agreeable to the Company and Employee. The Employee understands and agrees that the Position requires
travel to the Company’s offices and facilities from time to time, to fulfill the Duties. The Employee agrees to comply with all
applicable policies and rules of Company. During the Term, the Employee shall faithfully and honestly serve the Company and devote no
less than full-time service to the business and affairs of the Company or, where applicable, any subsidiary or other affiliate of the
Company (individually a “Subsidiary” and collectively, the “Subsidiaries”), including the Employee’s role
in the Position and the Duties. The Employee shall use his best efforts to promote the interests of the Company and its Subsidiaries.
Notwithstanding the foregoing or anything else to the contrary herein, nothing in this Agreement shall preclude the Employee from: (a)
engaging in charitable, education, communal or recreational activities; (b) engaging in another business enterprise as a passive investor
or (c) engaging in local, private business ventures of which he is a minority owner as of the Start Date; provided that in no event shall
the Employee own more than 4.9% of any other business enterprise (other than with respect to clause (c) above) and further provided that
no such business enterprise shall be a competitor of the Company or its Subsidiaries. However, the engagements described in 1.3(a) –
(c) above shall only be permissible so long as they do not result in a contravention of Article 3 hereof, or impair the ability of the
Employee to discharge his duties to the Company hereunder. In addition, the Employee shall truly and faithfully account for and deliver
to the Company and its Subsidiaries, all money, securities and things of value belonging to the Company or the Subsidiaries which the
Employee may from time to time receive for, from or on account of the Company or the Subsidiaries.

 

    	 		 

     

    

 

ARTICLE 2 - COMPENSATION

 

2.1       Base
Salary. The Employee will receive an annual base salary of Two Hundred Forty Thousand Dollars ($240,000), payable in accordance with
the Company’s standard payroll practices in effect from time to time, and subject to applicable statutory deductions and withholding
required by law (“Base Salary”). The Employee’s Base Salary will be reviewed on an annual basis to determine potential
increases, if any, based on the Employee’s performance and that of the Company.

 

2.2       Incentive
Compensation. The Employee will be entitled to participate in the Company’s 2014 Equity Incentive Plan or other incentive plan
or arrangement (the “Plan”) based on the terms of the Plan. Subject to the immediately following sentence, the Employee shall
be granted options to purchase an aggregate of 60,000 shares of the Company’s common stock, at an exercise price per share equal
to the fair market value of the Company’s common stock on the date of grant, and which shall vest 1/3 on each of the first three
(3) year anniversaries of the date of grant. The granting of any options or other equity compensation is conditional on the written approval
of the Board (or applicable committee thereof), and subject to any applicable stockholder approval, and the Company reserves the right
to alter, amend, replace or discontinue the Plan or any other plan at any time, with or without notice to the Employee.

 

2.3       Bonus.
The Employee may be entitled to earn an annual bonus of up to 30% of Base Salary, payable based on performance in the previous fiscal
year (“Bonus”). The Bonus will be determined based on the achievement of the Employee’s objectives that will be agreed
to with the CEO for each particular fiscal year, and paid to Employee within the earlier of 90 days after the close of each fiscal year
and the completion of the company audit.

 

    	 		 

     

    

 

2.4       Benefits.
The Employee shall be entitled to participate in all of the Company’s (or applicable Subsidiary’s) benefit plans generally
available to its employees from time to time in accordance with the terms thereof. The Employee’s participation in such plans shall
become fully effective as of the commencement of his employment hereunder pursuant to the terms of such plans. The Company reserves the
right to alter, amend, replace or discontinue the benefit plans it makes available to its employees at any time, with or without notice.

 

2.5       Vacation.
The Employee shall be entitled paid vacation pursuant to the Company’s Flexible Time Off policy in effect from time to time. Such
vacation shall be taken at a time or times acceptable to the Company.

 

2.6       Expense
Reimbursement. The Employee shall be reimbursed for all reasonable expenses actually and properly incurred by him in connection with
the performance of his duties hereunder. The Employee shall submit to the Company written, itemized expense accounts, together with supporting
invoices, acceptable to the Company and such other additional substantiation and justification as the Company may reasonably request within
sixty (60) days after the expenses have been incurred.

 

ARTICLE 3- COVENANTS

 

3.1       No
Restrictions on Employee’s Employment. The Employee acknowledges and affirms that he is not a party to any agreement or understanding
that would conflict or interfere with, or prevent or limit him from being employed by or perform services for the Company.

 

3.2       Confidential
Information. The Employee hereby acknowledges that, by reason of his employment with the Company, he has and will acquire information
about matters and things which are confidential to the Company and/or the Subsidiaries (the “Confidential Information”), and
which Confidential Information is the exclusive property of the Company and/or the Subsidiaries, respectively. The Confidential Information
includes, without limitation, information concerning the Company’s and the Subsidiaries’ strategic plans, product research
and development plans, details and results, trade secrets, supplier lists, data, work product developed by or for the Company or the Subsidiaries,
and all other data and information concerning the business and affairs of the Company and the Subsidiaries. Notwithstanding anything to
the contrary contained herein, for the purposes hereof, Confidential Information shall not include: (a) information that is generally
available to and known by the public at the time of disclosure to the Employee, provided that such disclosure is through no direct or
indirect fault of the Employee or person(s) acting on the Employee's behalf; or (b) information which the Employee is required to disclose
pursuant to applicable law, policies or due processes of applicable regulatory bodies or legal or regulatory proceedings; provided that
the Employee provides the Company with prompt notice of same and assists the Company in seeking to prevent or limit such requirement.
The Employee agrees that during the Term and at all times thereafter, he shall not for any reason (except in the performance of his responsibilities
for the Company) directly or indirectly, (i) use for his own benefit or for the benefit of others, (ii) disseminate, publish or disclose,
or (iii) authorize or permit the use, dissemination or disclosure by any person, firm or entity, any Confidential Information without
the express written consent of the Board. Upon termination of the Employee’s employment or this Agreement, or at any time at the
request of the Company for any reason, the Employee agrees to return to the Company (or, in the case of electronic items, permanently
delete) all documents, records, storage, data, samples, and other property of the Company and its Subsidiaries, together with all copies
thereof which contain or incorporate any Confidential Information. Pursuant to the Defend Trade Secrets Act of 2016, the Employee acknowledges
that the Employee shall not have criminal or civil liability under any federal or state trade secret law for the disclosure of a trade
secret that (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney
and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, if Employee files a lawsuit for retaliation by
the Company for reporting a suspected violation of law, Employee may disclose the trade secret to Employee’s attorney and may use
the trade secret information in the court proceeding, if Employee (x) files any document containing the trade secret under seal and (y)
does not disclose the trade secret, except pursuant to court order.

 

    	 		 

     

    

 

3.3       Intellectual
Property, Inventions and Patents. As part of the consideration for this Agreement and for his employment by the Company, subject to
the provisions of this Agreement, the Employee hereby assigns to the Company, as and when same arise, his entire right, title and interest,
including all intellectual property rights and trade secret rights, in and to any and all work product that is conceived, created, developed
or otherwise generated by the Employee from time to time that relates to the business of the Company or the Subsidiaries, including but
not limited to all inventions, research, designs, trade secrets, improvements, plans, specifications and documentation (collectively,
 “Work Product”), all of which shall be deemed a work for hire for the Company under the U.S. Copyright Act to the fullest
extent permitted under the law. The Employee further agrees that he will promptly, fully disclose to the Company all such Work Product
and will, at any time from the date hereof, including during and after his employment with the Company, at the Company’s expense,
render to the Company or the Subsidiaries such cooperation and assistance as the Company or the Subsidiaries may deem advisable in order
to obtain copyright, patent, trademark or industrial design registrations as the case may be on, or otherwise vest, perfect or defend
the Company’s or the Subsidiaries’ rights with respect to, any or all Work Product. Such cooperation and assistance shall
include, but is not limited to, the execution of any and all applications for copyright, patent, trademark or industrial design registrations,
assignments of copyrights and other instruments in writing which the Company and the Subsidiaries may deem necessary or desirable. The
Employee hereby irrevocably waives all of his moral rights in the Work Product in favor of the Company and its Subsidiaries and their
respective successors, assignees and licensees. The Employee shall take all precautions to maintain and protect the legal rights of the
Company and its Subsidiaries in the Work Product, and to maintain the confidentiality of trade secrets included in the Work Product in
accordance with Section 3.1 hereof. For certainty, no license to the Work Product is granted to the Employee, except to the extent required
for the performance of his responsibilities under this Agreement. The Employee irrevocably appoints any other officer of the Company or
the Subsidiaries from time to time to be his attorney, with full power of substitution, to do on the behalf of the Employee anything that
the Employee can lawfully do by an attorney to do all acts and things in relation to ownership of the Work Product which the Company or
the Subsidiaries shall deem desirable, and to do, sign and execute all documents, conveyances, deeds, assignments, transfers, assurances
and other instruments which may reasonably be necessary or desirable for the purpose of registering, vesting, perfecting; defending, assigning
or otherwise dealing with the Work Product. Such power of attorney is given for valuable consideration acknowledged by the Employee to
be coupled with an interest, shall not be revoked by the bankruptcy or insolvency of the Company or the Subsidiaries, and may be exercised
by the officers of any successor or assign of the Company or the Subsidiaries. The Employee hereby covenants that the Work Product will
not violate or infringe any intellectual property rights of any third party or constitute an unauthorized use of confidential or proprietary
information of any third party. All of the aforesaid covenants in this Section shall be binding on the assigns, executors, administrators
and other legal representatives of the Employee.

 

    	 		 

     

    

 

3.4       Non-Solicitation
of Employees. The Employee shall not, during the period from the date hereof to that date which is one (1) year following the later
of termination of this Agreement or the termination of the Employee’s employment, for any reason, directly or indirectly, hire any
employees or consultants of the Company and/or Subsidiaries (or any individual who was an employee or consultant of the Company at any
time during the 12-month period preceding any such inducement, hire or solicitation) , or induce or attempt to induce, or solicit or attempt
to solicit, any of the employees or consultants of the Company and/or Subsidiaries to leave their employment or engagement with the Company.

 

3.5       Non-Solicitation
of Customers and Suppliers. The Employee shall not, during the period from the date hereof to that date which is one (1) year following
the later of termination of this Agreement or the termination of the Employee’s employment, for any reason, directly or indirectly,
without the prior written consent of the Company, solicit or attempt to solicit any customers of the Company or the Subsidiaries with
whom the Employee had contact or material knowledge of, for the purpose of selling to those customers any products or services which are
the same as or substantially similar to or in any way competitive with the products or services sold by the Company or the Subsidiaries
at the time of termination of this Agreement. The Employee shall not, during the period from the date hereof to that date which is one
(1) year following the termination of this Agreement or the termination of the Employee’s employment, for any reason, directly or
indirectly, without the prior written consent of the Company, solicit or attempt to solicit any suppliers of the Company or the Subsidiaries
with whom the Employee had contact with or material knowledge of, for the purpose of diverting or attempting to divert business away from
the Company or the Subsidiaries.

 

3.6       Non-Competition.
The Employee shall not, at any time during the period from the date hereof to that date which is one (1) year following the later of termination
of this Agreement or the termination of the Employee’s employment, engage in the commercialization of medical devices similar to
those, or devices that are in any way competitive with the products or services, developed, being developed, commercialized and/or sold
by the Company or the Subsidiaries during the term of this Agreement and at the time of the termination of this Agreement (“Competitive
Activity”). The Employee may not engage in such Competitive Activity either individually or in partnership or jointly or in conjunction
with any person as principal, agent, employee, consultant, shareholder (other than a holding of shares listed on a United States stock
exchange that does not exceed five percent (5%) of the outstanding shares so listed) or in any other manner whatsoever, nor shall the
Employee lend money to, guarantee the debts or obligations of or permit his name or any part thereof to be used or employed by any person
engaged in a similar business to the Company or the Subsidiaries. The Company shall have the option to elect whether to enforce this Section
3.6. If the Company elects to enforce this Section 3.6, it shall continue to pay the Employee’s base salary (at the rate at which
it was paying the Employee’s base salary on the date of termination) for as long as it wishes to enforce this Section 3.6, up to
one (1) year following termination of employment. The Company’s payment obligation pursuant to this Section 3.6 shall apply regardless
of the circumstances or reasons leading to the termination of the Employee’s employment. If the Company fails to continue the Employee’s
base salary pursuant to the terms of this Section 3.6, the Employee’s restrictions set forth in this Section 3.6 shall be void thereafter.

 

    	 		 

     

    

 

3.7       Disparaging
Comments. The Employee agrees not to make critical, negative or disparaging remarks about the Company or its management, business
or employment practices; provided that nothing in this paragraph shall be deemed to prevent the Employee from responding fully and accurately
to any question, inquiry or request for information when required by applicable law or legal process, or to enforce this Agreement. The
Company agrees to direct its officers and directors not to make critical, negative or disparaging remarks about the Employee; provided
that nothing in this paragraph shall be deemed to prevent the Company or its officers or directors from responding fully and accurately
to any question, inquiry or request for information when required by applicable law or legal process, or to enforce this Agreement.

 

3.8       Acknowledgement,
Waiver and Enforcement. The Employee confirms that the restrictions contained in this Article 3 are reasonable and valid to protect
the legitimate business interests of the Company and the Subsidiaries, including its business plans and marketing and commercialization
strategies. The Employee hereby agrees and acknowledges that it would be extremely difficult to measure the damages that might result
from any breach of any of the covenants of the Employee contained herein and that any breach of any of the covenants of the Employee might
result in irreparable injury to the business for which monetary damages could not adequately compensate. If a breach of any of the covenants
of the Employee occurs, the Company shall be entitled, in addition to any other rights or remedies the Company may have at law or in equity,
to have an injunction issued by any competent court (without the need to post a bond) enjoining and restricting the Employee and all other
parties involved therein from continuing such breach.

 

3.9       Notwithstanding
anything to the contrary herein, if any applicable law, court or governmental entity shall reduce the time period or scope during which
the Employee shall be prohibited from engaging in any competitive or soliciting activity described in this Article 3, the period of time
or scope, as the case may be, for which the Employee shall be prohibited shall be reduced to the maximum time or scope permitted by law.

 

3.10       Survival
and Enforceability. It is expressly agreed by the parties hereto that the provisions of this Article 3 shall survive the termination
of this Agreement and the Employee’s employment.

 

ARTICLE 4 – DEATH; DISABILITY

 

4.1       Death.
If the Employee dies while employed under this Agreement, this Agreement shall terminate immediately and the Company shall pay to the
Employee’s estate, any earned Base Salary and accrued vacation, if any, that is unpaid up to the date of his death.

 

    	 		 

     

    

 

4.2       Termination
by Disability. The Company may terminate this Agreement as a result of any mental or physical disability or illness which results
in (a) the Employee being unable to substantially perform his duties for a continuous period of 150 days or for periods aggregating 180
days within any period of 365 days or (b) the Employee being subject to a permanent or indefinite inability to perform essential functions
based on the opinion of a qualified medical provider chosen by the Company. Termination will be effective on the date designated by the
Company, and the Employee will be paid his annual Base Salary, accrued vacation, if any, and benefits as set out in Section 2.4 through
the date of termination.

 

ARTICLE 5 - TERMINATION OF EMPLOYMENT

 

5.1       Termination
by Company for Cause. The Company may terminate this Agreement for cause at any time without any prior notice. The Employee will be
provided with any unpaid, earned Base Salary incurred up to the date of termination. For the purposes of this Agreement, “cause”
shall mean any of: (a) a material breach by the Employee of the terms of this Agreement; (b) a conviction of or plea of guilty or nolo
contendere to any felony or any other crime involving dishonesty or moral turpitude; (c) the commission of any act of fraud or dishonesty,
or theft of or intentional damage to the property of the Company; (d) willful or intentional breach of the Employee’s fiduciary
duties to the Company; (e) the violation of a material policy of the Company as in effect from time to time; or (f) any act or conduct
that would constitute cause at common law.

 

5.2       Termination
by Company for Other than Cause. The Company may terminate this Agreement and the Employee’s employment, for any reason without
cause and provided that the Employee executes a general release to be provided to the Company in form and substance acceptable to the
Company, the Company shall pay to the Employee an amount equal to six (6) months’ Base Salary as provided in Section 2.1 (the “Severance”)
plus accrued unused vacation, if any; provided that the Company shall not be required to pay the Severance in the event the Company elects
to enforce Section 3.6, and continues paying Employee’s salary pursuant to Section 3.6 in an amount no less than the Severance amount.

 

5.3       Termination
by Employee. The Employee may terminate this Agreement and his employment at any time, for any reason, provided that the Employee
provides the Company with thirty (30) days’ prior written notice. The Employee agrees to use his best effort to assist the Company
to complete an effective reallocation of his responsibilities upon the giving of such notice. In case of Good Reason (as defined below),
the Company shall pay to the Employee: (i) the Severance; and (ii) accrued vacation time if any; provided that the Company shall not be
required to pay the Severance in the event the Company elects to enforce Section 3.6, and continues paying Employee’s salary pursuant
to Section 3.6 in an amount no less than the Severance amount. For purposes of this Employment Agreement, “Good Reason” shall
mean any of: (1) A material diminution in the Employee's base compensation; (2) A material diminution in the Employee's authority, duties,
or responsibilities; or (3) Any other action or inaction that constitutes a material breach by the Company of this Employment Agreement.
For Good Reason to exist, the Employee must provide notice to the Company of the existence of any of the foregoing conditions within ninety
(90) days of the initial existence of the condition, and the Company shall upon such notice have a period of forty-five (45) days during
which it may remedy the condition (and upon such remedy Good Reason shall be deemed not to have existed).

 

    	 		 

     

    

 

5.4       Limitation
of Liability. The Employee acknowledges, understands and agrees that the payments and other benefits provided for in this Article
5 represent the Company’s maximum termination and severance obligations to the Employee. No other notice or severance or other payments
or entitlements shall apply except as specifically set forth herein. This provision shall remain in full force and effect unamended, notwithstanding
any other alterations to the terms and conditions of the Employee’s employment, unless agreed to by the Company in writing. The
Employee also acknowledges, understands and agrees that any such payment by the Company to the Employee on termination of the Employee’s
employment shall not prevent the Company from alleging cause for the termination.

 

5.5       Effect
of Termination. Upon any termination of this Agreement, the Employee shall immediately deliver or cause to be delivered to the Company
all Confidential Information and Company property which are in the possession, charge, control or custody of the Employee.

 

ARTICLE 6 - GENERAL

 

6.1       Release.
Upon compliance with the applicable termination provisions of this Agreement by the Company, the Employee agrees to deliver to the Company
a full and final written general release in form and substance acceptable to the Company.

 

6.2       Recitals.
The parties agree that the Recitals set out herein are true and accurate and shall form part of this Agreement.

 

6.3       Headings.
The division of this Agreement into articles and sections and the insertion of headings are for the convenience of reference only and
shall not affect the construction or interpretation of this Agreement.

 

6.4       Assignment.
This Agreement shall be personal as to the Employee and shall not be assignable by the Employee subject to the terms herein. This Agreement
shall inure to the benefit of and be binding upon the heirs, executors, administrators and legal personal representatives of the Employee
and the successors and assigns of the Company. The Company may assign this Agreement, in its sole discretion, to any corporate affiliate
or Subsidiary of the Company.

 

6.5       Entire
Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and cancels
and supersedes any prior understandings and agreements between the parties hereto with respect thereto, whether verbal or in writing.
There are no other written or verbal representations, warranties, terms, conditions, undertakings or collateral agreements, express, implied
or statutory between the parties.

 

6.6       Amendments.
No amendment to this Agreement shall be valid or binding unless set forth in writing and duly executed by both of the parties hereto.
The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent
breach by any party.

 

6.7       Severability.
In the event any portion of this Agreement is held to be invalid or unenforceable, the invalid or unenforceable portion or provision shall
not affect any other provision hereof and this Agreement shall be construed and enforced as if the invalid provision had not been included.
The parties further agree that a court is expressly authorized to modify any unenforceable provision of this Agreement by making such
modifications as it deems warranted to carry out the intent and agreement of the parties hereto, which is to enforce the Agreement and
each of the provisions contained herein to the maximum extent permitted by law.

 

    	 		 

     

    

 

6.8       Further
Acts. The parties shall do all such further acts and things and provide all such assurances and deliver all such documents in writing
as may be required, from time to time in order to fully carry out the terms, provisions and intent of this Agreement.

 

6.9       Notice.
Any demand, notice or other communication to be given in connection with this Agreement shall be given in writing by personal delivery,
electronic delivery or by registered mail addressed to the recipient as follows:

 

Bionik Laboratories Corp.

80 Coolidge Hill Road

Watertown, MA 02472

Telephone: (617) 926-4800

Email: rrusso@bioniklabs.com

 

Dan Gonsalves

6 Aberdeen Drive

Scituate, MA 02066

Email: dgonsalves@bioniklabs.com

 

or such other address or number as may be designated
by either party to the other in accordance herewith. Any notice given by personal delivery will be conclusively deemed to have been given
on the day of actual delivery of the notice and, if given by registered mail, on the third day, other than a Saturday, Sunday or statutory
holiday in the Commonwealth of Massachusetts, following the deposit of the notice in the mail. If the party giving any notice knows or
ought reasonably to know of any difficulties with the postal system that might affect the delivery of mail, any such notice may not be
mailed but must be given by personal delivery. In the case of electronic delivery, on the same day that it was sent if sent on a business
day and the acknowledgement of receipt is received by the sender before 5:00 p.m. (in the place of receipt) on such day, and otherwise
on the first business day thereafter.

 

6.10       Jurisdiction.
This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts. Each of the parties
hereto agrees that any action or proceeding related to this Agreement must be brought in any court of competent jurisdiction in the Commonwealth
of Massachusetts, and for that purpose hereby submits to the jurisdiction of such Massachusetts court.

 

    	 		 

     

    

 

6.11       Section
409A. This Agreement is intended to comply with or be exempt from Section 409A of the Code and will be interpreted, administered and
operated in a manner consistent with that intent. Notwithstanding anything herein to the contrary, if at the time of the Employee’s
separation from service with the Company he is a “specified employee” as defined in Section 409A of the Code (and the regulations
thereunder) and any payments or benefits otherwise payable hereunder as a result of such separation from service are subject to Section
409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any
reduction in such payments or benefits ultimately paid or provided to the Employee) until the date that is six months following the Employee’s
separation from service with the Company (or the earliest date as is permitted under Section 409A of the Code), and the Company will pay
any such delayed amounts in a lump sum at such time. If any other payments of money or other benefits due to the Employee hereunder could
cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred
if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits
shall be restructured, to the extent possible, in a manner, determined by the Company, that does not cause such an accelerated or additional
tax. To the extent any reimbursements or in-kind benefits due to the Employee under this Agreement constitute “deferred compensation”
under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to the Employee in a manner consistent with
Treas. Reg. Section 1.409A-3(i)(1)(iv). Each payment made under this Agreement shall be designated as a “separate payment”
within the meaning of Section 409A of the Code. References to “termination of employment” and similar terms used in this Agreement
are intended to refer to “separation from service” within the meaning of Section 409A of the Code to the extent necessary
to comply with Section 409A of the Code. Whenever a payment under this Agreement may be paid within a specified period, the actual date
of payment within the specified period shall be within the sole discretion of the Company. In no event may the Employee, directly or indirectly,
designate the calendar year of any payment to be made under this Agreement. Any provision in this Agreement providing for any right of
offset or set-off by the Company shall not permit any offset or set-off against payments of “non-qualified deferred compensation”
for purposes of Section 409A of the Code or other amounts or payments to the extent that such offset or set-off would result in any violation
of Section 409A or adverse tax consequences to the Employee under Section 409A.

 

6.12       Independent
Legal Advice. The Employee acknowledges that he has been advised to seek independent legal counsel in respect of the Agreement and
the matters contemplated herein. To the extent that he declines to receive independent legal counsel in respect of the Agreement, he waives
the right, should a dispute later develop, to rely on his lack of independent legal counsel to avoid his obligations, to seek indulgences
from the Company or to otherwise attack the integrity of the Agreement and the provisions thereof, in whole or in part.

 

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IN WITNESS WHEREOF this Agreement has been executed
by the parties hereto as of the date first written above.

 

	 	Bionik Laboratories Corp.	 
	 	 	 	 
	 	By:	/s/ Rich Russo Jr.	 
	 	Name:	Rich Russo Jr.	 
	 	Title:	CEO	 
	 	 	 	 
	 	/s/ Dan Gonsalves	 
	 	NAME: Dan GonsalvesExhibit 4.20

     

    COMMON STOCK PURCHASE WARRANT

    

    

     NUWELLIS, INC.

     

    	
            Warrant Shares: 

            

          	 	 	
            Issue Date: 

            

          	 

          	 , 2022

    

    

    THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, ________, or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations
      on exercise and the conditions hereinafter set forth, at any time on or after the later of (i) the Authorized Share Increase Date and (ii) the date Shareholder Approval is received and effective (the “Initial Exercise Date”) and on or prior to
      5:00 p.m. (New York City time) on the sixth anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Nuwellis, Inc., a Delaware corporation (the “Company”), up to ________ shares (as subject to adjustment hereunder, the “Warrant Shares”) of the Company’s common stock (“Common Stock”). The purchase price of one share of Common Stock under this Warrant shall be
      equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”) shall initially be the
      sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

     

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

     

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

     

      

     “Amendment” means the amendment to the Company’s certificate of incorporation that effects a reverse stock split such that, following such reverse stock split, there are authorized and unissued shares of Common
        Stock sufficient for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.

     

      

    “Authorized Share Approval” means approval of the Amendment by the shareholders of the Company.

    
       

        

      “Authorized Share Increase Date” means, subject to Authorized Share Approval, the date on which the Amendment is filed and accepted with the State of Delaware.

    

    

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

     

    
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    “Board of Directors” means the board of directors of 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 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.

     

    

    
      “Exempt Issuance” means the issuance of (a) shares of Common Stock or options, restricted stock units or other equity-based awards to
          consultants, employees, officers or directors of the Company pursuant to any equity compensation plan duly adopted for such purpose by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of
          non-employee directors established for such purpose, provided, however, any such issuances to consultants shall not exceed, in the aggregate, $300,000 of Common Stock or Common Stock Equivalents in any calendar quarter and provided that such
          issuances to consultants shall be issued as “restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith until the later of (i) ninety
          (90) days following the Closing Date and (ii) thirty (30) days following the later of (x) the Authorized Share Increase Date and (y) the date Shareholder Approval is received and effective, (b) securities upon the exercise or exchange of or
          conversion of any securities issued pursuant to the Underwriting Agreement and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Warrant, provided that such
          securities have not been amended since the date of this Warrant to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (except for such decreases in exercise, exchange or
          conversion price in accordance with the terms of such securities) or to extend the term of such securities and (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the
          Company, and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business
          of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an
          entity whose primary business is investing in securities.

        

       

        

      “Issue Date” means October __, 2022.

        

       

    

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

     

    “Registration Statement” means the Company’s registration statement on Form S-1 (File No. 333-267368).

     

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

     

    “Shareholder Approval” means such approval as may be required by the applicable rules and regulations of the Nasdaq Capital Market (or any successor entity) from the
      shareholders of the Company to permit the exercise of the Warrants.

     

    “Subsidiary” means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date
      hereof.

     

    “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).

     

    
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    “Transfer Agent” means American Stock Transfer & Trust Company, the current transfer agent of the Company, with a mailing address of 6201 15th Avenue, Brooklyn, New York, and any successor transfer agent of the Company.

     

     “Trigger Date” means the 90th calendar day following the Issue Date.

    

     

    

    “Underwriting Agreement” means the underwriting agreement, dated as of _______, 2022, by and among the Company and Ladenburg Thalmann & Co. Inc. as representative of the
      underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms.

     

    

    
      “Variable Rate Transaction” means a transaction in which the Company (i) issues or sells any
          debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive, additional shares of Common Stock either (A) at a conversion price, exercise price or exchange rate or other price that is
          based upon, and/or varies with, the trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price that is subject to
          being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Stock
          or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the Company may issue securities at a future determined price.

    

     

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

     

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

     

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

     

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

     

    
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    Section 2.            Exercise.

     

    a)         Exercise of Warrant.   Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
      Exercise Date and on or before the Termination Date by delivery to the Company or Warrant Agent (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on
      the books of the Company) of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the
      number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the 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 or Warrant Agent for cancellation
      within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have
      the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  The Holder and the Company shall maintain records showing the number of Warrant Shares
      purchased and the date of such purchases. The Company or Warrant Agent shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice.  The Holder and any assignee, by
        acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this 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 Agency 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”). In addition, on the Trigger Date, the Exercise Price shall be reduced, and only reduced, to the lesser of (i) the then Exercise Price and (ii) 90% of the average of the VWAPs for the five (5)
      Trading Day period immediately prior to the Trigger Date (the “Reset Exercise Price”, which shall thereafter be the new Exercise Price, subject to further adjustment hereunder, and such five (5) Trading Day period shall be referred to herein
      as a “Reset Measurement Period”).  For the avoidance of doubt, any adjustment effected pursuant to this Section 2(b) shall only made to the Exercise Price and the number of Warrant Shares issuable hereunder shall not be adjusted hereunder. The
      Company shall notify each Holder of the applicable adjustment to the Exercise Price as of such date (each notice, a “Trigger Date Adjustment Notice”).  For purposes of clarification, whether or not the Company provides a Trigger Date
      Adjustment Notice pursuant to this Section 2(b), each Holder shall only be required to pay the Reset Exercise Price with respect to such exercise, regardless of whether a Holder accurately refers to such price in any Notice of Exercise.  If the
      aggregate Exercise Price paid by the Holder exceeds the amount that should have been paid based on the Reset Exercise Price, the Company shall promptly return any excess aggregate Exercise Price to the Holder.  Any adjustment to the Exercise Price
      pursuant to this Section shall be effective retroactively to the first Trading Day of such Reset Measurement Period.

    

     

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

       

    

    

    	  (A)	
            =

          	
            as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof
              on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(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.

            

    

    

    

    In connection with clause (ii) in (A) above, upon written request of the Company, the Holder will provide evidence reasonably acceptable to the Company of the Bid Price of the Common Stock on the principal Trading
      Market that was reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise.

     

    

    Notwithstanding anything to the contrary herein, a “cashless exercise” may occur after the Initial Exercise Date. In such event, the aggregate number of Warrant Shares issuable in such cashless exercise pursuant to any given Notice of Exercise
      electing to effect a cashless exercise shall equal the product of (x) the aggregate number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash
      exercise rather than a cashless exercise and (y) 1.00.

    

     

    

    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).

    

    

    Without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise” and without limiting the liquidated damages provision in Section 2(d)(i) and the buy-in provision in Section 2(d)(iv), in no
      event will the Company be required to net cash settle a Warrant exercise.

     

    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).

    

    

    
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    d)          Mechanics of Exercise.

     

    i.         Delivery of Warrant Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the
      Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration
      statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share
      register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i)
      two (2) Trading Days after the delivery to the Company or the Warrant Agent of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company, and (iii) the number of Trading Days comprising the
      Standard Settlement Period after the delivery to the Company or the Warrant Agent of the Notice of Exercise (such date, the “Warrant Share Delivery Date”).   Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate
      purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in
      the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise.  If the Company fails for any
      reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject
      to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the third Trading Day after the Warrant Share Delivery Date) 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.

     

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

     

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

     

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

     

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

     

    
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    e)         Holder’s Exercise Limitations.  The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or
      otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder
      or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock
      beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number
      of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the
      unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other  Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein
      beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the
      Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is
      solely responsible for any schedules required to be filed in accordance therewith.   To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities
      owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s
      determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
      Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercises of this Warrant that are not in compliance with the Beneficial Ownership
      Limitation, provided this limitation of liability shall not apply if the Holder has detrimentally relied on outstanding share information provided by the Company or the Transfer Agent.  In addition, a determination as to any group status as
      contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a
      Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a
      more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to
      the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this
      Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.  The “Beneficial Ownership Limitation” shall be 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.

     

    

    
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    Section 3.            Certain Adjustments.

     

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

     

      

    
      b)        Subsequent Equity Sales. Until such date that 80% or more of the Warrants have been exercised or exchanged hereunder (subject to adjustment for reverse and forward stock splits, recapitalizations
        and similar transactions), if the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall sell, enter into an agreement to sell, or grant any option to purchase, or sell, enter into an agreement to
        sell, or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents, at an effective price per share less than the
        Exercise Price then in effect (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (it being understood and agreed that if the holder of the Common Stock or Common Stock Equivalents so
        issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such
        issuance, be entitled to receive shares of Common Stock at an effective price per share that is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance at
        such effective price), then simultaneously with the consummation (or, if earlier, the announcement) of each Dilutive Issuance the Exercise Price shall be reduced and only reduced to equal the Base Share Price and the number of Warrant Shares
        issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder, after taking into account the decrease in the Exercise Price, shall be equal to (x)-(y) where (x) is equal to the aggregate Exercise Price in effect at
        the time of issuance of this Warrant and (y) is equal to the aggregate cash Exercise Price paid in connection with any Warrant exercises prior to the Dilutive Issuance (if any) plus the cash Exercise Price that would have been payable in connection
        with any “cashless exercises” (if any) pursuant to Section 2(c), if any such exercises were by means of a cash exercise rather than a cashless exercise, provided that the Base Share Price shall not be less than $______2 (which price shall be subject to adjustment for reverse and forward stock splits, recapitalizations and similar
        transactions following the date of the Underwriting Agreement). Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance. The Company shall notify the Holder, in writing,
        no later than the Trading Day following the issuance or deemed issuance of any Common Stock or Common Stock Equivalents subject to this Section 3(b), indicating therein the applicable issuance price, or applicable reset price, exchange price,
        conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the occurrence of any
        Dilutive Issuance, the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. If the Company enters into a
        Variable Rate Transaction, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible price, conversion price or exercise price at which such securities may be issued, converted or exercised.

         

    

    c)         Subsequent Rights Offerings.  In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock
        Equivalents or rights to purchase stock, warrants, securities or other property pro rata to 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, that, 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).
       

      

      	___________________________

            
	2  30% of the Initial Exercise Price.

            

    

     

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

     

    
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    e)          Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the
      Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related
      transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for
      other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or
      recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
      related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby
      such other Person or group acquires more than 50% of the outstanding shares of Common Stock (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant
      Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of
      shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by
      a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).  For purposes of any such
      exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
      Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given
      any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
      Transaction.  Notwithstanding anything to the contrary, in the event of a Fundamental Transaction other than one in which a Successor Entity (as defined below) that is a publicly traded corporation whose stock is quoted or listed on a Trading Market
      assumes this Warrant such that the Warrant shall be exercisable for the publicly traded common stock of such Successor Entity and only if such Fundamental Transaction is within the Company’s control, the Company or any Successor Entity (as defined
      below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the
      Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided, however, if the Fundamental Transaction is not
      within the Company’s control, including not approved by the Company’s Board of Directors, Holder shall not have the option to require the Company to purchase its Warrant.  Any cash payment will be made by wire transfer of immediately available funds
      within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction).  “Black Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from
      the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for
      a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT
      function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being offered in
      cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction
      and the Termination Date.  The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this
      Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction
      and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a
      corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of
      this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such
      Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such
      Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
      date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company
      under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

     

    
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    f)          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.

     

    g)          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. Notwithstanding any other provision of this Warrant, as to
      any Warrant not held in certificated form, where this Warrant provides for notice of any event to a Holder, such notice shall be sufficiently given if given to DTC (or any successor depository) pursuant to the procedures of DTC (or such successor
      depository).

     

    
      13

      
        

    

    ii.         Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring
      cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the
      approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of
      the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the
      Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 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.  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.

     

    h)         Voluntary Adjustment By Company.  Subject to the rules and regulations of the Trading Market, the Company may, with the written consent of the beneficial owner of this Warrant, at any time during the
      term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.

     

    Section 4.            Transfer of Warrant.

     

    a)          Transferability.  This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the
      principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes
      payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or
      denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  Notwithstanding anything herein to the
      contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of
      the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full.  The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a
      new Warrant issued.

     

    
      14

      
        

    

    b)        New Warrants. If this Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be divided or combined with other Warrants upon presentation hereof at the
      aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer
      which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers
      or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

     

    c)          Warrant Register. The Company 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 Business Day, then, such action may be taken or such right may
      be exercised on the next succeeding Business Day. 

     

    
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    d)           Authorized Shares.

     

    The Company covenants that, during the period the Warrant is outstanding, it will seek Authorized Share Approval to effectuate the Amendment in order to 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 and upon such Authorized Share Approval will reserve from its duly authorized unissued Common Stock a sufficient
      number of shares for issuances of the Warrant Shares upon the exercise of any purchase rights under this Warrant.  Until such time as the Amendment has been approved and deemed effective and the Company shall have reserved for issuance the maximum
      number of shares of Common Stock issuable upon exercise of the Warrants, any newly available authorized and unreserved shares of Common Stock (including, without limitation, because of an Authorized Share Approval, a reverse stock split, stock
      combination or similar transaction) shall first be reserved for issuance to exercise the Warrants (ratably among all Warrants) before being used for any other purpose.  The Company further covenants that its issuance of this Warrant shall constitute
      full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be necessary to assure that
      such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed.  The Company covenants that all Warrant Shares which
      may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued,
      fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

     

    Except and to the extent as necessary in connection with the Authorized Share Approval or otherwise waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its
      certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of
      this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. 
      Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as
      may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations,
      exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

     

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

     

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

     

    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 notices, consents, waivers or other document or communications required or permitted to be given or delivered under the terms of this Warrant must be in writing and
      will be deemed to have been delivered: (i) upon receipt, if delivered personally; (ii) when sent, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); (iii)
      when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether electronically or otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient’s e-mail server that
      such e-mail could not be delivered to such recipient) and (iv) if sent by overnight courier service, one (1) Trading Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party
      to receive the same. If notice is given by facsimile or email, a copy of such notice shall be dispatched no later than the next business day by first class  mail, postage prepaid. The addresses, facsimile numbers and e-mail addresses for such
      communications shall be:

     

    

    
      17

      
        

    

    If to the Company:

     

    	 	
            Nuwellis, Inc.

          	 
	 	
            12988 Valley View Road

          	 
	 	
            Eden Prairie, MN 55344

          	 
	 	
            Attention:

          	
            Nestor Jaramillo, Jr.

          	 
	 	 	
            Chief Executive Officer

          	 
	 	
            Telecopy:

          	
            (952) 345-4200

          	 

    

    

    With a copy (for informational purposes only) to:

     

    	 	
            Honigman LLP

          	 
	 	
            650 Trade Centre Way, Suite 200

          	 
	 	
            Kalamazoo, Michigan 49002-0402

          	 
	 	
            E-mail:

          	
            ptorrence@honigman.com

          	 
	 	
            Attention:

          	
            Phillip D. Torrence

          	 

    

    

    If to a Holder, to its address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

     

    Or, in each of the above instances, to such other address, facsimile number or e-mail address and/or to the attention of such other Person as the recipient party has specified by written notice given to each other
      party at least five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s
      facsimile machine containing the time, date and recipient facsimile number or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service in
      accordance with clause (i), (ii) or (iv) above, respectively. A copy of the e-mail transmission containing the time, date and recipient e- mail address shall be rebuttable evidence of receipt by e-mail in accordance with clause (iii) above.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

    

    

    (Signature Page Follows)

    

    

    
      19

      
        

    

    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.

     

    	 	
            NUWELLIS, INC.

          
	 	 	 
	 	
            By:

          	
            

            

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    
      20

      
        

    

    NOTICE OF EXERCISE

    

    

    	
            TO:

          	
            NUWELLIS, 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:

    

    

    	 	 	
            

            

          
	 	 	 
	 	 	

          
	 	 	 
	 	 	

          

    

    

    
      	
              [SIGNATURE OF HOLDER]

            
	 	 
	
              Name of Investing Entity:

            	 

      	
              Signature of Authorized Signatory of Investing Entity:

            	 

      	
              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:

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