Document:

SEPARATION
AGREEMENT

 

This
Separation Agreement (“Agreement”) is between MassRoots, Inc., a Delaware corporation, its predecessors, subsidiaries,
successors, assigns, affiliates, shareholders, officers, directors, agents, legal representatives, employees, benefit plans, and
their administrators and trustees, individually and in their official capacities (collectively, the “Company”) and
Isaac Dietrich (“Dietrich” or “Executive”), residing at [] and together with the Company collectively
referred to as the “Parties”.

 

WHEREAS,
on or about April 1, 2014, the Parties entered into that certain “at will” Employment Agreement, as amended on March
31, 2015, providing for, among other things, Dietrich’s employment as the Company’s Chief Executive Officer (“Employment
Agreement”);

 

WHEREAS,
the Parties acknowledge and agree that Executive’s employment with the Company terminated on October 16, 2017 pursuant to
the terms and conditions of the Employment Agreement; and

 

WHEREAS,
the Company advises Dietrich in writing of the right to consult with a lawyer before signing this Agreement;

 

WHEREAS,
Dietrich acknowledges that the consideration provided to him under this Agreement is sufficient to support the releases by Dietrich;

 

WHEREAS,
Dietrich acknowledges that he has been fully compensated for all work performed on behalf of the Company and he is not entitled
to receive any additional compensation nor eligible to participate in any Company-sponsored benefits or programs other than those
expressly provided in this Agreement; and

 

WHEREAS,
the Company and Dietrich desire to fully and finally resolve all differences between them related to Dietrich’s employment
with the Company and termination.

 

NOW
THEREFORE, in consideration of the mutual promises of the parties, the receipt and sufficiency of which the parties hereby acknowledge,
THE PARTIES INTENDING TO BE BOUND DO HEREBY CONTRACT, COVENANT, AND AGREE as follows:

 

 

	1.		Separation
Date. The Executives’ last day of employment with the Company was October 16, 2017 (the "Separation Date").
After the Separation Date, except in his capacity as a duly elected director of the Company, Dietrich will not and has not represented
himself as being an employee, officer, attorney or agent of the Company for any purpose. Except as otherwise set forth in this
Agreement, the Separation Date was the employment termination date for the Executive for all purposes, meaning the Executive is
not entitled to any further compensation, monies, or other benefits from the Company, including coverage under any benefit plans
or programs sponsored by the Company, as of the Separation Date.

 

    	 		 

     

    

	2.		Return
of Property. Upon execution of this Agreement,
the Executive must return and warrants and represents that the he has returned all Company’s property, including identification
cards or badges, access codes or devices, keys, computers, telephones, mobile phones, hand-held electronic devices, credit cards,
electronically stored documents or files, physical files, and any other Company property in the Executive's possession (other
than his laptop computer which he may retain) and Executive agrees to reasonably cooperate with any Company in connection with
matters arising out of the Executive’s service to the Company.

	 	 	 
	3.		Non-Admission.
This Agreement is entered into mutually in order to avoid the costs, uncertainty, and vexation of further proceedings
and litigation. The terms set out in this Agreement are a compromise settlement of disputed claims, the validity, existence or
occurrence of which is expressly denied by the Parties. This Agreement shall not be admissible evidence in any judicial, administrative,
or other legal proceedings for any reason except to enforce the terms of this Agreement.

 

	4.		Wages
and Expense Reimbursement. Dietrich acknowledges that he has been fully-compensated for all work performed on behalf of
the Company, through the Separation Date, and that he is not entitled to receive any additional payments as wages, bonus, commission
or reimbursement. Company retains the right to review Dietrich’s expense reimbursements since July 25, 2017, and, in the
event Company shall determine any such expenses should not have been tendered as Company expenses, Dietrich agrees within ninety
(90) days of such notice from the Company to reimburse the Company for such expenses in an amount not to exceed Twenty Five Thousand
and no/100 Dollars ($25,000).

 

	5.		Separation
Benefits. In consideration for Dietrich’s execution of this Agreement and compliance with this Agreement, including
Dietrich’s waiver and release of claims in Section 6 below, the Company agrees to provide the following benefits to
which Dietrich is not otherwise entitled: (1) Installment payments equal to Dietrich’s current salary of Seven Thousand
Nine Hundred Sixteen and 66/1000 Dollars ($7,916.66) per month for a period of four months after the Separation Date, less all
relevant taxes and other withholdings to be paid bi-monthly starting on the first pay period following the Effective Date but
no later than 30 days following the Separation Date. The first installment payment shall include all amounts that would otherwise
have been paid to the Executive during the period beginning on the Separation Date and ending on the first payment date, and (2)
if Dietrich timely and properly elects COBRA continuation coverage under the Company’s current group health plan, the Company
shall pay the COBRA premium for Dietrich for a period of four months after the Separation Date (however, at the end of this period,
Dietrich shall be eligible to continue coverage, pursuant to COBRA, and shall be responsible for the entire COBRA premium for
the remainder of the applicable COBRA continuation period) (collectively, the “Settlement Amount”).

 

	6.		Claims
Released by Dietrich. In exchange for the consideration set forth in Section 3, Dietrich agrees to release, waive
and discharge Company and any parent, subsidiary, affiliated, and related entities, including their past, present, or future managers,
directors, owners, administrators, officers, employees, agents, insurance companies, attorneys, representatives, predecessors,
and assigns, (together the “Released Parties”) from any and all claims, demands, lawsuits or causes of action of any
type, nature, kind or description, whether in law or in equity or otherwise, whether now known or unknown, suspected or unsuspected,
and whether or not concealed or hidden, that have existed or may have existed, or that do exist, or that can, shall or may exist,
arising out of or in any way connected with employment with Company or the termination of employment. Without limiting the scope
of this Release, Dietrich specifically agrees to release all rights or claims under the following:

    	 	2	 

     

    

 

		(a)	Civil
                                         Rights Act of 1964, the Civil Rights Act of 1866 and 1871 (including, but not limited
                                         to, 42 U.S.C. Sections 1981, 1982, 1983 and 1985), or claims under Executive Order 11246,
                                         as amended, the Age Discrimination in Employment Act as amended, the Equal Pay Act, the
                                         Rehabilitation Act, any state or local law against discrimination or civil rights acts,
                                         the Employee Retirement Income Security Act (ERISA), the Fair Labor Standards Act or
                                         any state law concerning wage and hour rates or wage payments; the Americans With Disabilities
                                         Act (ADA), the Older Workers Benefit Protection Act (“OWBPA”), the Vocational
                                         Rehabilitation Act of 1973; The Americans with Disabilities Act of 1990; the Immigration
                                         Reform and Control Act of 1986; Vietnam Era Veterans Readjustment Assistance Act of 1974;
                                         the Federal Railroad Safety Act (45 U.S.C. Section 421 et seq.); Section 301 of
                                         the Labor Management Relations Act, 29 U.S.C. Section 185 et seq.; the Labor Management
                                         Relations Act; the Occupational Safety and Health Act; the Family and Medical Leave Act
                                         of 1993; the Worker Adjustment and Retraining Act (“WARN”) and Federal Common
                                         Law.

 

		(b)	The
                                         foregoing release includes, but is not limited to, any claim of discrimination on the
                                         basis of race, sex, religion, marital status, sexual orientation, national origin, handicap
                                         or disability, age, veteran status, special disabled veteran status, or citizenship status;
                                         any other claim based on a statutory prohibition whether federal, state, or local; any
                                         claim arising out of or related to any statute or the common law of the State of Colorado.

 

	7.		Right
to Engage in Protected Activity. Nothing in this Agreement is intended to interfere with Dietrich’s rights to file
or otherwise institute a charge of discrimination, or to cooperate with any such agency in its investigation, none of which shall
constitute a breach of the non-disparagement or confidentiality clauses of this Agreement. Dietrich shall not, however, be entitled
to any relief, recovery, or monies in connection with any such complaint, charge or proceeding brought against any of the Released
Parties, regardless of who filed or initiated any such complaint, charge or proceeding.

 

	8.		Confidential
Information. Dietrich acknowledges that in connection with his employment at the Company that he obtained knowledge about
confidential and proprietary information, or trade secrets of the Released Parties (the “Confidential Information”).
Dietrich agrees, following the Effective Date, not to use, publish or otherwise disclose any Confidential Information to others,
including but not limited to a subsequent employer or competitor to the Released Parties. If Dietrich has any question regarding
what data or information would be considered by the Released Parties to be Confidential Information subject to this provision,
Dietrich agrees to contact the Company for written clarification.

 

	9.		Non-disparagement.
Dietrich agrees not to make any untruthful, malicious, or defamatory statements, allegations, comments or communications
(whether written, oral, electronic, or otherwise) with regard to the Released Parties. Dietrich further agrees not to encourage
or instigate any such statements, allegations, comments or communications to be made by others on Dietrich’s behalf. The
Company agrees to direct its Board of Directors not to make any untruthful, malicious, or defamatory statements, allegations,
comments or communications (whether written, oral, electronic, or otherwise) with regard to Dietrich. This Section does not in
any way restrict or impede the Executive from exercising protected rights, including rights under the National Labor Relations
Act (NLRA) or the federal securities laws, including the Dodd-Frank Act to the extent that such rights cannot be waived by agreement
or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized
government agency, provided that such compliance does not exceed that required by the law, regulation, or order. The Executive
shall promptly provide written notice of any such order to the Company’s chief financial officer.

 

	10.		Standstill.
During the three-year period commencing on the Effective Date (the “Standstill Period”), neither Dietrich nor
any person acting on his behalf will, in any manner, directly or indirectly:

 

(a)              
make, effect, initiate, cause or participate in (i) any acquisition of beneficial ownership of any securities of the Company
or any securities of any subsidiary or other affiliate of the Company, (ii) any acquisition of any assets of the Company or any
assets of any subsidiary or other affiliate of the Company, (iii) any tender offer, exchange offer, merger, business combination,
recapitalization, restructuring, liquidation, dissolution or extraordinary transaction involving the Company or any subsidiary
or other affiliate of the Company, or involving any securities or assets of the Company or any securities or assets of any subsidiary
or other affiliate of the Company, or (iv) any “solicitation” of “proxies” (as those terms are used in
the proxy rules of the Securities and Exchange Commission) or consents with respect to any securities of the Company;

(b)             
form, join or participate in a “group” (as defined in the Securities Exchange Act of 1934 and the rules promulgated
thereunder) with respect to the beneficial ownership of any securities of the Company;

(c)              
act, alone or in concert with others, to seek to control or influence the management, board of directors or policies of the
Company except in his current capacity as a duly elected director;

(d)             
take any action that might require the Company to make a public announcement regarding any of the types of matters set forth
in clause “(a)” of this sentence;

(e)              
agree or offer to take, or encourage or propose (publicly or otherwise) the taking of, any action referred to in clause “(a)”,
“(b)”, “(c)” or “(d)” of this sentence; or

(f)               
assist, induce or encourage any other Person to take any action of the type referred to in clause “(a)”, “(b)”,
“(c)”, “(d)” or “(e)” of this sentence.

			The Standstill
Period shall terminate on the expiration of the Standstill Period.  The Standstill Period shall also terminate with respect
to a Party on the earlier of (A) the date on which the Company enters into an agreement with respect to, or the date on which
the Company, its board of directors or any of its representatives publicly announces its or its board of directors’ approval
or recommendation of, a transaction or proposed transaction involving (x) the sale of all or substantially all of its and its
subsidiaries assets, taken as a whole, (y) a merger, business combination, restructuring, reorganization, recapitalization or
similar transaction of or with the Company or (z) the sale or other transfer of securities having fifty percent (50%) or more
of the total combined voting power entitled to vote in the election of directors of the Company or its subsidiaries (each, an
“Acquisition Transaction”); (B) the date on which a third party publicly announces its intention or plan with respect
to an Acquisition Transaction (including a tender offer for securities of the Company); and (C) the date on which the Company,
its board of directors or any of its representatives solicits offers in respect of an Acquisition Transaction or publicly announces
an interest in any Acquisition Transaction.

			The expiration
of the Standstill Period will not terminate or otherwise affect any of the other provisions of this Agreement.

    	 		 

     

    

	11.		Response
to Inquiries on Employment. If a prospective employer of Dietrich contacts the Human Resources department of the Company
seeking an employment reference, the Company will provide only the dates of employment and position held consistent with its current
practice.

 

	12.		General
Terms. The Parties to this Agreement represent and affirm that the only consideration for their agreement and execution
are the terms contained herein; that no other promise or agreement of any kind has been made to or with any of them by any persons
or entity to cause any party to execute this Agreement, and that no other compensation, benefits, or perquisites other than those
specified in the Agreement shall be involved or claimed; that this Agreement shall not be interpreted to render a prevailing party
for any purpose, including but not limited to an award of attorneys’ fees under any applicable statute or otherwise; and
that each fully understands the meaning and intent of the Agreement, including but not limited to its final and binding effect.
Each party further acknowledges that they have been encouraged to and have had the opportunity to be advised and represented by
counsel concerning and before executing this Agreement, that they have carefully read and fully understand all of the provisions
of the Agreement, and that the execution of the Agreement is the knowing and voluntary act of each of the Parties.

 

			The Parties
further agree that this Agreement was drafted jointly by the Parties, and therefore shall be construed according to its fair meaning,
and not strictly for or against any of the Parties. Should any provision of the Agreement be declared or determined by any court
to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and the illegal
or invalid part, term or provision shall be deemed not to be a part of the Agreement. This Agreement shall survive the cessation
or termination of any arrangements contained herein.

	13.		Remedies
–
Governing Law.
In the event of a breach or threatened breach by the Executive of any of the provisions of this Agreement, the Executive hereby
consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent
injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without
the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity
of posting any bond or other security. Any equitable relief shall be in addition to, not in lieu of, legal remedies, monetary
damages, or other available relief. This Agreement, for all purposes, shall be construed in accordance with the laws of Colorado
without regard to any conflicts of laws principles that would require the laws of any other jurisdiction to apply. Any action
or proceeding by either of the Parties to enforce this Agreement shall be brought only in any state or federal court located in
the state of Colorado, City and County of Denver. The Parties hereby irrevocably submit to the exclusive jurisdiction of such
courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

	14.		Severability.
The provisions of this Agreement are severable. If any provision of this Agreement is held invalid, the invalidity shall not
affect other provisions or application of the Agreement that can be given effect without the invalid provision or application.

 

	15.		Adequate
Opportunity to Consider and Revocation. Dietrich acknowledges that Dietrich has been (and hereby is) advised that: (i)
Dietrich should and has sought legal counsel with any attorney when considering this Agreement; and (ii) Dietrich has been given
sufficient time to consider this Agreement and its meaning and to decide whether to sign this Agreement.

 

	16.		Multiple
Counterparts. The Parties may execute this Agreement in counterparts, each of which shall be deemed an original, and all
of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart’s signature page
of this Agreement by email in portable document format (.pdf), or by any other electronic means intended to preserve the original
graphic and pictorial appearance of a document has the same effect as delivery of an executed original of this Agreement.

 

	17.		Representation
by Counsel and Entire Agreement. This Agreement sets forth the entire agreement between the Parties hereto, and fully
supersedes any and all prior discussions, agreements or understandings between the Parties.

 

	18.		Applicable
Law. This Agreement shall be governed by and interpreted in accordance with Colorado law.

 

 

[the
remainder of this page left intentionally blank]

    	 

    	 

    

 

 

	19.		ACKNOWLEDGMENTS
AND RIGHT TO REVOKE. DIETRICH ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO
THIS AGREEMENT. DIETRICH ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY
OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT. DIETRICH FURTHER ACKNOWLEDGES THAT HIS SIGNATURE BELOW IS AN AGREEMENT TO RELEASE
MASSROOTS, INC. FROM ANY AND ALL CLAIMS THAT CAN BE RELEASED AS A MATTER OF LAW.

 

PLEASE
READ CAREFULLY. THIS AGREEMENT CONTAINS A GENERAL RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

IN
WITNESS WHEREOF, the Company and Dietrich have executed this Agreement on the dates specified below, with the date signed by Dietrich
as the “Effective Date”.

 

 

/s/
Isaac DietrichDATE: 10/17/2017

Isaac
Dietrich

 

 

MASSROOTS,
INC.

 

 

/s/
Scott KvetonDATE: 10/17/2017

Name:
Scott Kveton

Title:
Chief Executive Officerrcar_ex41.htm

 EXHIBIT 4.1
  
 NEITHER THIS SECURITY NOR ANY SECURITIES WHICH MAY BE ISSUED UPON EXERCISE OF THIS SECURITY HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY U.S. STATE OR OTHER JURISDICTION OR ANY EXCHANGE OR SELF-REGULATORY ORGANIZATION, IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SUCH OTHER LAWS AND REQUIREMENTS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR LISTING OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, SUCH REGISTRATION AND/OR LISTING REQUIREMENTS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH WILL BE REASONABLY ACCEPTABLE TO THE COMPANY.
  
 RENOVACARE, INC.
  
 SERIES __ STOCK PURCHASE WARRANT
  
 	 No. _-0001
	  
	 October [●], 2017

  
 Renovacare, Inc., a Nevada corporation (the “Company”), hereby certifies that [●], its permissible transferees, designees, successors and assigns (collectively, the “Holder”), for value received, is entitled to purchase from the Company at any time and from time to time commencing on the date first appearing above (the “Issuance Date”), up to and through 12:01a.m. (EST) on the date five (5) years from the Issuance Date (the “Termination Date”) up to [●] shares (each, a “Share" and collectively the “Shares”) of the Company's common stock, par value $0.00001 (the “Common Stock”), at an exercise price per Share of $_____ (the “Exercise Price”). The number of Shares purchasable hereunder and the Exercise Price are subject to adjustment as provided in Section 4 hereof.
  
 Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the “Purchase Agreement”), dated October 10, 2017 among the Company and the Subscribers signatory thereto.
  
 1. Method of Exercise; Payment.
  
 (a) Exercise. The purchase rights represented by this Warrant may be exercised, either for cash or on a cashless basis, by the Holder, in whole or in part, at any time, or from time to time, by the surrender of this Warrant (with the notice of exercise form (the “Notice of Exercise”) attached hereto as Exhibit A duly executed) at the principal office of the Company, and by payment to the Company of an amount equal to the Exercise Price multiplied by the number of the Shares being purchased, which amount may be paid, at the election of the Holder, by wire transfer or certified check payable to the order of the Company. The person or persons in whose name(s) any certificate(s) representing Shares shall be issuable upon exercise of this Warrant shall be deemed to have become the holder(s) of record of, and shall be treated for all purposes as the record holder(s) of, the Shares represented thereby (and such Shares shall be deemed to have been issued) immediately prior to the close of business on the date or dates upon which this Warrant is exercised.
  
 In the event Holder wishes to exercise this Warrant by means of a “cashless exercise” in which Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
  
 (A) equals the closing price of the Company's Common Stock, as reported (in order of priority) on the trading market on which the Company's Common Stock is then listed or quoted for trading on the trading date preceding the date of the election to exercise; or, if the Company's Common Stock is not then listed or traded on a trading market, then the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Recipient and the Company;
  
 (B) equals the Exercise Price of the Warrant, as adjusted from time to time in accordance herewith; and
  
  	 
	1
	 
 
	 

  
 (X) equals the number of Warrant Shares Holder wishes to exercise in accordance with the terms of this Warrant by means of a cashless exercise.
  
 (b) Stock Certificates. In the event of any exercise of the rights represented by this Warrant, as promptly as practicable after this Warrant is surrendered and delivered to the Company along with all other appropriate documentation on or after the date of exercise and in any event within ten (10) days thereafter, the Company at its expense shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for the number of Shares issuable upon such exercise. In the event this Warrant is exercised in part, the Company at its expense will execute and deliver a new Warrant of like tenor exercisable for the number of Shares for which this Warrant may then be exercised. In lieu of the foregoing the Shares issuable upon exercise of this Warrant may be issued in book entry form on the Company’s Stock Registry as maintained by its stock transfer agent.
  
 (c) Taxes. The issuance of the Shares upon the exercise of this Warrant, and the delivery of certificates or other instruments representing such Shares, shall be made without charge to the Holder for any tax or other charge in respect of such issuance.
  
 2. Warrant.
  
 (a) Transfer and Replacement. Subject to compliance with applicable securities laws, 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 as Exhibit B 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 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. A Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. The Holder consents that the Company may, if it desires, permit the transfer of this Warrant out of the Holder's name only when the Holder's request for transfer is accompanied by an opinion of counsel reasonably satisfactory to the Company that neither the sale nor the proposed transfer results in a violation of the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state "blue sky" laws. At any time prior to the exercise hereof, this Warrant may be exchanged upon presentation and surrender to the Company, alone or with other warrants of like tenor of different denominations registered in the name of the same Holder, for another warrant or warrants of like tenor in the name of such Holder exercisable for the aggregate number of Shares as the warrant or warrants surrendered.
  
 (b) Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and, in the case of any such loss, theft, or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the Company, at its expense, will execute and deliver in lieu thereof, a new Warrant of like tenor.
  
 (c) Cancellation; Payment of Expenses. Upon the surrender of this Warrant in connection with any transfer, exchange or replacement as provided in this Section 3, this Warrant shall be promptly canceled by the Company. The Holder shall pay all taxes and all other expenses (including legal expenses, if any, incurred by the Holder or transferees) and charges payable in connection with the preparation, execution and delivery of Warrants pursuant to this Section 3.
  
 (d) Warrant Register. The Company shall maintain, at its principal executive offices (or at the offices of the transfer agent for the Warrant or such other office or agency of the Company as it may designate by notice to the holder hereof), a register for this Warrant (the “Warrant Register”), in which the Company shall record the name and address of the person in whose name this Warrant has been issued, as well as the name and address of each transferee and each prior owner of this Warrant.
  
  	 
	2
	 
 
	 

  
 3. Rights and Obligations of Holders of this Warrant.
  
 The Holder of this Warrant shall not, by virtue hereof, be entitled to any rights of a shareholder in the Company, either at law or in equity; provided, however, that in the event any certificate representing shares of Common Stock or other securities is issued to the holder hereof upon exercise of this Warrant, such holder shall, for all purposes, be deemed to have become the holder of record of such Common Stock on the date on which this Warrant, together with a duly executed Notice of Exercise, was surrendered and payment of the aggregate Exercise Price was made, irrespective of the date of delivery of such Common Stock certificate.
  
 4. Adjustments.
  
 During the Exercise Period, the Exercise Price and the number of Warrant Shares shall be subject to adjustment from time to time as provided in this Section 4.
  
 (a) Subdivision or Combination of Common Stock. If the Company at any time subdivides (by any stock split, stock dividend, recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock acquirable hereunder into a greater number of shares, then, after the date of record for effecting such subdivision, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced. If the Company at any time combines (by reverse stock split, recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock acquirable hereunder into a smaller number of shares, then, after the date of record for effecting such combination, the Exercise Price in effect immediately prior to such combination will be proportionately increased.
  
 (b) Adjustment in Number of Shares. Upon each adjustment of the Exercise Price pursuant to the provisions of this Section 4, the number of shares of Common Stock issuable upon exercise of this Warrant shall be adjusted by multiplying a number equal to the Exercise Price in effect immediately prior to such adjustment by the number of shares of Common Stock issuable upon exercise of this Warrant immediately prior to such adjustment and dividing the product so obtained by the adjusted Exercise Price.
  
 (c) Consolidation, Merger or Sale. In case of any consolidation of the Company with, or merger of the Company into any other corporation, or in case of any sale or conveyance of all or substantially all of the assets of the Company other than in connection with a plan of complete liquidation of the Company, then as a condition of such consolidation, merger or sale or conveyance, adequate provision will be made whereby the holder of this Warrant will have the right to acquire and receive upon exercise of this Warrant in lieu of the shares of Common Stock immediately theretofore acquirable upon the exercise of this Warrant, such shares of stock, securities or assets as may be issued or payable with respect to or in exchange for the number of shares of Common Stock immediately theretofore acquirable and receivable upon exercise of this Warrant had such consolidation, merger or sale or conveyance not taken place. In any such case, the Company will make appropriate provision to insure that the provisions of this Section 5 hereof will thereafter be applicable as nearly as may be in relation to any shares of stock or securities thereafter deliverable upon the exercise of this Warrant. The Company will not effect any consolidation, merger or sale or conveyance unless prior to the consummation thereof, the successor corporation (if other than the Company) assumes by written instrument the obligations under this Section 4 and the obligations to deliver to the holder of this Warrant such shares of stock, securities or assets as, in accordance with the foregoing provisions, the holder may be entitled to acquire.
  
 (d) Distribution of Assets. In case the Company shall declare or make any distribution of its assets (including cash) to holders of Common Stock as a partial liquidating dividend, by way of return of capital or otherwise, then, after the date of record for determining shareholders entitled to such distribution, but prior to the date of distribution, the holder of this Warrant shall be entitled upon exercise of this Warrant for the purchase of any or all of the shares of Common Stock subject hereto, to receive the amount of such assets which would have been payable to the holder had such holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to such distribution.
  
 (e) Notice of Adjustment. Upon the occurrence of any event which requires any adjustment of the Exercise Price, then, and in each such case, the Company shall give notice thereof to the holder of this Warrant, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease in the number of Warrant Shares purchasable at such price upon exercise, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Such calculation shall be certified by the Chief Financial Officer of the Company.
  
  	 
	3
	 
 
	 

  
 (f) Minimum Adjustment of Exercise Price. No adjustment of the Exercise Price shall be made in an amount of less than 1% of the Exercise Price in effect at the time such adjustment is otherwise required to be made, but any such lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment which, together with any adjustments so carried forward, shall amount to not less than 1% of such Exercise Price.
  
 (g) No Fractional Shares. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but the Company shall round up the number of shares to the issued.
  
 (h) Other Notices. In case at any time:
  
 (i) the Company shall declare any dividend upon the Common Stock payable in shares of stock of any class or make any other distribution (including dividends or distributions payable in cash out of retained earnings) to the holders of the Common Stock;
  
 (ii) the Company shall offer for subscription pro rata to the holders of the Common Stock any additional shares of stock of any class or other rights;
  
 (iii) there shall be any capital reorganization of the Company, or reclassification of the Common Stock, or consolidation or merger of the Company with or into, or sale of all or substantially all its assets to, another corporation or entity; or
  
 (iv) there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company;
  
 then, in each such case, the Company shall give to the holder of this Warrant (a) notice of the date on which the books of the Company shall close or a record shall be taken for determining the holders of Common Stock entitled to receive any such dividend, distribution, or subscription rights or for determining the holders of Common Stock entitled to vote in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up and (b) in the case of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, notice of the date (or, if not then known, a reasonable approximation thereof by the Company) when the same shall take place. Such notice shall also specify the date on which the holders of Common Stock shall be entitled to receive such dividend, distribution, or subscription rights or to exchange their Common Stock for stock or other securities or property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation, or winding-up, as the case may be. Such notice shall be given at least 30 days prior to the record date or the date on which the Company's books are closed in respect thereto. Failure to give any such notice or any defect therein shall not affect the validity of the proceedings referred to in clauses (i), (ii), (iii) and (iv) above.
  
 (I) Certain Events. If any event occurs of the type contemplated by the adjustment provisions of this Section 4 but not expressly provided for by such provisions, the Company will give notice of such event as provided in Section 8 hereof, and the Company's Board of Directors will make an appropriate adjustment in the Exercise Price and the number of shares of Common Stock acquirable upon exercise of this Warrant so that the rights of the holder shall be neither enhanced nor diminished by such event.
  
 5. Legends.
  
 Prior to issuance of the shares of Common Stock underlying this Warrant, all such certificates representing such shares shall bear a restrictive legend to the effect that the Shares represented by such certificate have not been registered under the Securities Act, and that the Shares may not be sold or transferred in the absence of such registration or an exemption therefrom, such legend to be substantially in the form of the bold-face language appearing at the top of Page 1 of this Warrant.
  
  	 
	4
	 
 
	 

  
 6. Disposition of Warrants or Shares.
  
 The Holder of this Warrant, each transferee hereof and any holder and transferee of any Shares, by his or its acceptance thereof, agrees that no public distribution of Warrants or Shares will be made in violation of the provisions of the Securities Act. Furthermore, it shall be a condition to the transfer of this Warrant that any transferee thereof deliver to the Company his or its written agreement to accept and be bound by all of the terms and conditions contained in this Warrant.
  
 7. Merger or Consolidation.
  
 The Company will not merge or consolidate with or into any other corporation, or sell or otherwise transfer its property, assets and business substantially as an entirety to another corporation, unless the corporation resulting from such merger or consolidation (if not the Company), or such transferee corporation, as the case may be, shall expressly assume, by supplemental agreement reasonably satisfactory in form and substance to the Holder, the due and punctual performance and observance of each and every covenant and condition of this Warrant to be performed and observed by the Company.
  
 8. Notices. 
  
 Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.
  
 Notwithstanding the time of effectiveness of notices set forth in this Section 8, a Notice of Exercise shall not be deemed effectively given until it has been duly completed and submitted to the Company together with this original Warrant and payment of the Exercise Price in a manner set forth in this Section 8.
  
 9. Governing Law.
  
 This Purchase Agreement shall be governed by and construed solely and exclusively in accordance with and pursuant to the internal laws of the State of New York without regard to the conflicts of laws principles thereof. The parties hereto hereby expressly and irrevocably agree that any suit or proceeding arising directly and/or indirectly pursuant to or under this Purchase Agreement shall be brought solely in a federal or state court located in the City of New York. By its execution hereof, the parties hereby covenant and irrevocably submit to the in personam jurisdiction of the federal and state courts located in the City of New York, New York and agree that any process in any such action may be served upon any of them personally, or by certified mail or registered mail upon them or their agent, return receipt requested, with the same full force and effect as if personally served upon them in New York. The parties hereto expressly and irrevocably waive any claim that any such jurisdiction is not a convenient forum for any such suit or proceeding and any defense or lack of in personam jurisdiction with respect thereto. In the event of any such action or proceeding, the party prevailing therein shall be entitled to payment from the other party hereto of all of its reasonable counsel fees and disbursements.
  
 10. Successors and Assigns.
  
 This Warrant shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.
  
 11. Headings.
  
 The headings of various sections of this Warrant have been inserted for reference only and shall not affect the meaning or construction of any of the provisions hereof.
  
 12. Severability.
  
 If any provision of this Warrant is held to be unenforceable under applicable law, such provision shall be excluded from this Warrant, and the balance hereof shall be interpreted as if such provision were so excluded.
  
  	 
	5
	 
 
	 

  
 13. Modification and Waiver.
  
 This Warrant and any provision hereof may be amended, waived, discharged or terminated only by an instrument in writing signed by the Company and the Holder.
  
 14. Specific Enforcement.
  
 The Company and the Holder acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Warrant were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Warrant and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which either of them may be entitled by law or equity.
  
 15. Assignment.
  
 Subject to compliance with applicable law, this Warrant may be transferred or assigned, in whole or in part, at any time and from time to time by the then Holder by submitting this Warrant to the Company together with a duly executed Assignment in substantially the form and substance of the Form of Assignment which accompanies this Warrant as Exhibit B hereto, and, upon the Company's receipt thereof, and in any event, within five (5) business days thereafter, the Company shall issue a Warrant to the Holder to evidence that portion of this Warrant, if any as shall not have been so transferred or assigned. 
  
 [SIGNATURE PAGE FOLLOWS]
  
  	 
	6
	 
 
	 

  
 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by one of its officers thereunto duly authorized.
  
 	  
	 RENOVACARE, INC.
	
			
	  
	 By: 
		
	  
	 Name: 
		  

		 Title: 
	 President and Chief Executive Officer
	

  
  	 
	7
	 
 
	 

  
 EXHIBIT A
  
 NOTICE OF EXERCISE
  
 	 TO: 
	 Renovacare, Inc.

		 430 Park Avenue
 Suite 702
 New York, NY 10022

  
 1. The undersigned hereby elects to purchase Warrant Shares of Renovacare, Inc. pursuant to the terms of the attached Series __ Stock Purchase Warrant.
  
 2. Method of Exercise (Please initial the applicable blank): 
  
 	  
	  ̈
	 The undersigned elects to exercise the attached Series __ Stock Purchase Warrant by means of a cash payment, and tenders herewith or by Subscriber wire transfer payment in full for the purchase price of the shares being purchased, together with all applicable transfer taxes, if any, in the following amount:$

  
 	  
	  ̈
	 The undersigned elects to exercise the attached Series __ Stock Purchase Warrant by means of the net exercise provisions of Section 1(a) of the Series __ Stock Purchase Warrant. 

  
 3. Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below: 
  
 _________________________________________ 
 (Name) 
  
 _________________________________________ 
  
 _________________________________________ 
 (Address) 
  
 4. The undersigned warrants and represents that he/she is an “Accredited Investor” as defined in Regulation D as promulgated pursuant to the Securities Act of 1933, as amended.
  
 [SIGNATURE OF HOLDER]
  
 	 Name of Investing Entity:
	

  
 	 Signature of Authorized Signatory of Investing Entity:
	

  
 	 Name of Authorized Signatory:
	

  
 	 Title of Authorized Signatory:
	

  
 	 Date:
	

  
  	 
	8
	 
 
	 

  
 Exhibit B
  
 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)
	  

  
 Dated: _______________ __, ______
  
 	 Holder’s Signature: 
		

  
 	 Holder’s Address: 
		

  
  
  	 9

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