Document:

Exhibit 4.42

 

FORM OF SUBSCRIPTION RIGHTS CERTIFICATE

 

Rights Certificate No.: _________ Number of
Rights: ________

 

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING
ARE SET FORTH IN THE INSPRO TECHNOLOGIES CORPORATION (THE “COMPANY”) PROSPECTUS, DATED _________, 2016 (THE “PROSPECTUS”)
AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM THE COMPANY.

 

INSPRO TECHNOLOGIES
CORPORATION

INCORPORATED UNDER THE LAWS OF THE STATE OF
DELAWARE

 

SUBSCRIPTION RIGHTS CERTIFICATE

EVIDENCING SUBSCRIPTION RIGHTS TO PURCHASE

______ UNITS

 

SUBSCRIPTION PRICE: $240.00 PER UNIT

 

THE SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT
EXERCISED ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME, ON MARCH 14, 2016, UNLESS EXTENDED OR THE RIGHTS OFFERING IS TERMINATED BY
INSPRO TECHNOLOGIES CORPORATION.

 

REGISTERED OWNER: ______________________________

 

THIS CERTIFIES THAT the registered owner whose
name is inscribed hereon is the owner of the number of subscription rights (“Rights”) set forth above. Each whole Right
entitles the holder thereof, to subscribe for and purchase, at the subscription price of $240.00 (the “Subscription Price”),
one “Unit”, consisting of 80 shares of Series B Convertible Preferred Stock, par value $0.001 per share, and a warrant
to purchase 800 additional shares of common stock, par value $0.001 per share, of the Company that expires on November 20, 2017
at an exercise price of $0.15 per share, pursuant to a rights offering (the “Rights Offering”), on the terms and subject
to the conditions set forth in the Prospectus and the “Instructions for Use of InsPro Technologies Corporation Subscription
Rights Certificates” accompanying this Subscription Rights Certificate (the “Basic Subscription Right”).

 

     

     

    

 

If any of the Units available for purchase in
the Rights Offering are not purchased by other holders of Rights pursuant to the exercise of their Basic Subscription Right (the
“Excess Units”), any Rights holder that exercises its Basic Subscription Right in full may subscribe for Excess Units
pursuant to the terms and conditions of the Rights Offering, subject to proration, as described in the Prospectus (the “Over-Subscription
Privilege”). The Rights represented by this Subscription Rights Certificate may be exercised by completing Form 1 and any
other appropriate forms on the reverse side hereof and by returning the full payment of the Subscription Price for each Right subscribed
for pursuant to the Over-Subscription Privilege, in addition to the payment due for Units purchased through your Basic Subscription
Right, in accordance with the “Instructions for Use of InsPro Technologies Corporation Subscription Rights Certificates”
that accompany this Subscription Rights Certificate.

 

Rights evidenced by this Subscription Rights
Certificate may not be transferred or sold. The subscription rights will not be listed for trading on any stock exchange or on
the OTC Bulletin Board.

 

IN WITNESS WHEREOF, the Company has caused this
Subscription Rights Certificate to be duly executed under their corporate seals.

 

Dated: __________ __, 2016

 

	 	INSPRO TECHNOLOGIES CORPORATION
	 	 	 
	 	By:	 
	 	Name:	Anthony R. Verdi
	 	Title:	Chief Financial Officer

 

     

     

    

 

DELIVERY OPTIONS FOR SUBSCRIPTION RIGHTS
CERTIFICATE

 

FOR DELIVERY BY HAND DELIVERY, FIRST CLASS MAIL
OR COURIER SERVICE:

 

InsPro Technologies Corporation

150 N. Radnor-Chester Road

Suite B-101

Radnor, Pennsylvania 19087

Attention: Francis L. Gillan III

 

DELIVERY OTHER THAN IN THE MANNER OR TO THE
ADDRESSES LISTED ABOVE WILL NOT CONSTITUTE VALID DELIVERY

 

PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY

 

     

     

    

 

FORM 1 - EXERCISE OF SUBSCRIPTION RIGHTS

 

To subscribe for Units pursuant to your Basic
Subscription Right, please complete lines (a) and (c) and sign under Form 3 below. To subscribe for Units pursuant to your Over-Subscription
Privilege, please also complete line (b) and sign under Form 3 below.

 

(a)            I apply for              ______ Units             x $240.00                 = $ ________

(No. of new Units)       (Subscription Price)             (Payment)

 

 

If you have exercised your Basic Subscription Right in full and
wish to subscribe for additional Units pursuant to your Over-Subscription Right:

 

(b)            I apply for             ______ Units              x $240.00                 = $ ________

(No. of new Units)       (Subscription Price)             (Payment)

 

(c)            Total Amount of Payment Enclosed = $ __________

 

METHOD OF PAYMENT

 

Check or bank draft drawn on a U.S. bank, or postal, telegraphic
or express money order payable to “InsPro Technologies Corporation.” Funds paid by an uncertified check may take at
least five business days to clear.

 

     

     

    

 

FORM 2 - DELIVERY TO DIFFERENT ADDRESS

 

If you wish for the shares of our preferred
stock, as well as the warrants, underlying your subscription rights to be delivered to an address different from that shown on
the face of this Subscription Rights Certificate, please enter the alternate address below, sign under Form 3 and have your signature
guaranteed under Form 4.

 

     

     

    

 

FORM 3 - SIGNATURE

 

I acknowledge that I have received the Prospectus
for this Rights Offering and I hereby irrevocably subscribe for the number of Units indicated above on the terms and conditions
specified in the Prospectus.

 

	Signature(s)	 

 

IMPORTANT:     The signature(s) must correspond with the name(s)
as printed on the reverse of this Subscription Rights Certificate in every particular, without alteration or enlargement, or any
other change whatsoever.

 

     

     

    

 

FORM 4 - SIGNATURE GUARANTEE

 

This form must be completed if you have completed
Form 2.

 

Signature Guaranteed:

 

	 	 	 

 

(Name of Bank or Firm)

 

	By:	 	 

 

(Signature of Officer)

 

IMPORTANT:     The signature(s) should be guaranteed by an
eligible guarantor institution (bank, stock broker, savings & loan association or credit union) with membership in an approved
signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.Exhibit 4.43

 

FORM OF WARRANT

 

INSPRO TECHNOLOGIES CORPORATION

 

WARRANT

 

	Warrant No. ITCC-____	Date of Original Issuance: ________, 2016

 

CUSIP: 45778T 119

 

InsPro Technologies
Corporation, a Delaware corporation (the “Company”), hereby certifies that, for value received, _____________
or its registered assigns (the “Holder”), is entitled to purchase from the Company up to a total of _________
shares of common stock, $0.001 par value per share (the “Common Stock”), of the Company (each such share, a
“Warrant Share” and all such shares, the “Warrant Shares”) at an exercise price equal to
$0.15 per share (as adjusted from time to time as provided herein, the “Exercise Price”), at any time and from
time to time on or after the date hereof and to and including the earlier to occur of (a) the Call Event Expiration Date (as defined
below) and (b) November 20, 2017 (the earlier to occur of (a) and (b), the “Expiration Date”), and subject to
the terms and conditions set forth herein. This warrant and any warrants issued in exchange, transfer or replacement hereof, are
referred to herein as the “Warrant.”

 

1.          Registration
of Warrant. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

2.          Registration
of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender
of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company at its address specified
herein. Upon any such registration or transfer, a new Warrant to purchase Common Stock, in substantially the form of this Warrant
(any such new Warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be issued
to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued
to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such
transferee of all of the rights and obligations of a holder of a Warrant.

 

3.          Exercise
and Duration of Warrants. This Warrant shall be exercisable by the registered Holder at any time and from time to time on or
after the date hereof to and including the Expiration Date. At 11:59 p.m., New York City time on the Expiration Date, subject to
Section 11, the portion of this Warrant not exercised (or called) prior thereto shall be and become void and of no value.

 

     

     

    

 

4.           Delivery
of Warrant Shares; Disposition of Warrants and Warrant Shares.

 

(a)          To
effect exercises hereunder, the Holder shall not be required to physically surrender this Warrant. Execution and delivery via facsimile
of the Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original
Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares. Execution and delivery
via facsimile of the Exercise Notice for all of the Warrant Shares shall have the same effect as cancellation of the original Warrant
after delivery of the Warrant Shares. Upon such delivery of the attached Exercise Notice to the Company (with the attached Warrant
Shares Exercise Log) at its address for notice set forth herein and upon (1) payment of the then-applicable Exercise Price multiplied
by the number of Warrant Shares that the Holder intends to purchase hereunder or (2) notifying the Company that this Warrant is
being exercised pursuant to a Cashless Exercise (as defined below), the Company shall on or before the third (3rd) Trading
Day after receipt thereof issue and deliver to the Holder, a certificate for the Warrant Shares issuable upon such exercise. The
Company shall, upon request of the Holder and subsequent to the date on which the registration statement on Form S-1 (Reg. No.
333-208804) relating to the rights offering (the “Registration Statement”) has been declared effective by the
Securities and Exchange Commission, use commercially reasonable efforts to deliver Warrant Shares hereunder electronically through
the Depository Trust Corporation or another established clearing corporation performing similar functions (“DTC”),
if available, provided, that, the Company may, but will not, be required to change its transfer agent if its current transfer agent
cannot deliver Warrant Shares electronically through the DTC. A “Date of Exercise” means the date on which the
Holder shall have delivered to the Company: (i) the Exercise Notice (with the Warrant Exercise Log attached to it) via facsimile,
appropriately completed and duly signed and (ii) payment of the Exercise Price for the number of Warrant Shares so indicated by
the Holder to be purchased (or notice of a Cashless Exercise) as provided above. On the Date 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 such Warrant Shares are credited to the Holder’s DTC account or the date of delivery
of the certificates evidencing such Warrant Shares (as the case may be).

 

(b)          The
Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof,
the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation
or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation
or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise
limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. 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 certificates
representing shares of Common Stock upon exercise of this Warrant or to credit such shares to the Holder’s DTC account (as
the case may be) as required pursuant to the terms hereof.

 

(c)          The
Warrants and Warrant Shares (collectively, the “Securities”) may only be disposed of in compliance with state
and federal securities laws and in accordance with the prospectus included in the Registration Statement.

 

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5.          Charges,
Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be
made without charge to the Holder for any issue or transfer tax, transfer agent fee or other similar incidental tax or expense
in respect of the issuance of such certificates, all of which such taxes and expenses shall be paid by the Company; provided, however,
that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration
of any certificates for Warrant Shares or Warrants in a name other than that of the Holder or any of its affiliates. The Holder
shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving
Warrant Shares upon exercise hereof.

 

6.          Replacement
of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and a customary and reasonable indemnity
(which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances shall also comply
with such other reasonable procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant
is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as
a condition precedent to the Company’s obligation to issue the New Warrant.

 

7.          Reservation
of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized
but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise
of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this
entire Warrant, free from preemptive rights or any other contingent purchase rights of Persons other than the Holder (taking into
account the adjustments and restrictions of Section 8). The Company covenants that all Warrant Shares so issuable and deliverable
shall, upon issuance and the payment of the applicable Exercise Price (or notice of a Cashless Exercise) in accordance with the
terms hereof, be duly and validly authorized, issued and fully paid and nonassessable. If, notwithstanding the foregoing, and not
in limitation thereof, at any time while any of the Warrants (as defined in the Securities Purchase Agreement) remain outstanding
the Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to
reserve for issuance upon exercise of the Warrants at least a number of shares of Common Stock equal to the maximum number of shares
of Common Stock as shall from time to time be necessary to effect the exercise of all of the Warrants then outstanding (the “Required
Reserve Amount”) (an “Authorized Share Failure”), then the Company shall as promptly as practicable
thereafter take all action necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient
to allow the Company to reserve the Required Reserve Amount for the Warrants then outstanding. Without limiting the generality
of the foregoing sentence, as promptly as practicable after the date of the occurrence of an Authorized Share Failure, the Company
shall hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In
connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its reasonable best
efforts to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and to cause its Board
of Directors to recommend to the stockholders that they approve such proposal.

 

    	 	3	 

     

    

 

8.           Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 8.

 

(a)          Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides
outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock into a
smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall
be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number
of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after
the effective date of such subdivision or combination. If any event requiring an adjustment under this paragraph occurs during
the period that an Exercise Price is calculated hereunder, then the calculation of such Exercise Price shall be adjusted appropriately
to reflect such event.

 

(b)          Fundamental
Transactions. If, at any time while this Warrant is outstanding, (1) the Company effects any merger or consolidation of the
Company with or into another Person, (2) the Company effects any sale of all or substantially all of its assets in one or a series
of related transactions, (3) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (4)
the Company effects any reclassification 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 (in any such case, a “Fundamental Transaction”),
then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities,
cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been,
immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full
of this Warrant (the “Alternate Consideration”). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. The terms of any agreement pursuant to which a Fundamental
Transaction is effected shall include terms requiring any such surviving entity to comply with the provisions of this paragraph
(b) and insuring that the Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction
analogous to a Fundamental Transaction.

 

    	 	4	 

     

    

 

(c)          Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraphs (a) or (c) of this Section,
unless waived in writing by the Holder with respect to a particular adjustment, the number of Warrant Shares that may be purchased
upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise
Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately
prior to such adjustment.

 

(d)          Calculations.
All calculations under this Section 8 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable.
The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account
of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

(e)          Notice
of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 8, the Company at its expense will promptly
compute such adjustment in accordance with the terms of this Warrant and promptly prepare a certificate setting forth such adjustment,
including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable
upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail
the facts upon which such adjustment is based. Upon written request of a Holder, the Company will promptly deliver a copy of each
such certificate to the Holder and to the Company’s transfer agent.

 

(f)           Notice
of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities or other property
in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase
any capital stock of the Company or any subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits
stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of
the affairs of the Company, then the Company shall deliver to the Holder a notice describing the material terms and conditions
of such transaction, at least 10 calendar days prior to the applicable record or effective date on which a Person would need to
hold Common Stock in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably
necessary in order to insure that the Holder is given the practical opportunity to exercise this Warrant prior to such time so
as to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any
defect therein shall not affect the validity of the corporate action required to be described in such notice. To the extent that
any notice provided hereunder constitutes, or contains, material, non-public information, the Company shall simultaneously file
such notice pursuant to a Current Report on Form 8-K.

 

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9.           Payment
of Exercise Price. The Holder shall pay the Exercise Price by delivery
to the Company of immediately available funds. Notwithstanding anything contained herein to the contrary, the Holder may,
in its sole discretion, unless a Preliminary Call Event has occurred prior to such Exercise Date (and only for so long as such
Preliminary Call Event is continuing) or the Company has timely delivered an effective notice of a Call Event to the Holder prior
to the Exercise Date, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated
to be made to the Company upon such exercise in payment of the aggregate Exercise Price, elect instead to receive upon such exercise
the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”):

 

Net Number = (A x
B) - (A x C)

 

B

 

For purposes of the foregoing
formula:

 

A= the total number of shares with
respect to which this Warrant is then being exercised.

 

B= the VWAP of the shares of Common
Stock for the 5 Trading Day period immediately preceding the date of the Exercise Notice.

 

C= the Exercise Price then in effect
for the applicable Warrant Shares at the time of such exercise.

 

10.         No
Rights as Stockholder. Until the exercise of this Warrant, the Holder shall not have or exercise any rights by virtue hereof
as a stockholder of the Company. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities
on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether
such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 10, the Company shall
provide the Holder with copies of the same notices and other information given to the stockholders of the Company generally, contemporaneously
with the giving thereof to the stockholders.

 

11.         Call
Event. At any point after which the VWAP of the Common Stock for a minimum of 20 consecutive Trading Days shall have been equal
to at least eight times (8x) the Exercise Price (a “Call Event”), the Company may, at its option, provide written
notice of such Call Event to all, but not less than all, holders of Warrants (as defined in the Securities Purchase Agreement)
within 10 Trading Days after the occurrence of the Call Event, in which case, the date that is ten business days after the Company
has provided such written notice to all such holders of a Call Event shall be the “Call Event Expiration Date.”
For the avoidance of doubt, at 11:59 p.m., New York City time on the Call Event Expiration Date, the portion of this Warrant not
exercised prior thereto shall be and become void and of no value as further set forth below in this Section 11. Notwithstanding
the foregoing, a notice of a Call Event shall not be effective with respect to the Holder unless (i) one or more Registration Statement(s)
covering all of the shares issuable upon exercise of the Warrants held by the Holder is (or are, as the case may be) effective
and is (or are, as the case may be) not then suspended and no stop order is in effect with respect thereto, and the Holder
is able to sell all such shares pursuant to such Registration Statement(s) through the Call Event Expiration Date, (ii) on each
Trading Day during the thirty (30) Trading Day period immediately preceding the Call Event Expiration Date (the “Requisite
Period”), all of the shares of Common Stock issuable upon exercise of the Warrants held by the Holder are freely tradable,
without restriction (subject to compliance with prospectus delivery requirements to the extent applicable), on an Eligible Market,
(iii) on each day during the Requisite Period, the shares of Common Stock issuable upon exercise of the Warrants held by the Holder
are designated for listing on an Eligible Market and shall not have been suspended from trading on such exchange, (iv) the Company
shall have, at all times during the Requisite Period, delivered shares of Common Stock upon exercise of the Warrants held by a
Holder on a timely basis in accordance with the provisions of this Warrant, and (v) the Holder is able to sell all shares issuable
upon exercise of the Warrants held by the Holder at all times through the Call Event Expiration Date without any liability under
Section 16(b) of the Exchange Act. For purposes of Section 9 hereof, “Preliminary Call Event” shall occur
at any point after which the VWAP of the Common Stock for a minimum of 10 consecutive Trading Days shall have been equal to at
least eight times (8x) the Exercise Price and the other conditions of a Call Event set forth above capable of being satisfied prior
to such point are satisfied (including, without limitation, that one or more Registration Statement(s) covering all of the shares
issuable upon exercise of the Warrants held by the Holder is (or are, as the case may be) effective and is (or are, as the
case may be) not then suspended and no stop order is in effect with respect thereto).

 

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12.         No
Fractional Shares. No fractional shares of Warrant Shares will be issued in connection with any exercise of this Warrant. In
lieu of any fractional shares which would, otherwise be issuable, the Company shall pay cash equal to the product of such fraction
multiplied by the VWAP of the shares of Common Stock for the 5 Trading Day period immediately preceding the Date of Exercise.

 

13.         Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in this Section prior to 5:30 p.m. (New York City time) on a Trading
Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile number specified in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any
Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service with
next day delivery specified, or (iv) upon actual receipt by the party to whom such notice is required to be given. The addresses
for such communications shall be: (i) if to the Company, to InsPro Technologies Corporation, InsPro Technologies Corporation, 150
N. Radnor-Chester Road, Radnor, PA 19087, Facsimile: (484) 654-2209, Attention: Vice President and Controller, or such other address
as the Company shall so notify the Holder, or (ii) if to the Holder, to the address or facsimile number appearing on the Warrant
Register or such other address or facsimile number as the Holder may provide to the Company in accordance with this Section.

 

14.         Warrant
Agent. The Company shall serve as warrant agent under this Warrant. Upon 10 days’ notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting
from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or
any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor
warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession
as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown
on the Warrant Register.

 

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15.         Additional
Definitions. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)         “Bloomberg”
means Bloomberg Financial Markets.

 

(b)         “Common
Stock Deemed Outstanding” means, at any given time, the number of shares of Common Stock actually outstanding at such
time, plus the number of shares of Common Stock deemed to be outstanding pursuant to Sections 8(c))(i) and (ii) hereof regardless
of whether the Options or Convertible Securities are actually exercisable at such time.

 

(c)         “Convertible
Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable
or exchangeable for shares of Common Stock.

 

(d)         “Eligible
Market” means the Principal Market, The New York Stock Exchange, Inc., the Nasdaq Global Select Market, the Nasdaq Global
Market, the Nasdaq Capital Market or the American Stock Exchange.

 

(e)         “Excluded
Securities” means Options, Convertible Securities or Common Stock issued or issuable: (i) upon exercise of the Warrants,
(ii) upon conversion of any Options or Convertible Securities which are outstanding on the date hereof, (iii) pursuant to any equity
compensation plan or arrangement, or (iv) in connection with mergers, acquisitions, strategic business partnerships or alliances,
joint ventures, bank financings (or similar financings), vendor, supplier and consulting arrangements, equipment or other leases
or other transactions, the primary purpose of which, in the reasonable judgment of the Company's Board of Directors, is not to
raise additional equity capital or convertible debt.

 

(f)          “Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

(g)         “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity and a government or any department or agency thereof.

 

(h)         “Principal
Market” means the National Association of Securities Dealers, Inc. OTC Bulletin Board.

 

(i)         
“Successor Entity” means the Person formed by, resulting from or surviving any Fundamental Transaction.

 

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

 

    	 	8	 

     

    

 

(k)         “VWAP”
means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or,
if the Principal Market is not the principal trading market for such security, then on the principal securities exchange or securities
market on which such security is then traded) during the period beginning at 9:30:01 a.m., New York City Time, and ending at 4:00:00
p.m., New York City Time, as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does
not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin
board for such security during the period beginning at 9:30:01 a.m., New York City Time, and ending at 4:00:00 p.m., New York City
Time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such
hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security
as reported in the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If VWAP cannot
be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the
fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon
the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 19. All
such determinations shall be appropriately adjusted for any share dividend, share split or other similar transaction during such
period.

 

16.         Rights
Upon Distribution of Assets. 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 will 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 immediately before the date on 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.

 

17.         Purchase
Rights. In addition to any adjustments pursuant to Section 8 above, if at any time the Company grants, issues or sells any
Options, Convertible Securities 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 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.

 

    	 	9	 

     

    

 

18.         Noncircumvention.
The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation, bylaws or
through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, 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, and will
at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights
of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares
of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all
such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable
shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as any of the Warrants are outstanding, take
all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose
of effecting the exercise of the Warrants, the maximum number of shares of Common Stock as shall from time to time be necessary
to effect the exercise of the Warrants then outstanding (without regard to any limit on exercise contained therein).

 

19.         Miscellaneous.

 

(a)          This
Warrant shall be binding on and inure to the benefit of the parties hereto and their respective permitted successors and assigns.
Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and
the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing
signed by the Company and the Holder and their successors and assigns.

 

(b)          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 Delaware, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of this Warrant and
the transactions herein contemplated (“Proceedings”) (whether brought against a party hereto or its respective
Affiliates, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of Wilmington,
State of Delaware (the “Delaware Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction
of the Delaware Courts 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 Proceeding, any claim that it is not
personally subject to the jurisdiction of any Delaware Court, or that such Proceeding has been commenced in an improper or inconvenient
forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such
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 manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law,
any and all right to trial by jury in any legal proceeding arising out of or relating to this Warrant or the transactions contemplated
hereby. If either party shall commence a Proceeding to enforce any provisions of this Warrant, then the prevailing party in such
Proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such Proceeding.

 

    	 	10	 

     

    

 

(c)          The
headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

 

(d)          In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	11	 

     

    

 

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

 

	 	INSPRO TECHNOLOGIES CORPORATION
	 	 	 
	 	By:	 
	 	Name:	Anthony R. Verdi
	 	Title:	Chief Financial Officer

 

[Signature Page to Warrant No. ITCC-___]

 

     

     

    

 

INSPRO
TECHNOLOGIES CORPORATION

WARRANT
ORIGINALLY ISSUED __________, 2016

WARRANT
NO. ITCC-______

 

EXERCISE
NOTICE

 

TO INSPRO TECHNOLOGIES CORPORATION:

 

The undersigned holder
hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of
InsPro Technologies Corporation, Inc., a Delaware corporation (the “Company”). Capitalized terms used herein
and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

1.           Form
of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

		____________	          a “Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

		____________	          a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

2.           Payment
of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to
be issued pursuant hereto, the holder shall pay the aggregate Exercise Price in the sum of $___________________ to the Company
in accordance with the terms of the Warrant.

 

3.           Delivery
of Warrant Shares. The Company shall deliver to holder, or its designee or agent as specified below, __________ Warrant Shares
in accordance with the terms of the Warrant. Delivery shall be made to holder, or for its benefit, to the following address:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Date: _______________ __, ______

 

Name of Registered Holder

 

	By:	 	 
		Name:	 
	 	Title:	 

 

     

     

    

 

Warrant Shares Exercise Log

 

	Date	 	Number of Warrant

Shares Available to be

Exercised	 	Number of Warrant Shares

Exercised	 	Number of

Warrant Shares

Remaining to

be Exercised
	
         

         

         

         

         
	 	 	 	 	 	 

 

     

     

    

 

INSPRO
TECHNOLOGIES CORPORATION

WARRANT ORIGINALLY ISSUED _________, 2016

WARRANT NO. ITCC-_____

 

FORM
OF ASSIGNMENT

 

[To be completed and signed
only upon transfer of Warrant]

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto ________________________________ the right represented by the above-captioned
Warrant to purchase ____________ shares of Common Stock to which such Warrant relates and appoints ________________ attorney to
transfer said right on the books of the Company with full power of substitution in the premises.

 

Dated:_______________, ____

 

	 	 
	 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)
	 	 
	 	 
	 	Address of Transferee
	 	 
	 	 
	 	 
	 	 

 

In the presence of:

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