Document:

Exhibit
10.5

 

WARRANT
PURCHASE AGREEMENT

 

This
Warrant Purchase Agreement (this “Agreement”), dated as of August [●], 2020, is entered into by and between
Conversion Labs, Inc., a Delaware corporation (the “Company”), and _______________________ (the “Purchaser”).
The Company and the Purchaser are referred to herein individually as a “Party” and collectively as the “Parties.”

 

RECITALS

 

WHEREAS,
on the terms and subject to the conditions set forth herein, the Purchaser is willing to purchase from the Company, and the Company
is willing to issue and sell to such Purchaser, a Class A Warrant and a Class B Warrant (as such terms are defined below) on the
terms and conditions of this Agreement.

 

NOW
THEREFORE, in consideration of the foregoing, and the representations, warranties, covenants and conditions set forth below, the
parties hereto, intending to be legally bound, hereby agree as follows:

 

1.       The
Warrants.

 

(a)       Issuance
of Warrants. Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase at the Closing and the
Company agrees to sell and issue to the Purchaser at the Closing (i) a warrant to purchase ____________ shares of common stock
of the Company, $0.0001 par value per share (the “Common Stock”), at an exercise price of $[●] per share
of Common Stock, in substantially the form attached hereto as Exhibit A (the “Class A Warrant”), for
a purchase price of $_______, and (ii) a warrant to purchase _________ shares of Common Stock, at an exercise price of $______
per share, in substantially the form attached hereto as Exhibit B (the “Class B Warrant” and, together
with the Class A Warrant, the “Warrants”), for a purchase price of $________ (the shares of Common Stock issuable
upon exercise of or otherwise pursuant to the Warrants, collectively, are referred to herein as the “Warrant Shares”).

 

2.       The
Closing.

 

(a)       The
purchase and sale of the Warrants (the Closing”) shall take place at the offices of ________________________ or such
other place as the Parties mutually agree the date hereof (the “Closing”).

 

(b)       The
Parties agree that the Closing may occur remotely via delivery of facsimiles or photocopies of this Agreement and the Warrants.
Unless otherwise provided herein, all proceedings to be taken and all documents to be executed and delivered by all Parties at
the Closing will be deemed to have been taken and executed simultaneously, and no proceedings will be deemed to have been taken
nor documents executed or delivered until all have been taken, executed and delivered.

 

(c)       At
the Closing, the Company shall deliver to the Purchaser the Warrants, against payment of the aggregate purchase price for the
Warrants by check payable to the Company, by wire transfer to a bank account designated by the Company, by conversion of indebtedness
or by any combination of such methods.

 

    	 

    	 

    

 

3.       Representations
and Warranties of the Company. The Company represents and warrants to the Purchaser that:

 

(a)       Organization
and Qualification; Subsidiaries. The Company and each of its subsidiaries has been duly organized and is validly existing
and is in good standing under the laws of its jurisdictions of organization, with the requisite power and authority to own its
properties and conduct its business as currently conducted. The Company and each of its subsidiaries are not in violation of any
of the provisions of their respective organizational documents. The Company and each of its subsidiaries are duly qualified to
conduct business and are in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of
the business conducted or property owned by them makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, would not reasonably be expected to result in a material adverse effect on the Company
or any of its subsidiaries.

 

(b)       Authorization.
All corporate action required to be taken by the Company and the Company’s Board of Directors, officers and stockholders
in order to authorize the execution, delivery and performance by the Company of this Agreement and each Warrant (each, a “Transaction
Document” and, collectively, the “Transaction Documents”) and the consummation of the transactions
contemplated hereby and thereby have been taken, are within the corporate power of the Company and have been duly authorized by
all necessary corporate actions on the part of the Company and the Company’s Board of Directors, officers and stockholders.
The Transaction Documents, when executed and delivered by the Company, shall constitute valid and legally binding obligations
of the Company, enforceable against the Company in accordance with their respective terms except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or
affecting the enforcement of creditors’ rights generally, or (ii) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies.

 

(c)       Non-Contravention.
The execution, delivery and performance by the Company of this Agreement and the consummation of the transactions contemplated
hereby do not and will not: (a) violate, conflict with or result in the breach of the organizational documents of the Company
or any of its subsidiaries; (b) conflict with or violate any law or order applicable to the Company or any of its subsidiaries,
or any of its or their respective assets or properties; or (c) violate, conflict with, result in any breach of, constitute a default
(or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent under,
or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of, any note, bond,
mortgage or indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to
which the Company or any of its subsidiaries is a party or to which any of their respective assets or properties are subject,
or result in the creation of any Encumbrance on any of their respective assets or properties, except, in the case of clauses (b)
and (c), for any such conflict, violation, breach or default that would not reasonably be expected to have, individually or in
the aggregate, a material adverse effect on the Company or any of its subsidiaries. As used herein, “Encumbrance”
means any security interest, pledge, mortgage, lien, claim, option, charge, restriction, encumbrance, right of first refusal,
preemptive right or other similar restriction.

 

(d)       Approvals.
No consent, approval, order or authorization of, or registration, declaration or filing with, any governmental authority or other
Person (including, without limitation, the shareholders of any Person) is required by the Company in connection with the execution
and delivery of this Agreement and the Warrants issued hereunder and the performance and consummation of the transactions contemplated
hereby except for consents obtained and remain in full force and effect and filings required under applicable securities laws.

 

(e)       No
Violation or Default. None of the Company or any of its subsidiaries is in material violation of or in material default with
respect to (i) its organizational documents or any material judgment, order, writ, decree, statute, rule or regulation applicable
to the Company or such subsidiary; or (ii) any material mortgage, indenture, agreement, instrument or contract to which the Company
is a party or by which it is bound (nor is there any waiver in effect which, if not in effect, would result in such a violation
or default).

 

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(f)       Valid
Issuance. The Warrants have been duly authorized and, when issued and paid for in accordance with the terms of the Offering
Documents, will be duly and validly issued, free and clear of all Encumbrances, other than restrictions on transfer imposed by
applicable securities laws, and shall not be subject to preemptive or similar rights of stockholders of the Company.

 

(g)       Litigation.
No material actions (including, without limitation, derivative actions), suits, proceedings or investigations are pending or,
to the knowledge of the Company, threatened against the Company or any of its subsidiaries at law or in equity in any court or
before any other governmental authority.

 

4.       Representations
and Warranties of Purchaser. The Purchaser represents and warrants to the Company as follows:

 

(a)       Organization
and Qualification. The Purchaser has been duly organized and is validly existing and, except as would not reasonably be expected
to have, individually or in the aggregate, a material adverse effect with respect to the Purchaser, is in good standing under
the laws of its jurisdiction of organization, with the requisite power and authority to own its properties and conduct its business
as currently conducted.

 

(b)       Authorization;
Enforcement; Validity. The Purchaser has all necessary corporate, limited liability company or equivalent power and authority
to enter into this Agreement and to carry out, or cause to be carried out, its obligations hereunder in accordance with the terms
hereof. The execution and delivery by the Purchaser of this Agreement and the performance by the Purchaser of its obligations
hereunder have been duly authorized by all requisite action on the part of the Purchaser, and no other action on the part of the
Purchaser is necessary to authorize the execution and delivery by the Purchaser of this Agreement or the consummation of the transactions
contemplated by this Agreement. This Agreement has been duly executed and delivered by the Purchaser, and assuming due authorization,
execution and delivery by the Company, this Agreement constitutes the legal, valid and binding obligation of the Purchaser, enforceable
against the Purchaser in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’
rights generally, or (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other
equitable remedies.

 

(c)       Non-Contravention.
The execution, delivery and performance by the Purchaser of this Agreement and the consummation of the transactions contemplated
hereby do not and will not: (a) violate, conflict with or result in the breach of the organizational documents of the Purchaser;
(b) conflict with or violate any law or order applicable to the Purchaser, or any of its assets or properties; or (c) violate,
conflict with, result in any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both,
would become a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration,
suspension, revocation or cancellation of, any note, bond, mortgage or indenture, contract, agreement, lease, sublease, license,
permit, franchise or other instrument or arrangement to which the Purchaser is a party or to which its assets or properties are
subject, or result in the creation of any Encumbrance on any of its assets or properties, except, in the case of clauses (b) and
(c), for any such conflict, violation, breach or default that would not reasonably be expected to have, individually or in the
aggregate, a material adverse effect on the Purchaser.

 

(d)       Restricted
Securities. The Purchaser acknowledges that the Warrants and the Warrant Shares are considered “restricted securities”
under the Securities Act and thus cannot be sold or transferred unless they are subsequently registered under the Securities Act
of 1934, as amended, or an exemption from registration is available. Subject to applicable securities laws, the Purchaser shall
be entitled to assign and transfer, without any other person’s or the Company’s consent and without restriction, all
or any portion of the Warrants and the Warrant Shares and the rights thereto.

 

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(e)       Accredited
Investor. The Purchaser has such knowledge and experience in financial and business matters that the Purchaser is capable
of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the
Purchaser’s financial condition and is able to bear the economic risk of such investment for an indefinite period of time.
The Purchaser is an “accredited investor” as such term is defined in Rule 501 of Regulation D under the Securities
Act, as presently in effect.

 

5.       Conditions
to Closing of the Purchaser. The Purchaser’s obligations at the Closing are subject to the fulfillment, at or prior
to the Closing, of all of the following conditions:

 

(a)       Representations
and Warranties. The representations and warranties made by the Company in Section 3 hereof shall be true and correct
in all respects as of the Closing and the Company shall have certified to each Purchaser as such.

 

(b)       Governmental
Approvals and Filings. Except for any notices required or permitted to be filed after the Closing with certain federal and
state securities commissions, the Company shall have obtained all governmental approvals required in connection with the lawful
sale and issuance of the Warrants.

 

(c)       Transaction
Documents. The Company shall have duly executed and delivered to the Purchaser participating in the Closing this Agreement
and the Warrants issued hereunder.

 

6.       Conditions
to Obligations of the Company. The Company’s obligation to issue and sell the Warrants at the Closing is subject to
the fulfillment, at or prior to the Closing, of the following conditions:

 

(a)       Representations
and Warranties. The representations and warranties made by the Purchaser in Section 4 hereof shall be true and correct
as of the Closing.

 

(b)       Transaction
Documents. The Purchaser shall have duly executed and delivered to the Company this Agreement.

 

(c)       Purchase
Price. The Purchaser shall have delivered to the Company the aggregate purchase price in respect of the Warrants being purchased
by the Purchaser hereunder.

 

7.       Miscellaneous.

 

(a)       Waivers
and Amendments. Any provision of this Agreement may be amended, waived or modified only upon the written consent of the Company
and the Purchaser.

 

(b)       Governing
Law. This Agreement shall be interpreted, construed and enforced in accordance with the laws of the State of New York, without
regard to the conflicts of law principles thereof.

 

(c)       Consent
to Jurisdiction. Each of the Parties (a) irrevocably and unconditionally agrees that any proceedings, at law or equity, arising
out of or relating to this Agreement or any agreements or transactions contemplated hereby shall be heard and determined by the
federal or state courts located in New York County in the State of New York; (b) irrevocably submits to the jurisdiction of such
courts in any such proceeding; (c) consents that any such proceeding may be brought in such courts and waives any objection that
such Party may now or hereafter have to the venue or jurisdiction of such courts or that such Proceeding was brought in an inconvenient
forum; and (d) agrees that service of process in any such Proceeding may be effected by providing a copy thereof by any of the
methods of delivery permitted by Section 7(i) to such Party at its address as provided in Section 7(i) (provided
that nothing herein shall affect the right to effect service of process in any other manner permitted by law).

 

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(d)       Waiver
of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY). EACH OF THE PARTIES HERETO HEREBY
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7(D).

 

(e)       Survival.
The representations, warranties, covenants and agreements made herein shall survive the execution and delivery of this Agreement.

 

(f)       Successors
and Assigns. This Agreement may not be assigned, conveyed or transferred by any Purchaser without the prior written consent
of the Company; provided, however, the Purchaser may transfer its rights under this Agreement to an affiliate without
the prior written consent of the Company.

 

(g)       No
Stockholder Rights. Until and only to the extent that the Warrants shall have been duly exercised into shares of the capital
stock of the Company, (i) nothing contained in this Agreement or the Warrants shall be construed as conferring upon the Purchaser
the right to vote or to consent or to receive notice as a stockholder in respect of meetings of stockholders for the election
of directors of the Company or any other matters or any rights whatsoever as a stockholder of the Company and (ii) no dividends
shall be payable or accrued in respect of the Warrants or the Warrant Shares obtainable thereunder.

 

(h)       Entire
Agreement. This Agreement together with the Consulting Agreement and the other Transaction Documents constitute and contain
the entire agreement among the Company and the Purchaser and supersede any and all prior agreements, negotiations, correspondence,
understandings and communications among the parties, whether written or oral, respecting the subject matter hereof.

 

(i)       Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or: (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic
mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s
next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying
next business day delivery, with written verification of receipt. All communications shall be sent to the respective Parties at
their address as set forth on the signature page hereto or to such e-mail address, facsimile number or address as subsequently
modified by written notice given in accordance with this Section 7(i). If notice is given to the Company, a copy (which
shall not constitute notice) shall also be sent to Lucosky Brookman LLP, 101 Wood Avenue South, Woodbridge, NJ 08830, Attention:
[●] .

 

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(j)       Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy,
all other terms and provisions of this Agreement shall nevertheless remain in full force and effect for so long as the economic
or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable
manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

(k)       Headings.
The section and subsection headings in this Agreement are inserted for convenience only and shall not affect in any way the meaning
or interpretation of this Agreement.

 

(l)       Expenses.
Each of the Company and the Purchaser shall bear its own legal and other expenses with respect to the transactions contemplated
herein and the other Transaction Documents.

 

(m)       Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or
other transmission method complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com), and any counterpart
so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

[Remainder
of Page Intentionally Left Blank; Signature Pages Follow]

 

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IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered by their proper and duly authorized
officers as of the date first written above.

 

	 	COMPANY:
	 	 
	 	CONVERSION
    LABS, INC.
	 	 
	 	By:
    	                                        
	 	Name:
    Justin Schreiber
	 	Title:  President
    and Chief Executive Officer
	 	 
	 	Address:
    
	 	800
    Third Avenue, Suite 2800
	 	New
    York, NY 10022

 

[Signature
page to Conversion Labs, Inc. Warrant Purchase Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered by their proper and duly authorized
officers as of the date first written above.

 

	 	By:	                                    
	 	Name:
    
	 	Title:  
	 	 
	 	Address:
	 	 
	 	With
    a copy (which shall not constitute notice) to:

 

[Signature
page to Conversion Labs, Inc. Warrant Purchase Agreement]

 

    	 

    	 

    

 

EXHIBIT
A

 

Form
of Class A Warrant

 

    	 

    	 

    

 

EXHIBIT
B

 

Form
of Class B WarrantExhibit
10.6 

 

NEITHER
THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR
SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES ACT.

 

CONVERSION
LABS, INC.

 

WARRANT
TO PURCHASE COMMON STOCK

 

Original
Issue Date: _____________, 2020

 

Conversion
Labs, Inc., a Delaware corporation (the “Company”), hereby certifies that, for value received, [●] ,
or its permitted registered assigns (the “Holder”), is entitled to purchase from the Company up to a total
of ____________ shares of common stock, $0.0001 par value per share (the “Common Stock”), of the Company (the
“Warrant Shares”) at an exercise price per share equal to $__________ per share (as adjusted from time to time
as provided in Section 8 herein, the “Exercise Price”), at any time and from time to time following
the earlier to occur of (the “Exercisability Date”): (i) the date that is _____________ following the date
hereof, or (ii) immediately prior to the consummation of a Fundamental Transaction (as defined below), and through and including
5:30 p.m., New York City time, on ___________, 2025 (the “Expiration Date”), subject to the terms of that certain
consulting agreement by and between the Company and the Holder dated of even date herewith and the following terms and conditions:

 

1.
Registration of Warrants. The Company shall register this warrant to purchase Common Stock (this “Warrant”),
upon records to be maintained by the Company for that purpose, which may be a third-party transfer agent (the “Warrant
Register”), in the name of the record Holder (which shall include the initial Holder or, as the case may be, any registered
assignee to which this Warrant is permissibly assigned hereunder) 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. Subject to compliance with all applicable securities laws, the Company shall register the transfer
of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached
as Schedule 2 hereto duly completed and signed, to the Company’s transfer agent or to the Company at its address
specified in the Purchase Agreement and (x) delivery, at the request of the Company, of an opinion of counsel reasonably satisfactory
to the Company to the effect that the transfer of such portion of this Warrant may be made pursuant to an available exemption
from the registration requirements of the Securities Act and all applicable state securities or blue sky laws (other than in connection
with any transfer (i) pursuant to an effective registration statement, (ii) to the Company, (iii) pursuant to Rule 144 (provided
that such Holder provides the Company with reasonable assurances (in the form of seller and, if applicable, broker representation
letters) that the securities may be sold pursuant to such rule), and (y) delivery by the transferee of a written statement to
the Company certifying that the transferee is an “accredited investor” as defined in Rule 501(a) under the Securities
Act and making the representations and certifications set forth in Sections 4(c) 4(d) and 4(e) of the Purchase Agreement, to the
Company at its address specified in the Purchase Agreement. 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 in respect of the New
Warrant that the Holder has in respect of this Warrant. The Company shall prepare, issue and deliver at its own expense any New
Warrant under this Section 2.

 

    	 

    	 

    

 

3.
Exercise and Duration of Warrant; Repurchase.

 

(a)
All or any part of the Warrant Shares shall be exercisable by the registered Holder in any manner permitted by Section 9
of this Warrant at any time and from time to time on or after the Exercisability Date and through and including 5:30 p.m. New
York City time, on the Expiration Date. At 5:30 p.m., New York City time, on the Expiration Date, the portion (or all) of this
Warrant not exercised prior thereto shall be and become void and of no value and this Warrant shall be automatically terminated
and no longer outstanding, provided, however, that if the last reported Closing Sale Price immediately prior to
the Expiration Date was greater than the Exercise Price, then this Warrant shall be automatically deemed exercised on a cashless
basis as of 4:01 p.m. (ET) on the Expiration Date.

 

(b)
The Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule
1 hereto (the “Exercise Notice”), completed and duly signed, and (ii) payment of the Exercise Price for
the number of Warrant Shares as to which this Warrant is being exercised (which may take the form of a “cashless exercise”
if so indicated in the Exercise Notice and if a “cashless exercise” may occur at such time pursuant to Section
9 below), and the date on which Exercise Notice is delivered to the Company (as determined in accordance with the notice provisions
hereof) is an “Exercise Date.” The delivery by (or on behalf of) the Holder of the Exercise Notice and the
applicable Exercise Price as provided above shall constitute the Holder’s certification to the Company that its representations
contained in Sections 4(c) 4(d) and 4(e) of the Purchase Agreement are true and correct as of the Exercise Date and the date on
which Holder pays the Company the Exercise Price as if remade in their entirety (or, in the case of any transferee Holder that
is not a party to the Purchase Agreement, such transferee Holder’s certification to the Company that such representations
are true and correct as to such assignee Holder as of the Exercise Date). The Holder shall not be required to deliver the original
Warrant in order to effect an exercise hereunder, but if it is not so delivered then such exercise shall constitute an agreement
by the Holder to deliver the original Warrant to the Company as soon as practicable thereafter. Execution and delivery of the
Exercise Notice 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.

 

4.
Delivery of Warrant Shares.

 

(a)
Upon exercise of this Warrant and delivery of the Exercise Price, the Company shall promptly (but in no event later than two Trading
Days after the later of the Exercise Date and delivery of the Exercise Price) issue or cause to be issued and cause to be delivered
to or upon the written order of the Holder and in such name or names as the Holder may designate, (i) a certificate for the Warrant
Shares issuable upon such exercise, free of restrictive legends, or (ii) an electronic delivery of the Warrant Shares to the Holder’s
account at the Depository Trust Company (“DTC”) or a similar organization, unless in the case of clause (i)
and (ii) a registration statement covering the resale of the Warrant Shares and naming the Holder as a selling stockholder thereunder
is not then effective or the Warrant Shares are not freely transferable without restriction under Rule 144 by Holders who are
not affiliates of the Company, in which case such Holder shall receive a certificate for the Warrant Shares issuable upon such
exercise with appropriate restrictive legends. The Holder, or any Person permissibly so designated by the Holder to receive Warrant
Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date. Notwithstanding anything
contained herein to the contrary, if the Holder fails to deliver the documents required to register a transferee as set forth
in Section 2 above or to provide the documents required under this Section 4(a) to issue a certificate or electronic
delivery of the Warrant Shares to any Person(s) other than the Holder, then determination of the two Trading Days shall be tolled
until such documents have been delivered to the Company. If the Warrant Shares are to be issued free of all restrictive legends,
the Company shall, upon the written request of the Holder, use its reasonable best efforts to deliver, or cause to be delivered,
Warrant Shares hereunder electronically through DTC or another established clearing corporation performing similar functions,
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 such a clearing corporation.

 

    	 

    	 

    

 

(b)
If by the close of the second Trading Day after delivery of a properly completed Exercise Notice and the payment of the aggregate
Exercise Price in any manner permitted by Section 9 of this Warrant, the Company fails to deliver to the Holder a certificate
representing the required number of Warrant Shares in the manner required pursuant to Section 4(a), and if after such second
Trading Day and prior to the receipt of such Warrant Shares, the Holder is required to purchase (in an open market transaction
or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder
anticipated receiving upon such exercise (a “Buy-In”), then the Company shall, in its sole discretion, within
two Trading Days after the Holder’s request for payment, either (1) pay in cash to the Holder an amount equal to the Holder’s
total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased, at which point the
number of Warrant Shares underlying this Warrant equal to the number of shares of Common Stock so purchased shall be forfeited
and the Company’s obligation to deliver such certificate (and to issue such Warrant Shares) shall terminate or (2) promptly
honor its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares and pay cash to the
Holder in an amount equal to the excess (if any) of Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased in the Buy-In over the product of (A) the number of shares of Common Stock purchased
in the Buy-In, multiplied by (B) the closing bid price of a share of Common Stock on the Exercise Date. The Holder shall
provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable
confirmations and other evidence reasonably requested by the Company.

 

(c)
To the extent permitted by law, the Company’s obligations to issue and deliver Warrant Shares in accordance with and subject
to the terms hereof (including the limitations set forth in Section 10 below) 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 (other than breaches related
to this Warrant or the Purchase Agreement) or any violation or alleged violation of law by the Holder or any other Person, and
irrespective of any other circumstance that might otherwise limit such obligation of the Company to the Holder in connection with
the issuance of Warrant Shares. Nothing herein shall limit the 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 the
Warrant as required pursuant to the terms hereof.

 

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 incidental tax or expense
in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided,
however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved
in the registration of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder or an Affiliate
thereof. 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, in each case,
a customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances
shall also comply with such other reasonable regulations and 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 as soon as practical after the date hereof, but no later than
December 31, 2020, the Company will cause a sufficient number of shares of Common Stock to be available to effect the exercise
of this Warrant. Thereafter, the Company will at all times during the period this Warrant is outstanding 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 that are initially 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 in accordance
with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the original issuance thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue). The Company further covenants that its issuance of this Warrant shall constitute full authority
to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates
for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company represents and warrants that the
Warrant Shares, when issued and paid for in accordance with the terms of the Offering Documents and the Warrants, will be issued
free and clear of all security interests, claims, liens and other encumbrances other than restrictions imposed by applicable securities
laws. The Company will take all such action as may be reasonably necessary to assure that such shares of Common Stock may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or
automated quotation system upon which the Common Stock may be listed.

 

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 its outstanding shares of Common Stock into a larger number of shares, (iii) combines (by combination, reverse stock
split or otherwise) its outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification
of shares of Common Stock any shares of capital stock of the Company, then in each such case the Exercise Price shall be adjusted
to a price determined by multiplying the Exercise Price in effect immediately prior to the effective date of such event by a fraction,
the numerator of which shall be the number of shares of Common Stock outstanding on such effective date immediately before giving
effect to such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after
giving effect to 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), (iii) or (iv) of this paragraph shall become effective immediately after the effective date of such subdivision,
combination or reclassification.

 

    	 

    	 

    

 

(b)
Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common
Stock for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered
by the preceding paragraph) or (iii) rights or warrants to subscribe for or purchase any security, or (iv) any other asset, including
cash (in each case, “Distributed Property”), except, for any distributions pursuant to a shareholders’
rights plan or similar takeover defense agreement or plan adopted by the Company, then, upon any exercise of this Warrant that
occurs after the record date fixed for determination of stockholders entitled to receive such distribution, the Holder shall be
entitled to receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed
Property that such Holder would have been entitled to receive in respect of such number of Warrant Shares had the Holder been
the record holder of such Warrant Shares immediately prior to such record date.

 

(c)
Fundamental Transactions. If, at any time while this Warrant is outstanding (i) the Company effects (A) any merger of the
Company with (but not into) another Person, in which stockholders of the Company immediately prior to such transaction own less
than a majority of the outstanding stock of the surviving entity, or (B) any merger or consolidation of the Company into another
Person, (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions,
(iii) any tender offer or exchange offer approved or authorized by the Company’s Board of Directors is completed pursuant
to which holders of at least a majority of the outstanding Common Stock tender or exchange their shares for other securities,
cash or property, or (iv) 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 (other than as a result
of a subdivision or combination of shares of Common Stock covered by Section 8(a) above or as a result of a transaction,
the primary purpose of which is to change the jurisdiction of incorporation of the Company) (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 without regard to any limitations on exercise contained herein (the “Alternate
Consideration”), and the Holder shall no longer have the right to receive Warrant Shares upon exercise of this Warrant.
The Company shall not effect any such Fundamental Transaction unless prior to or simultaneously with the consummation thereof,
any successor to the Company, surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate
corporation or Person shall assume the obligation to deliver to the Holder, such Alternate Consideration as, in accordance with
the foregoing provisions, the Holder may be entitled to receive, and the other obligations under this Warrant. The provisions
of this Section 8(c) shall similarly apply to subsequent transactions of an analogous type to any Fundamental Transaction.
Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any successor to the Company,
surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or Person shall,
at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental
Transaction, purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value
of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. As used
herein, “Black Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing
Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day
of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding
to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental
Transaction and the Expiration Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained
from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental
Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being offered
in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction, and (D)
a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction
and the Expiration Date.

 

    	 

    	 

    

 

(d)
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to Section 8(a), 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 increased or decreased number of Warrant
Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

(e)
Calculations. All calculations under this Section 8 shall be made to the nearest cent or the nearest share, as applicable.

 

(f)
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 good faith, in accordance with the terms of this Warrant and 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 reasonable detail the facts upon which such adjustment is based. Upon written request, the Company will promptly
deliver a copy of each such certificate to the Holder and to the Company’s transfer agent.

 

(g)
Notice of Corporate Events. If, while this Warrant is outstanding, 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, (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, except if such notice and the contents thereof shall be deemed
to constitute material non-public information, the Company shall deliver to the Holder a notice of such transaction at least five
(5) Trading 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; 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.

 

9.
Payment of Exercise Price. The Holder shall either pay the Exercise Price in immediately available funds or by way of a
“cashless exercise”, in which event the Company shall issue to the Holder the number of Warrant Shares determined
as follows:

 

X
= Y [(A-B)/A]

 

where:

 

X
= the number of Warrant Shares to be issued to the Holder.

 

Y
= the total number of Warrant Shares with respect to which this Warrant is being exercised.

 

A
= the average of the Closing Sale Prices of the shares of Common Stock for the five consecutive Trading Days ending on the date
immediately preceding the Exercise Date.

 

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

 

    	 

    	 

    

 

For
purposes of this Warrant, “Closing Sale Price” means, for any security as of any date, the price determined
by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a National Securities
Exchange, the last trade price of the Common Stock for such date (or the nearest preceding date) on a National Securities Exchange
on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is not then listed or quoted on a National Securities Exchange,
the last closing price of a share of Common Stock for such date (or the nearest preceding date) on the OTCQB or the OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on the OTCQB or the OTCQX and if prices for the Common Stock
are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other
cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the
Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

For
purposes of Rule 144, it is intended, understood and acknowledged that the provisions above permitting “cashless exercise”
are intended, in part, to ensure that a full or partial exchange of this Warrant pursuant to such provisions will qualify as a
conversion, within the meaning of paragraph (d)(3)(ii) of Rule 144, and the holding period for the Warrant Shares shall be deemed
to have commenced as to such original Holder, on the Original Issue Date.

 

10.
Limitations on Exercise. The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right
to exercise this Warrant, to the extent that after giving effect to such exercise, the Holder (together with the Holder’s
Affiliates) would beneficially own in excess of 4.99% (the “Beneficial Ownership Limitation”) of the shares
of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate
number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common
Stock issuable upon the exercise of this Warrant, but shall exclude shares of Common Stock which would be issuable upon exercise
or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by the Holder
and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to
a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence,
for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act
of 1934, as amended. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder
may rely on the number of outstanding shares of Common Stock as reflected in the most recent of (1) the Company’s most recent
Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the case
may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or its transfer agent setting
forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of the Holder,
the Company shall within two days confirm to the Holder the number of shares of Common Stock then outstanding. In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company by the Holder thereof and its Affiliates since the date as of which such number of outstanding shares of Common
Stock was reported. By written notice to the Company, the Holder may from time to time increase or decrease the Beneficial Ownership
Limitation to any other percentage specified in such notice; provided that (i) any such increase will not be effective
until the sixty-first (61st) day after such notice is delivered to the Company, and (ii) any such increase or decrease will apply
only to the Holder. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 10 to correct this paragraph (or any portion hereof) which may be defective or inconsistent
with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to
properly give effect to such limitation.

 

    	 

    	 

    

 

11.
Piggyback Registration. If the Company proposes to register (including, for this purpose, a registration effected by the
Company for stockholders other than the Holder) any of its securities under the Securities Act in connection with the public offering
of such securities solely for cash (other than a registration on Form S-4 or Form S-8), the Company shall, at such time, promptly
give the Holder notice of such registration. Upon the request of the Holder given within twenty (20) days after such notice is
given by the Company, the Company shall cause to be registered all of the Registrable Securities that the Holder has requested
to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it
under this Section 11 before the effective date of such registration, whether or not the Holder has elected to include
Registrable Securities in such registration. All expenses (other than Selling Expenses) incurred in connection with registrations,
filings, or qualifications pursuant to this Section 11, including all registration, filing, and qualification fees; printers’
and accounting fees; and fees and disbursements of counsel for the Company, shall be borne and paid by the Company. As used herein,
“Registrable Securities” means the Common Stock issuable or issued upon exercise of this Warrant. As used herein,
“Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable
to the sale of Registrable Securities.

 

12.
No Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu
of any fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to
the next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Sale Price) for
any such fractional shares.

 

13.
Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed
given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via electronic
mail to the e-mail address specified in this Section 13 prior to 5:00 p.m., New York City time, on a Trading Day, (b) the
next Trading Day after the date of transmission, if such notice or communication is delivered via electronic mail to the e-mail
address specified in this Section 13 on a day that is not a Trading Day or later than 5:00 p.m., New York City time, on
any Trading Day, (c) the Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
with next day delivery specified, or (d) upon actual receipt by the party to whom such notice is required to be given. The address
for such notices and communications shall be as follows:

 

If
to the Company, to:

 

Conversion
Labs, Inc.

800
Third Avenue, Suite 2800

New
York, NY 10022

Attention:
Justin Schreiber, CEO,

justin@conversionlabs.com

 

With
a copy (which shall not constitute notice to the Company) to:

 

If
to the Holder, to the address set forth on the signature page hereto.

 

    	 

    	 

    

 

14.
Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon 15 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.

 

15.
Miscellaneous.

 

(a)
No Rights as a Stockholder. The Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be
entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything
contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this
Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action
(whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the
Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained
in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities, whether such liabilities
are asserted by the Company or by creditors of the Company.

 

(b)
Authorized Shares.

 

(i)
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation or of any requirements of the National Securities Exchange upon which
the Common Stock may be listed.

 

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

 

    	 

    	 

    

 

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

 

(c)
Successors and Assigns. Subject to the restrictions on transfer set forth in this Warrant and compliance with applicable
securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written
consent of the Holder except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on and inure
to the benefit of the Company and the Holder and their respective 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.

 

(d)
Amendment and Waiver. Except as otherwise provided herein, the provisions of the Warrants may be amended and the Company
may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has
obtained the written consent of the Holders of Warrants representing no less than a majority of the Warrant Shares obtainable
upon exercise of the Warrants then outstanding.

 

(e)
Acceptance. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and
conditions contained herein.

 

(f)
Governing Law; Jurisdiction; Waiver of Jury Trial. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND
INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH OF THE PARTIES (A) IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ANY PROCEEDINGS, AT LAW OR EQUITY, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY AGREEMENTS OR TRANSACTIONS CONTEMPLATED
HEREBY SHALL BE HEARD AND DETERMINED BY THE FEDERAL OR STATE COURTS LOCATED IN NEW YORK COUNTY IN THE STATE OF NEW YORK; (B) IRREVOCABLY
SUBMITS TO THE JURISDICTION OF SUCH COURTS IN ANY SUCH PROCEEDING; (C) CONSENTS THAT ANY SUCH PROCEEDING MAY BE BROUGHT IN SUCH
COURTS AND WAIVES ANY OBJECTION THAT SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE VENUE OR JURISDICTION OF SUCH COURTS OR THAT
SUCH PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM; AND (D) AGREES THAT SERVICE OF PROCESS IN ANY SUCH PROCEEDING MAY BE EFFECTED
BY PROVIDING A COPY THEREOF BY ANY OF THE METHODS OF DELIVERY PERMITTED BY SECTION 13 TO SUCH PARTY AT ITS ADDRESS AS PROVIDED
IN SECTION 13 (PROVIDED THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW). EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY). EACH OF THE PARTIES HERETO HEREBY (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION 15.

 

(g)
Headings. 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.

 

(h)
Severability. 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 Company and the Holder will attempt in good faith to agree upon a valid and enforceable provision which as closely
as possible reflects the intent of the parties hereto, and upon so agreeing, shall incorporate such substitute provision in this
Warrant.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS]

 

    	 

    	 

    

 

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

 

	 	CONVERSION
    LABS, INC.
	 	 	 
	 	By:
    	 
	 	Name:
    	Justin
    Schreiber
	 	Title:
    	President
    and Chief Executive Officer
	 	 	 
	 	Accepted
    and acknowledged:
	 	 	 
	 	By:
    	 
	 	Name:
    	 
	 	Title:
    	Authorized
    Person
	 	 	 
	 	Address:	 
	 	 	 
	 	With
    a copy (which shall not constitute notice) to:

 

    	 

    	 

    

 

SCHEDULE
1

 

CONVERSION
LABS, INC.

 

FORM
OF EXERCISE NOTICE

 

[To
be executed by the Holder to purchase shares of Common Stock under the Warrant]

 

Ladies
and Gentlemen:

 

(1)
The undersigned is the Holder of Warrant No. __________ (the “Warrant”) issued by Conversion Labs, Inc., a
Delaware corporation (the “Company”). Capitalized terms used herein and not otherwise defined herein have the
respective meanings set forth in the Warrant.

 

(2)
The undersigned hereby exercises its right to purchase __________ Warrant Shares pursuant to the Warrant.

 

(3)
The Holder intends that payment of the Exercise Price shall be made as (check one):

 

	 	[  ]	Cash
    Exercise
	 	 	 
	 	[  ]	“Cashless
    Exercise” under Section 9 of the Warrant

 

(4)
If the Holder has elected a Cash Exercise, the Holder shall pay the sum of $_______ in immediately available funds to the Company
in accordance with the terms of the Warrant.

 

(5)
Pursuant to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined in accordance with the terms
of the Warrant. Please issue (check applicable box):

 

	 	[  ]	A
    certificate of certificates representing the Warrant Shares in the name of the undersigned or in such other name as is specified
    below:

 

____________________________________________________________________

 

	 	[  ]	The
    Warrant Shares in electronic form to the following account:

 

Name
and Contact for Broker: _____________________________________________

 

Broker
no: ____________________________________________________________

 

Account
no: __________________________________________________________

 

Account
holder: _______________________________________________________

 

(6)
By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise
evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned under Section 10 of the Warrant to
which this notice relates.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

Dated:
_________________, _________

 

Name
of Holder: ________________________

 

By:
____________________ (Signature must conform in all respects to name of Holder as specified on the face of the
Warrant)

Name:

Title:

 

[Signature
Page to Warrant Exercise Notice]

 

    	 

    	 

    

 

SCHEDULE
2

 

Conversion
labs, INC.

 

FORM
OF ASSIGNMENT

 

[To
be completed and executed by the Holder only upon transfer of the Warrant]

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (the “Transferee”) the right represented
by the within Warrant to purchase shares of Common Stock of Conversion Labs, Inc., a Delaware corporation (the “Company”)
to which the within Warrant relates and appoints attorney to transfer said right on the books of the Company with full power of
substitution in the premises. In connection therewith, the undersigned represents, warrants, covenants and agrees to and with
the Company that:

 

	(a)	the
    offer and sale of the Warrant contemplated hereby is being made in compliance with Section 4(1) of the United States Securities
    Act of 1933, as amended (the “Securities Act”), or another valid exemption from the registration requirements
    of Section 5 of the Securities Act and in compliance with all applicable securities laws of the states of the United States;
	 	 
	(b)	the
    undersigned has not offered to sell the Warrant by any form of general solicitation or general advertising, including, but
    not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar
    media or broadcast over television or radio, and any seminar or meeting whose attendees have been invited by any general solicitation
    or general advertising;
	 	 
	(c)	the
    undersigned has read the Transferee’s investment letter included herewith, and to its actual knowledge, the statements
    made therein are true and correct; and
	 	 
	(d)	the
    undersigned understands that the Company may condition the transfer of the Warrant contemplated hereby upon the delivery to
    the Company by the undersigned or the Transferee, as the case may be, of a written opinion of counsel (which opinion shall
    be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer
    may be made without registration under the Securities Act and under applicable securities laws of the states of the United
    States.

 

	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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