Document:

Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT AGREEMENT
(this “Agreement”) is made as of the 18th day of March 2020 (the “Effective Date”), by and between LEGACY
EDUCATION ALLIANCE, INC., a Nevada corporation, with an address of 1612 E. Cape Coral Parkway, Cape Coral, FL 33904 (the “Company”)
and Vanessa Guzmán-Clark (the “Executive”).

 

WHEREAS Executive was first engaged
by the Company as Senior Corporate Controller commencing January 28, 2019 (the “Start Date”); and

 

WHEREAS, Executive was appointed
as Chief Financial Officer of the Company on October 1, 2019;

 

WHEREAS, the Company desires to
continue to employ Executive in the capacity of Chief Financial Officer; and

 

WHEREAS Executive is willing to
continue make her services available to the Company on the terms and conditions set forth in this Agreement;

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein, and for such other good and valuable consideration, the receipt and sufficiency of which
are hereby conclusively acknowledged, the parties, intending to be legally bound, agree as follow:

 

1.  Term.
The Company hereby employs Executive as Chief Financial Officer of the Company effective as of the Effective Date, and Executive
agrees to accept such employment and to serve the Company as such upon the terms and conditions hereof commencing on the Effective
Date and continuing until terminated by either the Company or Executive subject to and in accordance with Section 7 of this Agreement
(the “Term”).

 

2.  Duties.

 

(a) Executive
shall serve as the Chief Financial Officer of the Company and shall report directly to the Chief Executive Officer (the “CEO”).
Executive shall also, if requested by the Board of Directors or any subcommittee thereof (collectively, the “Board”)
or the CEO, serve as an executive officer of any Company affiliate or joint venture company and/or as a fiduciary of any Company,
affiliate, or joint venture company benefit plan(s).

 

(b) Executive
shall have such duties and responsibilities as are customary for Executive’s position and any other duties or responsibilities
that may be assigned or delegated to her from time to time. Executive agrees that she will use her best efforts to fulfill her
duty of loyalty and care to the Company and to promote the business and interests of the Company above all others and that she
will not engage, directly or indirectly, in any other business or occupation during the Employment Term, except as expressly permitted
by the Board or the CEO. It is understood, however, that the foregoing will not prohibit Executive from (i) devoting reasonably
limited time to charitable activities and personal investment activities for herself and her family that do not interfere materially
with the performance of her duties hereunder or (ii) serving on the board(s) of any other corporate, civic or charitable organizations
so long as such service is not inconsistent with her fiduciary obligations to the Company or otherwise conflicts with her obligations
under the Covenant Agreement.

 

     

     

    

 

3. Compensation.

 

(a) Base
Salary. The Company will pay Executive for all services to be rendered by Executive hereunder (including and without limitation,
all services to be rendered by her as an officer and/or director of the Company and its subsidiaries and affiliates) a base salary
(“Base Salary”) of Two Thousand Four Hundred Twenty Three and 08/100ths Dollars ($2,423.08) per week ($126,000 annualized).
The Base Salary may be increased at the discretion of the Board from time to time during the Employment Term. Base Salary shall
be payable at least bi-weekly or otherwise in accordance with customary payroll practices for senior executives of the Company.

 

(b) Annual
Incentive Compensation. Executive shall be eligible to receive an annual non-equity incentive bonus (“Annual Incentive
Compensation”) and other long term incentive compensation, all of which are intended to comply with Section 162(m) of
the Internal Revenue Code of 1986, as amended (the “Code”), under such executive bonus plans and long term
incentive plans as may be established by the Compensation Committee of the Board [or, in the absence of a Compensation
Committee, then a committee of the Board of Directors comprised of not less than two independent directors (in either event,
the “Independent Director Committee”)] in its sole discretion from time to time, subject to the terms and
conditions of such plans. The Annual Incentive Compensation will be based on the achievement of Company and individual
performance goals to be established by the Independent Director Committee, with annual target incentive bonuses of not less
than 50% of the Base Annual Salary.

 

(c) Repayment
upon Material Restatement. The Compensation Committee of the Board of Director or, in the absence of a Compensation Committee,
then a committee of the Board of Directors comprised of not less than two independent directors (in either event, the “Independent
Director Committee”) may, in its discretion, require reimbursement of all or part of any Annual Incentive Compensation or
other incentive payments to Executive where: (1) the payment of such Annual Incentive Compensation or other incentive payments
to Executive was predicated upon achieving certain financial results that were subsequently the subject of a material restatement
of the Company’s audited financial statement with the need for such restatement having been confirmed by the Company’s
independent auditors; (2) the Company determines Executive engaged in gross negligence or willful misconduct that substantially
caused the need for the restatement; and (3) a lower payment would have been made to Executive based upon the restated financial
results. In each such instance, the Executive shall repay to the Company the amount by which the Executive’s Annual Incentive Compensation
or other incentive payments for the relevant period exceeded the lower payments that would have been made based on the restated
financial results; provided, however, that the Executive shall not be required to repay any Annual Incentive Compensation or other
incentive payments, or portion thereof, pursuant to this paragraph if such payments relate to accounting periods occurring two
(2) years (or such longer time period as may be required by law) or more prior to the restatement. Before the Compensation Committee
determines whether Executive engaged in gross negligence or willful misconduct that caused or substantially caused the need for
the substantial restatement, it shall provide to Executive written notice and the opportunity to be heard, at a meeting of the
Independent Director Committee (which may be in-person or telephonic, as determined by the Independent Director Committee).

 

(d) Vacation.
Executive shall be entitled to paid annual paid time off (“PTO”) in an amount provided for in the Company’s vacation,
PTO or similar policy as amended from time to time, with the calculation of such entitlement to be retroactive to the Start Date,
but in no event less than four (4) weeks of paid annual vacation.

 

4.  Expenses.
 Within thirty (30) days after the submission of reasonable supporting documentation by Executive and in accordance with the
Company’s expense reimbursement policy, the Company shall reimburse Executive for all reasonable and customary business,
travel, and entertainment expenses incurred by Executive in the course of and pursuant to the business of the Company.

 

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5.  Executive
Benefits.  Executive shall be entitled to participate in any employee benefit plans, programs or policies provided to other
full time employees or senior management of the Company or which may become in effect for the benefit of any other employees or
senior management of the Company at any time during the course of Executive’s employment by the Company, subject to the terms of
such plans, programs or policies. Such other benefits shall include, but not be limited to, directors’ and officers’
liability insurance maintained by the Company for the benefit of its directors and officers. Nothing in this Agreement shall preclude
the Company from amending or terminating any such plan at any time.

 

6.  Withholding.
 All payments required to be made by the Company to Executive hereunder shall be subject to the withholding of such amounts
relating to taxes and other governmental assessments as the Company may reasonably determine it should withhold pursuant to any
applicable law, rule, or regulation.

 

7. Termination
of Employment.

 

(a)  Death;
Permanent Disability. Upon the death of Executive during the term of this Agreement, the Employment Term shall terminate. If during
the Employment Term Executive fails, because of illness or other incapacity, to perform the services required to be performed by
her hereunder for any period of more than 90 days during any calendar year (provided that vacation time, if not previously taken,
shall be exhausted before the above 90-day period commences to run) (any such illness or incapacity being hereinafter referred
to as “Permanent Disability”), then the Company, in its discretion, may at any time thereafter terminate the Employment
Term upon not less than 30 days’ written notice thereof to Executive, and the Employment Term shall terminate and come to an end
upon the date set forth in said notice as if said date were the termination date of the Employment Term; provided, however, that
no such termination shall be effective if prior to the date when such notice is given, Executive’s illness or incapacity shall
have terminated and she shall be physically and mentally able to perform the services required hereunder and shall have taken up
and be performing such duties.

 

If Executive’s employment
shall be terminated by reason of her death or Permanent Disability, Executive or her estate, as the case may be, shall be entitled
to receive (i) any earned and unpaid Base Salary through the date of termination; (ii) a pro rata portion of any Annual Incentive
Compensation that Executive otherwise would have been entitled to receive pursuant to any bonus plan or arrangement for senior
executives of the Company (such pro rata portion to be payable at the time such Annual Incentive Compensation otherwise would have
been payable to Executive); and (iii) subject to the terms thereof, any benefits that may be due to Executive on the date of her
termination under the provisions of any employee benefit plan, program, or policy of the Company. If Executive’s employment is
terminated by reason of her Permanent Disability, Executive shall be entitled to receive short-term disability benefits subject
to the terms of the Company’s short-term disability plan until such time as Executive becomes entitled to the benefits under the
Company’s Long Term Disability Plan; provided that the Company’s obligation to provide such short-term disability benefits to Executive
shall not under any circumstances extend beyond the maximum period provided in the Company’s short-term disability plan plus an
additional 90 days.

 

(b) Termination for
Cause or Upon Executive’s Resignation. If the Employment Term is terminated (i) by Executive (other than as a result of a material
breach by the Company as set forth in Section 7(c) or (ii) by the Company for Cause, in either case, Executive shall be entitled
to receive only (x) any earned and unpaid Base Annual Salary accrued through the date of termination and (y) subject to the terms
thereof, any benefits which may be due to Executive on such date under the provisions of any employee benefit plan, program, or
policy. If Executive is terminated for Cause, the Company shall deliver written notice to Executive, which notice shall specify
the item of Cause for which Executive has been terminated.

 

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For purposes of this
Agreement, “Cause” and “for Cause” shall mean (i) any intentional breach of Executive’s fiduciary duty to the
Company, including but not limited to fraud, dishonesty, embezzlement, and failure to follow directions of the CEO or the Board
of Directors; (ii) Executive’s material breach of this Agreement (iii) Executive’s material breach of the Covenant Agreement; (iv)
Executive’s gross negligence or willful misconduct in the performance of her duties that materially adversely affects the Company;
(v) any material violation by Executive of the Company’s Code of Business Conduct and Ethics, as may be amended from time
to time; (vi) any material violation by Executive of the Company’s non-discrimination, non-harassment, or non-retaliation
policies or procedures as may be established by the Company from time to time; (vii) conviction of, or a plea to, a felony (including
a plea of nolo contendere); or (viii) Executive’s continued failure to perform in any material respect her duties to the Company
as specifically directed by the Board; provided, however, that (A) the Company shall give Executive notice of any circumstances
described in (ii) or (viii) above, which notice shall describe such circumstances in reasonable detail, and (B) no for “Cause”
termination shall be deemed to exist if Executive shall remedy or cure the relevant circumstances within 20 days from her receipt
of such notice. Termination for Cause under clause (ii) or (viii) shall be effective immediately following expiration of the 20-day
cure period as aforesaid; provided Executive has not previously cured the event of Cause; and termination for Cause under (iv)
shall be effective immediately upon receipt by Executive of written notice of termination.

 

(c)  Termination
Other than for Cause or Upon Material Breach by Company. If the Employment Term is terminated (i) by the Company other than for
Cause or (ii) by Executive, subject to the succeeding sentence, following a material breach by the Company of this Agreement (including,
but not limited to, any material diminution in the scope of the Executive’s duties or a reduction in the Annual Salary payable
hereunder), in either case, the Company shall to pay to Executive (x) any earned and unpaid Base Annual Salary and Annual Incentive
Compensation accrued but unpaid through the date of termination; (y) subject to the terms thereof, any benefits which may be due
to Executive on such date under the provisions of any employee benefit plan, program, or policy and (z) a separation benefit in
an amount equal to twenty-six (26) weeks of Executive’s Base Salary in effect as of the date of termination date, less all
applicable withholding taxes and any other amounts required by law to be withheld, payable in bi-weekly installments concurrently
with Company’s regularly scheduled pay periods (such separation benefit payable pursuant to this clause (z) hereinafter referred
to as the “Separation Benefit”).

 

If there is a material
breach of this Agreement by the Company, Executive shall, within 30 days following her knowledge of such breach, deliver written
notice to the Company, which notice shall specify such material breach. No material breach shall be deemed to exist if the Company
shall remedy or cure the relevant circumstances within 20 days of its receipt of such notice. Payment by the Company of the Separation
Benefit shall be conditioned upon (i) Executive executing a general release in favor of the Company (which release shall be reasonably
satisfactory to the Company and shall exclude the Company’s obligations in this Section and its obligations in Section 3) and (ii)
Executive’s continued compliance with the terms and conditions of Covenant Agreement.

 

(d)  Termination
following Change of Control. If the Employment Term is terminated by (i) the Company without Cause or by Executive following a
material breach by the Company, (including, but not limited to, any material diminution in the scope of the Executive’s duties
or a reduction in the Base Salary payable hereunder), in either case within eighteen (18) months following a Change of Control
(as defined below) of the Company, (a “Change of Control Termination”) then (i) the Company shall pay to Executive in
a lump sum payment (x ) all Base Salary and Annual Incentive Compensation that have accrued but are unpaid as of the Termination
Date, (y) an amount equal to the fifty-two (52) weeks of Base Salary in effect as of the date of termination date, less all applicable
withholding taxes and any other amounts required by law to be withheld, payable in bi-weekly installments concurrently with Company’s
regularly scheduled pay periods (such separation benefit payable pursuant to this clause (z) hereinafter referred to as the “Change
in Control Separation Benefit”). Payment by the Company of the Change in Control Separation Benefit shall be conditioned
upon (i) Executive executing a general release in favor of the Company (which release shall be reasonably satisfactory to the Company
and shall exclude the Company’s obligations in this Section and its obligations in Section 3) and (ii) Executive’s continued compliance
with the terms and conditions of Covenant Agreement.

 

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For purposes hereof, a “Change
of Control” shall be deemed to occur upon:

 

(i) any
“person” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than LEAI, any trustee or other
fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the
shareholders of LEAI in substantially the same proportions as their ownership of common stock of LEAI), is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of LEAI representing fifty
percent (50%) or more of the combined voting power of LEAI’s then outstanding securities;

 

(ii) during
any period of two (2) consecutive years, individuals who at the beginning of such period constitute the Board, and any new director
(other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described
in paragraph (a), (c), or (d) of this Section) whose election by the Board or nomination for election by LEAI’s shareholders was
approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the
two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute at
least a majority of the Board;

 

(iii) a
merger, consolidation, reorganization, or other business combination of LEAI with any other entity, other than a merger or consolidation
which would result in the voting securities of LEAI outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined
voting power of the voting securities of LEAI or such surviving entity outstanding immediately after such merger or consolidation;
provided, however, that a merger or consolidation effected to implement a recapitalization of LEAI (or similar transaction) in
which no person acquires thirty percent (30%) or more of the combined voting power of LEAI’s then outstanding securities shall
not constitute a Change in Control; or

 

(iv) the
shareholders of LEAI approve a plan of complete liquidation of LEAI or the consummation of the sale or disposition by LEAI of all
or substantially all of LEAI’s assets other than (x) the sale or disposition of all or substantially all of the assets of LEAI
to a person or persons who beneficially own, directly or indirectly, at least fifty percent (50%) or more of the combined voting
power of the outstanding voting securities of LEAI at the time of the sale or (y) pursuant to a spin-off type transaction, directly
or indirectly, of such assets to the shareholders of LEAI.

 

(e) Equity
Grants. Upon the termination of employment of the Executive for any reason, all awards of common stock in the Company or other
awards that are valued in whole or in part by reference to, or otherwise based on the common stock of the company, including, but
not limited to, stock options, restricted stock or restricted stock units, stock appreciation rights, and performance shares or
performance units, previously made to the Executive shall be governed by the respective terms of such awards and any agreements
entered into between the Company and the Executive with respect to such awards, notwithstanding anything in this Agreement to the
contrary.

 

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(f) No Other Amounts.
Executive hereby agrees that except as expressly provided in this Agreement (including any benefits expressly referenced herein
as being generally available to Executive), no salary, incentive compensation, bonus, benefits, severance, or other compensation
of any kind, nature, or amount shall be payable to Executive and except as expressly provided herein, Executive hereby irrevocably
waives any claim for salary, incentive compensation, bonus, benefits, severance, or other compensation.

 

8.  Restrictive
Covenants. Executive hereby ratifies and affirms the Confidentiality, Non-Compete and Non-Solicitation Agreement (attached
hereto as Appendix A) (“Covenant Agreement”) and agrees to comply with the Covenant Agreement. The restrictions provided
for in the Covenant Agreement shall survive the termination of this Agreement and the termination of Executive’s employment
with the Company.

 

9.  Acceptance
by Executive.  Executive accepts all of the terms and provisions of this Agreement and agrees to perform all of the covenants
on her part to be performed hereunder. The Company accepts all of the terms and provisions of this Agreement and agrees to perform
all of the covenants on its part to be performed hereunder.

 

10. Equitable
Remedies. Executive acknowledges that she has been employed for her unique talents and that her leaving the employ of the
Company would seriously hamper the business of the Company and the parties acknowledge that any violation or breach of this Agreement,
including, but not limited to, the Covenant Agreement, will cause the non-breaching party to suffer irreparable damage. The parties
hereby expressly agree that the non-breaching party shall be entitled as a matter of right to injunctive or other equitable relief,
in addition to all other remedies permitted by law, to prevent a breach or violation by the other party and to secure enforcement
of the provisions of this Agreement, including, but not limited to, Sections 8 or 9 hereof. Resort to such equitable relief, however,
shall not constitute a waiver of any other rights or remedies which the non-breaching party may have.

 

11.  Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto and there are no other terms other than
those contained herein. No variation hereof shall be deemed valid unless in writing and signed by the parties hereto and no discharge
of the terms hereof shall be deemed valid unless by full performance of the parties hereto or by a writing signed by the parties
hereto. No waiver by any party of any breach by the other party of any provision or condition of this agreement by it to be performed
shall be deemed a waiver of a breach of a similar or dissimilar provision or condition at the same time or any prior or subsequent
time.

 

12.  Severability. In
case any provision in this agreement shall be declared invalid, illegal or unenforceable by any court of competent jurisdiction,
the validity and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

13.  Notices.
All notices, requests, demands and other communications provided for by this agreement (“Notices”) shall be in writing
and shall be deemed to have been given and to have been effective and deemed received at the time when hand delivered or delivered
by Federal Express or other recognized overnight courier delivery service, such Notices to be addressed to the addresses of the
respective parties stated below or to such changed addresses as such parties may fix by Notice given as aforesaid:

 

	To the Company:	Legacy Education Alliance, Inc.
	 	Attn: CEO
	 	1612 E. Cape Coral Parkway
	 	Cape Coral, FL 33904

 

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	with a copy to:	Legacy Education Alliance, Inc. 
	 	Attn: General Counsel
	 	1612 E. Cape Coral Parkway
	 	Cape Coral, FL 33904
	 	 
	 To Executive:	Vanessa Guzmán-Clark
	 	8815 Conroy Windermere, Suite 380
	 	Orlando, FL  32835
	 	 
	 	 
	with a copy to:	______________________
	 	______________________
	 	______________________

 

provided, however, that any Notice of change
of address shall be effective only upon receipt.

 

14.  Successors
and Assigns. This agreement is personal in its nature and neither of the parties hereto shall, without the consent of the
other, assign or transfer this agreement or any rights or obligations hereunder (except for an assignment or transfer by the Company
to a successor as contemplated by the following proviso); provided, however, that the provisions hereof shall inure to the benefit
of, and be binding upon, any successor of the Company, whether by merger, consolidation, transfer of all or substantially all of
the assets of the Company, or otherwise, and upon Executive, her heirs, executors, administrators, and legal representatives.

 

15.  Governing
Law.  This agreement and its validity, construction and performance shall be governed in all respects by the internal laws
of the State of Florida without giving effect to any principles of conflict of laws.

 

16.  Headings. The
headings in this Agreement are for convenience of reference only and shall not control or affect the meaning or construction of
this Agreement.

 

17.  Pronouns.
 All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as
the context may require.

 

18. Number and Gender.
Words used in this Agreement, regardless of the number and gender specifically used, shall be deemed and construed to include any
other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context indicates is appropriate.

 

19.  Construction. The
parties hereto and their respective legal counsel participated in the preparation of this Agreement; therefore, this agreement
shall be construed neither against nor in favor of any of the parties hereto, but rather in accordance with the fair meaning thereof.

 

20.  Enforcement. Should
it become necessary for any party to institute legal action to enforce the terms and conditions of this Agreement, the successful
party will be awarded reasonable attorneys’ fees at all trial and appellate levels, and in insolvency, bankruptcy and regulatory
proceedings, and all related expenses and costs. Any suit, action or proceeding with respect to this agreement shall be brought
in the courts of Lee County in the State of Florida or in the U.S. District Court for the Central District of Florida. The parties
hereto hereby accept the exclusive jurisdiction of those courts for the purpose of any such suit, action, or proceeding.

 

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Venue for any such action, in addition
to any other venue permitted by statute, will be Lee County, Florida. The parties hereto hereby irrevocably waive, to the fullest
extent permitted by law, any objection that any of them may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this agreement or any judgment entered by any court in respect thereof brought in Lee
County, Florida, and hereby further irrevocably waive any claim that any suit, action or proceeding brought in Lee County, Florida
has been brought in an inconvenient forum.

 

21. No Third-Party
Beneficiaries. No person shall be deemed to possess any third¬-party beneficiary right pursuant to this Agreement. It is
the intent of the parties hereto that no direct benefit to any third party is intended or implied by the execution of this Agreement.

 

22. Counterparts.
This agreement may be executed in one or more facsimile or electronic counterparts, each of which will be deemed an original and
all of which together will constitute one and the same instrument.

 

IN WITNESS WHEREOF,
the parties hereto have hereunder set their hands on the day and year first written above.

 

	 	LEGACY EDUCATION ALLIANCE,
    INC.
	 	a Nevada Corporation
	 	 	 
	 	By:	/s/ James E. May
	 	 	 
	 	Name:	James E. May
	 	 	 
	 	Title: 	Chief Executive Officer
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/ Vanessa Guzmán-Clark
	 	Vanessa Guzmán-Clark

 

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Appendix A

 

(Confidentiality, Non-Compete and Non-Solicitation
Agreement)

 

CONFIDENTIALITY, NON-COMPETE

AND NON-SOLICITATION AGREEMENT 

(EMPLOYEE)

 

THIS CONFIDENTIALITY,
NON-COMPETE AND NON-SOLICITATION AGREEMENT and Exhibit A incorporated herein by reference (“Agreement”) is made
and entered into as of this day of January 0th                                        , 2019  , by and between Elite Legacy Education, Inc., its
parent, subsidiaries, affiliates, successors and assigns (hereinafter referred to as “the Company”), and Vanessa
Guzmán-Clark   , having an address 8815 Conroy Windemere Rd., Suite 380, Orlando, FL 32835     (hereinafter
referred to as “you” or “Employee”).

 

WHEREAS, the
Company is engaged in the business of teaching real estate investing principles, small business development and management principles,
financial markets trading principles, strategies and applications, national and international finance investment, asset protection
strategies, and the production and delivery of live seminars and home study courses in a variety of disciplines; and

 

WHEREAS, you
are presently an employee of the Company or are desirous of becoming an employee of the Company; and

 

WHEREAS, the
Company is desirous of engaging your services as an Employee or of allowing you to continue your current position as an employee
of the Company, subject to your agreement to the terms, provisions and conditions set forth herein;

 

NOW THEREFORE,
in consideration of the Company engaging your services as an Employee or of allowing you to continue as an Employee of the Company
in your current position, and for other good and valuable consideration, receipt and sufficiency of which are hereby acknowledged,
it is hereby agreed that:

 

1. Recitals.
The foregoing recitals are true and correct, including the recital of consideration.

 

2. Proprietary
Rights. Employee agrees that all Work Product, in whole or in part, created solely or jointly by Employee, arising from or
related to any services performed by Employee for or on behalf of the Company, or in the course of Employee’s performance
of Employee’s duties as an employee of the Company, or previously performed by Employee for or on behalf of the Company,
or previously conceived in anticipation of the services to be performed in regard to the Company’s engagement of Employee, shall
be deemed “work made for hire” and shall be the sole and exclusive property of the Company. Employee shall execute all
such assignments, oaths, declarations and other documents as may be prepared by the Company to effect the foregoing. Employee hereby
irrevocably assigns all rights, title and interest including, without limitation, all copyright and moral rights throughout the
world, to all Work Product to the Company regardless of whether all Work Product is considered “work for hire” or otherwise.
Employee agrees to assist in every reasonable, lawful way in protecting and/or enforcing the Company’s rights in and to the Work
Product and/or other property of the Company, and in prosecuting and defending appeals, interferences, infringement suits and controversies
relating thereto during employment and thereafter.

 

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For purposes of this
Agreement, the term “Work Product” shall mean, without limitation, by way of example, all Documentation, writings, correspondence,
manuals, materials, creative works; documented methods, techniques, ideas, inventions or improvements; publications, compositions,
lecture materials, customer lists and records, files, employee lists and records, marketing plans, teaching materials, presentations
to customers or students, sales records, marketing analyses, computer programs, data, system documentation, course work, books,
software, correspondence, letters, notes, notebooks, reports, flowcharts, proposals, business plans, marketing and advertising
materials, internal memoranda, websites, technical code, employee manual, applications, licenses or registrations, and other information.
For the purposes of this Agreement, the term “Documentation” shall include, without limitation, all tangible media,
now or hereafter developed, in which information, data, ideas, methods, or designs may be fixed or published, including, without
limitation, writings, computer diskettes, audio tape, video tape, film, computer tape, photographic film, micro disc, and CDROM.
For the purposes of this Agreement, “Proprietary Information” includes, without limitation, by way of example, all
intellectual property rights, patents and applications therefore, copyrights and registrations therefore, trade and service marks
and applications therefore, trade secrets, Confidential Information, Work Product, compliance documents, websites, product and
marketing materials, and employee names, voices, image and likenesses; officer names, voices, image and likenesses; manager or
member names, voices, image and likenesses; contractor names, voices, image and likenesses; director names, voices, image and likenesses;
potential or actual product or service names; project names; trade names, corporate or business entity names, and domain names.

 

3. Covenant
Not to Compete. Employee recognizes and acknowledges that it is essential for the proper protection of the legitimate business
interests of the Company that Employee be restrained from competing against the Company during the term of Employee’s employment
with the Company and for a reasonable period of time following the termination of Employee’s employment with the Company.
Therefore, as a material inducement to the Company to allow Employee to become and/or remain an employee of the Company, Employee
agrees that, during the term of Employee’s employment with the Company, and during the twenty-three (23) month period after
termination of Employee’s employment with the Company, regardless of whether the termination is with or without cause, or
whether by the Company or by the Employee, and whether or not Employee asserts that Company has violated Employee’s legal
rights in any regard, Employee shall not, directly or indirectly, (a) own, manage, operate, control, be employed by, participate
in, or be connected in any manner with the ownership, management, or control of any Competing Business or (b) engage, whether as
principal or as agent, officer, director, member, manager, employee, consultant, shareholder or otherwise, alone or in association
with any other person, corporation or other entity, in any Competing Business. Employee acknowledges and agrees that the restrictions
and limitations contained in this paragraph are reasonable as to the scope and duration and are necessary to protect the Company’s
proprietary interests and to preserve the Company’s competitive advantage and legitimate business interests.

 

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For purposes of this
Agreement, the term “Competing Business” shall mean the following: (a) any person, corporation or other entity which
sells or attempts to sell and/or provides or attempts to provide any products and/or services which are the same as or similar
to the products and/or services sold by the Company at any time, and from time to time during the longer of the term of Employee’s
employment with the Company or the last two (2) years prior to the termination of Employee’s employment with the Company;
and/or (b) any person, corporation or other entity engaged in the same or similar business as the business of the Company and which,
directly or indirectly, is or was in competition with the Company at any time and from time to time during the longer of the term
of Employee’s employment with the Company, or the last two (2) years prior to the termination of Employee’s employment
with the Company.

 

4. Covenant
Not to Solicit Customers/Clients. Employee recognizes and acknowledges that the Company has expended, and will expend considerable,
significant amounts of time and money establishing relationships and good will with existing and prospective customers/clients
and developing lists of its customers/clients and prospective customers/clients that are not available to the general public and
are trade secret, Confidential and Proprietary Information of Company. Employee also recognizes and acknowledges that many of the
Company’s competitors could not recreate such lists without substantial efforts, that the Company’s business would be irreparably
and greatly damaged by the use of this information other than for its benefit, and that it is essential for the proper protection
of the business of the Company that Employee be restrained from soliciting the trade of or trading with the customers/clients of
the Company for any business purpose whatsoever during the term of Employee’s employment with the Company and for a reasonable
period following the termination of this Agreement. Therefore, as a material inducement to the Company to allow Employee to become
and/or remain an employee of the Company, Employee agrees that, during the term of Employee’s employment with the Company,
and during the twenty-three (23) month period after termination of Employee’s employment with the Company, regardless of
whether the termination is with or without cause, or whether by the Company or by the Employee, Employee will not, directly or
indirectly, solicit the trade of, or trade with, or do business with, or attempt to solicit the trade of, or trade with, or do
business with, any of the Company’s customers/clients or prospective customers/clients without the Company’s prior written
consent except when endorsed by the Company and done for the Company’s benefit, and except to the extent that Employee traded
with or did business with any such customer/client or prospective customer/client prior to the later of the date upon which said
Employee was engaged to perform services for and on behalf of, or employed by, the Company. Employee acknowledges and agrees that
the restrictions and limitations contained in this paragraph are reasonable as to the scope and duration and are necessary to protect
the Company’s proprietary interests and to preserve the Company’s competitive advantage and legitimate business interests.

 

5. Covenant
Not to Solicit Employees, Independent Contractors and/or Vendors. Employee recognizes and acknowledges that the Company has
expended and will expend considerable and significant amounts of time and money establishing goodwill and relationships with and/or
training its employees, independent contractors and/or Vendors. Employee recognizes and acknowledges that it is essential for the
proper protection of the legitimate business interests of the Company that Employee be restrained from soliciting or inducing any
employee, independent contractor, and/or Vendor of the Company to leave the employ of the Company and from hiring or attempting
to hire any employee, independent contractor and/or Vendor of the Company. “Vendors” shall mean any person or entity
that Company has entered into a contractual relationship with to render specific services to Company and where Vendor is involved
in or is privy to Company’s marketing, promotional and/or education materials, or any of Company’s trade secrets, Proprietary
or Confidential information. Therefore, as a material inducement to the Company to allow Employee to become and/or remain an employee
of the Company, Employee agrees that, during the term of Employee’s employment with the Company, and during the one (1) year
period after termination of Employee’s employment with the Company, regardless of whether the termination is with or without
cause, or whether by the Employee or the Company, and whether or not Employee asserts that Company has violated Employee’s
legal rights in any regard, Employee will not, directly or indirectly, solicit or induce, or attempt to solicit or induce, any
employee, independent contractor or Vendor of the Company to leave the Company for any reason whatsoever, or hire any employee,
independent contractor or Vendor.

 

    11

     

    

 

Employee further acknowledges
that it is essential for the proper protection of the business of the Company that Employee be restrained from soliciting, attempting
to solicit or accepting solicitations from any of the Company’s independent contractors and/or Vendors regarding actual or
potential involvement in private business ventures. Therefore, as a material inducement to the Company to allow Employee to become
and/or remain an employee of the Company, Employee agrees that, during the term of Employee’s employment with the Company,
Employee will not, directly or indirectly, solicit or accept solicitations from any independent contractor or vendor of the Company
to engage in, be involved with, or provide work for any private business ventures that involve, or may involve, any of the Company’s
independent contractors and/or Vendors, unless Employee has requested and obtained prior written consent from the Company.

 

Employee acknowledges
and agrees that the restrictions and limitations contained in this paragraph are reasonable as to the scope and duration and are
necessary to protect the Company’s proprietary interests and to preserve the Company’s competitive advantage and legitimate
business interests.

 

6. Covenant
Not to Violate Company Rights. Employee recognizes and acknowledges that (a) during the term of Employee’s employment
with the Company, it may be necessary for Employee to acquire (and during the course of Employee’s previous work for or on
behalf of the Company prior to the commencement of this Agreement Employee may have already acquired) information that concerns,
in whole or in part, the Company’s sales, volume methods and proposals; customers/clients and prospective customers/clients
(including lists thereof); identity of customers/clients and prospective customers/clients; identity of key personnel in the employ
of customers; amount or kind of customer’s/client’s purchases from and/or transactions with the Company; the needs and requirements
of any or all customers/clients; SSN or bank account information of employees or customers/clients; the terms and conditions under
which the Company deals with customers/clients or prospective customers/clients; the terms and conditions under which the Company
deals with suppliers or prospective suppliers; employee lists; the Company’s sources of supply; the Company’s pricing
and rate methods; course and teaching methods, techniques, compositions, ideas or presentations; customer financial and contact
information; employee salary and contact information; all other Company documents not readily available to the public including
but not limited to Company phone directories, personnel information, unpublished Company reports; website and software coding,
marketing and internet search engine and advertising techniques; contracts and agreements with third parties; employee manual,
and/or any and all other confidential non-public information belonging to the Company or relating to the Company’s business(es)
and/or affairs, whether property of the Company or property of employees, officers, manager, members or directors thereof, or other
third parties that have disclosed such to the Company, (collectively referred to herein as the “Confidential Information”);
(b) Confidential and Proprietary Information has been compiled by the Company at great expense and over a great amount of time;
(c) the use, misappropriation or disclosure of the Confidential and Proprietary Information by Employee or otherwise would constitute
a breach of trust and could cause irreparable injury; and (d) it is essential to the protection of the Company’s legitimate
business interests, trade secrets, goodwill and to the maintenance of the Company’s competitive position that Confidential
Information be kept secret and that Employee not disclose the Confidential Information to others or use the Confidential and/or
Proprietary Information to Employee’s own advantage or the advantage of others.

 

    12

     

    

 

Therefore, as a material
inducement to the Company to allow Employee to become and/or remain an employee of the Company, and as a material inducement to
the Company to disclose or allow to be known to Employee some or all of the Confidential and Proprietary Information during the
term of Employee’s employment with the Company (at the Company’s sole and absolute discretion), Employee hereby agrees
that, throughout the term of Employee’s employment with the Company and following the date of termination of Employee’s
employment with the Company, regardless of whether the termination is with or without cause, whether by the Employee or the Company,
and whether or not Employee asserts that Company has violated Employee’s legal rights in any regard, Employee will (i) hold
and safeguard the Confidential and Proprietary Information in trust for the Company; (ii) not misappropriate, use, publish, distribute
or divulge such to any person that is not affiliated with the Company; (iii) not display or disclose, anonymously or by true or
fictional name, in any form or fashion including, but not limited to, publication on or via the Internet, a website, Blog, email,
discussion group, bulletin board or by means hereafter devised and all other means of electronic dissemination, any Company Confidential
or Proprietary Information, or Employee’s affiliation with Company; (iv) not use, copy, distribute, sell, infringe or violate
any legal right of Company including, but not limited to, publicity rights, privacy rights, moral rights, copyright, trademark,
trade secret and patent rights, without limitation, by way of example, register, purchase, apply for, license, or attempt to do
so, any domain name containing, in whole or in part, or any derivation of (e.g. a spelling, misspelling, typo, singular
or plural, with or without dashes or underscores) any Confidential or Proprietary Information; register, purchase, apply for, license,
obtain a license for, or attempt to do so, any copyright registration for any creation containing, in whole or in part, or any
derivation or modification of any Confidential or Proprietary Information; register, purchase, apply for, license, obtain a license
for, or attempt to do so, any trade or service, mark or name, containing, in whole or in part, or any derivation or modification
of any Company Confidential and Proprietary Information; and (v) surrender all Confidential and Proprietary Information in Employee’s
possession or control upon termination of employment. Employee acknowledges and agrees that the restrictions and limitations contained
in this paragraph are reasonable as to the scope and duration and are necessary to protect the Company’s proprietary interests
and to preserve the Company’s competitive advantage and legitimate business interests.

 

The preceding notwithstanding,
this section shall not prohibit any activities that are expressly permitted by law, required of Employee to conduct Employee’s
work assignments on behalf of Company and as otherwise may be directed by Employee’s supervisor, and/or disclosure of this
Agreement to Employee’s attorney or future employers if requested to do so and upon agreement to keep such confidential and
use only for the purposes of legal evaluation.

 

7. Covenant
Not to Violate Third Parties’ Rights. As a material inducement to the Company to allow Employee to become and/or remain
an employee of the Company, and as a material inducement to the Company to disclose or allow Employee access to Company information
during the term of Employee’s employment with the Company (at the Company’s sole and absolute discretion), Employee
hereby agrees that throughout the term of Employee’s employment with the Company and following the date of termination of
Employee’s employment with the Company, regardless of whether the termination is with or without cause, whether by the Employee
or the Company, and whether or not Employee asserts that Company has violated Employee’s legal rights in any regard, Employee
acknowledges and agrees that he or she has and will not (a) violate any non-competition agreement with any prior employer or other
third party; (b) violate any confidentiality agreement with any prior employer or other third party; (c) use at, or disclose to
Company, any information protected by confidentiality, trade secret, copyright, trademark, patent, publicity or privacy rights,
or other law from any prior employer or third party without prior express written permission obtained through Company; (c) violate
any non-solicitation agreement with any prior employer or other third party; and/or (d) violate any other right of any third party,
including but not limited to publicity rights, privacy rights, moral rights, copyright, trademark, trade secret, patent, trade
name, cybersquatting, etc.

 

    13

     

    

 

Employee acknowledges
and agrees that the Company shall have the right to provide notice and a copy of this Agreement, in whole or in part, to any of
Employee’s past, current or prospective employers or other parties that, in Company’s sole discretion, should be provided
with notice.

 

8. Prior
Inventions of Employee. If Employee wishes to exclude from this Agreement any information, inventions or creations that Employee
asserts are owned, created or acquired by him or her prior to Employee’s employment, performance of services or contemplation
thereof for Company, Employee must disclose these, and Employee’s employer at the time of creation or acquisition, on Exhibit
A attached hereto. If not disclosed clearly and completely on Exhibit A, all creations of Employee shall be presumed to be included
under this Agreement’s restrictions to the extent permitted by law.

 

9. Enforcement.
Employee recognizes that the Company would be irreparably injured by the breach of any provision of Sections 2, 3, 4, 5, 6 and/or
7 and that money damages alone may not be an appropriate measure of the harm to the Company from such a breach. Therefore, Employee
agrees that equitable relief, including specific performance of these provisions by injunction, would be an appropriate remedy
for the breach of these provisions, and the Company may enforce the provisions of these Sections by either suit for damages
or injunction, or both, with posting of minimal bond. These enforcement rights shall be cumulative with and not successive or exclusive
of any other legal remedies which may be available to the Company in law or in equity including, without limitation, the rights
and remedies available to the Company under any applicable trade secrets laws or regulations.

 

10. Indemnification.
Employee shall indemnify and hold the Company harmless from and against any and all claims, demands, and actions arising out of
Employee’s breach, or alleged breach, of this Agreement, and Employee shall reimburse the Company for any and all costs,
damages and expenses, including, without limitation, all reasonable attorney’s fees and costs, which the Company pays or becomes
obligated to pay by reason of such allegations or breach.

 

11. Assignment.
Company may assign and/or transfer this Agreement without restriction. Employee may not assign or transfer this Agreement and any
such attempt shall be void.

 

12. Notices.
Any notice required or permitted to be made under this Agreement shall be in writing and shall be effective when actually delivered
in person or three days after being deposited in the U.S. Mail, registered or certified, postage prepaid and addressed to the party
as follows: (a) to Employee at the address above; and (b) to the Company at General Counsel, 1612 E. Cape Coral Parkway, Cape Coral,
Florida 33904.

 

13. No
Waiver or Release. Failure of the Company to require performance of any provision of this Agreement shall not limit the Company’s
right to enforce the provision, nor shall the Company’s waiver of any breach of any provision be a waiver by the Company
of any succeeding breach of any provision or a waiver of the provision itself or any other provision. Employee agrees that the
termination of Employee’s employment by the Company for any reason whatsoever, whether with or without cause, or whether
by the Company or by the Employee, shall not release Employee from any of Employee’s obligations contained herein.

 

    14

     

    

 

14. Law
Governing, Jurisdiction, Venue, No Jury Trial. This Agreement shall be governed by and construed in accordance with the laws
of the State of Florida, notwithstanding any laws of said State or any other jurisdiction relating to conflicts of laws. This Agreement
shall be governed by the laws of the State of Florida. The parties consent to personal jurisdiction in, and all actions brought
hereunder, whether at law or in equity, in the appropirate court serving Lee County in the State of Florida. Venue shall be proper
in Lee County, Florida. In any lawsuit brought by or against Employee in connection with this Agreement, Employee waives the right
to a jury trial.

 

15. Attorney
Fees. In the event any litigation, suit, action, arbitration or other similar proceeding is brought by any party under this
Agreement to enforce any of its terms, or in any appeal therefrom, it is agreed that the prevailing party shall be entitled to
reasonable costs and attorneys’ fees to be fixed by the trial court, appellate court and/or arbitrator.

 

16. Titles
and Captions, Pronouns and Plurals, Counterparts. All Section and paragraph titles or captions contained in this Agreement
are for convenience only and shall not be deemed part of the context nor affect the interpretation of this Agreement. All pronouns
and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the
person or persons may require. This Agreement may be executed in any number of counterparts and by the parties on separate pages,
each of which will be deemed an original and which together shall constitute one agreement, with the same effect as if the signatures
on the counterparts were upon a single instance of this Agreement.

 

17. Entire
Agreement, Amendment. This Agreement and Exhibit A that is incorporated herein by reference contains the entire understanding
between and among the parties and supersede any prior understandings and agreements among them respecting the subject matter of
this Agreement. Employee agrees that where any portion of this Agreement conflicts with the Company’s then existing employment
manual, this Agreement shall control. This Agreement may only be modified and/or amended by a written instrument executed by all
parties hereto.

 

18.
Severability, Survivability, and Savings. The provisions of Sections 2, 3, 4, 5, 6, 7, and 10 shall expressly survive the
termination of Employee’s employment with the Company. The provisions of this Agreement shall survive the termination of
Employee’s employment with the Company regardless of whether such termination is with or without cause, whether by the Company
or the Employee, and whether or not Employee asserts that Company has violated Employee’s legal rights in any regard. In
the event that any of the restrictions and limitations contained anywhere in any paragraph, provision or Section are deemed to
exceed the time, scope and/or geographic or other limitations prescribed by applicable law, then such provisions shall be reformed
to the maximum time, scope, and geographic or other limitations permitted by applicable law. Each provision of this Agreement is
intended to be severable. If any provision of this Agreement, or the application of such provision to any person, entity or circumstance,
shall be held invalid, illegal, or unenforceable in any respect, the remainder of this Agreement, or the application of such provision
to persons, entities or circumstances other than those as to which it is held invalid, shall not be affected thereby and the Agreement
shall be construed as if the illegal, invalid or unenforceable provision were never a part hereof.

 

19. Reapplication.
If the employment relationship between the Company and Employee is terminated for any reason whatsoever, whether with or without
cause, whether by the Employee or by the Company, and if Employee is later re-employed by the Company, this Agreement will be applicable
to such re-employment as if there had been no interruption of the employment relationship, without the necessity for the execution
of a new Agreement between the parties.

 

    15

     

    

 

20. Employment
at Will. Except for an employee who is a party to a formal, executed Employment Agreement with the Company, Employee acknowledges
and agrees that Employee is and will remain an employee at will, free to resign and subject to termination for any reason whatsoever,
notwithstanding anything contained in this Agreement. If Employee is a party to an Employment Agreement with the Company, then
the terms of the Employment Agreement shall remain in full force and effect and shall be read and interpreted in conjunction with
this Agreement. In the event that the Employment Agreement and this Agreement conflict, the Employment Agreement shall control.

 

21. Negotiations.
The Company and the Employee acknowledge and agree that the terms of this Agreement were reached based upon mutual negotiations
between the parties hereto. Therefore, any perceived ambiguities in the terms or conditions of this Agreement shall not be construed
against the Company as the drafter of this Agreement.

 

22. Independent
Legal Counsel. Each party hereby acknowledges that said party has had ample opportunity to seek independent legal counsel,
and has been represented by, or has otherwise waived its right to be represented by, such independent legal counsel, with respect
to the negotiation and execution of this Agreement.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement or caused this Agreement to be executed the day and year first above written.

 

	EMPLOYEE: 	 	COMPANY:Elite Legacy Education, Inc.
	 	 	 
	/s/ Vanessa Guzmán-Clark	 	By:	/s/ Cynthia Prout
	 	 	 	 	 
	Print Name: 	Vanessa Guzmán-Clark	 	Name:  	Cynthia Prout
	 	 	 	 	 
	 	 	 	Title:	HR Manager
	 	 	 	 	 
	 	 	 	Date:	March 18, 2020

 

    16

     

    

 

Exhibit A

 

Employee Prior Inventions

 

	Title of Work	 	Date of Creation	 	Employer and Address at such Time
		 	 	 	 
	none	 	 	 	 

 

 

17Exhibit 4.1

    

     

    

    NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION
      FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO 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.  THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN
      CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

     

    COMMON STOCK PURCHASE WARRANT

    

    

    CHF SOLUTIONS, INC.

     

    	
            Warrant Shares:

            

          	 	 	
            Initial Exercise Date:

          	 	
            , 2020

          

    

    

    THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the
      limitations on exercise and the conditions hereinafter set forth, at any time on or after ________, 2020 (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on _______, 2025 (the “Termination Date”) but not
      thereafter, to subscribe for and purchase from CHF Solutions, Inc., a Delaware corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock.  The purchase price of one share
      of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

     

    Section 1.            Definitions.  Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the “Purchase

        Agreement”), dated March ___, 2020, among the Company and the purchasers signatory thereto.

     

    Section 2.            Exercise.

     

    
      1

      
        

    

    a)          Exercise of Warrant.  Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
      Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). 

      Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate
      Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable
      Notice of Exercise.  No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. 
      Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in
      full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in
      purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares
      purchased.  The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of
      such notice.  The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
        hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

     

    b)          Exercise Price.  The exercise price per share of the Common Stock under this Warrant shall be $__________, subject to
      adjustment hereunder (the “Exercise Price”).

     

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

     

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

    

    

    
      2

      
        

    

    (B) = the Exercise Price of this Warrant, as adjusted hereunder; and

    

    

    (X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash
      exercise rather than a cashless exercise.

    

    

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

    

    

    If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section
        3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant.  The Company
        agrees not to take any position contrary to this Section 2(c).

    

    

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

    

    

    
      3

      
        

    

    “VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market,
      the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
      (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the
      Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in The Pink Open Market (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 Purchasers of a majority in interest of
      the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

    

    

    Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).

    

    

    
      
        	

              	d)	
                Mechanics of Exercise.

              

      

    

     

    i.            Delivery of Warrant Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the
      Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either
      (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale
      limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares
      to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii)
      one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant
        Share Delivery Date”).   Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
      irrespective of the date of delivery of the Warrant Shares, provided  that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of
      Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise.  If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date,
      the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per
      Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such
      exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period,
      expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

     

    
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    ii.           Delivery of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender
      of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all
      other respects be identical with this Warrant.

     

    iii.          Rescission Rights.  If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant
      Share Delivery Date, then the Holder will have the right to rescind such exercise.

     

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

     

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

     

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

     

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

     

    
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    e)              Holder’s Exercise Limitations.  The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of
      this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons
      acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing
      sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such
      determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or
      Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other  Common Stock Equivalents) subject to a limitation on conversion or
      exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be
      calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with
      Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.   To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this
      Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of
      a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this
      Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercises of this Warrant that are
      not in compliance with the Beneficial Ownership Limitation, provided this limitation of liability shall not apply if the Holder has detrimentally relied on outstanding share information provided by the Company or the Transfer Agent.   In addition, a
      determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 2(e), in determining the number of
      outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public
      announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading
      Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
      of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.  The “Beneficial Ownership Limitation” shall be 4.99%/9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this
      Warrant.  The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the
      Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.  Any increase in the Beneficial
      Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.  The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the
      terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to
      properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

     

    
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    Section 3.            Certain Adjustments.

     

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

     

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

     

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

     

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

     

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

     

    f)           Notice to Holder.

     

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

     

    ii.           Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the
      Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital
      stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
      of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
      liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the
      Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants,
      or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
      consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for
      securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the
      validity of the corporate action required to be specified in such notice.  To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
      shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.  The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event
      triggering such notice  except as may otherwise be expressly set forth herein.

     

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

     

    Section 4.            Transfer of Warrant.

     

    a)          Transferability.  Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of Section
      4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its
      designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such
      transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such
      instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  Notwithstanding anything herein to the contrary, the Holder shall not be
      required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder
      delivers an assignment form to the Company assigning this Warrant in full.  The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

     

    b)          New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a
      written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or
      combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original
      Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

     

    c)          Warrant Register. The Company shall register this Warrant, upon records to be maintained by the 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.

     

    
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    d)         Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not
      be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public
      information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

     

    e)          Representation by the Holder.  The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof,
      will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
      law, except pursuant to sales registered or exempted under the Securities Act.

     

    Section 5.            Miscellaneous.

     

    a)          No Rights as Stockholder Until Exercise; No Settlement in Cash.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights
      as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.  Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section
      2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

     

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

     

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

     

    d)          Authorized Shares.

     

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

     

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

     

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

     

    e)          Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the
      provisions of the Purchase Agreement.

     

    
      14

      
        

    

    f)          Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize
      cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

     

    g)          Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such
      right or otherwise prejudice the Holder’s rights, powers or remedies.  Without limiting any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which
      results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate
      proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

     

    h)          Notices.  Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with
      the notice provisions of the Purchase Agreement.

     

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

     

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

     

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

     

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

     

    
      15

      
        

    

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

     

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

     

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

    

    

    (Signature Page Follows)

     

    
      16

      
        

    

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

     

    	 	
            CHF SOLUTIONS, INC.

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    
      17

      
        

    

    NOTICE OF EXERCISE

    

    

    
      
        
          	TO:	
                  CHF SOLUTIONS, INC.

                

        

      

    

    

    

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

     

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

     

    [  ] in lawful money of the United States; or

     

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

     

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

     

    	
            

            

          	

          	 

    

    

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

    

    

    	
            

            

          	 	 
	 	 	 
	
            

            

          	 	 
	 	 	 
	
            

            

          	 	 

    

    

    (4)  Accredited Investor.  The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

    

    

    [SIGNATURE OF HOLDER]

    

    

    	
            Name of Investing Entity:

          	 

    	
            Signature of Authorized Signatory of Investing Entity:

          	 

    	
            Name of Authorized Signatory:

          	 

    	
            Title of Authorized Signatory:

          	 

    	
            Date:

          	 

    

    

    
      
        

    

    EXHIBIT B

    

    

    ASSIGNMENT FORM

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

     

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

     

    	
            Name:

          	

          	 
	 	
            (Please Print)

          
	 	 
	
            Address:

          	

          	 
	
            

            

          	
            (Please Print)

          
	 	 
	
            Phone Number:

          	 	 
	 	 
	Email Address:	 	 
	 	 
	
            Dated: _______________ __, ______

          	 
	 	 
	
            Holder’s Signature:

          	 	 	 
	 	 
	
            Holder’s Address:

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