Document:

Exhibit
10.1

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) dated as of March 21, 2022 is entered into between Shaun O’Neil (“Executive”),
and Lucid Diagnostics Inc., a Delaware corporation having its principal office at One Grand Central Place, Suite 4600, New York, New
York 10165 (“Company”) to become effective immediately.

 

WHEREAS,
the Company and the Executive desire to enter into this Agreement to set forth the terms and conditions of Executive’s employment
with the Company.

 

NOW,
THEREFORE, in consideration of the premises and of the mutual covenants and agreements hereinafter set forth, the Company and the Executive
hereby agree as follows:

 

1.
Employment, Duties and Acceptance.

 

1.1
General. The Company hereby agrees to employ the Executive as its Chief Operating Officer and Executive Vice President. All of
Executive’s powers and authority in any capacity shall at all times be subject to the direction and control of the Company’s
Chief Executive Officer (“CEO”). The Executive may be assigned such management and supervisory responsibilities and executive
duties for the Company or any subsidiary of the Company, including serving as an executive officer and/or director of any subsidiary,
as are consistent with Executive’s status as Chief Operating Officer and Executive Vice President.

 

1.2
Full-Time Position. Executive accepts such employment and agrees to devote his best efforts and full time to promote the business
and affairs of the Company and its affiliated entities and shall be engaged in other business activities only to the extent that such
activities do not materially interfere or conflict with his obligations to the Company hereunder. Nothing herein, other than Section
5.4 below, shall be construed as preventing Executive from making and supervising personal investments, or serving on civic, philanthropic,
educational, or charitable boards or committees, or with the prior written consent of the Board, in its sole discretion, on either public
or private corporate boards so long as such activities are not restricted under the Company’s Code of Conduct and employment practices.
Executive acknowledges and agrees that Schedule 1.2 attached hereto represents a complete list of corporate boards on which the Executive
serves as of the effective date of this agreement. Notwithstanding any provision of this Section to the contrary, in no event shall the
Executive invest in any business competitive with the Company or that would otherwise violate the provisions of Section 5.4 below.

 

    	 

     

    

 

1.3
Location. Executive will perform his duties in San Diego County, California or in such other location as may be mutually agreed
by Executive and the Company. Executive shall undertake such travel, within or outside the United States, as is necessary to perform
his duties hereunder.

 

2.
Term. The initial term of this Agreement shall commence on March 21, 2022 (“Effective Date”) and terminate on February
22, 2025 (the “Initial Term”) unless terminated earlier as provided in this Agreement. In addition, the term of this Agreement
shall thereafter automatically renew for periods of one-year (the “Renewal Term”) unless either party gives written notice
to the other party at least 60 days prior to the end of the term or at least 60 days prior to any one-year renewal period, that the Agreement
shall not be further extended. The period commencing on the Effective Date and ending on the date on which the term of the Executive’s
employment under the Agreement terminates is referred to herein as the “Term”.

 

3.
Compensation and Benefits.

 

3.1
Salary. The Company shall pay to Executive a salary (“Base Salary”) at the annual rate of $150,000. Executive’s
compensation shall be paid in equal, periodic installments in accordance with the Company’s normal payroll procedures. The Executive’s
base salary shall be reviewed periodically by the Board or Committee (as defined below) pursuant to the Board or Committee’s normal
performance review policies for senior level executives.

 

3.2
Bonus. In addition to the Base Salary, Executive shall be eligible to receive a discretionary performance bonus (“Bonus”)
with a target of fifty percent (50%) of the Executive’s Base Salary in effect as of December 31st of the preceding year
based on Executive’s and the Company’s performance over the preceding year. The payment and amount of any Bonus shall be
in the sole discretion of the Board or the Compensation Committee of the Board (the “Committee”).

 

3.3
Reserved.

 

    	 

     

    

 

3.4
Benefits. Executive shall be entitled to such medical, life, disability and other benefits as are generally afforded to other
executives of the Company, subject to applicable waiting periods and other conditions, as well as participation in all other company-wide
employee benefits, including a defined contribution pension plan and 401(k) plan, as may be made available generally to executive employees
from time to time. The Executive shall be eligible to participate in the Company’s annual and long-term incentive plans and programs
in accordance with the terms of such plans and programs as in effect and afforded to other senior executives of the Company at levels
determined by the Board (or committee of the Board).

 

3.5
Vacation. Executive shall be entitled to twenty (20) days of paid vacation in each year during the Term and to a reasonable number
of other days off for religious and personal reasons in accordance with customary Company policy.

 

3.6
Expenses. The Company shall pay or reimburse Executive for all transportation, hotel and other expenses reasonably incurred by
Executive on business trips and for all other ordinary and reasonable out-of-pocket expenses actually incurred by him in the conduct
of the business of the Company, including expenses relating to his laptop, cell phone or other similar devices, against itemized vouchers
submitted with respect to any such expenses and approved in accordance with customary procedures.

 

4.
Termination.

 

4.1
Death. If Executive dies during the Term, Executive’s employment hereunder shall terminate and the Company shall pay to
Executive’s estate the amount set forth in Section 4.6(a).

 

4.2
Disability. The Company, by written notice to Executive, may terminate Executive’s employment hereunder if Executive shall
fail because of illness or incapacity to render services of the character contemplated by this Agreement for one hundred eighty (180)
days. Upon such termination, the Company shall pay to Executive the amount set forth in Section 4.6(a).

 

    	 

     

    

 

4.3
By Company for “Cause” or By the Executive Without “Good Reason”. The Company, by written notice to Executive,
may terminate Executive’s employment hereunder for “Cause.” As used herein, “Cause” shall mean: (a) the
refusal or failure by Executive to carry out any lawful direction of the Board which are of a material nature and consistent with his
status as Chief Operating Officer and Executive Vice President (or whichever positions Executive holds at such time), or the refusal
or failure by Executive to perform a material part of Executive’s duties hereunder; (b) the commission by Executive of a material
breach of any of the provisions of this Agreement; (c) fraud or dishonest action by Executive in his relations with the Company or any
of its subsidiaries or affiliates (“dishonest” for these purposes shall mean Executive’s knowingly or recklessly making
of a material misstatement or omission for his personal benefit); or (d) the conviction of Executive of a felony under federal or state
law. Notwithstanding the foregoing, no “Cause” for termination shall be deemed to exist with respect to Executive’s
acts described in clauses (a) or (b) above, unless the Company shall have given written notice to Executive within a period not to exceed
thirty (30) calendar days of the initial existence of the occurrence, specifying the “Cause” with reasonable particularity
and, within thirty (30) calendar days after such notice, Executive shall not have cured or eliminated the problem or thing giving rise
to such “Cause;” provided, however, no more than two cure periods need be provided during any twelve-month period. Upon such
termination, the Company shall pay to Executive the amount set forth in Section 4.6(b). The Company shall also pay such amount to Executive
upon his termination of employment without “Good Reason” (as defined below), which Executive shall have the right to do on
at least thirty (30) days written notice to the Company.

 

4.4
By Executive for “Good Reason”. The Executive, by written notice to the Company, may terminate Executive’s employment
hereunder if a “Good Reason” exists. For purposes of this Agreement, “Good Reason” shall mean the occurrence
of any of the following circumstances without the Executive’s prior written consent: (a) a substantial and material adverse change
in the nature of Executive’s title, duties or responsibilities with the Company (other than as a director of the Company) that
represents a demotion from his title, duties or responsibilities as in effect immediately prior to such change (such change, a “Demotion”);
(b) material breach of this Agreement by the Company; (c) a failure by the Company to make any payment to Executive when due, unless
the payment is not material and is being contested by the Company, in good faith; (d) a change of the principal office or work place
assigned to the Executive to a location more than 35 miles distant from its location immediately prior to such change; (e) a material
reduction of the Executive’s Base Salary or bonus opportunity, unless pursuant to a reduction in such items applicable proportionally
to all senior management and board members; or (f) a liquidation, bankruptcy or receivership of the Company. Notwithstanding the foregoing,
no “Good Reason” shall be deemed to exist with respect to the Company’s acts described in clauses (a), (b), (c), (d)
or (e) above, unless Executive shall have given written notice to the Company within a period not to exceed thirty (30) calendar days
of the initial existence of the occurrence, specifying the “Good Reason” with reasonable particularity and, within thirty
(30) calendar days after such notice, the Company shall not have cured or eliminated the problem or thing giving rise to such “Good
Reason”; provided, however, that no more than two cure periods shall be provided during any twelve-month period of a breach of
clauses (a), (b), (c), (d), or (e) above. Upon such termination, the Company shall pay to Executive the amount set forth in Section 4.6(c).

 

    	 

     

    

 

4.5
By Company Without “Cause”. The Company may terminate Executive’s employment hereunder without “Cause”
by giving at least thirty (30) days written notice to Executive. Upon such termination, the Company shall pay to Executive the amount
set forth in Section 4.6(c).

 

4.6
Compensation Upon Termination. In the event that Executive’s employment hereunder is terminated, the Company shall pay to
Executive the following compensation:

 

(a)
Payment Upon Death or Disability. In the event that Executive’s employment is terminated pursuant to Sections 4.1 or 4.2,
the Company shall no longer be under any obligation to Executive or his legal representatives pursuant to this Agreement except for:
(i) the Base Salary due Executive pursuant to Section 3.1 hereof through the date of termination; (ii) any Bonus which would have become
payable under Section 3.2 for the year in which the employment was terminated prorated by multiplying the full amount of the Bonus by
a fraction, the numerator of which is the number of “full calendar months” worked by Executive during the year of termination
and the denominator of which is 12 (a “full calendar month” is a month in which the Executive worked at least two weeks);
(iii) all earned and previously approved but unpaid Bonuses for any year prior to the year of termination; (iv) all valid expense reimbursements,
and (v) all unused vacation pay through the date of termination required by law to be paid.

 

    	 

     

    

 

(b)
Payment Upon Termination by the Company For “Cause” or by the Executive Without Good Reason. In the event that the
Company terminates Executive’s employment hereunder pursuant to Section 4.3, the Company shall have no further obligations to the
Executive hereunder, except for: (i) the Base Salary due Executive pursuant to Section 3.1 hereof through the date of termination (ii)
all valid expense reimbursements and (iii) all unused vacation pay through the date of termination required by law to be paid.

 

(c)
Payment Upon Termination by Company Without Cause or by Executive for Good Reason. In the event that Executive’s employment
is terminated pursuant to Sections 4.4 or 4.5, the Company shall have no further obligations to Executive hereunder except for: (i) the
Base Salary (at the rate in effect immediately before Executive’s termination or resignation, as applicable) due Executive pursuant
to Section 3.1 hereof for twelve (12) months from the date of termination; (ii) any Bonus which would have become payable under Section
3.2 for the year in which the employment was terminated prorated by multiplying the full amount of the Bonus by a fraction, the numerator
of which is the number of “full calendar months” worked by Executive during the year of termination and the denominator of
which is 12 (a “full calendar month” is a month in which the Executive worked at least two weeks); (iii) the Base Salary
due Executive pursuant to Section 3.1 hereof through the date of termination; (iv) all valid expense reimbursements; (v) to the extent
the Executive timely elects to receive continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985,
as amended (“COBRA”), the Company shall pay or reimburse the Executive, on a monthly basis, an amount equal to the full monthly
premium for such coverage, from the date of termination until the earlier of (A) the date twelve (12) months following the date of termination,
and (B) the date of Executive becoming eligible for coverage under a new employer’s health insurance plan (the COBRA health care
continuation coverage period under Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”) shall run
concurrently with the foregoing period); and (vi) all unused vacation pay through the date of termination required by law to be paid,
subject, in the case of clause (i) and (ii), to Executive’s compliance with Section 5 and to Executive’s execution of a release
of claims in favor of the Company, its affiliates and their respective officers and directors in a form provided by the Company and such
release becoming effective,.

 

    	 

     

    

 

(d)
Executive shall have no duty to mitigate awards paid or payable to him pursuant to this Agreement, and any compensation paid or payable
to Executive from sources other than the Company will not offset or terminate the Company’s obligation to pay to Executive the
full amounts pursuant to this Agreement.

 

5.
Protection of Confidential Information; Non-Competition.

 

5.1
Acknowledgment. Executive acknowledges that:

 

(a)
As a result of his employment with the Company, Executive will obtain secret and confidential information concerning the business of
the Company and its subsidiaries (referred to collectively in this Section 5 as the “Company”), including, without limitation,
financial information, proprietary rights, trade secrets and “know-how,” customers and sources (“Confidential Information”).

 

(b)
The Company will suffer substantial damage which will be difficult to compute if, during the period of his employment with the Company
or thereafter, Executive should enter a business competitive with the Company or divulge Confidential Information.

 

(c)
The provisions of this Agreement are reasonable and necessary for the protection of the business of the Company.

 

5.2
Confidentiality. Executive agrees that he will not at any time, during the Term or thereafter, divulge to any person or entity
any Confidential Information obtained or learned by him as a result of his employment with the Company, except (i) in the course of performing
his duties hereunder, (ii) with the Company’s prior written consent; (iii) to the extent that any such information is in the public
domain other than as a result of Executive’s breach of any of his obligations hereunder; or (iv) where required to be disclosed
by law, regulation, stock exchange rule, court order, subpoena or other government process. If Executive shall be required to make disclosure
pursuant to the provisions of clause (iv) of the preceding sentence, Executive promptly, but in no event more than 48 hours after learning
of such subpoena, court order, or other government process, shall notify, confirmed by mail, the Company and, at the Company’s
expense, Executive shall: (a) take all reasonably necessary and lawful steps required by the Company to defend against the enforcement
of such subpoena, court order or other government process, and (b) permit the Company to intervene and participate with counsel of its
choice in any proceeding relating to the enforcement thereof.

 

    	 

     

    

 

5.3
Documents. Upon termination of his employment with the Company, Executive will promptly deliver to the Company all memoranda,
notes, records, reports, manuals, drawings, blueprints and other documents (and all copies thereof) relating to the business of the Company
and all property associated therewith, which he may then possess or have under his control; provided, however, that Executive shall be
entitled to retain copies of such documents reasonably necessary to document his financial relationship with the Company.

 

5.4
Non-competition. During the Term and for a period of one (1) year thereafter, or two (2) years thereafter in the event of a Change
of Control, Executive, without the prior written permission of the Company, shall not, anywhere in the world, (i) be employed by, or
render any services to, any person, firm or corporation engaged in the medical device industry (or any other business) which is directly
in competition with any “material” business conducted or proposed to be conducted by the Company or any of its subsidiaries
at the time of termination (“Competitive Business”); (ii) engage in any Competitive Business for his own account; (iii) be
associated with or interested in any Competitive Business as an individual, partner, shareholder, creditor, director, officer, principal,
agent, employee, trustee, consultant, advisor or in any other relationship or capacity; (iv) employ or retain, or have or cause any other
person or entity to employ or retain, any person who was employed or retained by the Company while Executive was employed by the Company;
or (v) solicit, interfere with, or endeavor to entice away from the Company, for the benefit of a Competitive Business, any of its customers
or other persons with whom the Company has a contractual relationship. Notwithstanding the foregoing, nothing in this Agreement shall
preclude Executive from investing his personal assets in any manner he chooses, provided, however, that Executive may not, during the
period referred to in this Section 5.4, own more than 4.9% of the equity securities of any Competitive Business.

 

5.5
Injunctive Relief. If Executive commits a breach, or threatens to commit a breach, of any of the provisions of Sections 5.2 or
5.4, the Company shall have the right and remedy to seek to have the provisions of this Agreement specifically enforced by any court
having equity jurisdiction, it being acknowledged and agreed by Executive that the services being rendered hereunder to the Company are
of a special, unique and extraordinary character and that any such breach or threatened breach will cause irreparable injury to the Company
and that money damages will not provide an adequate remedy to the Company. The rights and remedies enumerated in this Section 5.5 shall
be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or equity. In connection with
any legal action or proceeding arising out of or relating to this Agreement, the prevailing party in such action or proceeding shall
be entitled to be reimbursed by the other party for the reasonable attorneys’ fees and costs incurred by the prevailing party.

 

    	 

     

    

 

5.6
Modification. If any provision of Sections 5.2 or 5.4 is held to be unenforceable because of the scope, duration or area of its
applicability, the tribunal making such determination shall have the power to modify such scope, duration, or area, or all of them, and
such provision or provisions shall then be applicable in such modified form.

 

5.7
Survival. The provisions of this Section 5 shall survive the termination of employment under this Agreement for any reason.

 

6.
Miscellaneous Provisions.

 

6.1
Notices. All notices provided for in this Agreement shall be in writing, and shall be deemed to have been duly given when (i)
delivered personally to the party to receive the same, or (ii) when mailed first class postage prepaid, by certified mail, return receipt
requested, addressed to the party to receive the same at his or its address set forth below, or such other address as the party to receive
the same shall have specified by written notice given in the manner provided for in this Section 6.1, or sent via email or facsimile.

 

If
to Executive, to his address as set forth in the Company’s books and records.

 

If
to the Company:

 

Lucid
Diagnostics Inc.

One
Grand Central Place, Suite 4600

New
York, New York 10165

Attn:
Lishan Aklog, M.D.

Email:
la@pavmed.com

 

With
a copy in either case to:

 

Friedman
Kaplan Seiler and Adelman LLP

7
Times Square

New
York, NY 10036-6516

Attn:
Michael Gordon

Email:
mgordon@fklaw.com

 

    	 

     

    

 

6.2
Entire Agreement; Waiver. This Agreement and the separate indemnification agreement being entered simultaneously herewith sets
forth the entire agreement of the parties relating to the employment of Executive and is intended to supersede all prior negotiations,
understandings and agreements. No provisions of this Agreement may be waived or changed except by a writing by the party against whom
such waiver or change is sought to be enforced. The failure of any party to require performance of any provision hereof or thereof shall
in no manner affect the right at a later time to enforce such provision.

 

6.3
Governing Law. All questions with respect to the construction of this Agreement, and the rights and obligations of the parties
hereunder, shall be determined in accordance with the law of the State of New York applicable to agreements made and to be performed
entirely in New York.

 

6.4
Binding Effect; Nonassignability. This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of the Company. This Agreement shall not be assignable by Executive, but shall inure to the benefit of and be binding upon Executive’s
heirs and legal representatives.

 

6.5
Severability. Should any provision of this Agreement become legally unenforceable, no other provision of this Agreement shall
be affected, and this Agreement shall continue as if the Agreement had been executed absent the unenforceable provision.

 

6.6
Section 409A. This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code (“Section
409A”). To the extent that any payments and/or benefits provided hereunder are not considered compliant with Section 409A, the
parties agree that the Company shall take all actions necessary to make such payments and/or benefits become compliant.

 

6.7
Preparation of Agreement. This Agreement has been prepared by Friedman Kaplan Seiler & Adelman LLP (“Friedman Kaplan”)
solely as counsel to the Company. Friedman Kaplan is not acting as legal counsel nor providing any legal representation or consultative
services to Executive in connection with the Agreement and the Company has advised Executive to seek the advice of other counsel in connection
with the negotiation and preparation of this Agreement.

 

    	 

     

    

 

7.
Arbitration; Expenses. In the event of any dispute under the provisions of this Agreement, other than a dispute in which the primary
relief sought is an equitable remedy such as an injunction, the parties shall be required to have the dispute, controversy or claim settled
by arbitration in the non-moving parties jurisdiction in accordance with the Employment Arbitration Rules and Mediation Procedures then
in effect of the American Arbitration Association, before an arbitrator agreed to by both parties. If the parties cannot agree upon the
choice of arbitrator, the Company and the Executive will each choose an arbitrator. The two arbitrators will then select a third arbitrator
who will serve as the actual arbitrator for the dispute, controversy or claim. Any award entered by the arbitrator shall be final, binding
and nonappealable and judgment may be entered thereon by either party in accordance with applicable law in any court of competent jurisdiction.
This arbitration provision shall be specifically enforceable. The arbitrator shall have no authority to modify any provision of this
Agreement or to award a remedy for a dispute involving this Agreement other than a benefit specifically provided under or by virtue of
the Agreement. Each party shall be responsible for its own expenses relating to the conduct of the arbitration (including reasonable
attorneys’ fees and expenses) and shall share the fees of the American Arbitration Association.

 

8.
Attorneys’ Fees. Except as provided in Section 7 above, in any action at law or in equity to enforce or construe any provisions
or rights under this Agreement, the unsuccessful party or parties to such litigation, as determined by the courts pursuant to a final
judgment or decree, shall pay the successful party or parties all costs, expenses, and reasonable attorneys’ fees incurred by such
successful party or parties (including, without limitation, such costs, expenses, and fees on any appeals), and if such successful party
or parties shall recover judgment in any such action or proceedings, such costs, expenses, and attorneys’ fees shall be included
as part of such judgment.

 

[Signature
Page Follows]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

 

	 	LUCID DIAGNOSTICS INC.
	 	 	 
	 	By:
    	/s/
    Lishan Aklog, M.D.
	 	Name:	Lishan
    Aklog, M.D.
	 	Title:	Chairman
    and CEO
	 	 	 
	 	By:
    	/s/
    Shaun O’Neil
	 	Name:	Shaun
    O’NeilExhibit
4.16

 

THIS
WARRANT MAY NOT BE TRANSFERRED WITHOUT THE CONSENT OF THE COMPANY, WHICH CONSENT MAY BE WITHHELD IN THE COMPANY’S SOLE DISCRETION.
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.

 

PLACEMENT
AGENT COMMON STOCK PURCHASE WARRANT

 

ayro,
inc.

 

	Warrant Shares: 11,842	Initial Exercise Date: February 16, 2021

 

THIS
PLACEMENT AGENT COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, Spartan Capital
Securities, LLC, or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise
and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and
on or prior to 5:00 p.m. (New York City time) on February 16, 2026 (the “Termination Date”) but not thereafter, to
subscribe for and purchase from AYRO, Inc., a Delaware corporation (the “Company”), up to 11,842 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). This Warrant is issued pursuant to that certain engagement
letter (the “Engagement Agreement”), dated March 6, 2020, among AYRO Operating Company, Inc. and Spartan Capital Securities,
LLC.

 

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

 

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

 

“Common
Stock” means the common stock of the Company, par value $0.0001 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.

 

    	1

    	 

    

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Commission”
means the United States Securities and Exchange Commission.

 

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

 

“Registrable
Securities” means (a) the Warrant Shares and (b) any shares of Common Stock issued or issuable with respect to any shares described
in subsection (a) above by way of a stock dividend or stock split or in exchange for or upon conversion of such shares or otherwise in
connection with a combination of shares, distribution, recapitalization, merger, consolidation, other reorganization or other similar
event with respect to the Common Stock (it being understood that, for purposes of this Warrant, a Person shall be deemed to be a holder
of Registrable Securities whenever such Person has the right to then acquire or obtain from the Company any Registrable Securities, whether
or not such acquisition has actually been effected). As to any particular Registrable Securities, such securities shall cease to be Registrable
Securities when (i) the Commission has declared a Registration Statement covering such securities effective and such securities have
been disposed of pursuant to such effective Registration Statement, (ii) such securities are sold under circumstances in which all of
the applicable conditions of Rule 144 under the Securities Act are met, (iii) such securities become eligible for sale pursuant to Rule
144 without volume or manner-of-sale restrictions and without the requirement for the Company to be in compliance with the current public
information requirement under Rule 144(c)(1), (iv) such securities are otherwise transferred, or (v) such securities have ceased to be
outstanding.

 

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

 

“Subsidiary”
means any subsidiary of the Company required to be listed pursuant to Item 601(b)(21) of Regulation S-K.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

    	2

    	 

    

 

Section
2. Exercise.

 

a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on
or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company 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 (a day on which the principal Trading Market, as defined herein,
is open for trading, also referred to herein as a “Business Day”) 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 (as defined herein) for the shares specified in the applicable Notice of Exercise by wire transfer 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
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) Trading 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 Common Stock under this Warrant shall be $10.45 (the “Exercise Price”).

 

c) Cashless
Exercise. If at any time following the six-month anniversary of the Closing Date (as such term is defined in that certain Securities
Purchase Agreement, dated February 11, 2021, among the Company and the purchasers signatory thereto), there is no effective registration
statement registering, or the prospectus contained therein is not available for the resale of the Warrant Shares by 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 (as defined below) 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 (as defined below) 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;

 

    	3

    	 

    

 

(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.

 

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.

 

“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.

 

    	4

    	 

    

 

 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 Company’s
transfer agent (“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 later of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise and (ii) one (1)
Trading Day after delivery of the aggregate Exercise Price to the Company (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 two (2) Trading
Days 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.

 

    	5

    	 

    

 

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. 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.

 

v. 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.

 

vi. 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.

 

    	6

    	 

    

 

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. 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 one Trading Day 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% 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.

 

    	7

    	 

    

 

Section
3. Certain Adjustments.

 

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

 

b) [RESERVED]

 

c)
Subsequent Rights Offering. If the Company, at any time while the Warrant is outstanding, shall issue rights, options or warrants
to all holders of Common Stock entitling them to subscribe for or purchase shares of Common Stock (the “Purchase Rights”),
then, upon any exercise of this Warrant, the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the
aggregate Purchase Rights that the Holder could have acquired if the Holder had held the number of Warrant Shares issued upon such exercise
of this Warrant immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if
no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue
or sale of such Purchase Rights (provided, however, 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). For the term of the Warrant, the Company shall hold such Purchase
Rights for the benefit of the Holder until the Holder exercises this Warrant or any portion thereof. 

 

    	8

    	 

    

 

d)
Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common
Stock evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase
any security other than the Common Stock (a “Distribution”), then, upon any exercise of this Warrant, 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 Warrant Shares issued upon such exercise of this Warrant immediately before the date on which a record is taken for
such Warrant, 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. For the term of the Warrant, the Company shall hold such Distribution for the benefit of
the Holder until the Holder exercises this Warrant or any portion thereof.  

 

e) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries, taken
as a whole), 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, merger 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. 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 and the other Transaction Documents 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 and the other
Transaction Documents 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 and the other Transaction Documents
with the same effect as if such Successor Entity had been named as the Company herein.

 

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

 

    	9

    	 

    

 

 g) Notice to Holder.

 

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

 

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

 

h) Voluntary
Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company, at its sole option and in its sole
discretion, may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of
time deemed appropriate by the board of directors of the Company.

 

    	10

    	 

    

 

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, 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 Initial Exercise 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.

 

d) Transfer
Restrictions. This warrant may not be transferred without the consent of the Company, which consent may be withheld in the Company’s
sole discretion. 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, the form and substance of which opinion shall be reasonably satisfactory to the Company to the effect
that the transfer of this Warrant does not require registration under the Securities Act.

 

    	11

    	 

    

 

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, and the Holder further represents and warrants that it is an “accredited
investor” as defined in Regulation D promulgated under the Securities Act.

 

Section
5. Piggyback Registration.

 

(a) Whenever
the Company proposes to register the offer and sale of any shares of its Common Stock under the Securities Act (other than a registration
(i) pursuant to a Registration Statement on Form S-8 (or other registration solely relating to an offering or sale to employees or directors
of the Company pursuant to any employee stock plan or other employee benefit arrangement), (ii) pursuant to a Registration Statement
on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto),
or (iii) in connection with any dividend or distribution reinvestment or similar plan), whether for its own account or for the account
of one or more stockholders of the Company and the form of registration statement (a “Piggyback Registration Statement”)
to be used may be used for any registration of Registrable Securities (a “Piggyback Registration”), the Company
shall give prompt written notice to the holder of Registrable Securities of its intention to effect such a registration and, subject
to Section 5(b), shall include in such registration all Registrable Securities with respect to which the Company has received written
requests for inclusion from the holders of Registrable Securities within 5 days after the Company’s notice has been given to each
such holder. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole
discretion.

 

(b) If
a Piggyback Registration is initiated as a best efforts or underwritten offering, the Company shall have the right, in its sole discretion,
to omit any or all of the Registrable Securities from such Piggyback Registration.

 

Section
6. 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) herein, in no event shall the Company be required to net cash settle
an exercise of this Warrant.

 

    	12

    	 

    

 

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.

 

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.

 

    	13

    	 

    

 

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 Engagement Agreement.

 

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 Engagement 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 Engagement 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 and the Holder.

 

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)

 

    	14

    	 

    

 

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. 

 

	 	ayro, inc.
	 	 	 
	 	By:	
	 	Name:	
	 	Title:	

 

[Signature Page to Spartan February
2021 RD Warrant]

 

    	 

    	 

    

 

NOTICE
OF EXERCISE

 

To:
ayro, 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:	______________________________________
	 

     

    Phone
    Number:

     

    Email
    Address:
	(Please
    Print)

     

    ______________________________________

     

    ______________________________________

	Dated:
    _______________ __, ______	 
	Holder’s
    Signature:	 
	Holder’s
    Address:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]