Document:

Exhibit 4.5

 

DESCRIPTION OF SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF
THE SECURITIES

EXCHANGE ACT OF 1934

 

As of December 31, 2019, WhiteHorse Finance, Inc. (“we,”
 “our,” “us” or the “Company”) had the following two classes of securities registered under
Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) our common stock, par value
$0.001 per share and (ii) our 6.50% Notes due 2025.

 

Capitalized terms used but not defined herein shall have the
meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities is attached as an exhibit.

 

I.        Common Stock,
$0.001 par value per share

 

The following description is based on relevant portions of the
Delaware General Corporation Law (the “DGCL”), our certificate of incorporation and our bylaws. This summary is a description
of the material terms of, and is qualified in its entirety by, our charter and bylaws, each of which is incorporated by reference
as an exhibit to this Annual Report on Form 10-K, and may not contain all of the information that is important to you. We refer
you to the DGCL and our certificate of incorporation and bylaws for a more detailed description of the provisions summarized below.

 

Our authorized stock consists of 100,000,000 shares of common
stock, par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share. Our common stock is traded
on the NASDAQ Global Select Market under the ticker symbol “WHF”. There are no outstanding options or warrants to purchase
our stock. No stock has been authorized for issuance under any equity compensation plans. Under Delaware law, our stockholders
generally are not personally liable for our debts or obligations.

 

All shares of our common stock have equal rights as to earnings,
assets, dividends and other distributions and voting and, when they are issued, will be duly authorized, validly issued, fully
paid and nonassessable. Distributions may be paid to the holders of our common stock if, as and when authorized by our board of
directors and declared by us out of funds legally available therefrom. Shares of our common stock have no preemptive, exchange,
conversion or redemption rights and are freely transferable, except when their transfer is restricted by U.S. federal and state
securities laws or by contract. In the event of our liquidation, dissolution or winding up, each share of our common stock would
be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other
liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at
such time. Each share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders, including
the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock
possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority
of the outstanding shares of common stock can elect all of our directors, and holders of less than a majority of such shares are
not be able to elect any directors.

 

Provisions of the DGCL and Our Certificate of Incorporation
and Bylaws

 

Limitation on Liability of Directors and Officers; Indemnification
and Advance of Expenses

 

The indemnification of our officers and directors is governed
by Section 145 of the DGCL, and our certificate of incorporation and bylaws. Subsection (a) of DGCL Section 145 empowers a corporation
to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation)
by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving
at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by the person in connection with such action, suit or proceeding if (1) such person acted in good
faith, (2) in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation and (3)
with respect to any criminal action or proceeding, such person had no reasonable cause to believe the person’s conduct was
unlawful.

 

     

     

    

 

Subsection (b) of DGCL Section 145 empowers a corporation to
indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or
suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a
director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including
attorneys’ fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action
or suit if such person acted in good faith and in a manner the person reasonably believed to be in, or not opposed to, the best
interests of the corporation, and except that no indemnification may be made in respect of any claim, issue or matter as to which
such person has been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery
or the court in which such action or suit was brought determines upon application that, despite the adjudication of liability but
in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which
the Court of Chancery or such other court deems proper.

 

DGCL Section 145 further provides that to the extent that a
present or former director or officer is successful, on the merits or otherwise, in the defense of any action, suit or proceeding
referred to in subsections (a) and (b) of Section 145, or in defense of any claim, issue or matter therein, such person will be
indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection with
such action, suit or proceeding. In all cases in which indemnification is permitted under subsections (a) and (b) of Section 145
(unless ordered by a court), it will be made by the corporation only as authorized in the specific case upon a determination that
indemnification of the present or former director, officer, employee or agent is proper in the circumstances because the applicable
standard of conduct has been met by the party to be indemnified. Such determination must be made, with respect to a person who
is a director or officer at the time of such determination, (1) by a majority vote of the directors who are not parties to such
action, suit or proceeding, even though less than a quorum, (2) by a committee of such directors designated by majority vote of
such directors, even though less than a quorum, (3) if there are no such directors, or if such directors so direct, by independent
legal counsel in a written opinion or (4) by the stockholders. The statute authorizes the corporation to pay expenses incurred
by an officer or director in advance of the final disposition of a proceeding upon receipt of an undertaking by or on behalf of
the person to whom the advance will be made to repay the advances if it is ultimately determined that he or she was not entitled
to indemnification. DGCL Section 145 also provides that indemnification and advancement of expenses permitted under such Section
are not to be exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under
any bylaw, agreement, vote of stockholders or disinterested directors or otherwise. DGCL Section 145 also authorizes the corporation
to purchase and maintain liability insurance on behalf of its directors, officers, employees and agents regardless of whether the
corporation would have the statutory power to indemnify such persons against the liabilities insured.

 

Our certificate of incorporation provides that our directors
will not be liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director to the fullest extent
permitted by the current DGCL or as the DGCL may hereafter be amended. DGCL Section 102(b)(7) provides that the personal liability
of a director to a corporation or its stockholders for breach of fiduciary duty as a director may be eliminated except for liability
(1) for any breach of the director’s duty of loyalty to the corporation or its stockholders, (2) for acts or omissions not
in good faith or which involve intentional misconduct or a knowing violation of law, (3) under Section 174 of the DGCL, relating
to unlawful payment of dividends or unlawful stock purchases or redemption of stock or (4) for any transaction from which the director
derives an improper personal benefit.

 

Our certificate of incorporation and bylaws provide for the
indemnification of any person to the full extent permitted, and in the manner provided, by the current DGCL or as the DGCL may
hereafter be amended. In addition, we have entered into indemnification agreements with each of our directors and officers in order
to effect the foregoing except to the extent that such indemnification would exceed the limitations on indemnification under Section
17(h) of the 1940 Act.

 

     

     

    

 

Delaware Anti-Takeover Law

 

The DGCL and our certificate of incorporation and bylaws contain
provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or
otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to
encourage persons seeking to acquire control of us to negotiate first with our board of directors. These measures may delay, defer
or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders. These provisions
could have the effect of depriving stockholders of an opportunity to sell their shares at a premium over prevailing market prices
by discouraging a third party from seeking to obtain control over us. Such attempts could have the effect of increasing our expenses
and disrupting our normal operations. We believe, however, that the benefits of these provisions outweigh the potential disadvantages
of discouraging any such acquisition proposals because the negotiation of such proposals may improve their terms.

 

We are subject to the provisions of Section 203 of the DGCL
regulating corporate takeovers. In general, these provisions prohibit a Delaware corporation from engaging in any business combination
with any interested stockholder for a period of three years following the date that the stockholder became an interested stockholder,
unless:

 

		•	prior to such time, the board of directors approved either the business combination or the transaction which resulted in the
stockholder becoming an interested stockholder;

		•	upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder
owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or

		•	on or after the date the business combination is approved by the board of directors and authorized at a meeting of stockholders,
by at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.

 

Section 203 defines “business combination” to include
the following:

 

		•	any merger or consolidation involving the corporation and the interested stockholder;

		•	any sale, transfer, pledge or other disposition (in one transaction or a series of transactions) of 10% or more of either the
aggregate market value of all the assets of the corporation or the aggregate market value of all the outstanding stock of the corporation
involving the interested stockholder;

		•	subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of
the corporation to the interested stockholder;

		•	any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class
or series of the corporation owned by the interested stockholder; or

		•	the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits
provided by or through the corporation.

 

In general, Section 203 defines an interested stockholder as
any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person
affiliated with or controlling or controlled by any of these entities or persons.

 

The statute could prohibit or delay mergers or other takeover
or change in control attempts and, accordingly, may discourage attempts to acquire us.

 

Election of Directors

 

Our certificate of incorporation and bylaws provide that the
affirmative vote of the holders of a majority of the votes cast by stockholders present in person or by proxy at an annual or special
meeting of stockholders and entitled to vote thereat will be required to elect a director. Under our certificate of incorporation,
our board of directors may amend the bylaws to alter the vote required to elect directors.

 

Classified Board of Directors

 

Our board of directors is divided into three classes of directors
serving staggered three-year terms, with the term of office of only one of the three classes expiring each year. A classified board
of directors may render a change in control of us or removal of our incumbent management more difficult. This provision could delay
for up to two years the replacement of a majority of our board of directors. We believe, however, that the longer time required
to elect a majority of a classified board of directors helps to ensure the continuity and stability of our management and policies.

 

     

     

    

 

Number of Directors; Removal; Vacancies

 

Our certificate of incorporation provides that the number of
directors will be set only by the board of directors in accordance with our bylaws. Our bylaws provide that a majority of our entire
board of directors may at any time increase or decrease the number of directors. However, unless our bylaws are amended, the number
of directors may never be less than four nor more than eight. Under the DGCL, unless the certificate of incorporation provides
otherwise (which our certificate of incorporation does not), directors on a classified board of directors such as our board of
directors may be removed only for cause by a majority vote of our stockholders. Under our certificate of incorporation and bylaws,
any vacancy on the board of directors, including a vacancy resulting from an enlargement of the board of directors, may be filled
only by vote of a majority of the directors then in office. The limitations on the ability of our stockholders to remove directors
and fill vacancies could make it more difficult for a third-party to acquire, or discourage a third-party from seeking to acquire,
control of us.

 

Action by Stockholders

 

Under our certificate of incorporation stockholder action can
be taken only at an annual or special meeting of stockholders or by unanimous written consent in lieu of a meeting. This may have
the effect of delaying consideration of a stockholder proposal until the next annual meeting.

 

Advance Notice Provisions for Stockholder Nominations
and Stockholder Proposals

 

Our bylaws provide that with respect to an annual meeting of
stockholders, nominations of persons for election to the board of directors and the proposal of business to be considered by stockholders
may be made only (1) by or at the direction of the board of directors, (2) pursuant to our notice of meeting or (3) by a stockholder
who is entitled to vote at the meeting and who has complied with the advance notice procedures of the bylaws. Nominations of persons
for election to the board of directors at a special meeting may be made only (1) by or at the direction of the board of directors
or (2) provided that the board of directors has determined that directors will be elected at the meeting, by a stockholder who
is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws.

 

The purpose of requiring stockholders to give us advance notice
of nominations and other business is to afford our board of directors a meaningful opportunity to consider the qualifications of
the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our
board of directors, to inform stockholders and make recommendations about such qualifications or business, as well as to provide
a more orderly procedure for conducting meetings of stockholders. Although our bylaws do not give our board of directors any power
to disapprove stockholder nominations for the election of directors or proposals recommending certain action, they may have the
effect of precluding a contest for the election of directors or the consideration of stockholder proposals if proper procedures
are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate
of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful
or beneficial to us and our stockholders.

 

Stockholder Meetings

 

Our certificate of incorporation and bylaws provide that any
action required or permitted to be taken by stockholders at an annual meeting or special meeting of stockholders may only be taken
if it is properly brought before such meeting. In addition, in lieu of such a meeting, any such action may be taken by the unanimous
written consent of our stockholders. Our certificate of incorporation and bylaws also provide that, except as otherwise required
by law, special meetings of the stockholders can only be called by the chairman of the board of directors, the chief executive
officer or the board of directors. In addition, our bylaws establish an advance notice procedure for stockholder proposals to be
brought before an annual meeting of stockholders, including proposed nominations of candidates for election to the board of directors.
Stockholders at an annual meeting may only consider proposals or nominations specified in the notice of meeting or brought before
the meeting by or at the direction of the board of directors, or by a stockholder of record on the record date for the meeting
who is entitled to vote at the meeting and who has delivered timely written notice in proper form to the secretary of the stockholder’s
intention to bring such business before the meeting. These provisions could have the effect of delaying until the next stockholder
meeting stockholder actions that are favored by the holders of a majority of our outstanding voting securities.

 

     

     

    

 

Calling of Special Meetings of Stockholders

 

Our certificate of incorporation provides that special meetings
of stockholders may be called by our board of directors, the chairman of the board of directors and our chief executive officer.

 

Conflict with 1940 Act

 

Our bylaws provide that, if and to the extent that any provision
of the DGCL or any provision of our certificate of incorporation or bylaws conflicts with any provision of the 1940 Act, the applicable
provision of the 1940 Act will control.

 

II.        6.50% Notes
due 2025

 

The following description is based on relevant portions of the
Indenture (as defined below) and the Form of Global Note representing our 6.50% Notes due 2025. This summary is a description of
the material terms of, and is qualified in its entirety by, the Indenture and the Form of Global Note for the 6.50% Notes due 2025,
each of which is incorporated by reference as an exhibit to this Annual Report on Form 10-K, and may not contain all of the information
that is important to you. We refer you to the Indenture and the Form of Global Note for the 6.50% Notes due 2025 for a more detailed
description of the provisions summarized below.

 

On November 13, 2018, we completed a public offering of $35.0
million aggregate principal amount of unsecured Notes (the “Notes”). The Notes are listed on the Nasdaq Global Select
Market under the trading symbol “WHFBZ.”

 

As required by federal law for all bonds and notes of companies
that are publicly offered, the Notes are governed by a document called an “indenture.” An indenture is a contract between
us and a financial institution acting as trustee on behalf of the holders of the Notes and is subject to, and governed by, the
Trust Indenture Act of 1939, as amended. The trustee has two main roles. First, the trustee can enforce the rights of holders against
us if we default. There are some limitations on the extent to which the trustee acts on behalf of holders; see “Events of
Default” for more information. Second, the trustee performs certain administrative duties for us, such as sending interest
and principal payments to holders.

 

The Notes were issued pursuant to that certain indenture, dated
November 13, 2018 (the “Base Indenture”), by and between the Company and American Stock Transfer & Trust Company,
LLC (the “Trustee”), as supplemented by the First Supplemental Indenture, dated November 13, 2018 (the “Indenture”).
As of December 31, 2019, the Company was in compliance with the terms of the Indenture.

 

We are permitted, under specified conditions, to issue multiple
classes of indebtedness if our asset coverage, as defined in the 1940 Act, after each such issuance is at least equal to 150%,
subject to certain disclosure requirements. In addition, while any indebtedness and other senior securities remain outstanding,
we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or shares unless
we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5%
of the value of our total assets for temporary or emergency purposes without regard to asset coverage. For a discussion of the
risks associated with leverage, see “Risk Factors — Risks Relating to Our Business and Structure — Regulations
governing our operation as a business development company, including those related to the issuance of senior securities, will affect
our ability to, and the way in which we, raise additional debt or equity capital” in the Annual Report on Form 10-K to which
this Description of Securities is attached as an exhibit.

 

     

     

    

 

General

 

The Notes mature on November 30, 2025. The principal amount
payable at maturity will be 100.0% of the initial aggregate principal amount. The interest rate of the Notes is 6.50% per year,
and interest is paid every February 28, May 31, August 31 and November 30. The regular record dates for interest payments are every
February 15, May 15, August 15 and November 15. If an interest payment date falls on a non-business day, the applicable interest
payment is made on the next business day, and no additional interest accrues as a result of such delayed payment.

 

We may issue additional notes under the Indenture (the “Additional
Notes”) from time to time. Any issuance of Additional Notes is subject to all of the covenants in the Indenture. The Notes
and any Additional Notes subsequently issued under the Indenture will be treated as a single class for all purposes under the Indenture,
including, without limitation, waivers, amendments, redemptions and offers to purchase.

 

We issued the Notes in minimum denominations of $25 and integral
multiples of $25 in excess thereof. The Notes are not be subject to any sinking fund, and holders of the Notes do not have the
option to have the Notes repaid prior to the stated maturity date.

 

The Indenture does not contain any provisions that protect holders
of the Notes in the event we issue a large amount of debt or we are acquired by another entity.

 

We pay principal and interest on the Notes in immediately available
funds.

 

Ranking of Notes

 

The Notes are our direct senior unsecured obligations and rank
senior in right of payment to any of our existing and future obligations that are, by their terms, expressly subordinated in right
of payment to the Notes and rank equally in right of payment with our other outstanding and future unsecured, unsubordinated indebtedness,
including the Private Notes. The Notes effectively rank behind all of our existing and future secured indebtedness (including indebtedness
that is initially unsecured in respect of which we subsequently grant security) in right of payment, to the extent of the value
of the assets securing such indebtedness, including our Credit Facility, and are structurally subordinated to any existing and
future indebtedness of any of our subsidiaries, financing vehicles or similar entities.

 

Optional Redemption

 

We may redeem the Notes in whole or in part at any time or from
time to time at our option on or after November 30, 2021, upon not less than 30 days’ nor more than 60 days’ written
notice by mail prior to the date fixed for redemption of the Notes, at a redemption price equal to 100% of the outstanding principal
amount of the Notes plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period
accrued to the date fixed for redemption.

 

Holders of the Notes may be prevented from exchanging or transferring
the Notes when they are subject to redemption. In case any Notes are to be redeemed in part only, the redemption notice will provide
that, upon surrender of such Note, holders will receive, without charge, a new Note or Notes of authorized denominations representing
the principal amount of their remaining unredeemed Notes. If we exercise our option to redeem the Notes, it will be done in compliance
with the Indenture and, to the extent applicable, the 1940 Act.

 

If we redeem only some of the Notes, the Trustee will determine
the method for selection of the particular Notes to be redeemed in accordance with the Indenture and the 1940 Act, to the extent
applicable, and in accordance with the rules of The Nasdaq Global Select Market or any national securities exchange or quotation
system on which the Notes are then listed. Unless we default in payment of the redemption price, on and after the date of redemption,
interest will cease to accrue on the Notes called for redemption.

 

Transfer and Exchange

 

A holder may transfer or exchange Notes in accordance with the
provisions of the Indenture. The registrar and the Trustee may require a holder to furnish appropriate endorsements and transfer
documents in connection with a transfer of Notes. No service charge will be made for any registration of transfer or exchange of
Notes, but may require payment of a sum sufficient to cover any transfer tax or other similar governmental charge payable in connection
with such transfer or exchange. We will not be required to transfer or exchange any Note selected for redemption. Also, we will
not be required to transfer or exchange any Note for a period of 15 days before a selection of Notes to be redeemed.

 

     

     

    

 

Private Rating of the Notes

 

Our Notes have a private credit ration of A- from Egan-Jones
Rating Company. An explanation of the significance of ratings may be obtained from the rating agency. Generally, rating agencies
base their ratings on such material and information, and such of their own investigations, studies and assumptions, as they deem
appropriate. The rating of the Notes should be evaluated independently from similar ratings of other securities. A credit rating
of a security is paid for by the issuer and is not a recommendation to buy, sell or hold securities and maybe subject to review,
revision, suspension, reduction or withdrawal at any time by the assigning rating agency. See “Risk Factors — A downgrade,
suspension or withdrawal of the credit rating assigned by a rating agency to us or our securities, if any, could cause the liquidity
or market value of the Notes to decline significantly” in the Annual Report on Form 10-K to which this Description of Securities
is attached as an exhibit.

 

Issuance of Securities in Registered Form

 

The Notes were issued in book-entry form represented by global
securities (the “Global Notes”). This means the Notes are represented by one or more Global Notes registered in the
name of a depositary that holds them on behalf of financial institutions that participate in the depositary’s book-entry
system. These participating institutions, in turn, hold beneficial interests in the Global Notes held by the depositary or its
nominee. These institutions may hold these interests on behalf of themselves or customers. Each Note issued in book-entry form
is be represented by a Global Note that we deposited with and registered in the name of a financial institution or its nominee
that we selected. The financial institution that we selected for this purpose is called the depositary. The Depository Trust Company,
New York, New York, known as DTC, is the depositary for the Notes issued in book-entry form.

 

A global security may not be transferred to or registered in
the name of anyone other than the depositary or its nominee, unless special termination situations arise. We describe those situations
below under “Issuance of Securities in Registered Form — Special Situations when a Global Security Will Be Terminated.”
As a result of these arrangements, the depositary, or its nominee, is the sole registered owner and holder of all debt securities
represented by a global security, and investors are permitted to own only beneficial interests in a global security. Beneficial
interests must be held by means of an account with a broker, bank or other financial institution that in turn has an account with
the depositary or with another institution that has an account with the depositary. Thus, an investor whose security is represented
by a global security is not a holder of the Note, but only an indirect holder of a beneficial interest in the global security.

 

Under the Indenture, only the person in whose name a Note is
registered is recognized as the holder of that Note. Consequently, for Notes issued in book-entry form, we recognize only the depositary
as the holder of the Notes and we make all payments on the Notes to the depositary. The depositary then passes along the payments
it receives to its participants, which, in turn, passes the payments along to their customers, who are the beneficial owners. The
depositary and its participants pass along such payments under agreements they have made with one another or with their customers;
they are not obligated to do so under the terms of the Notes.

 

As a result, investors do not own Notes directly. Instead, they
own beneficial interests in Global Notes, through a bank, broker or other financial institution that participates in the depositary’s
book-entry system or holds an interest through a participant. As long as the Notes are represented by one or more Global Notes,
investors will be indirect holders, and not holders, of the Notes.

 

Legal Holders

 

Our obligations, as well as the obligations of the Trustee and
those of any third parties employed by us or the Trustee, run only to the legal holders of the Notes. We do not have obligations
to investors who hold beneficial interests in Global Notes, or by any other indirect means because we are issuing the Notes only
in book-entry form.

 

     

     

    

 

For example, once we make a payment or give a notice to the
holder, we have no further responsibility for the payment or notice even if that holder is required, under agreements with depositary
participants or customers or by law, to pass it along to the indirect holders but does not do so. Similarly, if we want to obtain
the approval of the holders for any purpose (for example, to amend an Indenture or to relieve us of the consequences of a default
or of our obligation to comply with a particular provision of an Indenture), we would seek the approval only from the holders,
and not the indirect holders, of the Notes. Whether and how the holders contact the indirect holders is up to the holders.

 

Special Considerations for Indirect Holders

 

If Notes are held through a bank, broker or other financial
institution, either in book-entry form or in street name, we urge investors to check with that institution to find out:

 

		•	how it handles securities payments and notices;

		•	whether it imposes fees or charges;

		•	how it would handle a request for the holders’ consent, if ever required;

		•	whether and how investors can instruct it to send them Notes registered in their own name so they can be a holder, if that
is permitted in the future;

		•	how it would exercise rights under the Notes if there were a default or other event triggering the need for holders to act
to protect their interests; and

		•	how the depositary’s rules and procedures will affect these matters.

 

Special Considerations for Global Securities

 

As an indirect holder, an investor’s rights relating to
a global security are governed by the account rules of the investor’s financial institution and of the depositary, as well
as general laws relating to securities transfers. The depositary that holds the Global Notes is considered the holder of the Notes
represented by the Global Notes.

 

An investor should be aware of the following:

 

		•	an investor cannot cause the Notes to be registered in his or her name and cannot obtain certificates for his or her interest
in the Notes, except in the special situations we describe below;

		•	an investor is an indirect holder and must look to his or her own bank or broker for payments on the Notes and protection of
his or her legal rights relating to the debt securities, as we describe under “Issuance of Securities in Registered Form — Special
Considerations for Indirect Holders” above;

		•	an investor may not be able to sell interests in the Notes to some insurance companies and other institutions that are required
by law to own their securities in non-book-entry form;

		•	an investor may not be able to pledge his or her interest in the Global Notes in circumstances where certificates representing
the Notes must be delivered to the lender or other beneficiary of the pledge in order for the pledge to be effective;

		•	the depositary’s policies, which may change from time to time, govern payments, transfers, exchanges and other matters
relating to an investor’s interest in the Global Notes. We and the Trustee have no responsibility for any aspect of the depositary’s
actions or for its records of ownership interests in a global security. We and the Trustee also do not supervise the depositary
in any way;

		•	if we redeem less than all the Notes, DTC’s practice is to determine by lot the amount to be redeemed from each of its
participants holding the Notes;

		•	an investor is required to give notice of exercise of any option to elect repayment of its Notes, through its participant,
to the Trustee and to deliver the Notes by causing its participant to transfer its interest in the Notes, on DTC’s records,
to the Trustee;

		•	DTC requires that those who purchase and sell interests in a Global Note deposited in its book-entry system use immediately
available funds. A holder’s broker or bank may also require them to use immediately available funds when purchasing or selling
interests in a Global Note; and

 

     

     

    

 

		•	financial institutions that participate in the depositary’s book-entry system, and through which an investor holds its
interest in a Global Note, may also have their own policies affecting payments, notices and other matters relating to the Notes.
There may be more than one financial intermediary in the chain of ownership for an investor. We do not monitor and are not responsible
for the actions of any of those intermediaries.

 

Special Situations when a Global Note Will Be Terminated

 

In a few special situations described below, a Global Note will
be terminated, and interests in it will be exchanged for certificates in non-book-entry form (certificated Notes). After that exchange,
the choice of whether to hold the certificated Notes directly or in street name will be up to the investor. Investors must consult
their own banks or brokers to find out how to have their interests in a global security transferred on termination to their own
names, so that they will be holders. We have described the rights of holders and street name investors under “Issuance of
Securities in Registered Form” above.

 

The special situations for termination of a Global Note are
as follows:

 

		•	if the depositary notifies us that it is unwilling, unable or no longer qualified to continue as depositary for that Global
Note, and we are unable to appoint another institution to act as depositary;

 

		•	if we notify the Trustee that we wish to terminate that Global Note; or

 

		•	if an event of default has occurred with regard to the Notes represented by that Global Note and has not been cured or waived;
we discuss defaults later under “Events of Default.”

 

If a Global Note is terminated, only the
depositary, and not we or the Trustee, is responsible for deciding the names of the institutions in whose names the Notes represented
by the Global Note will be registered and, therefore, who will be the holders of those Notes.

 

Payment and Paying Agents

 

We pay interest to the person listed in the Trustee’s
records as the owner of the Note at the close of business on a particular day in advance of each due date for interest, even if
that person no longer owns the Note on the interest due date. That day, often about two weeks in advance of the interest due date,
is called the “record date.” Because we pay all the interest for an interest period to the holders on the record date,
holders buying and selling debt securities must work out between themselves the appropriate purchase price.

 

The most common manner is to adjust the sales price of the Notes
to prorate interest fairly between buyer and seller based on their respective ownership periods within the particular interest
period. This prorated interest amount is called “accrued interest.”

 

Payments on Global Notes

 

We make payments on a global security in accordance with the
applicable policies of the depositary as in effect from time to time. Under those policies, we make payments directly to the depositary,
or its nominee, and not to any indirect holders who own beneficial interests in the Global Note. An indirect holder’s right
to those payments are governed by the rules and practices of the depositary and its participants, as described under “Form,
Exchange and Transfer of Certificated Registered Securities.”

 

Payment When Offices Are Closed

 

If any payment is due on the Notes on a day that is not a business
day, we make the payment on the next day that is a business day. Payments made on the next business day in this situation are treated
under the Indenture as if they were made on the original due date, except as otherwise indicated in this prospectus. Such payment
do not result in a default under any Note or the Indenture, and no interest accrues on the payment amount from the original due
date to the next day that is a business day.

 

     

     

    

 

Book-entry and other indirect holders should consult their banks
or brokers for information on how they receive payments on their Notes.

 

Certain Covenants

 

We are restricted as follows:

 

		•	For as long as the Notes remain outstanding, we will not violate, whether or not we are subject to, Section 18(a)(1)(A), as
modified by Section 61(a)(1), of the 1940 Act, each as in effect from time to time, or any successor provisions but giving effect
to any exemptive relief granted to the Company by the SEC; and

 

		•	If at any time we are not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file periodic
reports with the SEC, we agree to furnish to holders of the Notes and the Trustee for as long as the Notes remain outstanding (1)
our audited annual consolidated financial statements within 90 days of the end of our fiscal year and (2) our unaudited interim
consolidated financial statements within 45 days of the end of each fiscal quarter (other than our fourth fiscal quarter). All
such financial statements will be prepared in all material aspects in accordance with applicable U.S. GAAP.

 

Events of Default

 

Holders have rights if an Event of Default occurs in respect
of the Notes and is not cured, as described later in this subsection.

 

The term “Event of Default” in respect of the Notes
means any of the following:

 

		•	we do not pay the principal of, or any premium on, the Notes on the due date;

 

		•	we do not pay interest on the Notes within 30 days of the due date, and such failure to pay is not cured within five days;

 

		•	we remain in breach of a covenant in respect of the Notes for 60 days after we receive a written notice of default stating
we are in breach. This notice must be sent by either the Trustee or holders of at least 25% of the principal amount of Notes; and

 

		•	we file for bankruptcy or certain other events of bankruptcy, insolvency or reorganization occur.

 

The Trustee may withhold notice to the holders of the Notes
of any default, except a default in the payment of principal, premium or interest, if it considers the withholding of notice to
be in the best interests of the holders.

 

Remedies if an Event of Default Occurs

 

If an Event of Default has occurred and has not been cured or
waived, the Trustee or the holders of not less than 66.66% in principal amount of the Notes may declare the entire principal amount
to be due and immediately payable. This is called a declaration of acceleration of maturity. A declaration of acceleration of maturity
may be canceled by the holders of a majority in principal amount of the Notes if the default is cured or waived and certain other
conditions are satisfied. In the event that we file for bankruptcy, there will not be an automatic acceleration of maturity under
the Indenture without a declaration of acceleration of maturity.

 

Except in cases of default, where the Trustee has some special
duties, the Trustee is not required to take any action under the Indenture at the request of any holders unless the holders offer
the Trustee reasonable protection from expenses and liability (called an “indemnity”). If reasonable indemnity is provided,
the holders of a majority in principal amount of the outstanding Notes may direct the time, method and place of conducting any
lawsuit or other formal legal action seeking any remedy available to the Trustee. The Trustee may refuse to follow those directions
in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy
or Event of Default.

 

     

     

    

 

Before holders are allowed to bypass the Trustee and bring their
own lawsuit or other formal legal action or take other steps to enforce their rights or protect their interests relating to the
Notes, the following must occur:

 

		•	holders must give the Trustee written notice that an Event of Default has occurred and remains uncured;

 

		•	the holders of at least 25% in principal amount of all outstanding Notes must make a written request that the Trustee take
action because of the default and must offer reasonable indemnity to the Trustee against the cost and other liabilities of taking
that action;

 

		•	the Trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity; and

 

		•	the holders of a majority in principal amount of the Notes must not have given the Trustee a direction inconsistent with the
above notice during that 60-day period.

 

However, holders are entitled at any time to bring a lawsuit
for the payment of money due on their Notes at any time on or after the due date.

 

Book-entry and other indirect holders of Notes should consult
their banks or brokers for information on how to give notice or direction to or make a request of the trustee and how to declare
or cancel an acceleration of maturity.

 

Each year, we furnish to each Trustee a written statement of
certain of our officers certifying that, to their knowledge, we are in compliance with the Indenture and the Notes, or else specifying
default.

 

Waiver of Default

 

The holders of a majority in principal amount of the Notes may
waive a default for all the Notes. If this happens, the default will be treated as if it had not occurred. No one can waive a payment
default on a holder’s Notes, however, without such holder’s approval.

 

Merger or Consolidation

 

Under the terms of the Indenture, we are generally permitted
to consolidate or merge with another entity. We are also permitted to sell all or substantially all of our assets to another entity.
However, we may not take any of these actions unless all the following conditions are met:

 

		•	where we merge out of existence or sell our assets, the resulting entity must agree to be legally responsible for our obligations
under the Notes;

 

		•	alternatively, we must be the surviving company;

 

		•	immediately after the transaction, no event of default exists;

 

		•	we must deliver certain certificates and documents to the Trustee; and

 

		•	we must satisfy any other requirements specified in this prospectus supplement and the accompanying prospectus.

 

     

     

    

 

Modification or Waiver

 

There are three types of changes we can make to the Indenture
and the Notes.

 

Changes Requiring Holder Approval

 

First, there are changes that we cannot make to the Notes without
specific approval of the holders. The following is a list of those types of changes:

 

		•	change the stated maturity of the principal of or interest on the Notes;

 

		•	reduce any amounts due on the Notes;

 

		•	change the place or currency of payment on the Notes;

 

		•	impair holders’ right to sue for payment on the Notes following the date on which such amount is due and payable;

 

		•	reduce the percentage in principal amount of the Notes the consent of whose holders is needed to modify or amend the Indenture;

 

		•	reduce the percentage in principal amount of the Notes the consent of whose holders is needed to waive compliance with certain
provisions of the Indenture or to waive certain defaults; and

 

		•	modify any other aspect of the provisions of the Indenture dealing with supplemental indentures consented to by holders of
the Notes, waiver of past defaults or the waiver of certain covenants.

 

Changes Not Requiring Approval

 

The second type of change does not require any vote by the holders
of the Notes. This type is limited to clarifications and certain other changes that would not materially adversely affect holders
of the outstanding Notes in any material respect.

 

Changes Requiring Majority Approval

 

Any other change to the Indenture and the Notes must be approved
by the holders of a majority in principal amount of that series.

 

In each case, the required approval must be given by written
consent.

 

The holders of a majority in principal amount of the Notes may
waive our compliance with some of the covenants in the Indenture. However, we cannot obtain a waiver of a payment default or of
any of the matters covered by the bullet points included above under “Modification or Waiver —Changes Requiring Holder
Approval.”

 

Further Details Concerning Voting

 

When taking a vote, we use the principal amount that would be
due and payable on the voting date if the maturity of the Notes were accelerated to that date because of a default to decide how
much principal to attribute to a Note.

 

Notes are not considered outstanding, and therefore not eligible
to vote, if we have deposited or set aside in trust money for their payment or redemption. Notes are also not be eligible to vote
if they have been fully defeased as described later under “Defeasance — Full Defeasance.” We are generally entitled
to set any day as a record date for the purpose of determining the holders of Notes that are entitled to vote or take other action
under the Indenture. If we set a record date for a vote or other action to be taken by holders of the Notes, that vote or action
may be taken only by persons who are holders of outstanding Notes on the record date and must be taken within eleven months following
such record date.

 

     

     

    

 

Book-entry and other indirect holders should consult their banks
or brokers for information on how approval may be granted or denied if we seek to change the Indenture or Note or request a waiver.

 

Defeasance

 

Covenant Defeasance

 

Under current U.S. federal tax law, we can make the deposit
described below and be released from some of the restrictive covenants in the Indenture under which the Notes are issued. This
is called “covenant defeasance.” In that event, holders would lose the protection of those restrictive covenants but
would gain the protection of having money and government securities set aside in trust to repay their debt securities. In order
to achieve covenant defeasance, we must do the following:

 

		•	we must deposit in trust for the benefit of all holders of the Notes a combination of money and U.S. government or U.S. government
agency notes or bonds that, by their terms, will generate enough cash to make interest, principal and any other payments on the
Notes on their various due dates; and

 

		•	we may be required to deliver to the Trustee a legal opinion of our counsel confirming that, under current U.S. federal income
tax law, we may make the above deposit without causing holders to be taxed on the Notes any differently than if we did not make
the deposit and just repaid the Notes ourselves at maturity.

 

We must deliver to the Trustee a legal opinion of our counsel
stating that the above deposit does not require registration by us under the 1940 Act, and a legal opinion and officers’
certificate stating that we have complied with all conditions precedent to covenant defeasance.

 

If we accomplish covenant defeasance, holders can still look
to us for repayment of the Notes if there were a shortfall in the trust deposit or the Trustee is prevented from making payment.
In fact, if one of the remaining Events of Default occurred (such as our bankruptcy) and the debt securities became immediately
due and payable, there might be a shortfall. Depending on the event causing such default, holders may not be able to obtain payment
of the shortfall.

 

Full Defeasance

 

If there is a change in U.S. federal tax law, as described below,
we can legally release ourselves from all payment and other obligations on the Notes (called “full defeasance”) if
we put in place the following other arrangements for holders to be repaid:

 

		•	we must deposit in trust for the benefit of all holders of such Notes a combination of money and U.S. government or U.S. government
agency notes or bonds that, by their terms, will generate enough cash to make interest, principal and any other payments on the
Notes on their various due dates;

 

		•	we may be required to deliver to the Trustee a legal opinion confirming that there has been a change in current U.S. federal
tax law or an Internal Revenue Service ruling that allows us to make the above deposit without causing holders to be taxed on the
Notes any differently than if we did not make the deposit and just repaid the Notes ourselves at maturity. Under current U.S. federal
tax law, the deposit and our legal release from the Notes would be treated as though we paid holders their share of the cash and
notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for their Notes, and they would recognize
gain or loss on the debt securities at the time of the deposit; and

 

		•	we must deliver to the Trustee a legal opinion of our counsel stating that the above deposit does not require registration
by us under the 1940 Act and a legal opinion and officers’ certificate certifying compliance with all conditions precedent
to defeasance.

 

     

     

    

 

If we ever did accomplish full defeasance, as described above,
holders would have to rely solely on the trust deposit for repayment of the Notes. Holders could not look to us for repayment in
the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and
other creditors if we ever became bankrupt or insolvent.

 

Form, Exchange and Transfer of Certificated Registered Securities

 

If registered Notes cease to be issued in book-entry form, they
will be issued:

 

		•	only in fully registered certificated form;

 

		•	without interest coupons; and

 

		•	in denominations of $25 and amounts that are multiples of $25.

 

Holders may exchange their Notes for Notes of smaller denominations
or combined into fewer debt securities of larger denominations, as long as the total principal amount is not changed.

 

Holders may exchange or transfer their certificated Notes at
the office of the Trustee. We have appointed the Trustee to act as our agent for registering Notes in the names of holders transferring
Notes. We may appoint another entity to perform these functions or perform them ourselves.

 

Holders are not required to pay a service charge to transfer
or exchange their certificated Notes, but they may be required to pay any tax or other governmental charge associated with the
transfer or exchange. The transfer or exchange will be made only if our transfer agent is satisfied with the holder’s proof
of legal ownership.

 

We may appoint additional transfer agents or cancel the appointment
of any particular transfer agent. We may also approve a change in the office through which any transfer agent acts.

 

If we redeem any of the Notes, we may block the transfer or
exchange of those Notes selected for redemption during the period beginning 15 days before the day we mail the notice of redemption
and ending on the day of that mailing, in order to freeze the list of holders to prepare the mailing. We may also refuse to register
transfers or exchanges of any certificated Notes selected for redemption, except that we will continue to permit transfers and
exchanges of the unredeemed portion of any Note that will be partially redeemed.

 

If registered Notes are issued in book-entry form, only the
depositary is entitled to transfer and exchange the Notes as described in this subsection, since it will be the sole holder of
the Notes.

 

Resignation of Trustee

 

The Trustee may resign or be removed, so long as a successor
trustee is appointed.

 

The Trustee under the Indenture

 

American Stock Transfer & Trust Company, LLC serves as the
Trustee under the Indenture.Exhibit 4.1

 

EXHIBIT C

 

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.

 

SERIES A COMMON STOCK PURCHASE WARRANT

 

PREDICTIVE
ONCOLOGY INC.

 

 

	Warrant Shares: _______	 	Initial Exercise Date: ____, 2020

 

THIS SERIES A 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 the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m.
(New York City time) on ______________1
(the “Termination Date”) but not thereafter, to subscribe for and purchase from Predictive Oncology 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 _____, 2020, among the Company and the purchasers signatory thereto.

 

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 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 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.

 

_________________________

1
The date that is the 5.5 year anniversary of the Initial Exercise Date, provided that,
if such date is not a Trading Day, insert the immediately following Trading Day.

    	 	1	 

     

    

b)                 
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $1.88, subject to adjustment
hereunder (the “Exercise Price”).

 

c)                 
Cashless Exercise. If at any time following the six-month anniversary of the Closing Date, 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.

 

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.

 

    	 	3	 

     

    

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 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. 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.

    	 	4	 

     

    

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.

    	 	5	 

     

    

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.

 

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 

    	 	6	 

     

    

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%/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

    	 	7	 

     

    

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.

 

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 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).

    	 	8	 

     

    

d)                 
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, that,
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).

 

e)                 
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company (and all of its Subsidiaries,
taken as a whole), 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 

    	 	9	 

     

    

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. Notwithstanding anything to
the contrary, in the event of a Fundamental Transaction, 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 (or,
if later, the date of the public announcement of the applicable 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 only be entitled to receive from
the Company or any Successor Entity, as of the date of consummation of such Fundamental Transaction, the same type or form of consideration
(and in the same proportion), at the Black Scholes Value (as defined below) of the unexercised portion of this Warrant, that is
being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether that
consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice
to receive from among alternative forms of consideration in connection with the Fundamental Transaction.. “Black Scholes
Value” means the value of this Warrant based on the Black-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 

    	 	10	 

     

    

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 (determined
utilizing a 365 day annualization factor) 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 greater of (i) 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 (ii) the greater of (x) the last VWAP immediately prior to the public announcement of such Fundamental Transaction
and (y) the last VWAP immediately prior to the consummation of 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
payment of the Black Scholes Value 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). 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.

    	 	11	 

     

    

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.

    	 	12	 

     

    

h)                 
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 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.

    	 	13	 

     

    

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.

 

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).

    	 	14	 

     

    

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.

 

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.

    	 	15	 

     

    

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 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.

    	 	16	 

     

    

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)

 

 

 

 

 

 

 

    	 	17	 

     

    

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.

 

 

	 	predictive oncology inc.

	 	 
	 	 
	 	By:	
 
	 	 	Name:
	 	 	Title:

 

 

 

 

 

 

 

 

 

    	 	18	 

     

    

NOTICE OF EXERCISE

 

	To:		predictive oncology 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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