Document:

Exhibit 10.11

 

NEITHER THIS NOTE NOR ANY OF THE SECURITIES
ISSUABLE UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION.
BY ACQUIRING THIS NOTE, THE HOLDER AGREES TO NOT SELL OR OTHERWISE DISPOSE OF THIS NOTE OR ANY SECURITIES INTO WHICH IT MAY BE
CONVERTED WITHOUT REGISTRATION OR THE APPLICABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE AFORESAID ACTS, AND THE RULES AND
REGULATIONS THEREUNDER.

 

SECURED CONVERTIBLE PROMISSORY NOTE

 

	$____________	June ____, 2015

 

For Value
Received, Creative Realities, Inc., a Minnesota corporation, Creative Realities, LLC, a Delaware limited liability company,
and Wireless Ronin Technologies Canada, Inc., a Canada corporation, jointly and severally (together herein referred to as “Maker”),
hereby promises to pay to the order of Equity Trust Company, custodian FBO Leonid Frenkel IRA, or its successors, heirs or assigns
(“Holder”), in lawful money of the United States of America, the principal sum of $____________, together with
interest on the outstanding principal amount under this Secured Convertible Promissory Note (this “Note”) outstanding
from time to time. This Note is being issued by Maker in connection with the execution and delivery of certain other documentation
pertaining to the loan evidenced by this Note, including (i) a Securities Purchase Agreement by and among Maker and certain purchasers,
dated as of June ____, 2015 (the “Securities Purchase Agreement”), (ii) a Security Agreement delivered
by Maker in favor of Holder and other purchasers under the Securities Purchase Agreement (the “Security Agreement”),
and (iii) Warrants to Purchase Common Stock delivered by Maker in favor of Holder and other purchasers under the Securities Purchase
Agreement (the “Warrants”), and (iv) a Pledge Agreement delivered by Slipstream Communications, LLC, a
Delaware limited liability, in favor of the Holder and other purchasers under the Securities Purchase Agreement (the “Slipstream
Pledge Agreement”). Accordingly, this Note is one of two or more substantially identical Secured Convertible Promissory
Notes offered and sold pursuant to the Securities Purchase Agreement (collectively, the “Notes”). Throughout
this Note, the Securities Purchase Agreement, Security Agreement, Slipstream Pledge Agreement, the Warrants and the Notes are collectively
referred to as the “Transaction Documents.”

 

1.            Interest. Interest on the principal amount of this
Note shall accrue from the date hereof until payment in full of all amounts payable hereunder at an annual rate equal to 14%, of
which interest (i) 12% shall be payable in cash and (ii) 2% shall be payable in the form additional principal hereunder; in each
case monthly, in arrears, and upon the Maturity Date, as defined below, or upon repayment or conversion pursuant to Section 4 below.
Interest shall be calculated on the basis of a 365-day year, based on the actual number of days elapsed. From and after the occurrence
of a Change in Control Transaction, as defined in Section 6 below, and until the Maturity Date or such earlier time as all amounts
owing under this Note shall have been paid, or upon occurrence of an Event of Default under section 5 below, interest on the principal
amount of this Note shall accrue at an annual rate equal to 18% interest payable in cash monthly, in arrears.

 

    	 

    	 

    

 

2.            Maturity Date. Unless converted by Holder pursuant
to the terms of Section 4, the principal amount of this Note, together with any remaining accrued but unpaid interest thereon,
shall be due and payable in full on the fifteen-month anniversary of the date of this Note (“Maturity Date”).

 

3.            Optional Prepayment. At any time, Maker may prepay
all of the outstanding principal balance and accrued but unpaid interest hereunder without penalty, upon at least 15 days prior
written notice to Holder, subject, however, to (i) the right of Holder to convert all or any portion of this Note pursuant to Section
4 on or prior to the date that is 15 days after the giving of any such written prepayment notice, and (ii) a 3% premium any amounts
so prepaid. If no conversion by Holder occurs prior to the date that is 15 days after the giving of any such written prepayment
notice, Maker shall pay to Holder any the prepayment amount, together with the above-described premium amount, in immediately available
funds.

 

4.            Conversion; Repayment.

 

4.1            Optional Conversion. Subject to the provisions
of Section 4.5 below, the unpaid principal amount of this Note or any accrued but unpaid interest thereon may at any time be converted,
in whole or in part from time to time, at the option of the Holder, into shares of the common stock, $0.01 par value of Creative
Realities, Inc. (the “Common Stock”) at a conversion price equal to $0.28 per share (the “Conversion
Price”), subject, however, to adjustment pursuant to Section 4.3 below.

 

4.2            Conversion Procedure. Upon conversion of any amounts
owing under this Note into shares of Common Stock pursuant to Section 4.1, Holder shall surrender this original executed Note to
Maker accompanied by an executed conversion notice, the form of which is attached hereto as Exhibit A (the “Conversion
Notice”). The Conversion Notice shall state the name or names (with address(es)) in which the certificate or certificates
for shares of Common Stock issuable upon such conversion (the “Conversion Shares”) shall be issued, and
the amount of principal and accrued interest to be converted. As soon as practicable after the receipt of such Conversion Notice
and the surrender of this original executed Note, Maker shall (a) issue and deliver to the Holder one or more certificates for
the Conversion Shares, (b) provide for payment on account of any fractional shares as contemplated by Section 4.4, and (c) if such
conversion is of less than the entire balance of principal and accrued and unpaid interest hereunder, issue and deliver to Holder
a replacement Note in substantially identical form to this Note, in the amount of the balance not converted. Such conversion shall
be deemed to have been effected as of the earliest date (the “Conversion Date”) upon which both (i) the Conversion
Notice shall have been received by Maker and (ii) this original executed Note shall have been surrendered as aforesaid. Upon the
Conversion Date, the Holder’s rights under this Note shall cease (to the extent this Note is so converted) and the person
or persons in whose name or names any certificates for the Conversion Shares shall be issuable upon such conversion shall be deemed
to have become the holder(s) of record of such Conversion Shares.

 

4.3            Equitable Adjustment. If Maker, at any time while
this Note is outstanding, shall (a) pay a stock dividend or otherwise make a distribution or distributions on shares of its Common
Stock or any other equity or equity equivalent securities payable in shares of Common Stock, (b) subdivide outstanding shares of
Common Stock into a larger number of shares, (c) combine (by way of reverse stock split) outstanding shares of Common Stock into
a smaller number of shares, or (d) issue shares of capital stock by reclassification, then the Conversion Price shall be equitably
adjusted based upon the proportionate increase of outstanding shares resulting from such action (e.g., if shares of capital stock
increase by 2.0% as a result of any of the foregoing actions by Maker, the Conversion Price shall be decreased by the same percentage).
Any adjustment made pursuant to this Section shall become effective immediately after the record date for the determination of
shareholders entitled to receive such share dividend, distribution, subdivision or combination, or shares upon reclassification,
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification,
or the dividend-payment date in the case of a share dividend.

 

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4.4            Fractional Shares. No fractional shares of Common
Stock shall be issuable upon conversion of this Note, but a payment in cash will be made in respect of any fraction of a share
which would otherwise be issuable upon the surrender of this Note, or portion hereof, for conversion.

 

4.5            Conversion Limitation. In no event shall the Holder
be entitled to convert any portion of amounts owing under this Note if the number of shares of Common Stock to be issued pursuant
to such conversion, when aggregated with all other shares of Common Stock beneficially owned, as determined in accordance with
Section 13(d) of the Securities Exchange Act 1934 and the rules thereunder (the “Exchange Act”), by the Holder
at such time, would result in the Holder beneficially owning, as determined in accordance with Section 13(d) of the Exchange Act,
in excess of 9.99% of the then-issued and outstanding shares of Common Stock outstanding at such time; provided, however, that
upon the Holder providing the Company with at least 61 days prior notice (the “Waiver Notice”) that the Holder
elects to waive this Section 4.5 with regard to any or all shares of Common Stock issuable upon conversion of amounts owing under
this Note, this Section 4.5 shall be of no force or effect with regard to those shares of Common Stock referenced in the Waiver
Notice.

 

5.            Defaults.

 

5.1            Events of Default. The occurrence of any one or
more of the following events shall constitute an event of default hereunder (“Event of Default”):

 

(a)            Maker fails to make any payment
of principal, interest or both when due under this Note, which failure continues for a period of five business days;

 

(b)            Maker fails to observe and perform
any other covenant or agreement on the Maker’s part to be observed or performed under this Note, which failure continues
for a period of ten business days after written notice of such failure has been delivered to Maker;

 

(c)            Maker fails to observe and perform
any of the covenants or agreements on its part to be observed or performed under any Transaction Document and such failure continues
for more than ten business days after written notice of such failure has been delivered to Maker;

 

(d)            any representation or warranty
made by Maker in any Transaction Document is untrue in any material respect as of the date of such representation or warranty;

 

(e)            Maker admits in writing its inability
to pay its debts generally as they become due, files a petition in bankruptcy or a petition to take advantage of any insolvency
act, makes an assignment for the benefit of its creditors, consents to the appointment of a receiver of itself or of the whole
or any substantial part of its property, on a petition in bankruptcy filed against it be adjudicated a bankrupt, or files a petition
or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law or statute of the
United States of America or any State thereof;

 

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(f)            a court of competent jurisdiction
enters an order, judgment or decree appointing, without the consent of Maker, a receiver of Maker or of the whole or any substantial
part of its property, or approving a petition filed against Maker seeking reorganization or arrangement of the Maker under the
federal bankruptcy laws or any other applicable law or statute of the United States of America or any state thereof, and such order,
judgment or decree shall not be vacated or set aside or stayed within 60 days from the date of entry thereof; or

 

(g)            any court of competent jurisdiction
assumes custody or control of Maker or of the whole or any substantial part of its property under the provisions of any other law
for the relief or aid of debtors, and such custody or control is not be terminated or stayed within 60 days from the date of assumption
of such custody or control.

 

5.2            Remedies. Upon the occurrence of any Event of
Default, the entire unpaid principal balance hereunder, plus all interest accrued and unpaid thereon and all other sums due and
payable to Holder under this Note, shall become due and payable immediately without presentment, demand, notice of nonpayment,
protest, notice of protest or other notice of dishonor, all of which are hereby expressly waived by Maker. To the extent permitted
by law, Maker waives the right to stay of execution and the benefit of all exemption laws now in effect or that may hereafter be
adopted. In addition to the foregoing, upon the occurrence of any Event of Default, Holder may forthwith exercise singly, concurrently,
successively or otherwise any and all rights and remedies available to Holder at law or in equity.

 

5.3            Remedies Cumulative, etc. No right or remedy conferred
upon or reserved to Holder under this Note, or now or hereafter existing at law or in equity or by statute or other legislative
enactment, is intended to be exclusive of any other right or remedy, and each and every such right or remedy shall be cumulative
and concurrent, and shall be in addition to every other such right or remedy, and may be pursued singly, concurrently, successively
or otherwise, at the sole discretion of Holder, and shall not be exhausted by any one exercise thereof but may be exercised as
often as occasion therefor shall occur. No act of Holder shall be deemed or construed as an election to proceed under any one such
right or remedy to the exclusion of any other such right or remedy; furthermore, each such right or remedy of Holder shall be separate,
distinct and cumulative and none shall be given effect to the exclusion of any other.

 

5.4            Costs and Expenses. Maker will pay upon demand
all reasonable costs and expenses of Holder, including reasonable attorneys’ fees, incurred by Holder in enforcing its rights
hereunder. If Holder brings suit (or files any claim in any bankruptcy, reorganization, insolvency or other proceeding of or relating
to Maker) to enforce any of its rights hereunder and shall be entitled to judgment (or other recovery) in such action (or other
proceeding), then Holder may recover, in addition to all other amounts payable hereunder, its reasonable expenses in connection
therewith, including reasonable attorneys’ fees, and the amount of such expenses shall be included in such judgment (or other
form of award).

 

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6.            Definition of Change in Control Transaction. Certain
rights and remedies of the Holder shall come into existence under the Slipstream Pledge Agreement, and a higher rate of interest
hereunder shall be applied to principal amounts owing hereunder as contemplated in Section 2 above, upon a Change in Control Transaction.
For purposes of this Note, a “Change in Control Transaction” will mean the occurrence, in a single transaction
or in a series of related transactions, of any one or more of the following events: (i) any Exchange Act Person, as defined below,
becoming the owner, directly or indirectly, of securities of Maker representing more than 50% of the combined voting power of Maker’s
then-outstanding securities by virtue of a merger, consolidation or similar transaction involving Maker; or (ii) there is consummated
a merger, consolidation or similar transaction involving Maker (specifically including any reverse or forward triangular merger
or consolidation) and, immediately after the consummation of such transaction, the shareholders of Maker immediately prior thereto
do not own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding
voting power of the surviving entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined
outstanding voting power of the parent of the surviving entity in such merger, consolidation or similar transaction, or (iii) the
Board of Directors and shareholders of Maker approve a plan of dissolution of Maker and Maker files a notice of dissolution with
the Minnesota Secretary of State.

 

Notwithstanding the foregoing, a Change in Control
Transaction will not be deemed to occur (1) on account of the acquisition of securities of Maker by an investor, any affiliate
thereof or any other Exchange Act Person acquiring Maker’s securities in a transaction or series of related transactions
the primary purpose of which is to obtain financing for Maker through the issuance of equity securities, or (2) solely because
or to the extent that the level of ownership held by any Exchange Act Person exceeds the designated percentage threshold of the
outstanding voting securities as a result of a repurchase or other acquisition of voting securities of Maker by Maker, thereby
reducing the number of shares outstanding. For purposes of this Note, “Exchange Act Person” shall mean any corporation,
partnership, incorporated entity, unincorporated entity or association, or trust (each a “Person”), or any individual
natural person or “group” within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934; provided,
however, that “Exchange Act Person” will not include: (i) Maker or any subsidiary of Maker; (ii) any employee-benefit
plan of Maker or any subsidiary of Maker or any trustee or other fiduciary holding securities under an employee-benefit plan of
Maker or any subsidiary of Maker; (iii) an underwriter temporarily holding securities pursuant to an offering of such securities;
(iv) any Person owned, directly or indirectly, by the shareholders of Maker in substantially the same proportions as their ownership
of capital stock of Maker; or (v) any Person, individual natural person or “group” that, together with all of its affiliates,
is the direct or indirect owner, as of the original issue date of this Note, of securities of Maker representing more than 50%
of the combined voting power of Maker’s then-outstanding securities.

 

7.            Exchange or Replacement of Note.

 

7.1            Exchange. At its option, Holder may in person
or by duly authorized attorney surrender this Note for exchange at the office of Maker and, at the expense of Maker, receive in
exchange therefor a new Note in the same aggregate principal amount as the aggregate unpaid principal amount of the Note so surrendered
and bearing interest at the same annual rate as the Note so surrendered, each such new Note to be dated as of the original issue
date and to be in such principal amount and payable to such person or persons, or order, as Holder may designate in writing.

 

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7.2            Replacement. Upon receipt by Maker of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Note and (in case of loss, theft or destruction) of indemnity
satisfactory to it in its reasonable discretion, and upon surrender and cancellation of this Note, if mutilated, Maker will make
and deliver a new Note of like tenor in lieu of this Note.

 

8.            General Provisions.

 

8.1            Amendments, Waivers and Consents. This Note may
be amended, modified or supplemented, and waiver or consents to departures from the provisions of the Note may be given, if Maker
and Holder both consent or agree in writing to the amendment, modification, waiver or consent.

 

8.2            Severability. In the event that for any reason
one or more of the provisions of this Note or their application to any person or circumstance shall be held to be invalid, illegal
or unenforceable in any respect or to any extent, such provision shall nevertheless remain valid, legal and enforceable in all
such other respects and to such extent as may be permissible. In addition, any such invalidity, illegality or unenforceability
shall not affect any other provisions of this Note, but this Note shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein.

 

8.3            Assignment; Binding Effect. Maker may not delegate
its obligations under this Note without the prior written consent of Holder. Any attempted delegation in violation of this Section
shall be null and void. This Note inures to the benefit of Holder, its successors and assigns, and binds each of the Maker, and
its successors and permitted assigns, and the words “Holder” and “Maker” whenever occurring herein shall
be deemed and construed to include such respective successors and assigns. This Note shall be assignable by Holder, subject to
applicable securities laws.

 

8.4            Notice. All notices, demands, requests, consents,
approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein,
shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid,
(iii) delivered by reputable courier service with charges prepaid, or (iv) transmitted by hand delivery or facsimile, addressed
as set forth on the signature pages to the Securities Purchase Agreement or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine,
at the address or number designated on the signature page hereto (if delivered on a business day during normal business hours where
such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during
normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express
courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.

 

8.5            Governing Law. This Note will be governed by the
laws of the State of New York without regard to its conflicts-of-law principles.

 

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8.6            Waiver of Jury Trial. TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, EACH MAKER AND HOLDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS NOTE OR ANY OTHER TRANSACTION DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

8.7            Section Headings, Construction. The headings of
Sections in this Note are provided for convenience only and will not affect its construction or interpretation. All references
to “Section” or “Sections” refer to the corresponding Section or Sections of this Note unless otherwise
specified. All words used in this Note will be construed to be of such gender or number as the circumstances require. Unless otherwise
expressly provided, the words “hereof” and “hereunder” and similar references refer to this Note in its
entirety and not to any specific section or subsection hereof.

 

8.8            Fees and Expenses. NOT APPLICABLE.

 

* * * * * * *

 

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In Witness
Whereof, Maker has executed and delivered this Secured Convertible Promissory Note as of the date first stated above.

 

	 	CREATIVE REALITIES, INC.
	 	 
	 	 
	 	John Walpuck
	 	Chief Executive Officer
	 	 
	 	CREATIVE REALITIES, LLC
	 	 
	 	 
	 	John Walpuck
	 	Chief Executive Officer
	 	 
	 	WIRELESS RONIN TECHNOLOGIES CANADA, INC.
	 	 
	 	 
	 	John Walpuck
	 	Chief Executive Officer

 

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EXHIBIT A

 

FORM OF

CONVERSION NOTICE

 

To Whom It May Concern:

 

The undersigned holder of this Note hereby exercises
the option to convert this Note, plus accrued and unpaid interest, in whole or in part as set forth below, into shares of Common
Stock of Creative Realities, Inc., a Minnesota corporation, in accordance with the terms of the Unsecured Convertible Promissory
Note, dated as of June ____, 2015, and directs that the shares issuable and deliverable upon the conversion be issued in the name
of and delivered to the undersigned unless a different name has been indicated below. If this conversion involves fractional shares,
please issue the related check to the same person entitled to receive the shares.

 

Dated:                           

 

Amount of principal to be converted: $                          

 

Amount of accrued but unpaid interest to be converted: $                          

 

If shares are to be issued otherwise than to owner, please provide
the Tax Identification Number of Transferee:                                        

 

	 	 
	 	Signature of Holder

 

(If applicable, please print name and address of transferee (including
zip code))Exhibit 10.12

 

NEITHER THIS WARRANT NOR ANY OF THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER THE SECURITIES LAWS OF ANY
OTHER JURISDICTION. BY ACQUIRING THIS WARRANT, HOLDER AGREES TO NOT SELL OR OTHERWISE DISPOSE OF THIS WARRANT OR THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT WITHOUT REGISTRATION OR THE APPLICABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE AFORESAID
ACTS, AND THE RULES AND REGULATIONS THEREUNDER.

 

WARRANT TO PURCHASE COMMON STOCK

 

Number of Shares of Common Stock: __________1

Date of Issuance: June ____, 2015 (“Issuance Date”)

 

This
Certifies That, for value received, Slipstream Communications, LLC, a Delaware limited liability company (including any
permitted and registered assigns, the “Holder”), is entitled to purchase from Creative Realities,
Inc., a Minnesota corporation (the “Company”), up to _______________ shares of Common Stock of the Company
(the “Warrant Shares”) at the Exercise Price hereunder then in effect. This Warrant to Purchase Common Stock
(this “Warrant”) is issued by the Company in connection with the Company’s offer and sale to the Holder
of a Secured Convertible Promissory Note pursuant to the terms and conditions of a Securities Purchase Agreement by and among the
Company, Holder and other purchasers of such notes, dated of even date herewith (the “Securities Purchase Agreement,”
and such notes sold thereunder, the “Notes”). For purposes of this Warrant, the term “Exercise Price”
shall mean $0.30 per share, subject to adjustment as provided herein, and the term “Exercise Period” shall
mean the period commencing on the Issuance Date and ending on 5:00 p.m. New York time on the five-year anniversary of the date
of this Warrant.

 

1.           EXERCISE OF WARRANT.

 

(a)            Mechanics of Exercise. Subject to the terms and
conditions hereof, including but not limited to the provisions of Section 1(c) below, the rights represented by this Warrant may
be exercised in whole or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached
hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant.
The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery
of the Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original
Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. On or before the
third Trading Day following the date on which the Company shall have received the Exercise Notice, and upon receipt by the Company
of payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to
which this Warrant is being exercised (the “Aggregate Exercise Price” and together with the Exercise Notice,
the “Exercise Delivery Documents”) in cash or by wire transfer of immediately available funds, the Company shall
issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s
share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled
pursuant to such exercise. Upon delivery of the Exercise Delivery Documents, 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 certificates evidencing such Warrant Shares.

 

 

1
800,000 for each $500,000 in principal amount of Note purchased.

 

    	 

    	 

    

 

(b)            No Fractional Shares. No fractional shares shall
be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Warrant Shares (including fractions)
issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance
of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall,
in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the product
resulting from multiplying the then current fair market value of a Warrant Share by such fraction.

 

(c)            Beneficial Ownership Restrictions. In no event
shall the Holder be entitled to exercise any portion of this Warrant if the number of shares of Common Stock to be issued pursuant
to such exercise, when aggregated with all other shares of Common Stock beneficially owned, as determined in accordance with Section
13(d) of the Securities Exchange Act of 1934 and the rules thereunder (collectively, the “Exchange Act”), by
the Holder at such time, would result in the Holder beneficially owning, as determined in accordance with Section 13(d) of the
Exchange Act, in excess of 9.99% of the then-issued and outstanding shares of Common Stock; provided, however, that upon the Holder
providing the Company with at least 61 days prior notice (the “Waiver Notice”), that the Holder elects to waive
this Section 1(c) with regard to any or all shares of Common Stock issuable upon exercise of this Warrant, this Section 1(c) shall
be of no force or effect with regard to those shares of Common Stock referenced in the Waiver Notice.

 

2.            ADJUSTMENTS. The Exercise Price and the number
of Warrant Shares shall be adjusted from time to time as follows:

 

(a)            Subdivision or Combination of Common Stock. If
the Company at any time on or after the date of the Note subdivides (by any stock split, stock dividend, recapitalization or otherwise)
one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately
prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If
the Company at any time on or after the date of the Note combines (by combination, reverse stock split or otherwise) one or more
classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior
to such combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased. Any adjustment
under this Section 2(a) shall become effective at the close of business on the date the subdivision or combination becomes effective.

 

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(b)            Distribution of Assets. If the Company shall declare
or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock,
by way of return of capital or otherwise (including without limitation any distribution of cash, stock or other securities, property
or options by way of a dividend, spin off, reclassification, corporate rearrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case:

 

(i)            any Exercise Price in effect immediately
prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to
receive the Distribution shall be reduced, effective as of the close of business on such record date, to a price determined by
multiplying such Exercise Price by a fraction of which (i) the numerator shall be the Closing Sale Price of the shares of Common
Stock on the Trading Day immediately preceding such record date minus the value of the Distribution (as determined in good faith
by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the denominator shall be the Closing
Sale Price of the shares of Common Stock on the Trading Day immediately preceding such record date; and

 

(ii)            the number of Warrant Shares shall be
increased to a number of shares equal to the number of shares of Common Stock obtainable immediately prior to the close of business
on the record date fixed for the determination of holders of shares of Common Stock entitled to receive the Distribution multiplied
by the reciprocal of the fraction set forth in the immediately preceding clause (i); provided, however, that in the event that
the Distribution is of shares of common stock of a company (other than the Company) whose common stock is traded on a national
securities exchange or a national automated quotation system (“Other Shares of Common Stock”), then the Holder
may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of an increase in the number of Warrant Shares,
the terms of which shall be identical to those of this Warrant, except that such warrant shall be exercisable into the number of
shares of Other Shares of Common Stock that would have been payable to the Holder pursuant to the Distribution had the Holder exercised
this Warrant immediately prior to such record date and with an aggregate exercise price equal to the product of the amount by which
the exercise price of this Warrant was decreased with respect to the Distribution pursuant to the terms of the immediately preceding
clause (i) and the number of Warrant Shares calculated in accordance with the first part of this clause (ii).

 

(c)            Other Events. If any event occurs of the type
contemplated by the provisions of this Section 2 but not expressly provided for by such provisions (including without limitation
the granting, on a pro rata basis to the holders of the Common Stock, of stock-appreciation rights, phantom stock units or other
shareholder rights with equity features), then the Company’s Board of Directors will make an appropriate adjustment in the
Exercise Price and the number of Warrant Shares so as to protect the rights of the Holder. For the avoidance of doubt, the parties
agree this Section 2(c) shall not apply to (i) the issuance of Common Stock upon the exercise of options or warrants not granted
to the shareholders of the Company as a whole, or (ii) the issuance of Common Stock, stock options, stock-appreciation rights,
restricted stock units, or other forms of equity or equity-linked compensation under the Company’s equity incentive or purchase
plans.

 

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3.            FUNDAMENTAL TRANSACTIONS. If, at any time while
this Warrant is outstanding, (i) the Company effects any merger of the Company with or into another entity and the Company is not
the surviving entity, (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related
transactions, (iii) any tender offer or exchange offer (whether by the Company or by another individual or entity, and approved
by the Company) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares of Common
Stock for other securities, cash or property or (iv) the Company effects any reclassification of the Common Stock or any compulsory
share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property
(other than as a result of a subdivision or combination of shares of Common Stock covered by Section 2(a) above) (in any such case,
a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the
right to receive the number of shares of Common Stock of the successor or acquiring corporation or of the Company and any additional
consideration (the “Alternate Consideration”) receivable upon or as a result of such reorganization, reclassification,
merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event (disregarding any limitation on exercise contained herein solely for the purpose of such determination).
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. To the
extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction
shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise
such warrant into Alternate Consideration.

 

4.            NON-CIRCUMVENTION. The Company covenants and agrees
that the Company will not, by amendment of its articles of incorporation, bylaws or through any reorganization, transfer of assets,
consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or
seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out
all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder. Without limiting
the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable upon
the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock upon the exercise
of this Warrant, and (iii) shall, so long as this Warrant is outstanding, have authorized and reserved, free from preemptive rights,
a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by this Warrant (without regard
to any limitations on exercise).

 

5.            WARRANT HOLDER NOT DEEMED A SHAREHOLDER. Except
as otherwise specifically provided herein, this Warrant, in and of itself, shall not entitle the Holder to any voting rights or
other rights as a shareholder of the Company. In addition, nothing contained in this Warrant shall be construed as imposing any
liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a shareholder of the Company,
whether such liabilities are asserted by the Company or by creditors of the Company.

 

    	4

    	 

    

 

6.            REISSUANCE OF WARRANTS.

 

(a)            Lost, Stolen or Mutilated Warrant. If this Warrant
is lost, stolen, mutilated or destroyed, the Company will, on such terms as to indemnity or otherwise as it may reasonably impose
(which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and
tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

(b)            Issuance of New Warrants. Whenever the Company
is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant shall be of like tenor with this Warrant,
and shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date.

 

7.            TRANSFER.

 

(a)            Notice of Transfer. The Holder, by acceptance
hereof, agrees to give written notice to the Company before transferring this Warrant or transferring any Warrant Shares of such
Holder’s intention to do so, describing briefly the manner of any proposed transfer. Promptly upon receiving such written
notice, the Company shall present copies thereof to the Company’s counsel. If the proposed transfer may be effected without
registration or qualification (under any federal or state securities laws), the Company, as promptly as practicable, shall notify
the Holder thereof, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of Warrant Shares received upon
the previous exercise of this Warrant, all in accordance with the terms of the notice delivered by the Holder to the Company; provided,
however, that an appropriate legend may be endorsed on this Warrant or the certificates for such Warrant Shares respecting restrictions
upon transfer thereof necessary or advisable in the opinion of counsel and satisfactory to the Company to prevent further transfers
which would be in violation of Section 5 of the Securities Act of 1933 and applicable state securities laws; and provided further
that the prospective transferee or purchaser shall execute an Assignment of Warrant in substantially the form attached hereto as
Exhibit B and such other documents and make such representations, warranties, and agreements as may be required solely to
comply with the exemptions relied upon by the Company for the transfer or disposition of the Warrant or Warrant Shares.

 

(b)            If the proposed transfer or disposition of this Warrant
or such Warrant Shares described in the written notice given pursuant to this Section 7 may not be effected without registration
or qualification of this Warrant or such Warrant Shares, the Holder will limit its activities in respect to such transfer or disposition
as are permitted by law.

 

8.            NOTICES. Whenever notice is required
to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance with the notice provisions
contained in the Note. The Company shall provide the Holder with prompt written notice (i) immediately upon any adjustment
of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least
20 days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution
upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any stock or other securities directly or
indirectly convertible into or exercisable or exchangeable for shares of Common Stock or other property, pro rata to the holders
of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation,
provided in each case that such information shall be made known to the public prior to or in conjunction with such notice being
provided to the Holder.

 

    	5

    	 

    

 

9.            AMENDMENT AND WAIVER. The terms of this Warrant
may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the
written consent of the Company and the Holder.

 

10.          GOVERNING LAW. This Warrant and all rights, obligations
and liabilities hereunder shall be governed by, and construed in accordance with, the internal laws of the State of New York, without
giving effect to the conflicts-of-law principles thereof.

 

11.          DISPUTE RESOLUTION. In the case of a dispute as
to the determination of the Exercise Price, the Closing Sale Price, or the arithmetic calculation of the Warrant Shares, the Company
or the Holder (as the case may be) shall submit the disputed determinations or arithmetic calculations via facsimile (a) within
two business days after receipt of the applicable notice giving rise to such dispute to the Company or the Holder, as the case
may be, or (b) if no notice gave rise to such dispute, at any time after the Holder learned of the circumstances giving rise to
such dispute. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price, Closing
Sale Price or the Warrant Shares within three business days of such disputed determination or arithmetic calculation being submitted
to the Company or the Holder, as the case may be, then the Company shall, within two business days thereafter submit via facsimile
(x) the disputed determination of the Exercise Price or Closing Sale Price to an independent, reputable investment bank selected
by the Company and approved by the Holder or (y) the disputed arithmetic calculation of the Warrant Shares to the Company’s
independent, outside accountant. The Company shall cause at its expense the investment bank or the accountant, as the case may
be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten business
days from the time it receives the disputed determinations or calculations. Such investment bank’s or accountant’s
determination or calculation, as the case may be, shall be binding upon all parties absent manifest error.

 

12.          ACCEPTANCE. Receipt of this Warrant by the Holder
shall constitute acceptance of and agreement to all of the terms and conditions contained herein.

 

13.          CERTAIN DEFINITIONS. For purposes of this Warrant,
the following terms shall have the following meanings:

 

(a)            “Bloomberg” means Bloomberg Financial
Markets.

 

(b)            “Closing Sale Price” means, for any
security as of any date, (i) the last closing trade price for such security on the Principal Market, as reported by Bloomberg,
or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price, then the
last trade price of such security prior to 4:00 p.m., New York time, as reported by Bloomberg, or (ii) if the foregoing does
not apply, the last trade price of such security in the over-the-counter market for such security as reported by Bloomberg, or
(iii) if no last trade price is reported for such security by Bloomberg, the average of the bid and ask prices of any market makers
for such security as reported by the OTC Markets. If the Closing Sale Price cannot be calculated for a security on a particular
date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually
determined by the Company and the Holder. All such determinations to be appropriately adjusted for any stock dividend, stock split,
stock combination or other similar transaction during the applicable calculation period.

 

    	6

    	 

    

 

(c)            “Common Stock” means (i) the Company’s
common stock, par value $0.01 per share, and (ii) any share capital into which such common stock shall have been changed or any
share capital resulting from a reclassification of such common stock.

 

(d)            “Principal Market” means the primary
national securities exchange on which the Common Stock is then traded.

 

(e)            “SEC” means the U.S. Securities and
Exchange Commission.

 

(f)            “Trading Day” means
(i) any day on which the Common Stock is listed or quoted and traded on its Principal Market, (ii) if the Common Stock is not then
listed or quoted and traded on any national securities exchange, then a day on which trading occurs on any over-the-counter markets,
or (iii) if trading does not occur on the over-the-counter markets, any business day.

 

(g)            “Weighted Average Price” means, for
any security as of any date, (i) the dollar-volume weighted-average price for such security on the Principal Market during the
period beginning at 9:30 a.m., New York City time, and ending at 4:00 p.m., New York City time, as reported by Bloomberg or (ii)
if the foregoing does not apply, the dollar-volume weighted-average price of such security in the over-the-counter market for such
security during the period beginning at 9:30 a.m., New York City time, and ending at 4:00 p.m., New York City time, as reported
by Bloomberg, or (iii) if no dollar-volume weighted-average price is reported for such security by Bloomberg for such hours, the
average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported
in OTC Markets. If the Weighted Average Price cannot be calculated for such security on such date on any of the foregoing bases,
the Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the Company and
the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall
be resolved pursuant to Section 12 with the term “Weighted Average Price” being substituted for the term “Exercise
Price.” All such determinations shall be appropriately adjusted for any share dividend, share split or other similar transaction
during such period.

 

* * * * * * *

 

    	7

    	 

    

 

In Witness
Whereof, the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the date indicated above.

 

	 	CREATIVE REALITIES, INC.
	 	 
	 	 
	 	John Walpuck
	 	Chief Executive Officer

 

    	 

    	 

    

 

EXHIBIT A

 

FORM OF

EXERCISE NOTICE

 

(To be executed by the registered holder to
exercise this Warrant to Purchase Common Stock)

 

The Undersigned
holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of
Creative Realities, Inc., a Minnesota corporation (the “Company”), evidenced by the attached copy of the Warrant
to Purchase Common Stock (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Warrant.

 

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

 

		2.	Delivery of Warrant Shares. The Company shall deliver to the holder __________________ Warrant Shares in accordance
with the terms of the Warrant.

 

Date: __________________

  

	 	 
	 	(Print Name of Registered Holder)
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

EXHIBIT B

 

FORM OF 

ASSIGNMENT OF WARRANT

 

(To be signed only upon authorized transfer
of the Warrant)

 

For Value
Received, the undersigned hereby sells, assigns, and transfers unto ____________________ the right to purchase _______________
shares of common stock of Creative Realities, Inc., to which the within Warrant to Purchase Common Stock relates and appoints ____________________,
as attorney-in-fact, to transfer said right on the books of Creative Realities, Inc. with full power of substitution and re-substitution
in the premises. By accepting such transfer, the transferee has agreed to be bound in all respects by the terms and conditions
of the within Warrant.

 

Dated: __________________

 

	 	 
	 	(Signature) *
	 	 
	 	 
	 	(Name)
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Social Security or Tax Ident. No.)

 

* The signature on this Assignment of Warrant must correspond to
the name as written upon the face of the Warrant to Purchase Common Stock in every particular without alteration or enlargement
or any change whatsoever. When signing on behalf of a corporation, partnership, trust or other entity, please indicate your position(s)
and title(s) with such entity.

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