Document:

Exhibit
4.21

 

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.

 

BROKER
COMMON STOCK PURCHASE WARRANT

 

POLARITYTE,
INC.

 

	Warrant
  Shares: _______ 	Initial
  Exercise Date: October [●], 2022
	 	 
	 	Issue
  Date: October [●], 2022

 

THIS
BROKER 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 [●], 202[●] (the “Termination Date”) but not thereafter, to subscribe for and purchase
from PolarityTE, Inc., a corporation incorporated under the laws of the state of Delaware (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.

 

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

 

b)
“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States
or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

c)
“Common Stock” means the Company’s common stock, $0.001 par value.

 

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

 

    	 

    	 

    

 

e)
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

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

 

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

 

h)
“Subsidiary” means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary
of the Company formed or acquired after the date hereof.

 

i)
“Trading Day” means a day on which the principal Trading Market is open for trading.

 

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

 

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) Trading Day of receipt of such notice. The Holder and any assignee, by acceptance of this
Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated
on the face hereof.

 

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For
the avoidance of doubt, there is no circumstance that would require the Company to net cash settle the Warrants.

 

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

 

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

 

(A)
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of
Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and
delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in
Rule 600(b) 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. (“Bloomberg”) 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;

 

(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 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), except to the extent required by applicable law, rule, regulation, or
stock exchange requirement.

 

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“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 (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 board of directors of 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 (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 board of directors of the Company, the fees and expenses of which shall be paid by the Company.

 

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 the Holder
or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the
Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled
pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two
(2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate
Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the
Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which
this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise
Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number
of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any
reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall
pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based
on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading
Day on the fifth Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until
such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant
in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect
to the Common Stock as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any
Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, the Company agrees to deliver
the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise
Date shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price (other than
in the case of a cashless exercise) is received by such Warrant Share Delivery Date.

 

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

 

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

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to cause the transfer agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other than a failure solely caused by
incorrect or incomplete information provided by the Holder to the Company), 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 within two (2) Business Days
after the occurrence of a Buy-In 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.

 

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.

 

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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 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
9.99/4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common
Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number
of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of
this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership
Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall
be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph
(or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or
to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph
shall apply to a successor holder of this Warrant. If the Warrant is unexercisable as a result of the Holder’s Beneficial Ownership
Limitation, no alternate consideration is owing to the Holder.

 

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Section
3. Certain Adjustments.

 

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

 

b)
Reserved.

 

c)
Subsequent Rights Offerings. In addition to (but without duplication of) 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).

 

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).

 

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e)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or
more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly
or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of
its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock,
(iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for
other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock
or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off,
merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of
the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or
party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business
combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall
have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this
Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation,
and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction
by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction in which the holders of
the voting securities of the Company as of immediately prior to such Fundamental Transaction will not, following such Fundamental Transaction,
directly or indirectly own more than 50% of the voting securities of the surviving entity or Successor Entity (as defined below), as
applicable, and in which the Company is not the Successor Entity or does not continue as a reporting issuer under the Exchange Act, 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 the same type or form of consideration (and in
the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, on the date of consummation of such Fundamental
Transaction, 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; provided, further,
that if holders of Common Stock of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders
of Common Stock will be deemed to have received common stock of the Successor Entity (which Successor Entity may be the Company following
such Fundamental Transaction) in such 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 determined as of the day of consummation
of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S.
Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and
the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function
on Bloomberg (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 contemplated 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 contemplated Fundamental Transaction and the Termination
Date. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of
this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder 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 the Alternate
Consideration (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 Alternate Consideration (but taking into account the relative value
of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of
shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior
to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon
the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after
the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to
the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under
this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

    	8

    	 

    

 

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.

 

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

 

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

 

i)
Par Value. Notwithstanding anything in this Warrant to the contrary, no adjustment shall be made to the Exercise Price to the
extent such adjustment would reduce the Exercise Price below the then-current par value of the Warrant.

 

    	9

    	 

    

 

Section
4. Transfer of Warrant.

 

a)
Transferability. Subject to compliance with applicable securities laws, 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 issuance date of
this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the
registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

 

d)
Transfer Restrictions. 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, agrees in writing to be bound, with respect to the transferred Securities, to the limitations
stated herein with respect to the acquisition and transfer of unregistered securities .

 

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.

 

    	10

    	 

    

 

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 Trading Day, then such action may be taken or such right may be exercised on the next succeeding Trading
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).

 

    	11

    	 

    

 

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. This Warrant shall be governed by and construed and enforced in accordance with the laws of the State of New York,
without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding or claim against
it arising out of, or relating in any way to this Warrant shall be brought and enforced in the New York Supreme Court, County of New
York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered
or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 5(h) hereof. Such mailing
shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company agrees
that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’
fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on
its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of
or relating to this Warrant or the transactions contemplated hereby.

 

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

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant, 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.

 

    	12

    	 

    

 

h)
Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without
limitation, any Notice of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight
courier service, addressed to the Company, at [●], Attention: Chief Executive Officer, email address: [●], or such other
email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent by a nationally
recognized overnight courier service addressed to each Holder at the e-mail address or address of such Holder appearing on the books
of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i)
the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section prior
to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication
is delivered via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New
York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any
notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

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

 

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

 

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

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and
the Holder.

 

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

 

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

 

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

 

(Signature
Page Follows)

 

    	13

    	 

    

 

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.

 

	polarityte,
    inc.	 
	 	 
	By:	              	 
	Name:	 	 
	Title:	 	 

 

[Signature
Page to Common Stock Purchase Warrant]

 

    	 

    	 

    

 

EXHIBIT
A

 

 

NOTICE
OF EXERCISE

 

TO:
polarityte, 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:

 

_______________________________

_______________________________

_______________________________

 

[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:______________________Exhibit 10.1

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of October 7, 2022, by and between Townsquare Media, Inc.,
a Delaware corporation (the “Company”), and Bill Wilson (“Executive”).

 

RECITALS

 

WHEREAS, Executive and the
Company are party to that certain Employment Agreement, dated as of October 16, 2017, as amended on April 27, 2018 and on December 9,
2019 (the “Prior Employment Agreement”); and

 

WHEREAS, the Company desires
to continue to employ Executive, and Executive hereby desires to continue to be employed by the Company, pursuant to the terms and conditions
contained in this Agreement, which shall supersede the Prior Employment Agreement in its entirety effective as of the Commencement Date.

 

NOW, THEREFORE, in consideration
of the respective agreements of the parties contained herein, it is agreed as follows:

 

1.               Commencement
Date; Term; Effect on Other Agreements.

 

(a)            The
initial term of Executive’s employment under this Agreement shall be for the period commencing on October 7, 2022 (the “Commencement
Date”) and ending on the fifth (5th) anniversary of the Commencement Date (the “Initial Term”).
Thereafter, the term of Executive’s employment under this Agreement shall extend automatically for consecutive periods of one year
(each, a “Renewal Term”), unless either party provides written notice of non-renewal not less than ninety (90) days
prior to the end of the employment term as then in effect or unless Executive’s employment terminates in accordance with Section 5
hereof. The Initial Term together with any Renewal Term are herein referred to as the “Employment Term”.

 

2.               Employment.
During the Employment Term:

 

(a)            Executive
shall be employed as the Chief Executive Officer of the Company and shall report directly to the Board of Directors of the Company (the
 “Board”). Executive shall perform the duties, undertake the responsibilities and exercise the authority customarily
performed, undertaken and exercised by persons situated in similar executive capacities. Unless otherwise agreed by Executive, Executive’s
principal place of employment shall be at the Company’s offices in Purchase, New York; provided, that, Executive shall be permitted
to work remotely; provided, further, that Executive understands and agrees that Executive may be required to travel from time to time
for business purposes, subject to the Company’s travel policy.

 

(b)            At,
or any time after, the time of Executive’s termination of employment with the Company for any reason or no reason, Executive shall
promptly resign from Executive’s position as an officer, director, manager or member of any of the Company’s subsidiaries
and affiliates if requested to do so by the Company, and Executive hereby agrees to execute such additional documentation or to take any
other action as the Company may request to effectuate the foregoing. The preceding sentence shall survive any termination of the Employment
Term.

 

    	 	 

     

    

 

(c)            During
the Employment Term, Executive shall devote substantially all of Executive’s professional time and attention to the business and
affairs of the Company to discharge the responsibilities of Executive hereunder, and prior to joining or agreeing to serve on any corporate,
civil or charitable boards or committees, Executive shall obtain prior written approval of the Board, which approval shall not be unreasonably
withheld, conditioned or delayed, and which shall be deemed automatically given in respect of service on the boards and committees listed
on Exhibit A attached hereto, in each case, subject to Executive’s compliance with this Agreement, including, but not
limited to, Sections 9 and 10 hereof; provided, that the foregoing shall not prevent Executive from managing Executive’s
personal and family investments, participating in industry organizations and delivering lectures at educational institutions, and otherwise
engaging in charitable activities, so long as such activities do not, individually or in the aggregate, materially interfere or conflict
with the performance of Executive’s responsibilities hereunder or create a potential business or fiduciary conflict.

 

(d)            During
the Employment Term, Executive shall comply in all material respects with all Company policies, practices and procedures and all codes
of ethics or business conduct applicable to Executive’s position with the Company and as an employee and fiduciary of the Company,
as in effect from time to time and made available to Executive.

 

3.               Annual
Compensation.

 

(a)            Base
Salary. During the Employment Term, Executive shall be paid an annual base salary of $1,450,000 (“Base Salary”),
provided, that such Base Salary rate shall be retroactive to January 1, 2022, with the difference in the annual base salary and Base
Salary payable during the period beginning on January 1, 2022 through the Commencement Date to be paid on the first regular payroll
date occurring after the Commencement Date. The Base Salary shall be payable in accordance with the Company’s regular payroll practices
as then in effect. During the Employment Term, the Base Salary shall be reviewed annually and may be adjusted at the discretion of the
Compensation Committee of the Board (the “Committee”).

 

(b)            Annual
Bonus. For each complete fiscal year of the Company ending during the Employment Term, including fiscal year 2022, Executive shall
be eligible to receive an annual cash bonus (the “Annual Bonus”) based on a target bonus opportunity of one hundred
percent (100%) of Executive’s Base Salary (the “Target Bonus Opportunity”), based on the achievement of performance
metrics approved by the Committee and, if earned, payable in accordance with the Company’s customary practices applicable to annual
bonuses paid to the Company’s senior executives, but in no event later than March 15 of the calendar year immediately following
the calendar year during which such bonus was earned. Except as expressly set forth in Section 5 hereof, any Annual Bonus
payable under this Section 3(b) shall be subject to Executive’s continued employment with the Company through the
payment date of such bonus.

 

(c)            Sign-On
Award. Within thirty (30) days of the Commencement Date, the Company shall pay Executive a single lump sum cash payment equal to $1,450,000
(the “Sign-on Award”); provided, that in the event Executive’s employment is terminated by the Company for Cause
or by Executive without Good Reason (each as defined in Section 5) within one (1) year following the Commencement Date,
Executive shall repay the Sign-on Award to the Company within thirty (30) days of the Termination Date (as defined in Section 6).

 

    	 	2	 

     

    

 

(d)            Equity;
Long-Term Incentive Awards. During the Employment Period,
subject to approval by the Committee, Executive will continue to be eligible to participate in such equity or other long-term incentive
compensation programs that are made available to the Company’s senior executives (including, without limitation, the Townsquare
Media, Inc. 2014 Omnibus Incentive Plan, as such may be amended from time to time (the “Incentive Plan”) and any
successor plan thereto), at the level determined by the Committee, in its sole discretion, consistent with Executive’s role and
responsibilities (any such awards granted pursuant to this Section 3(d) and any other equity awards in respect of Company
common stock held by Executive, collectively, the “Equity Awards”).

 

4.               Other
Benefits. During the Employment Term:

 

(a)            Benefits.
Executive shall be entitled to participate in all employee benefit plans, practices and programs maintained by the Company, and made available
to senior executives of the Company (other than any Executive Chairman) as in effect from time to time, including, without limitation,
all retirement, profit sharing, savings, vacation, sick leave, medical, hospitalization, disability, dental, life or travel accident insurance
benefit plans in accordance with the terms of the plans as in effect from time to time. Executive’s participation in such plans,
practices and programs shall be at least as favorable to Executive as other senior executives of the Company (other than any Executive
Chairman).

 

(b)            Paid
Time Off. Executive shall be entitled to paid time off in accordance with the Company’s policies applicable to senior executives
of the Company as in effect from time to time.

 

(c)            Business
Expenses. The Company will promptly reimburse Executive for all reasonable out-of-pocket business expenses incurred by Executive in
connection with the performance of Executive’s duties hereunder upon the presentation of reasonably itemized statements of such
expenses in accordance with the Company’s policies and procedures, as such policies and procedures may be modified with respect
to all senior executives of the Company. Such reimbursement shall occur as promptly as practicable, but in no event occur later than March 15
of the calendar year immediately following the calendar year in which the expenses were incurred.

 

5.                Termination.
Executive’s employment with the Company hereunder may be terminated under the circumstances set forth below.

 

(a)            Death.
Executive’s employment shall be terminated as of the date of Executive’s death, and Executive’s beneficiaries shall
be entitled to the benefits provided in Section 7(b) hereof.

 

(b)            Disability.
The Company may terminate Executive’s employment, on written notice to Executive after having established Executive’s Disability
(as defined in the Incentive Plan), and in the event of the termination of Executive’s employment by the Company due to Executive’s
Disability, Executive shall be entitled to the benefits provided in Section 7(b) hereof.

 

    	 	3	 

     

    

 

(c)            Cause.
The Company may terminate Executive’s employment for Cause effective as of the date of the Notice of Termination (as defined in
Section 6 below), and Executive shall be entitled only to the benefits provided in Section 7(a) hereof (other
than any amount payable pursuant to Section 7(a)(ii) hereof). “Cause” shall mean, for purposes of
this Agreement: (1) conviction of, or plea of guilty or nolo contendere to any felony or other criminal act involving fraud, moral
turpitude or dishonesty; (2) commission of any act of fraud, embezzlement, or theft in dealings with the Company or its affiliates;
(3) willful misconduct that is materially injurious to the Company; (4) material violation of Company policies and directives,
which is not cured after written notice and a reasonable opportunity for cure; (5) willful and continued refusal by Executive to
substantially perform Executive’s duties hereunder (other than such failure resulting from Executive’s incapacity due to physical
or mental illness) after written notice identifying the deficiencies and a reasonable opportunity for cure; (6) a material violation
by Executive of any material provision of this Agreement or any other material covenants to the Company; or (7) habitual intoxication
or continued use of illegal drugs.

 

(d)            Without
Cause. The Company may terminate Executive’s employment without Cause by delivering to Executive a Notice of Termination, and
Executive shall be entitled to the benefits provided in Section 7(c) or Section 7(d) hereof, as may
be applicable.

 

(e)            Good
Reason. Executive may terminate Executive’s employment for Good Reason (as defined below) in accordance with this Section 5(e),
and Executive shall be entitled to the benefits provided in Section 7(c) or Section 7(d) hereof, as
may be applicable. For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the events or
conditions described in Sections 5(e)(i) through (iv) below, without Executive’s consent, that are not cured
by the Company (if susceptible to cure by the Company) within thirty (30) days after Executive delivers to the Company a Notice of Termination
setting forth in reasonable detail the particular events or conditions that constitute Good Reason (provided that such notice must be
given to the Company within thirty (30) days of Executive becoming aware of such condition). The Company shall have the option of terminating
Executive’s duties and responsibilities prior to the expiration of such thirty (30)-day notice period. To terminate for Good Reason,
Executive must terminate Executive’s employment for Good Reason within thirty (30) days following the expiration of the Company’s
thirty (30)-day cure period described above, otherwise, any claim of such events or conditions as “Good Reason” shall be deemed
irrevocably waived by Executive.

 

(i)             Diminution
of Responsibility. Any material reduction in Executive’s duties or responsibilities as in effect immediately prior thereto,
or assignment of duties materially inconsistent with Executive’s title and authority;

 

(ii)            Compensation
Reduction. Any material reduction in Executive’s Base Salary or Target Bonus Opportunity; provided, that a general reduction
in base salaries or target bonus opportunities that applies to each of the Company’s senior executives in substantially the same
proportions shall not constitute Good Reason; or

 

(iii)            Company
Breach. Any other material breach by the Company of any material provision of this Agreement, which will be deemed to include failure
of a successor to the Company to assume this Agreement in accordance with Section 12(b)(i) below.

 

    	 	4	 

     

    

 

(iv)            Going
Private Transaction. The Company completes a “Going Private Transaction.” For purposes of this Agreement, the term “Going
Private Transaction” shall mean a transaction that constitutes a Change in Control and results in the occurrence of both of the
following events: (A) the Company’s common stock is no longer listed on any national securities exchange and (B) the Company
is no longer subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934,
as amended.

 

(f)            Without
Good Reason. Executive may voluntarily terminate Executive’s employment without Good Reason by delivering to the Company a Notice
of Termination not less than thirty (30) days prior to the termination of Executive’s employment, and Executive shall be entitled
to the benefits provided in Section 7(a). The Company shall have the option of terminating Executive’s duties and responsibilities
prior to the expiration of such thirty (30)-day notice period.

 

6.              Notice
of Termination. Any purported termination of Executive’s employment by the Company or by Executive shall be communicated by
written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination”
shall mean a written notice that indicates the date of the termination of Executive’s employment (such date, the “Termination
Date”), the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive’s employment under the provision so
indicated. For purposes of this Agreement, no such purported termination of Executive’s employment hereunder shall be effective
without such Notice of Termination (unless waived by the party entitled to receive such notice).

 

7.              Compensation
Upon Termination. Upon termination of Executive’s employment during the Employment Term, Executive shall
be entitled to the following benefits:

 

(a)            Termination
by the Company for Cause or by Executive without Good Reason. If Executive’s employment is terminated by the Company for Cause
or by Executive without Good Reason, in each case, the Company shall pay Executive the following amounts, as earned or accrued hereunder
through the Termination Date, within thirty (30) days following the Termination Date (or such earlier date as may be required by applicable
law): (i) any accrued and unpaid Base Salary, (ii) any Annual Bonus earned but unpaid prior to the Termination Date, (iii) any
accrued but unused paid time off in accordance with Company policy, (iv) reimbursement for any reasonable and necessary expenses
incurred by Executive in accordance with the Company’s applicable policies and (v) any amount or benefit as may be due or payable
in accordance with the terms of any Company benefit plan or program (collectively, the “Accrued Compensation”).

 

(b)            Termination
by the Company for Disability or Death. If Executive’s employment is terminated by the Company for Disability or by reason of
Executive’s death, in each case, the Company shall pay Executive (or Executive’s beneficiaries, as applicable) the Accrued
Compensation and, subject to Executive’s (or Executive’s estate, if applicable) satisfaction of the release requirements set
forth in Section 12(e) of this Agreement, Executive shall be entitled to receive (i) an amount equal to the Annual
Bonus that Executive would have been entitled to receive for the fiscal year in which the Termination Date occurs, based on actual
achievement through the Termination Date as determined in accordance with the terms of the Company’s applicable bonus program and
prorated for the number of days Executive worked for the Company during such fiscal year (the “Prorated Bonus Payment”),
paid at the same time as such bonus payment would otherwise have been paid absent Executive’s termination, and (ii) one hundred
percent (100%) of Executive’s unvested Equity Awards shall become fully vested and exercisable, as applicable; provided, that, to
the extent any of the Equity Awards are subject to performance conditions which could result in vesting at a level greater than target,
then for purposes of the foregoing, the performance level for such Equity Awards will be deemed to be at target as of the Termination
Date.

 

    	 	5	 

     

    

 

(c)            Termination
by the Company without Cause, by Executive for Good Reason or Due to Non-Renewal of the Employment Term by the Company. If Executive’s
employment by the Company is terminated (x) by the Company without Cause, (y) by Executive for Good Reason, or (z) by Executive
within ten (10) days prior to the expiration of the Employment Term due to the non-renewal of the Employment Term by the Company
in accordance with Section 1(a) hereof, in each case, then the Company shall pay Executive the Accrued Compensation and,
subject to Executive’s satisfaction of the release requirements set forth in Section 12(e) of this Agreement and
Executive’s continued compliance with Sections 9 and 10 of this Agreement, Executive shall be entitled to the following
benefits:

 

(i)            The
Company shall pay Executive the Prorated Bonus Payment, paid at the same time as such bonus payment would otherwise have been paid absent
Executive’s termination;

 

(ii)            The
Company shall pay Executive as severance pay, in lieu of any other severance compensation under any Company severance plan or policy of
general applicability, an amount in cash equal to one and one-half (1.5) (the “Severance Multiple”) times the sum of
Executive’s Base Salary and Target Bonus Opportunity, as in effect immediately prior to termination
and without regard to any reduction thereto which constitutes Good Reason, payable in equal monthly installments for a period of twelve
(12) months following the Termination Date (the “Severance Payments”), subject to Sections 8 and 12(e) hereof;

 

(iii)            Subject
to Executive’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
(“COBRA”), the Company shall pay Executive for the full amount of COBRA premiums incurred by Executive to continue
Executive’s coverage (including coverage for eligible dependents, if applicable) (the “Continued Benefits”) through
the period starting on the Termination Date and ending on the earliest to occur of (x) eighteen (18) months following the Termination
Date (the “Benefit Continuation Period”), (y) the date on which Executive first becomes eligible for group health
insurance coverage through a new employer, or (z) the date on which Executive ceases to be eligible for COBRA continuation coverage;
and

 

(iv)            Unless
otherwise agreed to in writing between the parties hereto, fifty percent (50%) of any Equity Awards that are unvested as of the Termination
Date shall become immediately and fully vested and exercisable (provided, that, to the extent any of the Equity Awards are subject to
performance conditions which could result in vesting at a level greater than target, then for purposes of the foregoing, the performance
level for such Equity Awards will be deemed to be at target as of the Termination Date), and the remaining fifty percent (50%) of any
unvested Equity Awards shall be forfeited, subject to Section 7(d)(iii).

 

    	 	6	 

     

    

 

(d)            Termination
by the Company without Cause or by Executive for Good Reason in Connection with a Change in Control. If, during the Employment Term,
Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason within twenty-four (24) months
following a Change in Control or within twelve (12) months prior to a Change in Control (as such term is defined in the Incentive Plan),
then the Company shall pay or provide the Accrued Compensation, subject to Executive’s satisfaction of the release requirements
set forth in Section 12(e) of this Agreement and Executive’s continued compliance with Sections 9 and 10
of this Agreement and in lieu of the payments and benefits set forth in Section 7(c):

 

(i)            The
Company shall make the Severance Payments to the Executive; provided that for purposes of this Section 7(d)(i), the Severance
Multiple shall be two and one-half (2.5) if such termination occurs during the Employment Term;

 

(ii)            The
Company shall pay the Prorated Bonus Payment to Executive;

 

(iii)            100%
of any unvested Equity Awards shall become immediately and fully vested and exercisable, as applicable; provided, that, to the extent
any of the Equity Awards are subject to performance conditions which could result in vesting at a level greater than target, then for
purposes of the foregoing, the performance level for such Equity Awards will be deemed to be at target as of the Termination Date; and

 

(iv)            The
Company shall provide the Continued Benefits as set forth in Section 7(c)(iii) for a Benefit Continuation Period of twenty-four
(24) months.

 

(e)            No
Mitigation. Executive shall not be required to mitigate the amount of any payment provided for under this Section 7 by
seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided
to Executive in any subsequent employment.

 

(f)            Exclusive
Right to Severance Benefits. Executive agrees that the severance benefits to be provided to Executive in accordance with the terms
and conditions set forth in this Agreement are intended to be exclusive. Executive hereby knowingly and voluntarily waives any right Executive
might otherwise have to participate in or receive termination benefits under any other plan, program or policy of the Company providing
for severance or termination pay or termination benefits (but not any other vested or accrued benefits under and in accordance with the
terms of any applicable employee benefit plans of the Company). Executive also agrees that the severance benefits to be provided to Executive
in accordance with the terms and conditions set forth in this Agreement shall be reduced by any other severance payments to which Executive
is entitled under applicable law as a result of termination of Executive’s employment by the Company and which Executive actually
receives, including, without limitation, any federal, state or local law with respect to plant closings or mass layoffs following termination
or the like, exclusive only of any right to unemployment insurance benefits to which Executive may be entitled under applicable law.

 

    	 	7	 

     

    

 

(g)            Section 280G.
In the event that any payments or benefits otherwise payable to Executive (1) constitute “parachute payments” within
the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (2) but for
this Section 7(g), would be subject to the excise tax imposed by Section 4999 of the Code, then such payments and benefits
shall be either (x) delivered in full, or (y) delivered as to such lesser extent that would result in no portion of such payments
and benefits being subject to excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account
the applicable federal, state and local income and employment taxes and the excise tax imposed by Section 4999 of the Code (and any
equivalent state or local excise taxes), results in the receipt by Executive on an after-tax basis, of the greatest amount of benefits,
notwithstanding that all or some portion of such payments and benefits may be taxable under Section 4999 of the Code. Unless the
Company and Executive otherwise agree in writing, any determination required under this Section 7(g) will be made in
writing by a nationally-recognized accounting firm selected jointly by the Company and Executive (the “Accountants”),
whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations
required by this Section 7(g), the Accountants may make reasonable assumptions and approximations concerning applicable taxes
and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company
and Executive agree to furnish to the Accountants such information and documents as the Accountants may reasonably request in order to
make a determination under this provision. The Company will bear all costs the Accountants may reasonably incur in connection with any
calculations contemplated by this provision. Any reduction in payments and/or benefits required by this provision shall occur in the following
order: (1) reduction of cash payments; (2) reduction of vesting acceleration of equity awards; and (3) reduction of other
benefits paid or provided to Executive. In the event that acceleration of vesting of equity awards is to be reduced, such acceleration
of vesting shall be cancelled in the reverse order of the date of grant for equity awards. If two or more equity awards are granted on
the same date, each award shall be reduced on a pro-rata basis. The Company and Executive agree that (A) any payments and benefits
to which Executive is entitled pursuant to Section 7 are compensation for Executive’s compliance with the restrictive
provisions of Section 10 and (B) the Company shall make reasonable efforts to mitigate the payments and benefits that
would be subject to the excise tax imposed by Section 4999 of the Code and to maximize the net after-tax proceeds received by Executive;
provided that such actions do not result in payment of any increased compensation to Executive, do not provide for any gross-up or indemnity
for potential excise taxes and do not reduce the payments and benefits to which Executive is otherwise entitled (except as required pursuant
to this Section 7(g)).

 

(h)            Cooperation.
Following the termination of Executive’s employment for any reason or no reason, Executive agrees to reasonably cooperate with the
Company and its subsidiaries and affiliates and their respective directors, officers, attorneys and experts, and take all actions the
Company or its subsidiaries or affiliates may reasonably request, with respect to any investigation, government inquiry, administrative
proceeding or litigation relating to any matter in which Executive was involved during the Employment Term.
Any cooperation requests shall take into account Executive’s personal and business commitments, and Executive shall be reasonably
compensated for Executive’s time (if appropriate for the matter) and further reimbursed for any reasonable expenses incurred in
connection with such cooperation within thirty (30) days of providing an invoice to the Company.

 

    	 	8	 

     

    

 

8.               Section 409A.
The parties intend for the payments and benefits under this Agreement to be exempt from Section 409A of the Code and the regulations
and guidance promulgated thereunder (collectively, “Section 409A”) or, if not so exempt, to be paid or provided
in a manner that complies with the requirements of such section, and intend that this Agreement shall be construed and administered in
accordance with such intention. For purposes of the limitations on nonqualified deferred compensation under Section 409A, each payment
of compensation under this Agreement shall be treated as a separate payment of compensation. Without limiting the foregoing and notwithstanding
anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A,
amounts that would otherwise be payable and benefits that are non-qualified deferred compensation and are payable due to Executive’s
 “separation from service”, which would otherwise be provided pursuant to this Agreement during the six (6)-month period immediately
following Executive’s separation from service shall instead be paid on the first business day after the date that is six (6) months
following the Termination Date (or death, if earlier). For purposes of this Agreement, all references to “termination of employment”
and correlative phrases shall be construed to require a “separation from service” (as defined in Section 1.409A-1(h) of
the Treasury regulations after giving effect to the presumptions contained therein). Notwithstanding anything to the contrary in this
Agreement, all (A) reimbursements and (B) in-kind benefits provided under this Agreement shall be made or provided in accordance
with the requirements of Section 409A, including, where applicable, the requirement that (x) the amount of expenses eligible
for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in
kind benefits to be provided, in any other calendar year; (y) the reimbursement of an eligible expense shall be made no later than
the last day of the calendar year following the year in which the expense is incurred; and (z) the right to reimbursement or in kind
benefits is not subject to liquidation or exchange for another benefit. In no event shall the Company or any of its subsidiaries or affiliates
have any liability relating to the failure or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt
from, the requirements of Section 409A.

 

9.               Confidential
Information; Assignment of Intellectual Property.

 

(a)            Executive
acknowledges that in connection with the performance of Executive’s duties during the Employment Term, the Company shall make available
to Executive, or Executive shall have access to, certain Confidential Information (as defined below) of the Company and its subsidiaries
and affiliates. Executive acknowledges and agrees that any and all Confidential Information learned or obtained by Executive during the
course of Executive’s employment by the Company or otherwise, whether developed by Executive alone or in conjunction with others
or otherwise, shall be and is the sole property of the Company and its affiliates and subsidiaries.

 

(b)            Except
to the extent required to be disclosed at law or pursuant to judicial process or administrative subpoena, the Confidential Information
shall be kept confidential by Executive, shall not be used in any manner that is detrimental to the Company, shall not be used other than
in connection with Executive’s discharge of Executive’s duties hereunder, and shall be safeguarded by Executive from unauthorized
disclosure. Notwithstanding anything to the contrary in this Agreement or otherwise, nothing shall limit Executive’s rights under
applicable law to provide truthful information to any governmental entity or to file a charge with or participate in an investigation
conducted by any governmental entity. Notwithstanding the foregoing, Executive agrees to waive Executive’s right to recover monetary
damages in connection with any charge, complaint or lawsuit filed by Executive or anyone else on Executive’s behalf (whether involving
a governmental entity or not); provided, that Executive is not agreeing to waive, and this Agreement shall not be read as requiring Executive
to waive, any right Executive may have to receive an award for information provided to any governmental entity. Executive is hereby notified
that the immunity provisions in Section 1833 of title 18 of the United States Code provide that an individual cannot be held criminally
or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made (1) in confidence
to federal, state or local government officials, either directly or indirectly, or to an attorney, and is solely for the purpose of reporting
or investigating a suspected violation of the law, (2) under seal in a complaint or other document filed in a lawsuit or other proceeding,
or (3) to Executive’s attorney in connection with a lawsuit for retaliation for reporting a suspected violation of law (and
the trade secret may be used in the court proceedings for such lawsuit) as long as any document containing the trade secret is filed under
seal and the trade secret is not disclosed except pursuant to court order.

 

    	 	9	 

     

    

 

(c)            Following
the termination of Executive’s employment hereunder, as soon as possible after the Company’s written request, Executive shall
return to the Company all written Confidential Information and other property of the Company and Executive shall return or destroy all
copies of any analyses, compilations, studies or other documents containing or reflecting any Confidential Information. Within five (5) business
days of the receipt of such request by Executive, Executive shall, if requested by the Company in writing, deliver to the Company a document
certifying that such written Confidential Information has been returned or destroyed in accordance with this Section 9(c).

 

(d)            For
the purposes of this Agreement, “Confidential Information” shall mean all confidential or proprietary information concerning
the Company and its affiliates and subsidiaries, including, without limitation, information derived from reports, investigations, experiments,
research, work in progress, drawing, designs, plans, proposals, codes, marketing and sales programs, client lists, client mailing lists,
supplier lists, financial projections, cost summaries, pricing formulas, marketing studies relating to prospective business opportunities
and all other concepts, ideas, trade secrets, materials, or information prepared or performed for or by the Company or its affiliates.
For purposes of this Agreement, the Confidential Information shall not include and Executive’s obligations shall not extend to (i) information
that is or becomes generally available to the public (other than as a result of a disclosure by Executive, directly or indirectly, that
is not authorized by the Company), (ii) information obtained by Executive on a non-confidential basis, if the source of this information
was not reasonably known to Executive to be bound by a duty of confidentiality and (iii) information that Executive can establish
was independently developed by Executive without reference to Confidential Information.

 

    	 	10	 

     

    

 

(e)            Executive
acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments, software, know-how,
processes, techniques, methods, works of authorship and other work product, whether patentable or unpatentable, (i) that are reduced
to practice, created, invented, designed, developed, contributed to, or improved with the use of any Company resources and/or within the
scope of Executive’s work with the Company or that relate to the business, operations or actual or demonstrably anticipated research
or development of the Company, its subsidiaries and/or affiliates, and that are made or conceived by Executive, solely or jointly with
others, during Executive’s employment with the Company, or (ii) suggested by any work that Executive performs in connection
with the Company, either while performing Executive’s duties with the Company or on Executive’s own time, shall belong exclusively
to the Company, its subsidiaries or affiliates (or their respective designee), whether or not patent or other applications for intellectual
property protection are filed thereon (the “Inventions”). Executive will keep reasonable written records (the “Records”),
in the manner prescribed by the Company, its subsidiaries or affiliates of all Inventions, and will promptly disclose all Inventions completely
and in writing to the Company, its subsidiaries or affiliates. The Records shall be the sole and exclusive property of the Company, its
subsidiaries or affiliates, and Executive will surrender them upon the termination of Executive’s employment with the Company, or
upon the Company’s, any of its subsidiaries’ or affiliates’ request. Executive irrevocably conveys, transfers and assigns
to the Company, its subsidiaries and/or affiliates the Inventions and all patents or other intellectual property rights that may issue
thereon in any and all countries, whether during or subsequent to Executive’s employment with the Company, together with the right
to file, in Executive’s name or in the name of the Company, its subsidiaries or affiliates (or their respective designee), applications
for patents and equivalent rights (the “Applications”). Executive will, at any time during and subsequent to Executive’s
employment with the Company, its subsidiaries or affiliates, make such applications, sign such papers, take all rightful oaths, and perform
all other acts as may be requested from time to time by the Company, its subsidiaries or affiliates to perfect, record, enforce, protect,
patent or register the Company’s, its subsidiaries’ or affiliates’ rights in the Inventions, all without additional
compensation to Executive from the Company, its subsidiaries or affiliates. Executive will also execute assignments to the Company, its
subsidiaries or affiliates (or their respective designee) of the Applications, and give the Company, its subsidiaries or affiliates and
their respective attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions for the Company’s,
its subsidiaries’ and affiliates’ benefit, all without additional compensation to Executive from the Company, its subsidiaries
or affiliates.

 

(f)            In
addition, the Inventions will be deemed Work for Hire, as such term is defined under the copyright laws of the United States, on behalf
of the Company, its subsidiaries and affiliates and Executive agrees that the Company, its subsidiaries and affiliates will be the sole
owners of the Inventions, and all underlying rights therein, in all media now known or hereinafter devised, throughout the universe and
in perpetuity without any further obligations to Executive. If the Inventions, or any portion thereof, are deemed not to be Work for Hire,
or the rights in such Inventions do not otherwise automatically vest in the Company, its subsidiaries or affiliates, Executive hereby
irrevocably conveys, transfers and assigns to the Company, its subsidiaries or affiliates, all rights, in all media now known or hereinafter
devised, throughout the universe and in perpetuity, in and to the Inventions, including, without limitation, all of Executive’s
right, title and interest in the copyrights (and all renewals, revivals and extensions thereof) to the Inventions, including, without
limitation, all rights of any kind or any nature now or hereafter recognized, including, without limitation, the unrestricted right to
make modifications, adaptations and revisions to the Inventions, to exploit and allow others to exploit the Inventions and all rights
to sue at law or in equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or unknown,
prior to the date hereof, including, without limitation, the right to receive all proceeds and damages therefrom. In addition, Executive
hereby waives any so-called “moral rights” with respect to the Inventions. Executive hereby waives any and all currently existing
and future monetary rights in and to the Inventions and all patents and other registrations for intellectual property that may issue thereon,
including, without limitation, any rights that would otherwise accrue to Executive’s benefit by virtue of Executive being an employee
of or other service provider to the Company, its subsidiaries or affiliates.

 

    	 	11	 

     

    

 

(g)            Executive’s
obligations under this Section 9 shall survive the termination of the Employment Term.

 

10.            Restrictive
Covenants.

 

(a)            Covenant
Not to Compete. Executive acknowledges that (i) Executive performs services of a unique nature for the Company, its subsidiaries
and affiliates that are irreplaceable, and that Executive’s performance of such services to a competing business will result in
irreparable harm to the Company, its subsidiaries and affiliates, (ii) Executive has had and will continue to have access to Confidential
Information which, if disclosed, would unfairly and inappropriately assist in competition against the Company, its subsidiaries or affiliates,
(iii) in the course of Executive’s employment with a Competitive Enterprise, Executive would inevitably use or disclose such
Confidential Information, (iv) the Company, its subsidiaries and affiliates have substantial relationships with their customers and
Executive has had and will continue to have access to these customers, (v) Executive has received and will receive specialized training
from the Company, its subsidiaries and affiliates, and (vi) Executive has generated and will continue to generate goodwill for the
Company, its subsidiaries and affiliates in the course of Executive’s employment. Accordingly, Executive agrees, during Executive’s
employment or service with the Company or any of its affiliates or subsidiaries and for a period of twenty-four (24) months thereafter
(the “Restricted Period”), that Executive shall not, directly or indirectly, alone or jointly, with any person or entity,
participate in, engage in, consult with, advise, be employed by, own (wholly or partially), possess an interest in, or in any other manner
be involved with, any Competitive Enterprise. Notwithstanding the foregoing, Executive shall not be prohibited from passively owning less
than one percent (1%) of the securities of any publicly-traded corporation or from working for a private equity fund, hedge fund or similar
firm that itself owns, invests or operates a Competitive Enterprise so long as Executive does not, directly or indirectly, participate
in, engage in, consult with or advise such Competitive Enterprise and the Competitive Enterprise does not comprise a majority of the fund
or firm’s gross revenue.

 

(b)            Covenant
Not to Solicit. Executive agrees, during the Restricted Period, not to: (i) Solicit any Client to transact business with a Competitive
Enterprise or to reduce or refrain from doing any business with the Company or any of its affiliates or subsidiaries, (ii) interfere
with or damage any relationship between the Company or any of its affiliates or subsidiaries and a Client or (iii) Solicit any individual
who is then an employee or service provider of the Company or any of its affiliates or subsidiaries (or who was an employee or service
provider of the Company or any of its affiliates or subsidiaries within the prior twelve (12) months) to resign from the Company (or any
of its affiliates or subsidiaries, if applicable) or to apply for or accept employment or service with any other business or enterprise
except pursuant to a general solicitation of employment or service which is not directed specifically to any such employees or service
providers.

 

(c)            Non-Disparagement.
During the Employment Term and at all times thereafter, Executive will not, in any manner,
directly or indirectly make or publish any statement (orally or in writing) that would libel, slander, disparage, denigrate, ridicule
or criticize the Company, any of its subsidiaries, affiliates or any of their respective employees, officers or directors. The foregoing
shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative
or arbitral proceedings (including, without limitation, depositions in connection with such proceedings). Executive’s obligations
under this Section 10(c) shall survive the termination of the Employment Term.

 

    	 	12	 

     

    

 

(d)            Definitions.
For purposes of this Section 10:

 

(i)            “Client”
means any client or prospective client of the Company or any of its affiliates or subsidiaries to whom Executive provided services, or
for whom Executive transacted business, or whose identity became known to Executive in connection with Executive’s relationship
with, employment by or service to the Company or any of its affiliates or subsidiaries

 

(ii)            “Competitive
Enterprise” means any business enterprise that engages in the Restricted Business in the Territory.

 

(iii)            “Restricted
Business” means the business of (i) owning and/or operating radio stations, (ii) providing digital marketing services
or (iii) producing live events.

 

(iv)            “Solicit”
means any direct or indirect communication of any kind, regardless of the party that initiates it, that in any way invites, advises, encourages
or requests any party to take or refrain from taking any action.

 

(v)            “Territory”
means anywhere in in the world in which the Company or its subsidiaries or affiliates engages in business as of the Termination Date.

 

11.            Enforcement
of Covenants.

 

(a)            Executive
acknowledges that Executive has carefully read and considered all the terms and conditions of this Agreement, including the restraints
imposed upon Executive pursuant to Sections 9 and 10 hereof. Executive agrees without reservation that each of the
restraints contained herein is necessary for the reasonable and proper protection of the goodwill, Confidential Information and other
legitimate interests of the Company, its subsidiaries and affiliates, that each and every one of these restraints is reasonable in respect
to subject matter, length of time and geographic area and that these restraints, individually or in the aggregate, will not prevent Executive
from obtaining other suitable employment during the period in which Executive is bound by them. Executive further agrees that Executive
will not challenge the reasonableness or enforceability of any of the covenants set forth in Sections 9 and 10 hereof.

 

(b)            Executive
further acknowledges that the Company shall suffer irreparable injury, not readily susceptible of valuation in monetary damages, if Executive
breaches Executive’s obligations under Sections 9 or 10 hereof. Accordingly, Executive agrees that, in addition
to any other available remedies the Company shall be entitled to obtain injunctive relief against any
breach or prospective breach by Executive of Executive’s obligations under Sections 9 or 10 hereof. Executive
agrees that process in any or all of those actions or proceedings may be served by registered mail, addressed to the last address provided
by Executive to the Company, or in any other manner authorized by law.

 

(c)            The
parties further agree that, in the event that any provision of Sections 9 and 10 hereof shall be determined by any
court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area
or too great a range of activities, such provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted
by law. It is also agreed that each of the Company’s affiliates will have the right to enforce all of Executive’s obligations
to that affiliate under this Agreement, including, without limitation, pursuant to Sections 9 and 10 hereof. In the
event of a material violation by Executive of Sections 9 or 10 that is not cured within fifteen (15) days of written
notice from the Company, any severance being paid to Executive pursuant to this Agreement or otherwise shall immediately cease.

 

    	 	13	 

     

    

 

12.            Miscellaneous.

 

(a)            Whistleblower
Protection. Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to
impede Executive (or any other individual) from reporting possible violations of federal, state or local law or regulation to any governmental
agency or entity, including, but not limited to, the Department of Justice, the Securities and Exchange Commission, the Congress, and
any agency Inspector General, or making other disclosures under the whistleblower provisions of federal, state or local law or regulation.
Executive does not need the prior authorization of the Company to make any such reports or disclosures, or to participate in an administrative
investigation or similar process, and Executive shall not be not required to notify the Company of such reports, disclosures or participation.

 

(b)            Successors
and Assigns.

 

(i)            This
Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and permitted assigns. The Company may not
assign or delegate any rights or obligations hereunder except to a successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business and/or assets of the Company, as applicable. Except for purposes of determining
the occurrence of a Change in Control, the term the “Company” as used herein shall mean a corporation or other entity
acquiring all or substantially all the assets and business of the Company, as the case may be, (including this Agreement) whether by operation
of law or otherwise.

 

(ii)            Neither
this Agreement nor any right or interest hereunder shall be assignable or transferable by Executive, Executive’s beneficiaries or
legal representatives, except by will or by the, laws of descent and distribution. This Agreement shall inure to the benefit of and be
enforceable by Executive’s legal personal representatives.

 

(c)            Notice.
For the purposes of this Agreement, notices and all other communications provided for in the Agreement (including the Notice of Termination)
shall be in writing and shall be deemed to have been duly given when personally delivered or sent by Certified mail, return receipt requested,
postage prepaid, addressed to the respective addresses last given by each party to each other party; provided, that all notices to the
Company shall be directed to the attention of the General Counsel of the Company with a copy to the Committee. All notices and communications
shall be deemed to have been received on the date of delivery thereof or on the third business day after the mailing thereof, except that
notice of change of address shall be effective only upon receipt.

 

    	 	14	 

     

    

 

(d)            Withholding.
The Company shall be entitled to withhold the amount, if any, of all taxes of any applicable jurisdiction required to be withheld by an
employer with respect to any amount paid to Executive hereunder. The Company, in its sole and absolute discretion, shall make all determinations
as to whether it is obligated to withhold any taxes hereunder and the amount hereof.

 

(e)            Release
of Claims. Any and all amounts payable, and benefits or additional rights provided, pursuant to this Agreement beyond the Accrued
Compensation shall only be payable if Executive (or, if Executive is deceased, Executive’s estate) delivers to the Company and does
not revoke a general release of claims in favor of the Company in the form attached as Exhibit B hereto, subject to such changes
as are necessary to effect a general release of claims as a result of any changes in applicable law following the Effective Date. Such
release shall be executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following the Termination
Date. Notwithstanding anything to the contrary contained herein, if the Termination Date occurs on or after November 1 of a given
calendar year, any such payments payable pursuant to this Agreement will, subject to Section 8 hereof, be paid in January of
the immediately following calendar year.

 

(f)            Modification.
No provision of this Agreement may be amended, modified, waived or discharged unless such amendment, modification, waiver or discharge
is agreed to in writing and signed by Executive and the Company. No waiver by either party hereto at any time of any breach by the other
party hereto of, or compliance with, any condition or provision of this Agreement to be performed by the other party shall be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

 

(g)            Arbitration.
If any legally actionable dispute arises under this Agreement or otherwise that cannot be resolved by mutual discussion between the parties,
then the Company and Executive each agree to resolve that dispute by binding arbitration before an arbitrator experienced in employment
law. Such arbitration shall be conducted in accordance with the rules applicable to employment disputes of the Judicial Arbitration
and Mediation Services (“JAMS”) and the
law applicable to the claim. The parties shall have thirty (30) calendar days after notice of such arbitration has been given to attempt
to agree on the selection of an arbitrator from JAMS. In the event the parties are unable to agree in such time, JAMS shall provide a
list of five (5) available arbitrators and an arbitrator shall be selected from such five member panel provided by JAMS by the parties
alternately striking out one name of a potential arbitrator until only one name remains. The party entitled to strike an arbitrator first
shall be selected by a toss of a coin. The parties agree that this agreement to arbitrate includes any such disputes that the Company
may have against Executive, or Executive may have against the Company and/or its related entities and/or employees, arising out of or
relating to this Agreement, or Executive’s employment or Executive’s termination of employment including, but not limited
to, any claims of discrimination or harassment in violation of applicable law and any other aspect of Executive’s compensation,
employment, or Executive’s termination. The parties further agree that arbitration as provided for in this Section 12(g) is
the exclusive and binding remedy for any such dispute and shall be used instead of any court action, which is hereby expressly waived,
except for any request by any party for temporary, preliminary or permanent injunctive relief pending arbitration in accordance with applicable
law or for breaches by Executive of Executive’s obligations under Sections 9 or 10 above or an administrative
claim with an administrative agency. The parties agree that the arbitration provided herein shall be conducted in New York, New York unless
otherwise mutually agreed. Each party shall pay its own proportionate share of the cost of any arbitration brought pursuant to this Section 12(g),
and if either the Company or Executive prevails on substantially all material issues in such arbitration, the non-prevailing party shall
pay all legal fees reasonably incurred by the Company or Executive, as applicable, in such arbitration. This agreement to arbitrate
is freely negotiated between Executive and the Company and is mutually entered into between the parties. Each party fully understands
and agrees that they are giving up certain rights otherwise afforded to them by civil court actions, including, but not limited to, the
right to a jury trial.

 

    	 	15	 

     

    

 

(h)            Indemnification &
D&O Insurance. The Company agrees that if Executive is made a party to or threatened to be made a party to any action, suit or
proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that Executive
is or was a trustee, director or officer of the Company or is or was serving at the request of the Company or any subsidiary or either
thereof as a trustee, director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust or other
enterprise, including, without limitation, service with respect to employee benefit plans, whether or not the basis of such Proceeding
is alleged action in an official capacity as a trustee, director, officer, member, employee or agent while serving as a trustee, director,
officer, member, employee or agent, Executive will be indemnified and held harmless by the Company to the fullest extent authorized by
applicable law (including the advancement of applicable, reasonable legal fees and expenses), as the same exists or may hereafter be amended,
against all expenses incurred or suffered by Executive in connection therewith, and such indemnification will continue as to Executive
even if Executive has ceased to be an officer, director, trustee or agent, or is no longer employed by the Company and will inure to the
benefit of his heirs, executors and administrators. The Company will cover Executive under directors and officers’ liability insurance
both during and, while potential liability exists, after the Employment Term in the same amount and to the same extent as the Company
covers its other officers and directors.

 

(i)            Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without
giving effect to the conflict of law principles thereof.

 

(j)            No
Conflicts. As a condition to the effectiveness of this Agreement, Executive represents and warrants to the Company that Executive
is not a party to or otherwise bound by any agreement or arrangement (including, without limitation, any license, covenant, or commitment
of any nature), or subject to any judgment, decree, or order of any court or administrative agency, that would conflict with or shall
be in conflict with or in any way preclude, limit or inhibit Executive’s ability to execute this Agreement or to carry out Executive’s
duties and responsibilities hereunder.

 

(k)            Severability.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof.

 

    	 	16	 

     

    

 

(l)            Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute
one and the same instrument.

 

13.            Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, if any,
understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof, including, without
limitation, the Prior Employment Agreement. The parties hereto acknowledge and agree that, as of the Commencement Date, the Prior Employment
Agreement shall be terminated and of no further force and effect.

 

[Remainder of page left intentionally blank]

 

    	 	17	 

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Agreement as of the day and year first above written, to be effective as of the Commencement Date.

 

	 	TOWNSQUARE MEDIA, INC.
	 	 
	 	By:	/s/ B. James Ford
	 	Name:	B. James Ford
	 	Title:	Chairman, Compensation Committee of the Board of Directors
	 	 
	 	EXECUTIVE
	 	 
	 	By:	/s/ Bill Wilson
	 	Name:	Bill Wilson

 

Signature Page to Employment Agreement

 

    	 	 	 

     

    

 

EXHIBIT A

 

Radio Chair, National Association of Broadcasters (NAB)

 

    	 	 	 

     

    

 

EXHIBIT B

 

RELEASE AGREEMENT

 

Consistent with Section 12(e) of
the Employment Agreement, dated October 7, 2022, (the “Employment Agreement”), between me and Townsquare Media, Inc.
(together with its current and former subsidiaries and affiliated entities, and their respective current and former predecessors, successors,
assigns, representatives, affiliates and agents, the “Company”‘) and in consideration for and as a condition
of my receipt of certain payments and benefits set forth in the Employment Agreement, as applicable, I, for myself, my attorneys,
heirs, executors, administrators, successors, and assigns, hereby release and forever discharge, and by this instrument release and forever
discharge the Company, and its parents, subsidiaries, and related entities, and its and their respective current and former predecessors,
successors, parents, subsidiaries, assigns, representatives, agents, attorneys, contractors, shareholders, officers, directors and employees,
both individually and in their official capacities (collectively, the “Company Parties”), from all debts, obligations,
promises, covenants, agreements, contracts, endorsements, bonds, controversies, suits, actions, causes of action, judgments, damages,
expenses, claims or demands, in law or in equity, which I ever had, now have, or which may arise in the future regarding any matter arising
on or before the date of my execution of this Release Agreement, including, but not limited to, all claims (whether known or unknown,
suspected or unsuspected) regarding my employment at or termination of employment from the Company, any contract (express or implied),
any claim for equitable relief or recovery of punitive, compensatory, or other damages or monies, attorneys’ fees, any tort, and
all claims for alleged discrimination based upon age, race, color, sex, sexual orientation, marital status, religion, national origin,
handicap, disability, or retaliation, including any claim, asserted or unasserted, to the maximum extent permitted by law, which could
arise under Title VII of the Civil Rights Act; the Equal Pay Act; the Age Discrimination in Employment Act; the Older Workers Benefit
Protection Act; the Americans With Disabilities Act; the Civil Rights Act, 42 U.S.C. § 1981; the Employee Retirement Income Security
Act; the Family and Medical Leave Act; the Civil Rights Act; the Worker Adjustment and Retraining Notification Act; the Fair Credit Reporting
Act; the Immigration Reform and Control Act; the Corporate and Criminal Fraud Accountability Act, 18 U.S.C. § 1514A, also known
as the Sarbanes Oxley Act; all applicable Connecticut state laws; and any other federal, state or local laws, rules, regulations or ordinances,
whether equal employment opportunity laws, rules, regulations or ordinances or otherwise, or, subject to applicable law, any right under
any Company pension or welfare plans; provided, however, that I am not releasing any claims for indemnification, claims arising
from my ownership of equity interests in the Company, claims for benefits and reimbursements in accordance with the terms of the Company’s
benefit plans and arrangements, or claims arising from obligations pursuant to the Employment Agreement that survive my separation from
employment, or claims that may not be released as a matter of law, including any whistleblower claim to any governmental regulatory authority
(collectively, the “Excluded Claims”).

 

I represent and agree that
I have not filed any lawsuits, claims, complaints, actions, proceedings or arbitrations against any of the Company Parties, or filed or
caused to be filed any charges or complaints against any Company Party, with any municipal, state or federal agency charged with the enforcement
of any law. Pursuant to and as a part of my release and discharge of the Company Parties, as set forth herein, to the fullest extent permitted
by law, I agree not to sue or file a charge, complaint, grievance or demand for arbitration against any Company Party, in any forum
or assist or otherwise participate willingly or voluntarily in any claim, arbitration, suit, action, investigation or other proceeding
of any kind which relates to any matter that involves a Company Party, and that occurred up to and including the date of my execution
of this Release Agreement, unless required to do so by court order, subpoena or other directive by a court, administrative agency, arbitration
panel or legislative body.

 

    	 	 	 

     

    

 

I agree not to disclose, nor
use for my benefit or the benefit of any other person or entity, any information received in connection with the Company, which is confidential
or proprietary and (i) which has not been disclosed publicly by the Company, (ii) which is otherwise not a matter of public
knowledge or (iii) which is a matter of public knowledge but I know or have reason to know that such information became a matter
of public knowledge through an unauthorized disclosure. Such information includes, without limitation, the Company’s client lists,
its trade secrets, any confidential information about (or provided by) any client or prospective or former client of the Company, information
concerning the Company’s business or financial affairs, including its books and records, commitments, procedures, plans and prospects,
products developed by the Company or current or prospective transactions or business of the Company and any “inside information.”
I understand that notwithstanding anything to the contrary in this Release Agreement or otherwise, nothing shall limit my rights under
applicable law to provide truthful information to any governmental entity or to file a charge with or participate in an investigation
conducted by any governmental entity. I have been notified that the immunity provisions in Section 1833 of Title 18 of the United
States Code provide that an individual cannot be held criminally or civilly liable under any federal or state trade secret law for any
disclosure of a trade secret that is made (x) in confidence to federal, state or local government officials, either directly or indirectly,
or to an attorney, and is solely for the purpose of reporting or investigating a suspected violation of the law, (y) under seal in
a complaint or other document filed in a lawsuit or other proceeding, or (z) to my attorney in connection with a lawsuit for retaliation
for reporting a suspected violation of law (and the trade secret may be used in the court proceedings for such lawsuit) as long as any
document containing the trade secret is filed under seal and the trade secret is not disclosed except pursuant to court order.

 

I hereby confirm that I have
delivered to the Company and retained no copies of any written materials, records and documents (including those that are electronically
stored) made by me or coming into my possession during the course of my employment with the Company, which contain or refer to any such
proprietary or confidential information.

 

I agree and understand that
I am specifically releasing all claims under the Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621 et seq., a federal
statute that prohibits employers from discriminating against employees who are age 40 or over. I acknowledge that:

 

		(1)	I have read and understand this Release Agreement and sign it voluntarily and without coercion;

 

		(2)	I do not waive rights or claims that may arise after the date of my execution of this Release Agreement;

 

    	 	 	 

     

    

 

		(3)	I have at least [twenty-one (21)]/[forty-five (45)] days from my initial receipt of this Release Agreement
in which to review and consider this Release Agreement, although I may opt to execute it sooner (but no earlier than the date my employment
with the Company terminates);

 

		(4)	I have been encouraged by the Company to discuss fully the terms of this Release Agreement with legal
counsel of my own choosing; and

 

		(5)	for a period of seven (7) days following my signing of this Release Agreement, I shall have
the right to revoke the waiver of claims arising under the Age Discrimination in Employment Act.

 

If I elect to revoke this Release
Agreement within this seven (7)-day period, I must inform the Company by delivering a written notice of revocation to the Company,
attention of the General Counsel of the Company, at 1 Manhattanville Road, Suite 202, Purchase, NY 10577; or facsimile (800) 301-6408,
no later than 11:59 p.m. on the seventh calendar day after I sign this Release Agreement. I understand that, if I elect to exercise
this revocation right, this Release Agreement shall be voided in its entirety at the election of the Company and the Company shall be
relieved of all obligations to provide the applicable payments and benefits set forth in my Employment Agreement that are subject to my
executing, and not revoking, this Release Agreement. I further understand that such payments will not begin to be provided unless and
until the revocation period expires without my exercising the revocation right. I may, if I wish, elect to sign this Release Agreement
prior to the expiration of the [twenty-one (21)]/[forty-five (45)]-day consideration period, and I agree that if I elect to do so, my
election is made freely and voluntarily and after having an opportunity to consult counsel.

 

	 	AGREED:
	 	 
	 	 
	 	Bill Wilson
	 	 
	 	Date:

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