Document:

Exhibit
4.3

 

THIS
OPTION AND THE SHARES PURCHASABLE HEREUNDER HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR QUALIFICATION OR AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

Dated:
[issue date]

 

OPTION
TO PURCHASE

SHARES
OF CLASS A COMMON STOCK OF

PEN
INC.

 

This
certifies that PEN Comeback, LLC (the “Holder”), for value received, is entitled to purchase, at the Stock
Purchase Price (as defined below), from PEN Inc., a Delaware corporation (the “Company”), up to ______ fully
paid and nonassessable shares (the “Option Shares”) of Class A Common Stock, $0.0001 par value per share (the
“Class A Stock”) (subject to adjustment under Section 4).

 

This
Option will be exercisable from time to time, in whole or in part, from and after the date hereof (the “Initial Exercise
Date”) up to and including 5:00 p.m. (Eastern Time) on June 30, 2019 (the “Expiration Time”), upon
delivery to the Company of (i) the Form of Exercise Notice attached as Appendix A duly completed and executed, (ii) payment
of the aggregate Stock Purchase Price for the number of shares for which this Option is being exercised. The “Stock Purchase
Price” equals $1.00 per share of the Option Shares (subject to adjustment under Section 4).

 

1.
Exercise; Delivery; Acknowledgement.

 

(a)
Exercise. This Option is exercisable at the option of the Holder, at any time or from time to time from or after the
Initial Exercise Date up to the Expiration Time for all or any part of the Option Shares. The Holder will be treated as the record
owner of Option Shares as of the close of business on the date on which (i) the completed, executed form of Exercise Notice is
delivered, and (ii) payment is made for the shares.

 

(b)
Delivery. Upon exercise of this Option, the Company will, (x) within three Business Days after exercise, issue and
deliver a statement for the Option Shares that were purchased, at the Company’s expense, to the Holder or, (y) if available,
and upon request and at the expense of the Holder, within three Business Days after the rights represented by this Option have
been so exercised, deliver the Option Shares by book entry, confirmed by the Company’s transfer agent.

 

“Business
Day” means any day, other than a Saturday, Sunday and any day that is a legal holiday under the Laws of the State of
Ohio or Florida, or is a day on which banking institutions located in the State of Ohio or Florida are authorized or required
by law or other governmental action to close.

 

(c)
Acknowledgement. In the case of a purchase of less than all the Option Shares, the Company will execute and deliver
to the Holder, within ten days after the rights represented by this Option have been exercised, an Acknowledgement in the form
of Appendix B indicating the number of Option Shares which remain subject to this Option, if any.

 

2.
Payment for Shares. The aggregate purchase price for Option Shares being purchased hereunder may be paid by (i) cash
or wire transfer of immediately available funds to a bank account specified by the Company, or (ii) certified or bank cashier’s
check.

 

3.
Shares to be Fully Paid; Reservation of Shares. All Option Shares which may be issued upon the exercise of the rights
represented by this Option will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable. The Company
will take all action as may be reasonably necessary to assure that the shares of Class A Stock may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation
system, if applicable, upon which the Class A Stock may be listed.

 

    	 		 

     

    

 

4.
Adjustment of Stock Purchase Price and Number of Shares. The Stock Purchase Price and the number of shares purchasable
upon the exercise of this Option shall be subject to adjustment as described in this Section 4. Upon each adjustment of the Stock
Purchase Price, the Holder shall thereafter be entitled to purchase, at the Stock Purchase Price resulting from the adjustment,
the number of shares obtained by multiplying the Stock Purchase Price in effect immediately prior to the adjustment by the number
of shares purchasable pursuant hereto immediately prior to the adjustment, and dividing the product by the Stock Purchase Price
resulting from the adjustment.

 

(a)
Subdivisions, Combinations and Dividends. If the Company (x) pays a dividend or makes a distribution, in shares of
Class A Stock, on any all or substantially all shares of Class A Stock, (y) splits or subdivides its outstanding Class A Stock
into a greater number of shares, or (z) combines its outstanding Class A Stock into a smaller number of shares, then in each case
the Stock Purchase Price in effect immediately prior thereto shall be adjusted so that the Holder shall be entitled to receive
the number of shares of Class A Stock that the Holder would have owned or would have been entitled to receive after the occurrence
of any of the events described above had this Option been exercised immediately prior to the event. An adjustment made under this
Section 4(a) shall become effective immediately after the close of business on the dividend or distribution date in the case of
a dividend or distribution and shall become effective immediately after the close of business on the effective date in the case
of a subdivision, split or combination, as the case may be. If as a result of an adjustment under this Section 4(a), the Holder
is entitled to receive any shares of the Company other than shares of Class A Stock, thereafter the number of other shares receivable
upon exercise of this Option shall be subject to adjustment on terms as nearly equivalent as practicable to the provisions of
this Section 4 with respect to the Class A Stock.

 

(b)
Reclassification. If any reclassification of the capital stock of the Company, by merger, consolidation, reorganization
or otherwise, is effected so that holders of Class A Stock are entitled to receive stock, securities, or other assets or property,
then, as a condition of the reclassification, lawful and adequate provisions shall be made whereby the Holder shall thereafter
have the right to purchase and receive (in lieu of the shares of Class A Stock purchasable and receivable upon the exercise of
this Option immediately prior to the reclassification) the shares of stock, securities or other assets or property as may be issued
or payable with respect to or in exchange for a number of outstanding shares of Class A Stock equal to the number of shares of
Class A Stock purchasable and receivable upon the exercise of this Option immediately prior to the reclassification. If the Company
is acquired in an all cash transaction, the Holder shall have the right to receive cash equal to the value of the Option Shares
issuable upon exercise of this Option immediately prior to the closing of the transaction reduced by the aggregate Stock Purchase
Price. In any reclassification described above, appropriate provision shall be made with respect to the rights and interests of
the Holder so that the provisions hereof (including, without limitation, provisions for adjustments of the Stock Purchase Price
and of the number of shares purchasable and receivable upon the exercise of this Option) shall continue to apply in relation to
any shares of stock, or other securities or assets thereafter deliverable upon the exercise hereof.

 

(c)
Pro Rata Distributions. If the Company, at any time while this Option is outstanding, distributes to all holders of
Class A Stock for no consideration (w) evidences of its indebtedness, (x) any security (other than a distribution of Class A Stock
covered by the preceding paragraphs), (y) rights or options to subscribe for or purchase any security, or (z) any other asset,
including cash (in each case, “Distributed Property”), then, upon any exercise of this Option that occurs after
the record date for determination of stockholders entitled to receive the distribution, the Holder shall be entitled to receive,
in addition to the Option Shares, the Distributed Property that the Holder would have been entitled to receive if the Holder been
the record holder of the Option Shares immediately prior to the record date.

 

(d)
Notice of Adjustment. Upon any adjustment of the Stock Purchase Price or any increase or decrease in the number of
shares purchasable upon the exercise of this Option, the Company shall give notice to the Holder. The notice shall state the Stock
Purchase Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable upon the
exercise of this Option, setting forth in reasonable detail the method of calculation and the facts upon which the calculation
is based.

 

(e)
Other Notices. If at any time: (1) the Company declares any cash dividend upon its shares of Class A Stock; (2) there
is any capital reorganization or reclassification of the capital stock of the Company; (3) the Company is acquired in an all cash
transaction; or (4) there is a voluntary or involuntary dissolution, liquidation or winding-up of the Company, then the Company
notice to the Holder (a) at least ten days prior to the date on which the books of the Company will close, or the record date
for the dividend, cash payment or for determining rights to vote in respect of any the reorganization or reclassification, and
(b) if a reorganization or reclassification, at least ten days prior to the date when the same shall take place.

 

    	 		 

     

    

 

5.
No Voting or Dividend Rights. Nothing contained in this Option shall be construed as conferring upon the Holder the
right to vote or to consent to receive notice as a stockholder of the Company or any other matters or any rights whatsoever as
a stockholder of the Company prior to the exercise of this Option. No dividends or interest shall be payable or accrued in respect
of this Option or the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this
Option is exercised.

 

6.
Transfer. Subject to compliance with applicable federal and state securities laws, this Option and all rights hereunder
may be transferred, in whole or in part, without charge to the Holder with the consent of the Company which consent will not be
unreasonably withheld.

 

7.
Transfer Taxes. The issuance of any shares or other securities upon the exercise of this Option, and the delivery of
certificates or other instruments representing the shares or other securities, shall be made without charge to the Holder for
any transfer taxes. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer
involved in the issuance and delivery of any certificate in a name other than that of the Holder and the Company shall not be
required to issue or deliver any certificate unless and until the person or persons requesting the issuance thereof shall have
paid to the Company the amount of the tax or shall have established to the satisfaction of the Company that the tax has been paid.

 

8.
Lost or Mutilated Options. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction,
or mutilation of this Option and, in the case of any loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory
to the Company, or in the case of any mutilation upon surrender and cancellation of the Option, the Company, at its expense, will
make and deliver a new Option, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Option.

 

9.
Modification and Waiver. Any term of this Option may be amended by a writing signed by the Company and the Holder.
The observance of any term of this Option may be waived (either generally or in a particular instance and either retroactively
or prospectively) only by a writing signed by the party against whom the waiver is to be enforced.

 

10.
Successors and Assigns. Subject to applicable securities laws, this Option and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns
of the Holder.

 

12.
Severability. Wherever possible, each provision of this Option shall be interpreted to be effective and valid under
applicable law, but if any provision of this Option shall be prohibited by or invalid under applicable law, the provision shall
be ineffective to the extent of the prohibition or invalidity, without invalidating the remainder of the provisions or the remaining
provisions of this Option.

 

13.
Notices. All notices, requests and other communications hereunder shall be in writing and shall be given and shall
be delivered personally or via a messenger service (notice given upon receipt), or mailed with confirming e-mail (notice deemed
given upon earlier of e-mail receipt or receipt of hard copy) to the party’s corporate address or other address on record
with the other parties.

 

14.
Governing Law. This Option is to be construed in accordance with and governed by the laws of the State of Delaware
without regard to its principles of conflicts of laws.

 

IN
WITNESS WHEREOF, the Company has caused this Option to be duly executed as of the date first above written.

 

	PEN
    Inc.	 
	 	 	 
	By:		 
	 	Scott
    E. Rickert, Chairman & CEOExhibit
4.4

 

THIS
OPTION AND THE SHARES PURCHASABLE HEREUNDER HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR QUALIFICATION OR AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

Dated:
[date of issue]

OPTION
FOR A WARRANT

PERMITTING
SUBSEQUENT PURCHASE OF SHARES OF

PEN
INC.

 

This
certifies that PEN Comeback, LLC (the “Holder”), for value received, is entitled to purchase, at a price of
$0.03 per warrant, from PEN Inc., a Delaware corporation (the “Company”), up to ________ warrants that entitled
the holder to purchase at a price of $2.00 per share an equal number of fully paid and nonassessable shares of Class A Common
Stock, $0.0001 par value per share in the form attached as Appendix C (the “Warrants”).

 

This
Option will be exercisable from time to time, in whole or in part, from and after the date hereof up to and including 5:00 p.m.
(Eastern Time) on June 30, 2019 (the “Expiration Time”) but only as and when the holder exercises the Option
to purchase shares of Class A common stock for a per share purchase price of $1.00 per share (the “Option Shares”)
and then only for a number of Warrants equal to or less than the number of Option Shares purchased. To exercise this Warrant Option
the holder shall deliver to the Company of (i) the Form of Exercise Notice attached as Appendix A duly completed and executed,
(ii) payment of the aggregate Warrant Purchase Price for the number of Warrants for which this Option is being exercised.

 

1.
Exercise; Delivery; Acknowledgement.

 

(a)
Exercise. Subject to the other provisions of this instrument, this Option is exercisable at the option of the Holder,
at any time or from time to time up to the Expiration Time for all or any part of the Warrants but may not be exercised to acquire
more Warrants than the number of Option Shares acquired by the holder. The Holder will be treated as the record owner of Warrants
as of the close of business on the date on which (i) the completed, executed form of Exercise Notice is delivered, and (ii) payment
is made for the Warrants.

 

(b)
Delivery. Upon exercise of this Option, the Company will promptly after exercise, issue and deliver a Warrant to the
Holder.

 

(c)
Acknowledgement. In the case of a purchase of less than all the Warrants, the Company will execute and deliver to the
Holder, within ten days after the rights represented by this Option have been exercised, an Acknowledgement in the form of Appendix
B indicating the number of Warrants which remain subject to this Option, if any.

 

2.
Payment for Warrants. The aggregate purchase price for Warrants being purchased hereunder may be paid by (i) cash or
wire transfer of immediately available funds to a bank account specified by the Company, or (ii) certified or bank cashier’s
check.

 

3.
Adjustment of Underlying Warrants. For so long as this Option is outstanding and exercisable, the Warrant Exercise
Price for the Warrants purchasable under this Option and the number of shares purchasable by the Warrants purchasable under this
ption shall be subject to adjustment as if the Warrant were already outstanding.

 

4.
No Voting or Dividend Rights. Nothing contained in this Option shall be construed as conferring upon the Holder the
right to vote or to consent to receive notice as a stockholder of the Company or any other matters or any rights whatsoever as
a stockholder of the Company prior to the exercise of this Option. No dividends or interest shall be payable or accrued in respect
of this Option or the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this
Option or the underlying Warrant is exercised.

 

5.
Transfer. Subject to compliance with applicable federal and state securities laws, this Option and all rights hereunder
may be transferred, in whole or in part, without charge to the Holder with the consent of the Company which consent will not be
unreasonably withheld.

 

    	 		 

    	 

    

 

6.
Transfer Taxes. The issuance of any shares or other securities upon the exercise of this Option, and the delivery of
certificates or other instruments representing the shares or other securities, shall be made without charge to the Holder for
any transfer taxes. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer
involved in the issuance and delivery of any certificate in a name other than that of the Holder and the Company shall not be
required to issue or deliver any certificate unless and until the person or persons requesting the issuance thereof shall have
paid to the Company the amount of the tax or shall have established to the satisfaction of the Company that the tax has been paid.

 

7.
Lost or Mutilated Options. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction,
or mutilation of this Option and, in the case of any loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory
to the Company, or in the case of any mutilation upon surrender and cancellation of the Option, the Company, at its expense, will
make and deliver a new Option, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Option.

 

8.
Modification and Waiver. Any term of this Option may be amended by a writing signed by the Company and the Holder.
The observance of any term of this Option may be waived (either generally or in a particular instance and either retroactively
or prospectively) only by a writing signed by the party against whom the waiver is to be enforced.

 

9.
Successors and Assigns. This Option may not be assigned or transferred without the consent of the Company. Subject
to applicable securities laws, this Option and the rights and obligations evidenced hereby shall inure to the benefit of and be
binding upon the successors of the Company and the successors and permitted assigns of the Holder.

 

10.
Severability. Wherever possible, each provision of this Option shall be interpreted to be effective and valid under
applicable law, but if any provision of this Option shall be prohibited by or invalid under applicable law, the provision shall
be ineffective to the extent of the prohibition or invalidity, without invalidating the remainder of the provisions or the remaining
provisions of this Option.

 

11.
Notices. Upon any adjustment of the underlying Warrants, the Company shall give notice to the Holder. The notice shall
state the Warrant Purchase Price resulting from such adjustment and the increase or decrease, if any, in the number of shares
purchasable upon the exercise of this Option, setting forth in reasonable detail the method of calculation and the facts upon
which the calculation is based. If at any time: (1) the Company declares any cash dividend upon its shares of Class A Stock; (2)
there is any capital reorganization or reclassification of the capital stock of the Company; (3) the Company is acquired in an
all cash transaction; or (4) there is a voluntary or involuntary dissolution, liquidation or winding-up of the Company, then the
Company notice to the Holder (a) at least ten days prior to the date on which the books of the Company will close, or the record
date for the dividend, cash payment or for determining rights to vote in respect of any the reorganization or reclassification,
and (b) if a reorganization or reclassification, at least ten days prior to the date when the same shall take place. All notices,
requests and other communications hereunder shall be in writing and shall be given and shall be delivered personally or via a
messenger service (notice given upon receipt), or mailed with confirming e-mail (notice deemed given upon earlier of e-mail receipt
or receipt of hard copy) to the party’s corporate address or other address on record with the other parties.

 

12.
Governing Law. This Option is to be construed in accordance with and governed by the laws of the State of Delaware
without regard to its principles of conflicts of laws.

 

IN
WITNESS WHEREOF, the Company has caused this Option to be duly executed as of the date first above written.

 

	PEN
    Inc.	 
	 	 	 
	By:	 	 
	 	Scott
    E. Rickert, Chairman & CEO

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