Document:

Exhibit 4.1

 

AMENDMENT NO. 3 to
Stock purchase AGREEMENT and settlement Agreement

 

This Amendment No. 3 to Stock
Purchase Agreement and Settlement Agreement (this “Agreement”) is made and entered into as of November 9, 2022 by and among
BIMI INTERNATIONAL MEDICAL INC., a company organized under the laws of the state of Delaware,
the U.S.A. (“Parent”), BIMI PHARMACEUTICAL (CHONGQING) CO., LTD. (also known
as BimAi PHARMACEUTICAL (Chongqing) Co., Ltd.), a company organized under the laws of the
PRC (“Buyer”), WUZHOU QIANGSHENG HOSPITAL CO., LTD., a company organized under the laws of the PRC ( “Qiangsheng”),
SUZHOU EURASIA HOSPITAL CO., LTD., a company organized under the laws of the PRC (“Eurasia”), YUNAN YUXI MINKANG HOSPITAL
CO., LTD., a company organized under the laws of the PRC (“Minkang”), Mr. JIANGJIN SHEN, an individual residing in the PRC
(“Jiangjin”), and Mr. ZHIWEI SHEN, an individual residing in the PRC (“Zhiwei”). Qiangsheng, Eurasia and Minkang
may be referred to herein individually as an “Acquired Company” and collectively as the “Acquired Companies.”
Jiangjin and Zhiwei may be referred to herein individually as a “Seller” and collectively as “Sellers.” Each of
the parties named above may be referred to herein as a “Party” and collectively as the “Parties.”

 

RECITALS

 

WHEREAS, the Parties
are parties to that certain Stock Purchase Agreement dated as of April 9, 2021, as amended on April 16, 2021 and December 17, 2021, respectively
(together the “Original Agreement”), whereby Buyer purchased all the issued and outstanding shares of capital stock of the
Acquired Companies from Sellers (the “Shares”), in consideration of an aggregate purchase price of RMB 162,000,000, consisting
of cash in the amount of RMB 20,000,000 (the “Closing Cash Payment”), and (ii) 4,000,000 shares of Common Stock of the Parent
(the “Closing Stock Payment”), valued at RMB 78,000,000 or US$12,000,000 (the “Original Purchase Price”).

 

WHEREAS the balance
of the Original Purchase Price in the amount of RMB 64,000,000 was subject to post-closing adjustments based on the performance of the
Acquired Companies in 2021 and 2022.

 

Whereas,
after the Original Closing, Sellers have continued to operate and manage the businesses of the Acquired Companies as executives of the
Acquired Companies.

 

Whereas,
after the Original Closing, Buyer formed and transferred the 100% ownership of the Acquired Companies to wholly-owned subsidiary BIMI
HOSPITAL MANAGEMENT (CHONGQING) CO., LTD. (also known as BIMAI HOSPITAL MANAGEMENT (CHONGQING) CO., LTD.).

 

WHEREAS, based on the
performance of the Acquired Companies in 2021, Sellers were not entitled to the Second Payment pursuant to the terms of the Original Agreement
and based on the performance of the Acquired Companies in 2022, it is expected that Sellers will not be entitled to the Third Payment
pursuant to the terms of the Original Agreement.

 

WHEREAS, due to a 1-for-5
reverse stock split of Parent on February 2, 2022 (the “Reverse Stock Split”), the 4,000,000 shares of Common Stock of the
Parent (the “Parent Shares”) issued to Sellers were consolidated into 800,000 Parent Shares;

 

WHEREAS, the Parties
desire to amend certain terms and conditions of the Original Agreement;

 

WHEREAS, pursuant to
Section 13.7 of the Original Agreement, amendments to the Original Agreement shall be in writing and shall require the written consent
of all parties involved; and

 

WHEREAS, the undersigned constitute all
of the Parties to the Original Agreement.

 

     

     

    

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

 

1. Defined
Terms. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Original Agreement.

 

2. Amendment.

 

(1)
Amendment. The Parties hereby agree to amend the Original Agreement (as amended by this Agreement, the “Amended Agreement”)
as follows:

 

(a) Purchase
Price. The Original Agreement shall be amended, mutatis mutandis, to reflect the Parties’ agreement that the Purchase
Price shall be reduced from RMB162,000,000 to RMB80,000,000.

 

(b) Payment
of Consideration. The Original Agreement shall be amended, mutatis mutandis, to reflect the Parties’ agreement that (i)
the Closing Cash Payment shall be retroactively reduced from RMB20,000,000 to nil, (ii) the Closing Stock Payment shall be retroactively
reduced from 800,000 Parent Shares (post Reverse Stock Split) to 164,000 Parent Shares (post Reverse Stock Split).

 

(c) 2023
Performance Targets and Payments. The Original Agreement shall be amended, mutatis mutandis, to reflect the parties’
agreement that a performance payment (the “Performance Payment”) in the amount of RMB 64,000,000 based on the performance
of the Acquired Companies in 2023, shall be made pursuant to similar terms and conditions as those for the forfeited Second Payment and
the Third Payment, except that (X) the 2023 Profit Target shall be RMB5,500,000 and (Y) if the 2023 Actual Profit is less than the 2023
Profit Target, Sellers shall not be entitled to any portion of the Performance Payment.

 

(d) Special
Post-Closing Agreements. A new Section 2.6 (e) is hereby added to read as follows:

 

“(e)  Special Post-Closing Agreements.

 

		(i)	After the Closing, Buyer and its wholly-owned subsidiary BIMI HOSPITAL MANAGEMENT
(CHONGQING) CO., LTD. (also known as BIMI HOSPITAL MANAGEMENT (CHONGQING) CO., LTD, “Direct Parent”) shall have the right
to exercise a special right to sell to Sellers, all right, title and interest in and to the Shares, which constitute 100% of the outstanding
equity interest in the Acquired Companies, in exchange for the return by Sellers of the 164,000 Parent Shares held by Sellers, as full
and complete payment of the aggregate purchase price for the Shares, on the happening at any time of any of the following events (each
a “Buyer Triggering Event”):

 

(X) if
the 2023 Actual Profit is less than the 2023 Profit Target;

 

(Y) if
any Governmental Authorization that is held by any Acquired Company or that otherwise relates to the business of, or any of the assets
owned or used by, any Acquired Company is revoked, withdrawn, suspended, canceled, terminated, or modified, while such Acquired Company
is operated or managed by either Seller; or

 

(Z) if
Buyer becomes aware of any Legal Requirement or Order to which any Acquired Company, or any of the assets owned or used by any Acquired
Company, may be subject, the effectiveness, amendment, implementation or enforcement of which would cause Buyer’s and Direct Parent’s
acquisition, owning or operation of any Acquired Company to (A) contravene, conflict with, or result in a violation of, or give any Governmental
Body the right to exercise any remedy or obtain any relief under, such Legal Requirement or Order, or (B) contravene, conflict with, or
result in a violation of any of the terms or requirements of, or give any Governmental Body the right revoke, withdraw, suspend, cancel,
terminate, or modify, any Governmental Authorization that is held by any Acquired Company or that otherwise relates to the business of,
or any of the assets owned or used by, any Acquired Company.

 

    2

     

    

 

		(ii)	Sellers acknowledge and agree that it is critical that all the financial statements
of the Acquired Companies and supporting materials (the “Financial Materials”) be provided to Parent in a timely fashion in
order for Parent to timely prepare and file periodic reports under the Exchange Act of 1934 and to be in compliance with the Legal Requirements.
Sellers further acknowledge and agree that after the Closing, for as long as Sellers continue to operate and manage the Acquired Companies
as executives of the Acquired Companies, the timely delivery of the Financial Materials to Parent is within Sellers’ control. As
such, Sellers shall cause the delivery of the Financial Materials to Parent by the deadlines advised by Parent’s auditors (the “Deadlines”),
for as long as Sellers operate and manage the Acquired Companies as executive of the Acquired Companies:

 

If Parent fails
to receive the Financial Materials by any of the Deadlines, Sellers shall be deemed to have exercised a special right to buy from Direct
Parent, all right, title and interest in and to the Shares, which constitute 100% of the outstanding equity interest in the Acquired Companies,
in exchange for the return by Sellers of the 164,000 Parent Shares held by Sellers, as full and complete payment of the aggregate purchase
price for the Shares. Parent’s failure to receive the Financial Materials by any of the Deadlines is a “Sellers Triggering
Event”, which, together with the Buyer Triggering Event, shall be referred to herein individually as a “Triggering Event”
or collectively the “Triggering Events”.

 

		(iii)	On the happening of any of the Triggering Events, Buyer and Direct Parent shall
have the right to elect to (X) engage in good faith negotiations with Sellers and take necessary actions to resolve issues that led to
the Triggering Events, or (Y) deliver to Sellers agreements, documents, instruments or certificates duly executed by Buyer and Direct
Parent, necessary for changing the official records of all Governmental Bodies of the PRC with appropriate jurisdiction, to reflect that
Sellers own, beneficially and on the record, the Shares (the “Record Change Documents”).

 

		(iv)	Upon receipt of the Record Change Documents from Buyer and Direct Parent, Sellers
shall immediately (X) counter-sign and deliver to Buyer and Direct Parent the Record Change Documents, (Y) sign and deliver to Buyer and
Direct Parent a transfer agent instruction duly signed by each Seller in substantially the form as Exhibit A, directing Parent’s
transfer agent to transfer the 164,000 Parent Shares which are maintained in an electronic DRS account by Parent’s transfer agent
on behalf of such Seller and (Z) execute and deliver further instruments of transfer and assignment (in addition to those explicitly required
by other provisions of this Agreement) and take such other actions as Buyer and Direct Parent may reasonably request to effect and perfect
the transactions contemplated herein.”

 

(e) Survival.
The first sentence of Section 12.1 is hereby amended and restated in its entirety to read as follows:

 

“All representations,
warranties, covenants, obligations and post-Closing agreements including without limitation provisions regarding Performance Payment and
Special Post-Closing Agreements (i.e. Section 2.6 (e)) in this Agreement and any other certificate or document delivered pursuant to this
Agreement will survive the Closing.”

 

(f) Jurisdiction.
Each of paragraphs (c) and (d) of Section 13.12 is hereby deleted in its entirety. Paragraph (b) of Section 13.12 is hereby amended and
restated in its entirety to read as follows:

 

“Any dispute arising from or in connection with this
Agreement shall be submitted to China International Economic and Trade Arbitration Commission (“CIETAC”)
for arbitration which shall be conducted in accordance with the CIETAC’s arbitration rules in effect at the time of applying for
arbitration. The arbitral award is final and binding upon all the parties hereto.”

 

(2)
Settlement. As a result of the amendments sets forth in Section 2(1) (a) and (b) hereof, the Parties agree to the following
settlement terms:

 

(a) Immediately
after the signing of this Agreement, Sellers shall execute and deliver all documents as requested by Buyer in order to cause the return
to Parent of 636,000 Parent Shares, which were issued to Sellers.

 

    3

     

    

 

(b) Within
ten (10) business days after the signing of this Agreement, Sellers shall return to Buyer RMB 20,000,000 in cash, which is the amount
paid by Buyer to Sellers as the Closing Cash Payment, by wire transfer of immediately available funds pursuant to the wire instructions
provided by Buyer.

 

(c) The
2021 and 2022 performance targets of the Acquired Companies as set forth in the Original Agreement were not met and therefore Sellers
are not entitled to the Second Payment or the Third Payment. None of Buyer, Parent, Direct Parent, the Acquired Companies, nor any of
their Related Parties shall have any debt, obligation or liability to either Seller or their respective Related Parties in connection
with or resulting from the forfeiture of the Second Payment or the Third Payment. Each Seller, on behalf of himself and his respective
Related Parties, hereby unconditionally and irrevocably releases each of Buyer, Parent, Direct Parent, the Acquired Companies and their
respective Related Parties from any and all claims, debts, obligations and liabilities, whether known or unknown, contingent or non-contingent,
at law or in equity, in each case arising from, in connection with or resulting from the forfeiture of the Second Payment and the Third
Payment.

 

 (3) Reference to and Effect on the Original Agreement. On or after the date hereof, each reference in the Original Agreement to “this Agreement,” “hereunder,” “herein” or words of like import shall mean and be a reference to the Original Agreement as amended hereby. No reference to this Agreement need be made in any instrument or document at any time referring to the Original Agreement, a reference to the Original Agreement in any of such to be deemed a reference to the Amended Agreement.

 

 (4) No Other Amendments. Except as set forth herein, the Original Agreement shall remain in full force and effect in accordance with its terms, which such terms are hereby ratified and confirmed and remain in full force and effect.

 

3. Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which together shall constitute
one instrument.

 

4. Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Agreement.

 

5. Governing Law; jurisdiction.
This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the Parties shall be governed, construed
and interpreted in accordance with the laws of the State of New York without regard to its choice of laws principles. Any dispute arising
from or in connection with this Agreement shall be submitted to China International Economic and Trade Arbitration Commission (CIETAC) for
arbitration which shall be conducted in accordance with the CIETAC’s arbitration rules in effect at the time of applying for arbitration.
The arbitral award is final and binding upon all the Parties. In the event a proceeding is commenced to enforce any provision of this
Agreement, the prevailing party shall be entitled to recover from the non-prevailing party the reasonable fees and expenses payable by
the prevailing party to his or its attorneys, accountants and other professionals in connection with that proceeding.

 

6. Representation
by Counsel. Each of the Parties has been represented or has had the opportunity to be represented by legal counsel of their own choice.

 

(Signature Pages Follow)

 

    4

     

    

 

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

 

	BUYER:	 
	 	 	 
	BIMI PHARMACEUTICAL (CHONGQING) CO., LTD.	 
	 	 	 
	By:	/s/ Xiaoping Wang	 
	Name:	Xiaoping Wang	 
	Title:	Legal Representative	 

 

	PARENT:	 
	 	 	 
	BIMI INTERNATIONAL MEDICAL INC.	 
	 	                                	 
	By:	/s/ Tiewei Song	 
	Name:	Tiewei Song	 
	Title:	CEO	 

 

	Direct Parent:	 
	 	 	 
	BIMI HOspital management (Chongqing) co., ltd.	 
	 	 	 
	By:	/s/ Wangjin Wu	 
	Name:	Wangjin Wu	 
	Title:  	Legal Representative	 

 

	SELLERS:	 
	 	 	 
	JIANGJIN SHEN	 
	 	                          	 
	By:  	/s/ Jiangjin Shen	 
	Name: 	Jiangjin Shen	 
	Address:  	No. 214-1, Xihuang Village, Donghai County, Chengxiang District, Putian City, Fujian Province, PRC	 

 

	ZHIWEI SHEN	 
	 	 	 
	By:  	/s/ Zhiwei Shen	 
	Name:	Zhiwei Shen	 
	Address: 	 No. 214, Xihuang Village, Donghai County, Chengxiang District, Putian City, Fujian Province, PRC	 
		 

	Acquired COMPANIES:	 
	 	 
	WUZHOU QIANGSHENG HOSPITAL CO., LTD.	 
	 	 
	By:	/s/ Zhiwei Shen	 
	Name:	Zhiwei Shen	 
	Title:	Chairman of the Board	 

 

	SUZHOU EURASIA HOSPITAL CO., LTD. 	 
	 	 
	By: 	/s/ Jiangjin Shen	 
	Name:	Jiangjin Shen 	 
	Title: 	Chairman of the Board	 
	 	 	 
	YUNAN YUXI MINKANG HOSPITAL CO., LTD.	 
	 	 
	By: 	/s/ Jiangjin Shen	 
	Name: 	Jiangjin Shen 	 
	Title: 	Chairman of the Board	 

 

     

     

    

 

Exhibit A Transfer Agent
Instructions

 

Date:

 

American Stock Transfer & Trust Company, LLC

Attention Darren Larson 

6201 15th Avenue

Brooklyn, NY 11219

By email: Darren.Larson@equiniti.com

 

Re: BIMI International Medical Inc. (“BIMI”) 

 

Dear Mr. Larson:

 

The undersigned, the record and beneficial owner of _________ shares
(the “Subject Shares”) of common stock of BIMI International Medical Inc. (“BIMI”) held in a DRS account (AST
Account number _______), hereby unconditionally and irrevocably instructs American Stock Transfer & Trust Company, LLC (“AST”),
BIMI’s transfer agent, to transfer the Subject Shares to BIMI. The undersigned consents to BIMI’s instructions to AST in substantially
the form as Appendix I attached hereto.

 

The undersigned hereby agrees to indemnify and hold harmless AST, its
affiliates, successors and assigns from and against any and all claims, damages, liabilities or losses to which they may be subject as
a result of accepting this letter.

 

Sincerely,

 

	By:	 	 
	Name:	 	 

 

     

     

    

 

Appendix I

 

(BIMI Company Letterhead)

 

Date

 

American Stock Transfer & Trust Company, LLC

Attention Darren Larson 

6201 15th Avenue

Brooklyn, NY 11219

By email: Darren.Larson@equiniti.com

 

Re: BIMI International Medical Inc. (“BIMI”) 

 

Dear Mr. Larson:

 

I am writing to you on behalf our company, of
BIMI International Medical Inc. (“BIMI”). We have entered into agreements with certain of our shareholders whereby they have
agreed to return to us an aggregate of ______ shares of our Common Stock. In your capacity as transfer agent for BIMI, you hereby authorized
and instructed to cancel and retire the _______ shares as detailed in Schedule I hereto.

 

BIMI hereby agrees to indemnify and hold harmless
American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (“AST”), its affiliates, successors
and assigns from and against any and all claims, damages, liabilities or losses to which they may be subject as a result of accepting
this letter in connection with cancelation of the _______ shares of BIMI currently held in in book-entry positions with AST.

 

Thank you for your assistance and please let me
know if you have any questions.

 

Sincerely,

 

	Name:	Tiewei Song	 
	Title:	CEO	 

 

     

     

    

 

Schedule I​
Exhibit 4.4
​
EXECUTION COPY
​
NEITHER THE SECURITIES REPRESENTED HEREBY NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATES.  THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. UNLESS SOLD PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.
​
IMEDIA BRANDS, INC.
​
WARRANT
​
	​

	​

	Warrant No. 2022-A-01
	Original Issue Date:
September 7, 2022

​
​
IMEDIA BRANDS, INC., a Minnesota corporation (the “Company”), hereby certifies that, for value received, ABG-SHAQ, LLC, a Delaware limited liability company or its registered assigns (the “Holder”), is entitled to purchase from the Company up to a total of 568,182 shares of Common Stock (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”), at any time following the vesting of the Warrant Shares through and including September 7, 2027 (the “Expiration Date”), and subject to the following terms and conditions:
​
1.         Definitions. As used in this Warrant, the following terms shall have the respective definitions set forth in this Section.  Capitalized terms that are used and not defined in this Warrant that are defined in the Shaq Agreement (as defined below) shall have the respective definitions set forth in the Shaq Agreement.
​
“Closing Price” means, for any date of determination, the price determined by the first of the following clauses that applies: (i) if the Common Stock is then listed or quoted on a Trading Market, the closing bid price per share of the Common Stock for such date (or the nearest preceding date) on such market; (ii) if prices for the Common Stock are then quoted on the OTC Bulletin Board, the closing bid price per share of the Common Stock for such date (or the nearest preceding date) so quoted; (iii) if prices for the Common Stock are then reported in the “Pink Sheets” published by the National Quotation Bureau Incorporated (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 (iv) in all other cases, the fair market value of a share of Common Stock as determined by an independent qualified appraiser selected in good faith and paid for by the Company.
​
“Common Stock” means the common stock of the Company, par value $.01 per share, and any securities into which such common stock may hereafter be reclassified.
“Exercise Price” means $0.88, subject to adjustment in accordance with Section 9.
“Fundamental Transaction” means any of the following: (i) the Company effects any merger or
consolidation of the Company with or into another person, (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender offer or exchange

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	Warrant
	Page 1

​

​
offer (whether by the Company or another person pursuant to an agreement with the Company) is completed pursuant to which all holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property and the holders of at least 50% of the then outstanding Common Stock tender their shares of Common Stock, or (iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property.
​
“Original Issue Date” means the Original Issue Date first set forth on the first page of this
Warrant or its predecessor instrument.
​
“Shaq Agreement” means that certain Summary of Commercial Terms, dated as of November 18, 2019 (effective as of January 1, 2020), as amended January 1, 2020 and further amended September 7, 2022, to which the Company and the original Holder are parties.
​
“Trading Day” means (i) a day on which the Common Stock is traded on a Trading Market (other than the OTC Bulletin Board), or (ii) if the Common Stock is not listed on a Trading Market (other than the OTC Bulletin Board), a day on which the Common Stock is traded in the over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if the Common Stock is not quoted on any Trading Market, a day on which the Common Stock is quoted in the over-the-counter market as reported by the National Quotation Bureau Incorporated (or any similar organization or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or quoted as set forth in clauses (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day.
​
“Trading Market” means whichever of the New York Stock Exchange, the NYSE American Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or the OTC Bulletin Board on which the Common Stock is listed or quoted for trading on the date in question.
​
2.         Registration of Warrant. 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.
​
3.         Registration of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached hereto duly completed and signed and such other documents as necessary to permit the transfer (including an opinion of counsel as to the permissibility of the transfer pursuant to federal and state securities laws), to the Company at its address specified herein. Upon any such registration or transfer, a new Warrant to purchase Common Stock, in substantially the form of this Warrant (any such new Warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations of a holder of a Warrant.
​
4.         Exercise and Duration of Warrants.
​
(a)        This Warrant shall be exercisable by the registered Holder in whole at any time and in part from time to time as to the number of shares vested as set forth in the table below on each vesting date set forth in the table below through and including the Expiration Date. At 5:30 p.m., Central time on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value.
​
​

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	Warrant
	Page 2

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​
	​

	​

	Vesting Date
	Number of Warrant Shares Vesting on the Vesting Date

	November 20, 2022
	284,091

	February 1, 2023
	284,091

​
​
(b)        Notwithstanding anything to the contrary set forth in this Warrant, in the event of a Change of Control, (i) at Company’s sole option unless (ii) the Change of Control results in the Company no longer having a class of securities registered under Section 12 or Section 15 of the Securities Exchange Act of 1934 in which case such determination shall be made automatically, the Holder shall surrender this Warrant in exchange for a number of shares of Company’s securities, such number of securities being equal to the maximum number of securities issuable pursuant to the terms hereof (after taking into account all adjustments described herein) had the Holder elected to exercise this Warrant immediately prior to the closing of such Change of Control and purchased all such shares pursuant to the cashless exercise provision set forth in Section 10(b) (as opposed to the cash exercise provision set forth in Section 10(a)).  The Company acknowledges and agrees that the Holder shall not be required to make any additional payment (cash or otherwise) for such shares as further consideration for their issuance in exchange for the Holder’s surrender of this Warrant pursuant to the terms of the preceding sentence.  A “Change of Control” shall be deemed to occur if the Company shall (a) sell, lease, convey, or otherwise dispose of (including without limitation the grant of an exclusive license to) all or substantially all of the Company’s intellectual property or assets as an entirety or substantially as an entirety to any person, entity or group of persons acting in concert, (b) effect a merger, consolidation or reorganization in which the Company is not the surviving entity and the stockholders of the Company immediately prior to the merger, consolidation or reorganization fail to possess direct or indirect ownership of more than 50% of the voting power of the securities of the surviving entity immediately following such transaction (other than a merger or consolidation with a wholly-owned subsidiary, a reincorporation of the Company, or other transaction in which there is no substantial change in the stockholders of the Company or their relative stock holdings), or (c) effect a merger, consolidation or reorganization in which the Company is the surviving corporation and the stockholders of the Company immediately prior to the merger, consolidation or reorganization fail to possess direct or indirect ownership of more than 50% of the securities of the Company immediately following such transaction.
5.         Delivery of Warrant Shares.
​
(a)        To effect exercises hereunder, the Holder shall not be required to physically surrender this Warrant unless the aggregate Warrant Shares represented by this Warrant are being exercised. Upon delivery of the Exercise Notice (in the form attached hereto) to the Company (with the attached Warrant Shares Exercise Log) at its address for notice set forth herein and upon payment of the Exercise Price multiplied by the number of Warrant Shares that the Holder intends to purchase hereunder, the Company shall promptly (but in no event later than two Trading Days after the Date of Exercise (as defined herein)) issue and deliver to the Holder, a certificate for the Warrant Shares issuable upon such exercise. A “Date of Exercise” means each of (A) the date of a Change of Control and (B) the date on which the Holder shall have delivered to the Company: (i) the Exercise Notice (with the Warrant Exercise Log attached to it), appropriately completed and duly signed and (ii) payment of the Exercise Price for the number of Warrant Shares so indicated by the Holder to be purchased.
​
(b)        If by the third Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the manner required pursuant to Section 5(a), then the Holder will have the right to rescind such exercise.
​
6.          Charges, Taxes and Expenses.  Issuance and delivery of Warrant Shares upon exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall
​

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	Warrant
	Page 3

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​
be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.
​
7.          Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity (which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.
​
8.          Reservation of Warrant Shares.  The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of Persons other than the Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable.
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9.          Certain Adjustments.  The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 9.
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(a)        Stock Dividends and Splits.  If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be adjusted to equal the product obtained by multiplying the then-current Exercise Price by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination.
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(b)        Fundamental Transactions.  If, at any time while this Warrant is outstanding there is a Fundamental Transaction, then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant (the “Alternate Consideration”). 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. Any successor to the Company or surviving entity in such Fundamental
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	Warrant
	Page 4

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Transaction shall issue to the Holder a new warrant substantially in the form of this Warrant and consistent with the foregoing provisions and evidencing the Holder’s right to purchase the Alternate Consideration for the aggregate Exercise Price upon exercise thereof.
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(c)        Number of Warrant Shares.  Simultaneously with any adjustment to the Exercise Price pursuant to this Section, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.
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(d)        Calculations.  All calculations under this Section shall be made to the nearest cent or the nearest 1/100th of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.
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(e)        Notice of Adjustments.  Upon the occurrence of each adjustment pursuant to this Section, the Company at its expense will promptly compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s Transfer Agent.
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10.        Payment of Exercise Price.  The Holder may pay the Exercise Price in one of the following manners:
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(a)        Cash Exercise.  The Holder may deliver immediately available funds; or
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(b)        Cashless Exercise.  Solely pursuant to a Cashless Exercise, the Company shall issue to the Holder the number of Warrant Shares determined as follows:
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X = Y [(A-B)/A]
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where:
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X = the number of Warrant Shares to be issued to the Holder.
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Y = the number of Warrant Shares with respect to which this Warrant is being exercised.
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A = the average of the Closing Prices for the five Trading Days immediately prior to (but not including) the Exercise Date.
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B = the Exercise Price.
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11.        No Fractional Shares.  No fractional shares of Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of any fractional shares which would, otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the Closing Price of one Warrant Share on the date of exercise.
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12.        19.999% Blocker.  Notwithstanding anything to the contrary contained herein, the number of Warrant Shares that may be acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to insure that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its affiliates (as defined under Rule 144, “Affiliates”) and any other persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Securities Exchange Act of 1934, does not exceed 19.999% of the total number of issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such
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	Warrant
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exercise).  For such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  This provision shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the number of securities or amount of other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9 of this Warrant.  This restriction may not be waived without shareholder approval.
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13.        Representations, Warranties & Covenants of the Holder. The Holder, by acquiring this Warrant, hereby represents, warrants and covenants to the Company as follows:
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(a)        Investment Representations. In connection with the issuance of the Warrant and the Warrant Shares, the Holder makes the following representations and covenants:
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(i)         Investment for Own Account.  The Holder is acquiring the Warrant and the Warrant Shares for its own account, not as nominee or agent, and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act; provided, however, that by making the representations herein, the Holder does not agree to hold any of the Warrants or Warrant Shares for any minimum or specific term and reserves the right to dispose of the securities at any time in accordance with or pursuant to a registration statement or an exemption from the registration requirements of the Securities Act.
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(ii)        Transfer Restrictions, Legends.  The Holder understands that (i) the Warrant and Warrant Shares have not been registered under the Securities Act; (ii) the Warrant and Warrant Shares are being offered and sold pursuant to an exemption from registration, based in part upon the Company’s reliance upon the statements and representations made by the Holder in this Warrant, and that the Warrant and Warrant Shares must be held by the Holder indefinitely, and that the Holder must, therefore, bear the economic risk of such investment indefinitely, unless a subsequent disposition thereof is registered under the Securities Act or is exempt from such registration; (iii) each certificate representing the Warrant and Warrant Shares will be endorsed with the following legend until the earlier of (1) such date as the Warrant or Warrant Shares, as the case may be, have been registered for resale by the Holder or (2) the date the Warrant or the Warrant Shares, as the case may be, are eligible for sale under Rule 144 under the Securities Act without limitations:
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THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. UNLESS SOLD PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.
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(iv) the Company will instruct any transfer agent not to register the transfer of the Warrant or Warrant Shares (or any portion thereof) until the applicable date set forth in clause (iii) above unless the conditions specified in the foregoing legends are satisfied or,
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	Warrant
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if the opinion of counsel referred to above is to the further effect that such legend is not required in order to establish compliance with any provisions of the Securities Act or this Warrant, or other satisfactory assurances of such nature are given to the Company.
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The Holder agrees that the removal of the restrictive legend from certificates representing Warrants or Warrant Shares as set forth in this Section is predicated upon the Company’s reliance that the Holder will sell any securities pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom.
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(iii)       Financial Sophistication; Due Diligence.  The Holder has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in connection with the transactions contemplated in this Warrant. The Holder has, in connection with its decision to purchase the Warrant, relied only upon the representations and warranties contained herein and the information contained in the reports, registration statements and definitive proxy statements filed by the Company with the Securities and Exchange Commission (the “SEC” and the documents, the “Company SEC Documents”). Further, the Holder has had such opportunity to obtain additional information and to ask questions of, and receive answers from, the Company, concerning the terms and conditions of the investment and the business and affairs of the Company, as the Holder considers necessary in order to form an investment decision.
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(iv)       Accredited Investor Status.  The Holder is an “accredited investor” as such term is defined in Rule 501(a) of the rules and regulations promulgated under the Securities Act.
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(v)        Residency.  The Holder is organized under the laws of Delaware and its principal place of operations (if applicable) is in the state of New York.
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(vi)       General Solicitation. The Holder is not purchasing the Warrant or Warrant Shares as a result of any advertisement, article, notice or other communication regarding the Warrant or Warrant Shares published in any newspaper, magazine or similar media or broadcast over the television or radio or presented at any seminar or any other general solicitation or general advertisement. Prior to the time that Holder was first contacted by the Company the Holder had a pre-existing and substantial relationship with
the Company.
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(vii)      Foreign Investors.  If Holder is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code), Holder hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with the receipt of Warrant Shares upon vesting of the Warrant and the receipt of the Warrant, including (i) the legal requirements within its jurisdiction for the receipt of the Warrant and Warrant Shares, (ii) any foreign exchange restrictions applicable to such receipt, (iii) any government or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the acquisition, holding, redemption, sale or transfer of the Warrant and Warrant Shares.  Holder’s beneficial ownership of the Shares will not violate any applicable securities or other laws of Holder’s jurisdiction
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(b)        Authority.  Holder has all necessary power and authority to execute and deliver this Warrant and to carry out its provisions.  All action on Holder’s part required for the lawful execution and delivery of this Warrant has been taken. This Warrant, when executed and delivered by the Holder, shall constitute the valid and binding obligation of the Holder
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	Warrant
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enforceable in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency or other laws of general application affecting enforcement of creditors’ rights.
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(c)        No Investment, Tax or Legal Advice.  The Holder understands that nothing in the Company SEC Documents, the Shaq Agreement, this Warrant, or any other materials presented to the Holder in connection with the purchase and sale of the Warrant or the Warrant Shares constitutes legal, tax or investment advice. The Holder has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of Warrant and Warrant Shares.
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(d)        Additional Acknowledgement.  The Holder acknowledges that it has independently evaluated the merits of the transactions contemplated by this Warrant and the Shaq Agreement, that it has independently determined to enter into the transactions contemplated hereby, that it is not relying on any advice from or evaluation by any other person.
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(e)        Limited Ownership.  The purchase of the Warrant and the Warrant Shares will not result in the Holder (individually or together with any other person or entity with whom the Holder has identified, or will have identified, itself as part of a “group” in a public filing made with the SEC involving the Company’s securities) acquiring, or obtaining the right to acquire, in excess of 19.999% of the outstanding shares of common stock or voting power of the Company on a post-transaction basis that assumes the Warrant and the Warrant Shares have been issued.
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(f)         No Short Position. As of the date hereof, the Holder acknowledges and agrees that it has not engaged in any short sale regarding the Company’s voting stock or any other type of hedging transaction involving the Company’s securities (including, without limitation, depositing shares of the Company’s securities with a brokerage firm where such securities are made available by the broker to other customers of the firm for purposes of hedging or short selling the Company’s securities).
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14.       Limitation on Transfer.
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(a)        “Restricted Securities” means the Warrants, the Warrant Shares and any other shares of capital stock of the Company issued in respect of such Warrant Shares (as a result of stock splits, stock dividends, reclassifications, recapitalizations or similar events) or securities issued in respect of such Warrants; provided, however, that securities that are Restricted Securities shall cease to be Restricted Securities upon any sale pursuant to an effective registration statement under the Securities Act or pursuant to Rule 144 or another exemption available under the Securities Act. In no event may the Restricted Securities be sold or transferred unless either (A) they first shall have been registered under the Securities Act or (B) the Company shall have been furnished with an opinion of legal counsel, reasonably satisfactory to the Company, to the effect that such sale or transfer is exempt from the registration requirements of the Securities Act.
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(b)        Notwithstanding any other provision herein to the contrary, (1) the Holder shall not sell, transfer, assign, donate, pledge or otherwise dispose of the Restricted Securities until at least 183 days following the date such shares vest, and (2) the Holder shall not at any time, directly or indirectly, sell, transfer or otherwise dispose of any Restricted Securities when the Holder is in possession of material non-public information about the Company.
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(c)        Any certificate representing Restricted Securities shall bear a legend substantially in the following form:
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The securities represented hereby are subject to a restriction on transfer contained in a Warrant dated as of September 7, 2022. A copy of the agreement is available at the Company’s principal executive offices.
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	Warrant
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(d)        The Holder acknowledges and agrees that the Company, in its discretion, may cause stop transfer orders to be placed with its transfer agent with respect to the Restricted Securities in order to facilitate the transfer restrictions referred to in this Section. The Company shall remove the legend from the certificates representing any Restricted Securities at the request of the holder thereof at such time as they are sold pursuant to an effective registration statement under the Securities Act or an exemption from the registration requirements of the Securities Act in compliance with this Section.
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(e)        The Holder shall engage, directly or indirectly, in any short sales with respect to the Common Stock of the Company until September 7, 2023.
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15.        Omitted.
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16.        Notices.  Any notice required or permitted under this Warrant (including, without limitation, any Exercise Notice) shall be given in writing and shall be deemed effectively given upon the earlier of (1) actual receipt or three days after mailing if mailed postage prepaid by regular or airmail to the Company or the Holder or (2) one day after it is sent by overnight mail via nationally recognized courier or (3) on the same day as sent via confirmed e-mail or facsimile transmission, provided that the original is sent by personal delivery or mail by the sending party.  Address for such notice will be provided by each party to the other under separate cover.
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17.        Miscellaneous.
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(a)        This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by
the Company and the Holder and their successors and assigns.
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(b)        All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of Minnesota, without regard to the principles of conflicts of law thereof.
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(c)        This Warrant and the Shaq Agreement constitute the full and entire understanding and agreement among the parties with regard to the subjects hereof and no party shall be liable or bound to any other party in any manner by any representations, warranties, covenants, or agreements except as specifically set forth herein or therein.
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(d)        The headings herein are for convenience only, do not constitute a part of this
Warrant and shall not be deemed to limit or affect any of the provisions hereof.
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(e)        In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant.
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(f)         Prior to exercise of this Warrant, the Holder hereof shall not, by reason of being a
Holder, be entitled to any rights of a stockholder with respect to the Warrant Shares.
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(g)        Except as otherwise set forth herein, the Company and the Holder shall bear their own expenses and legal fees incurred on their behalf with respect to this Warrant and the transactions contemplated hereby. Each party hereby agrees to indemnify and to hold harmless of and from any liability the other party for any commission or compensation in the nature of a finder’s fee to any broker or other person or firm (and the costs and expenses of defending against such liability or asserted liability) for which such indemnifying party or any of its employees or representatives are responsible.
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	Warrant
	Page 9

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(h)        Each party acknowledges that it has received adequate information to enter into this Warrant, that it has had adequate opportunity to make whatever investigation or inquiry it may deem necessary or desirable in connection with the subject matter of this Warrant prior to the execution hereof, and that it has not relied on any promise, representation, or warranty, express or implied, not contained in this Warrant. Each of the parties hereto acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Warrant, and that it has executed the same with the advice of said independent counsel. Each party cooperated and participated in the drafting and preparation of this Warrant, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Warrant against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations of this Warrant shall be decided without regards to events of drafting or preparation. Further, any rule of law or any legal decision that would provide any party with a defense to the enforcement of the terms of this Warrant against such party shall have no application and is expressly waived.
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[Remainder of page intentionally left blank, signature page follows]
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	Warrant
	Page 10

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In witness whereof, the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.
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	IMEDIA BRANDS, INC.

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	By:
	

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	Tim Peterman, Chief Executive Officer

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	Agreed & Acknowledged:
ABG-SHAQ, LLC
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	By:
	
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	Name:
	Jay Dubiner
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	Title:
	Chief Legal Officer
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	Warrant
	Page 11

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EXERCISE NOTICE
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The undersigned Holder hereby irrevocably elects to purchase                          shares of Common Stock pursuant to the attached Warrant.  Capitalized terms used herein and not otherwise defined have the respective meanings set forth in the Warrant.
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(1) The undersigned Holder hereby exercises its right to purchase                      Warrant Shares pursuant to the Warrant.
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(2) The Holder intends that payment of the Exercise Price shall be made as (check one):
​
              “Cash Exercise” under Section 10
​
              “Cashless Exercise” under Section 10
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(3) If the holder has elected a Cash Exercise, the Holder shall pay the sum of $                          to the
Company in accordance with the terms of the Warrant.
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(4) Pursuant to this Exercise Notice, the Company shall deliver to the holder                       Warrant Shares in accordance with the terms of the Warrant.
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	Dated
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	Name of Holder:

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	(Print)

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	By:
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	Its:
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	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)

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	Warrant
	Page 12

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Warrant Shares Exercise Log
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Date

	Number of Warrant
Shares Available to be Exercised

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Number of Warrant
Shares Exercised

	Number of Warrant
Shares Remaining to be Exercised

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	Warrant
	Page 13

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FORM OF ASSIGNMENT
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[To be completed and signed only upon transfer of Warrant]
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FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                         the right represented by the attached Warrant to purchase                  shares of Common Stock to which such Warrant relates and appoints                              attorney to transfer said right on the books of the Company with full power of substitution in the premises.
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	Dated
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	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)

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	Address of Transferee

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	Attest:
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	Warrant
	Page 14

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