Document:

Exhibit 10.4

 

MEDBOX, INC.

 

DEBENTURE AMENDMENT

 

January 30, 2015

 

Reference is made to
the 10% Convertible Debentures due pursuant to that certain Securities Purchase Agreement dated July 21, 2014 (each a “Debenture,”
in the aggregate, the “Debentures”) issued by Medbox, Inc. (the “Company”) to ______________
(the “Holder”).

 

The Company and the
Holder desire to remove the Amortization Payments and modify the conversion terms of the Debentures as set forth herein.

 

Accordingly, the Company
and the Holder hereby agree as follows:

 

		1.	Definitions and Interpretation

 

Capitalized
terms not otherwise defined herein shall have the meanings set forth in the Debentures.

 

		2.	Amendment of the Debentures

 

		2.1	The parties hereby agree that, with immediate effect from the execution of this Debenture Amendment,
each Debenture shall be amended as follows:

 

		(a)	The definitions of “Amortization Payments” and “Amortization Payment Date”
shall be deleted in their entirety.

 

		(b)	There shall be inserted in Section 1 of the Debentures a new definition of “Fixed Conversion
Price” as follows:

 

“Fixed
Conversion Price” shall have the meaning set forth in Section 4(b).

 

		(c)	There shall be inserted in the Debenture at the end of Section 2(a) the following new sentence:

 

Accrued and
unpaid interest shall be due on payable on each Conversion Date and on the Maturity Date, or as otherwise set forth herein. 

 

		(d)	Section 2(d) and Appendix A of the Debentures shall be deleted in their entirety. As a result,
the Company shall no longer be obligated to make any Amortization Payments, including, for the avoidance of doubt, any Amortization
Payments that were due prior to the date of this Debenture Amendment.

 

		(e)	The first sentence in Section 2(e) shall be amended to read:

 

At any time
upon two (2) days written notice to the Holder, and provided the Holder accepts such notice in its sole discretion, the Company
may prepay any portion of the principal amount of this Debenture and any accrued and unpaid interest.

 

    	 

    	 

    

 

		(f)	Section 4(b) of the Debentures shall be deleted and replaced with the following new Section 4(b):

 

		4(b)	Conversion Price. The conversion price in effect on any Conversion Date shall be equal
to the lower of (a) $5.00, subject to adjustment herein (the “Fixed Conversion Price”), or (b) 51% of the lowest
VWAP for the 20 consecutive Trading Days ending on the Trading Day that is immediately prior to the applicable Conversion Date
(the resulting price being referred to as the “Conversion Price”). All such determinations will be appropriately
adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction that proportionately decreases
or increases the Common Stock during such measuring period. Nothing herein shall limit a Holder’s right to pursue actual
damages or declare an Event of Default pursuant to Section 6 hereof and the Holder shall have the right to pursue all remedies
available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section
hereof or under applicable law. 

 

		(g)	Section 4(c)(i) of the Debentures shall be deleted and replaced with the following new clause 4(c)(i):

 

		4(c)(i)	Conversion Shares Issuable Upon Conversion of Principal Amount. The number of Conversion
Shares issuable upon a conversion hereunder shall be determined by the quotient obtained by dividing (x) the outstanding principal
amount of this Debenture to be converted and any accrued and unpaid interest to be converted by (y) the Conversion Price.

 

		(h)	All references in Section 5(a), (b), and (g) of the Debentures to the term “Conversion Price”
shall be deleted and replaced with the term “Fixed Conversion Price.”

 

		3.	Amended and Restated Debenture and holding period

 

		(a)	Attached for reference on Annex A is a conformed copy of the Debentures showing the amendments
made pursuant to this Debenture Amendment and in a form agreed by the parties.

 

		(b)	Promptly upon the execution of this Debenture Amendment the Company shall execute an original amended
and restated Debenture for each Debenture in the form of the conformed copy of the Debenture on Annex A (the “Amended
and Restated Debenture”) and deliver such Amended and Restated Debentures to the Holder.

 

    	 

    	 

    

 

		(c)	The Company, based on advice of its securities counsel, represents, warrants, and agrees that in
accordance with the Securities Act and Rule 144 promulgated thereunder the holding period for the Amended and Restated Debenture
issued hereunder (and the corresponding Conversion Shares issuable thereunder) will include the holding period of each original
Debenture which it replaces. Upon the issuance of the Amended and Restated Debentures the Company shall cause its securities counsel
to provide a legal opinion in a form to be agreed upon by the parties concluding that that the holding period for the Amended and
Restated Debenture issued to the Holder (and the corresponding Conversion Shares issuable thereunder) in replacement of the Debenture
will include the holding period for such Debenture from the various dates of issuance from July 21, 2014 through and including
November 21, 2014.

 

		4.	Counterparts and delivery

 

This Debenture
Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, and which together shall
constitute one and the same agreement.

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Company and the Holder have caused this Debenture Amendment to be signed by their duly authorized officers.

 

	 	MEDBOX, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 

 

	 	 
	 	 
	 	By:	 
	 	 	Name:  	 
	 	 	Title:	 

 

    	 

    	 

    

 

ANNEX A

 

CONFIRMED COPY OF
DEBENTURE AS AMENDMEDExhibit 10.5

 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND HAVE BEEN ISSUED IN RELIANCE
UPON AN EXEMPTION FROM THE REQUIREMENTS FOR SUCH REGISTRATION FOR NONPUBLIC OFFERINGS. ACCORDINGLY, THE SALE, TRANSFER, PLEDGE,
HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED HEREBY OR ANY PORTION THEREOF OR INTEREST THEREIN MAY NOT BE ACCOMPLISHED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY IN FORM AND SUBSTANCE
TO THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

 

VOID AFTER 5:00 P.M., PACIFIC TIME
ON JANUARY 30, 2018

 

WARRANT

 

	Number:	RB1
	Number of Shares:	[___]
	Exercise Price:	$[____]

 

For the Purchase of

Shares of Common Stock, $.001 Par Value

Of

Medbox, Inc.

A Nevada Corporation

 

This Warrant is being
issued in conjunction with a certain 10% Convertible Debenture Due January 30, 2016, (“Debenture”), issued on
the date hereof to ______________ or its registered assigns (“Holder”).

 

THIS CERTIFIES THAT,
for value received, Holder, as registered owner of this Warrant (“Warrant”), is entitled to at any time or from time
to time after January 30, 2015 and before 5:00 P.M., Pacific Time, January 30, 2018, but not thereafter (the “Warrant Exercise
Term”), to subscribe for, purchase and receive a number of fully paid and non-assessable shares of the common stock, $.001
par value (the “Common Stock”), of Medbox, Inc., a Nevada corporation (the “Company”), determined
by dividing the Principal Amount of the applicable Debenture by a price (the “Reference Price”) equal to 120%
of the last reported closing price of the Common Stock on the date hereof, at an exercise price equal to the applicable
Reference Price (such price, being referred to herein as the “Exercise Price”), upon presentation and surrender of
this Warrant and upon payment of the Exercise Price for such shares of the Common Stock to the Company at the principal office
of the Company, but subject to the conditions set forth in the Statement of Rights; provided, however, that upon the occurrence
of any of the events specified in the Statement of Rights, the rights granted by this Warrant shall be adjusted as therein specified.
Payment of the Exercise Price may be made in cash, by cashier’s check, wire transfer or Cashless Exercise as provided in
the Statement of Rights. Upon exercise of this Warrant, the form of election hereinafter provided for must be duly executed and
the instructions for registration of the Common Stock acquired by such exercise must be completed. If the subscription rights represented
hereby shall not be exercised at or before 5:00 P.M., Pacific Time, on January 30, 2018, this Warrant shall become and be void
without further force or effect, and all rights represented hereby shall cease and expire.

 

    	1

    	 

    

 

This Warrant may be
exercised in accordance with its terms in whole or in part. In the event of the exercise or assignment hereof in part only, the
Company shall cause to be delivered to the Holder a new Warrant of like tenor to this Warrant in the name of the Holder representing
the number of shares with respect to which this Warrant shall not then have been exercised.

 

In no event shall this
Warrant (or the shares of the Common Stock issuable upon full or partial exercise hereof) be offered or sold except in conformity
with the Securities Act of 1933, as amended

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be signed by its duly authorized officer as of January 30, 2015.

 

Medbox, Inc.

a Nevada corporation

 

By: Guy Marsala

Its: Chief Executive Officer

 

    	2

    	 

    

 

ANNEX A

 

STATEMENT OF RIGHTS OF WARRANT HOLDER

 

1.          Exercise
of Warrant.

 

1.1           Cash
Exercise. This Warrant may be exercised in whole or in part at any time or from time during the Warrant Exercise Term, by presentation
and surrender hereof to the Company, with the Exercise Form annexed hereto duly executed and accompanied by payment by cashier’s
check or wire transfer of the Exercise Price for the number of shares specified in such form, together with all federal and state
taxes applicable upon such exercise. If this Warrant should be exercised in part only, the Company shall, upon surrender of this
Warrant for cancellation, execute and deliver a new Warrant evidencing the right of the Holder to purchase the balance of the shares
purchasable hereunder. Upon receipt by the Company of this Warrant and the Exercise Price at the office or agency of the Company,
in proper form for exercise, the Holder shall be deemed to be the holder of record of the shares of Common Stock issuable upon
such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing
such shares of Common Stock shall not then be actually delivered to the Holder.

 

1.2           Cashless
Exercise. At any time during the Warrant Exercise Term, the Holder may, at the Holder’s option, exchange, in whole or
in part, this Warrant (a “Warrant Exchange”), into the number of Shares determined in accordance with this Section
1.2, by surrendering this Warrant at the principal office of the Company or at the office of its transfer agent, accompanied by
a notice stating such Holder’s intent to effect such exchange, the number of shares subject to the Warrant to be so exchanged
and the date on which the Holder requests that such Warrant Exchange occur (the “Notice of Exchange”). The Warrant
Exchange shall take place on the date specified in the Notice of Exchange or, if later, the date the Notice of Exchange is received
by the Company (the “Exchange Date”). Certificates for the shares of Common Stock issuable upon such Warrant Exchange
and, if applicable, a new Warrant of like tenor representing the shares which were subject to the surrendered Warrant and not included
in the Warrant Exchange, shall be issued as of the Exchange Date and delivered to the Holder within three (3) trading days following
the Exchange Date. In the event of an exercise pursuant to this Section 1.2, the number of Warrant Shares issued to the Holder
shall be determined according to the following formula:

 

	 	X = 	Y(A-B)	 	 
	 	A 	 	 
	 	 	 	 	 
	 	Where: 	 	 	 
	 	 	 	 	 
	 	X = 	the number of Warrant Shares that shall be issued to the Holder;

 

ANNEX A - STATEMENT OF RIGHTS OF WARRANT
HOLDER

    	-1-

    	 

    

 

 

	 	Y = 	the number of Warrant Shares for which this Warrant is being exercised (which shall include both the number of Warrant Shares issued to the Holder and the number of Warrant Shares subject to the portion of the Warrant being cancelled in payment of the Purchase Price); 
	 	 	 
	 	A = 	the Market Price (as defined below) of one share of Common Stock, as of the date prior to the Exercise Date; and 
	 	 	 
	 	B = 	the Purchase Price then in effect. 

 

“Market Price”
at any date shall be deemed to be the last reported sale price, or, in case no such reported sales takes place on such day, the
average of the last reported sales prices for the last three (3) trading days, in either case as officially reported by the principal
securities exchange on which the Common Stock is listed or admitted to trading or as reported by the Nasdaq Stock Market, Inc.,
or, if the Common Stock is not listed or admitted to trading on any national securities exchange or quoted on the Nasdaq Stock
Market, Inc., the closing bid price as furnished by (i) the National Quotation Bureau, Inc. is no longer reporting such information.

 

2.          Rights
of the Holder and Exercise Limitation.

 

2.1           The
Holder shall not, by virtue hereof, be entitled to any rights of a stockholder in the Company, either at law or equity, and the
rights of the Holder are limited to those expressed in the Warrant and are not enforceable against the Company except to the extent
set forth herein.

 

2.2           The
Company shall not effect any exercise of this Warrant, and the Holder shall not have the right to exercise this Warrant, to the
extent that after giving effect to such exercise, the Holder (together with the Holder’s affiliates, and any persons acting
as a group together with the Holder or any of the Holder’s affiliates) would beneficially own in excess of be 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 such exercise of this Warrant by the Holder. For purposes of this Section 2.2, in determining the number of outstanding shares
of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following:
(i) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (ii) a more recent
public announcement by the Company, or (iii) a more recent written notice by the Company or the Company’s transfer agent
setting forth the number of shares of Common Stock outstanding.  The Holder, upon not less than 61 days’ prior
notice to the Company, may increase or decrease this beneficial ownership limitation, 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 by the Holder. Any such increase or decrease will not be effective until
the 61st day after such notice is delivered to the Company.

 

ANNEX A - STATEMENT
OF RIGHTS OF WARRANT HOLDER

    	-2-

    	 

    

 

3.          Adjustments.

 

3.1           Reclassification,
Etc. In case of any reclassification or change of the outstanding shares of Common Stock (other than a change in par value
to no par value, or from no par value to par value, or as a result of a subdivision or combination), the Holder shall thereafter
have the right to purchase the kind and number of shares of stock and other securities and property receivable upon such reclassification
or change as if the Holder was the owner of the shares of Common Stock underlying the Warrant immediately prior to any such events
at a price equal to the product of (x) the number of shares of Common Stock issuable upon exercise of the Holder’s Warrant
and (y) the Exercise Price in effect immediately prior to the record date for such reclassification or change as if such Holder
had exercised the Warrant.

 

3.2           Consolidation,
Merger, Etc. In the case of any consolidation of the Company with, or merger of the Company into, another corporation (other
than a consolidation or merger in which the Company is the surviving corporation and which does not result in any reclassification
or change of the outstanding shares of Common Stock, except a change as a result of a subdivision or combination of such shares
or a change in par value, as aforesaid), or in the case of a sale or conveyance to another corporation of the property of the Company
as an entirety, the Holder shall have the right to purchase the kind and number of shares of stock and other securities and property
receivable upon such consolidation, merger, sale or conveyance as if the Holder was the owner of the shares of Common Stock underlying
the Warrant immediately prior to any such events at a price equal to the product of (x) the number of shares of Common Stock issuable
upon exercise of the Holder’s Warrant and (y) the Exercise Price in effect immediately prior to the record date for such
consolidation, merger, sale or conveyance as if such Holder had exercised the Warrant (the “Merger Right”). Notwithstanding
the foregoing, in the case of any consolidation of the Company with, or merger of the Company into, a corporation affiliated with
the Company or any of the Company’s officers or directors (such a corporation referred to herein as an “Affiliate”),
or the sale or conveyance to an Affiliate of the property of the Company as an entirety, prior to the end of the Warrant Exercise
Term, the Holder shall have the Merger Right.

 

3.3           Dividends
and Other Distributions with Respect to Outstanding Securities. In the event that the Company shall at any time make any distribution
of its assets to holders of its Common Stock as a liquidating or a partial liquidating dividend, then the Holder of the Warrant
who exercises its Warrant after the record date for the determination of those holders of Common Stock entitled to such distribution
of assets as a liquidating or partial liquidating dividend shall be entitled to receive for the Warrant Price per Warrant, in addition
to each share of Common Stock, the amount of such distribution (or, at the option of the Company, a sum equal to the value of any
such assets at the time of such distribution as determined by the Board of Directors of the Company in good faith) which would
have been payable to such Holder had he been the holder of record of the Common Stock receivable upon exercise of his Warrant on
the record date for the determination of those entitled to such distribution. At the time of any such dividend or distribution,
the Company shall make appropriate reserves to ensure the timely performance of the provisions of this subsection 3.3.

 

ANNEX A - STATEMENT
OF RIGHTS OF WARRANT HOLDER

    	-3-

    	 

    

 

4. Notices to Warrant
Holders. So long as this Warrant shall be outstanding and unexercised (i) if the Company shall pay any dividend or make any
distribution upon the Common Stock or (ii) if the Company shall offer to the holders of Common Stock for subscription or purchase
by them any shares of stock of any class or any other rights or (iii) if any capital reorganization of the Company, reclassification
of the capital stock of the Company, consolidation or merger of the Company with or into another corporation, sale, lease or transfer
of all or substantially all of the property and assets of the Company to another corporation, or voluntary or involuntary dissolution,
liquidation or winding up of the Company shall be effected, then, in any such case, the Company shall cause to be delivered to
the Holder, at least ten (10) days prior to the date specified in (x) or (y) below, as the case may be, a notice containing a brief
description of the proposed action and stating the date on which (x) a record is to be taken for the purpose of such dividend,
distribution or rights, or (y) such reclassification, reorganization, consolidation, merger, conveyance, lease, dissolution, liquidation
or winding up is to take place and the date, if any, is to be fixed, as of which the holders of Common Stock of record shall be
entitled to exchange their shares of Common Stock for securities or other property deliverable upon such reclassification, reorganization,
consolidation, merger, conveyance, dissolution, liquidation or winding up.

 

5.          Officer’s
Certificate. Whenever the Exercise Price shall be adjusted as required by the provisions hereof, the Company shall forthwith
file in the custody of its Secretary or an Assistant Secretary at its principal office, and with its stock transfer agent, if any,
an officer’s certificate showing the adjusted Exercise Price determined as herein provided and setting forth in reasonable
detail the facts requiring such adjustment, and shall provide such officer’s certificate to the Holder hereof. Each such
officer’s certificate shall be made available at all reasonable times for inspection by the Holder and the Company shall,
forthwith after each such adjustment, deliver a copy of such certificate to the Holder. Such certificate shall be conclusive as
to the correctness of such adjustment.

 

6.          Restrictions
on Transfer. The Holder of this Warrant, by acceptance thereof, agrees that, absent an effective notification under Regulation
A or registration statement, in either case under the Securities Act of 1933 (the “Act”), covering the disposition
of this Warrant or the Common Stock issued or issuable upon exercise hereof, such Holder will not sell or transfer any or all of
this Warrant or such Common Stock without first providing the Company with an opinion of counsel reasonably satisfactory to the
Company to the effect that such sale or transfer will be exempt from the registration and prospectus delivery requirements of the
Act. Such Holder agrees that the Company may issue instructions to its transfer agent to place, or may itself place, a “stop
order” on transfers with respect to the Warrant and Common Stock and that the certificates evidencing the Warrant and Common
Stock which will be delivered to such Holder by the Company shall bear substantially the following legend:

 

THE SECURITIES EVIDENCED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (THE “ACT’) AND HAVE BEEN ISSUED
IN RELIANCE UPON AN EXEMPTION FROM THE REQUIREMENTS FOR SUCH REGISTRATION FOR NONPUBLIC OFFERINGS. ACCORDINGLY, THE SALE, TRANSFER,
PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED HEREBY OR ANY PORTION THEREOF OR INTEREST THEREIN MAY NOT
BE ACCOMPLISHED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY IN FORM
AND SUBSTANCE TO THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

 

ANNEX A - STATEMENT
OF RIGHTS OF WARRANT HOLDER

    	-4-

    	 

    

 

Each Holder of this
Warrant, at the time all or a portion of such Warrant is exercised, agrees to make such written representations to the Company
as counsel for the Company may reasonably request, in order that the Company may be reasonably satisfied that such exercise of
the Warrant and consequent issuance of Common Stock will not violate the registration and prospectus delivery requirements of the
Act, or other applicable state securities laws.

 

7.          Expenses
and Procedures of Registration.

 

(A)         Expenses
of Registration. All registration expenses (exclusive of underwriting discounts and commissions) shall be borne by the Company.
Each Holder and Warrant Share Holder shall bear all underwriting discounts, selling commissions, sales concessions and similar
expenses applicable to the sale of the Warrant Shares sold by such Holder.

 

(B)         Registration
Procedures. In the case of the registration, qualification or compliance effected by the Company pursuant to Section 7 hereof,
the Company will keep the Holders of Warrant Shares advised as to the initiation of registration, qualification and compliance
and as to the completion thereof. At its expense, the Company will furnish such number of prospectuses and other documents incident
thereto as the Holders or underwriters from time to time may reasonably request.

 

(C)         Information.
The Company may require each seller of Warrant Shares as to which any registration is being effected to furnish such information
regarding the distribution of such Warrant Shares as the Company may from time to time reasonably request and the Company may exclude
from such registration the Warrant Shares of any seller who unreasonably fails to furnish such information after receiving such
request.

 

(D)         Blue
Sky. The Company will, as expeditiously as possible, use its best efforts to register or qualify the Warrant Shares covered
by a registration statement at the expense of the Company in such jurisdictions as the Holders of such Warrant Shares or, in the
case of an underwritten public offering, the managing underwriter shall reasonably request at the expense of the Holders of the
Warrant Shares being registered provided that the Company shall not be required in connection with any such registration or qualification
or as a condition thereto to qualify to do business in any jurisdiction where it is not so qualified or to take any action which
would subject it to taxation or service of process in any jurisdiction where it is not otherwise subject to such taxation or service
of process.

 

(E)         Notification
of Material Events. The Company will, as expeditiously as possible, immediately notify each Holder of Warrant Shares under
a registration statement, at any time when a prospectus relating thereto is required to be delivered under the Act, of the happening
of any event as a result of which the prospectus contained in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing and, as expeditiously as possible, amend or supplement such
prospectus to eliminate the untrue statement or the omission.

 

ANNEX A - STATEMENT
OF RIGHTS OF WARRANT HOLDER

    	-5-

    	 

    

 

(F)         Opinions.
The Company will use its best efforts (if the offering is underwritten) to furnish, at the request of any Holder of Warrant Shares,
on the date that Warrant Shares are delivered to the underwriters for sale pursuant to such registration: (i) an opinion dated
such date of counsel representing the Company for the purposes of such registration, addressed to the underwriters and to such
holder, stating that such registration statement has become effective under the Act and that (A) to the best knowledge of such
counsel, no stop order suspending the effectiveness thereof has been issued and no proceedings for that purpose have been instituted
or are pending or contemplated under the Act, (B) the registration statement, the related prospectus, and each amendment or supplement
thereof, comply as to form in all material respects with the requirements of the Act (except that such counsel need express no
opinion as to financial statements and financial and statistical data contained therein) and (C) to such other effects as may reasonably
be requested by counsel for the underwriters or by such holder or its counsel, and (ii) a letter dated such date from the independent
public accountants retained by the Company, addressed to the underwriters and to such holder, stating that they are independent
public accountants within the meaning of the Act and that, in the opinion of such accountants, the financial statements of the
Company included in the registration statement or the prospectus, or any amendment or supplement thereof, comply as to form in
all material respects with the applicable accounting requirements of the Act, and such letter shall additionally cover such other
financial matters (including information as to the period ending no more than five (5) business days prior to the date of such
letter) with respect to the registration in respect of which such letter is being given as such underwriters or holder may reasonably
request.

 

8.          Loss
or Mutilation. Upon receipt by the Company of evidence satisfactory to it (in the exercise of reasonable discretion) of the
ownership of and the loss, theft, destruction or mutilation of any Warrant and (in the case of loss, theft or destruction) of indemnity
satisfactory to it (in the exercise of reasonable discretion), and (in the case of mutilation) upon surrender and cancellation
thereof, the Company will execute and deliver in lieu thereof a new Warrant of like tenor.

 

9.          Reservation
of Common Stock. The Company shall at all times reserve and keep available for issue upon the exercise of Warrants such number
of its authorized but unissued shares of Common Stock as will be sufficient to permit the exercise in full of all outstanding Warrants.

 

10.         Notices.
All notices and other communications from the Company to the Holder of this Warrant shall be mailed by first class registered or
certified mail, postage prepaid, to the address furnished to the Company in writing by the last Holder of this Warrant who shall
have furnished an address to the Company in writing.

 

ANNEX A - STATEMENT
OF RIGHTS OF WARRANT HOLDER

    	-6-

    	 

    

 

11.         Change;
Waiver. Neither this Warrant nor any term hereof may be changed, waived, discharged or terminated orally but only by an instrument
in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought.

 

12.         Law
Governing. This Warrant shall be construed and enforced in accordance with and governed by the laws of California.

 

ANNEX A - STATEMENT
OF RIGHTS OF WARRANT HOLDER

    	-7-

    	 

    

 

ANNEX B

 

FORM TO BE USED TO EXERCISE WARRANT

 

TO: Medbox, Inc.

 

DATE:                                                 

 

The Undersigned hereby
elects irrevocably to exercise the within Warrant and to purchase ______ shares of the Common Stock of the Company called for thereby,
and hereby makes payment by:

 

(check one)

 

 ̈           Cashier's
check of $______ (at the rate of $.001 per share of Common Stock) in payment of the Exercise Price pursuant thereto; or

 

 ̈           Cashless
Exercise.

 

Please issue the shares
of Common Stock as to which this Warrant is exercised in the name of:

 

(Name)

 

(Address)

 

(Taxpayer Number)

 

and if said number of Warrants shall not
be all the Warrants evidenced by the within Warrant Certificate, issue a new Warrant Certificate for the balance remaining of such
Warrants to the undersigned at the address stated below.

 

 

	 	Name of Holder:	 
	 	 	 
	 	 	(Please Print)

 

	 	Signature:	 

 

	 	 	(Address)

 

NOTICE: The signature
to the form to exercise must correspond with the name as written upon the face of the within Warrant in every particular without
alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust
company or by a firm having membership on a registered national securities exchange.

 

ANNEX B - FORM TO
BE USED TO EXERCISE WARRANT

    	-8-

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