Document:

Exhibit 10.3

 

Exhibit B

 

 

NEITHER THE ISSUANCE AND SALE OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER AND REASONABLY APPROVED BY
THE COMPANY), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO
RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

 

  

COMMON STOCK PURCHASE WARRANT

 

 

	Number of shares: 550,000  	 	Holder: Greentree Financial Group, Inc.  
	 	 	 
	Exercise Price per Share:  $2.00	 	Warrant No.  2020-002
	 	 	 
	Expiration Date:   January 22, 2023	 	Issue Date: January 22, 2020

 

 

FOR VALUE RECEIVED, EDISON NATION, INC.,
a Nevada corporation (the “Company”), hereby certifies that Greentree Financial Group, Inc., or
its designated assigns (the “Warrant Holder”), is entitled to purchase the securities set forth below.

 

This Warrant entitles the Warrant Holder
to purchase from the Company at any time after the Issue Date and before the Expiration Date, Five Hundred Fifty Thousands
(550,000) shares (the “Warrant Shares”) of common stock (the “Common Stock”) of the
Company at an exercise price of Two Dollars (US$2.00) per share (as adjusted from time to time as provided in Section 7
hereof, the “Exercise Price”), at any time and from time to time from and after the Issue Date and through and
including 5:00 p.m. New York time on the Expiration Date.

 

This Warrant is being issued pursuant to
that certain Loan Agreement, dated as of January 22, 2020 by and between the Company and the Warrant Holder, (the “Loan Agreement”).
Capitalized terms used herein but not otherwise defined herein, shall have the meanings given to them in the Loan Agreement.

 

 

Initial:   CF  

 

    	 	 	 

     

    

 

This Warrant is subject to the following terms and conditions:

 

1. 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 Warrant Holder hereof from time to time. The
Company may deem and treat the registered Warrant Holder of this Warrant as the absolute owner hereof for the purpose of any exercise
hereof or any distribution to the Warrant Holder, and for all other purposes, unless provided notice to the contrary in accordance
herewith.

 

2. Investment Representation. The Warrant Holder by accepting this Warrant represents that the Warrant Holder is acquiring
this Warrant for its own account or the account of an affiliate for investment purposes and not with the view to any offering or
distribution and that the Warrant Holder will not sell or otherwise dispose of this Warrant or the underlying Warrant Shares in
violation of applicable securities laws. The Warrant Holder acknowledges that the certificates representing any Warrant Shares
will bear a legend indicating that they have not been registered under the United States Securities Act of 1933, as amended (the
 “1933 Act”) and may not be sold by the Warrant Holder except pursuant to an effective registration statement
or pursuant to an exemption from registration requirements of the 1933 Act and in accordance with federal and state securities
laws. If this Warrant was acquired by the Warrant Holder pursuant to the exemption from the registration requirements of the 1933
Act afforded by Regulation S thereunder, the Warrant Holder acknowledges and covenants that this Warrant may not be exercised by
or on behalf of a Person during the one year distribution compliance period (as defined in Regulation S) following the date hereof.
 “Person” means an individual, partnership, firm, limited liability company, trust, joint venture, association,
corporation, or any other legal entity.

 

3. Validity of Warrant and Issue of Shares. The Company represents and warrants that this Warrant has been duly authorized
and validly issued and warrants and agrees that all of Warrant Shares that may be issued upon the due exercise of the rights represented
by this Warrant will, when issued upon such exercise, be duly authorized, validly issued, fully paid and nonassessable and free
from all taxes, liens and charges with respect to the issue thereof. The Company further warrants and agrees that during the period
within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved
a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by this Warrant.

 

 4. Registration of Transfers and Exchange of Warrants.

 

a. Subject to compliance
with the legend set forth on the face of this Warrant, the Company shall register the transfer of this Warrant, or any portion
of this Warrant, in the Warrant Register, upon delivery by the Warrant Holder to the Company, pursuant to Section 11 of (i) this
Warrant, and (ii) a duly completed and executed written assignment. 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 Warrant Holder. The acceptance of the New Warrant
by the transferee thereof shall be deemed the acceptance of such transferee of all of the rights and obligations of a Warrant Holder
of a Warrant.

 

 

Initial:   CF  

 

    	 	 	 

     

    

 

 

b. This Warrant is exchangeable,
upon the surrender hereof by the Warrant Holder to the office of the Company specified in or pursuant to Section 11 for one or
more New Warrants, evidencing in the aggregate the right to purchase the number of Warrant Shares which may then be purchased hereunder.
Any such New Warrant will be dated the date of such exchange, and will have the same Expiration Date as the original Warrant for
which the New Warrant was exchanged.

 

 5. Exercise of Warrants.

 

a. Exercise of this Warrant
shall be made upon delivery to the Company pursuant to Section 11, of (i) this Warrant; (ii) a duly completed and executed election
notice, in the form attached hereto (the “Election Notice”) and (iii) payment of the Exercise Price. Payment of the
Exercise Price may be made at the option of the Warrant Holder either (a) in cash, wire transfer or by certified or official bank
check payable to the order of the Company equal to Exercise Price per share in effect at the time of exercise multiplied by the
number of Warrant Shares specified in the Election Notice, or (b) through a cashless exercise provided in Section 5(b) below. The
Company shall promptly (but in no event later than three (3) business days after the “Date of Exercise,” as defined
herein) issue or cause to be issued and cause to be delivered to the Warrant Holder in such name or names as the Warrant Holder
may designate in the Election Notice, a certificate for the Warrant Shares issuable upon such exercise, with such restrictive legend
as required by the 1933 Act, as applicable. Any person so designated by the Warrant Holder to receive Warrant Shares shall be deemed
to have become holder of record of such Warrant Shares as of the Date of Exercise of this Warrant. All Warrant Shares delivered
to the Warrant Holder the Company covenants, shall upon due exercise of this Warrant, be duly authorized, validly issued, fully
paid and non-assessable.

 

b. If the closing price
per share of the Common Stock (as quoted by the Nasdaq Capital Market or other principal trading market, if applicable) reported
on the day immediately preceding the Date of Exercise (the “Fair Market Value”) of one share of Common Stock
is greater than the Exercise Price of one Warrant Share (at the date of calculation as set forth below), in lieu of exercising
this Warrant for cash, the Warrant Holder may elect to receive that number of Warrant Shares computed using the following formula:

 

X=Y (A-B)

       A

 

Where X= the number of shares of
Common Stock to be issued to the Warrant Holder

 

Y=the number of shares of Warrant
Shares purchasable under this Warrant or, if only a portion of this Warrant is being exercised, the portion of this Warrant being
exercised (at the date of such calculation)

 

A=Fair Market Value

 

B=Exercise Price (as adjusted
to the date of such calculation)

 

 

Initial:   CF  

 

    	 	 	 

     

    

 

For purposes of Rule 144 promulgated under
the 1933 Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction in
the manner described above shall be deemed to have been acquired by the Warrant Holder, and the holding period for the Warrant
Shares shall be deemed to have commenced, on the date this Warrant was originally issued.

 

c. A “Date of
Exercise” means the date on which the Company shall have received (i) this Warrant (or any New Warrant, as applicable),
(ii) the Election Notice (or attached to such New Warrant) appropriately completed and duly signed, and (iii) payment of the Exercise
Price (if this Warrant is exercised on a cash basis) for the number of Warrant Shares so indicated by the Warrant Holder to be
purchased.

 

d. This Warrant shall
be exercisable at any time and from time to time for such number of Warrant Shares as is indicated in the attached Form of Election
to Purchase. If less than all of the Warrant Shares which may be purchased under this Warrant are exercised at any time, the Company
shall issue or cause to be issued, at its expense, a New Warrant evidencing the right to purchase the remaining number of Warrant
Shares for which no exercise has been evidenced by this Warrant.

 

e. Notwithstanding any
other provision of this Warrant, the Warrant Holder may not exercise this Warrant if such exercise would cause Warrant Holder’s
beneficial ownership (as defined by Section 13(d) of the Securities Exchange Act of 1934, as amended) of the Common Stock of the
Company to exceed 4.9% of its total issued and outstanding Common Stock or voting shares. Upon not less than sixty-one (61) days
advance written notice, at any time or from time to time, the Warrant Holder at its sole discretion, may waive this provision of
this Warrant.

 

f. Notwithstanding any
other provision of this Warrant, the Warrant Holder may not exercise this Warrant if such exercise would cause Warrant Holder’s
beneficial ownership (as defined by Section 13(d) of the Securities Exchange Act of 1934, as amended) of the Common Stock of the
Company to exceed 9.9% of its total issued and outstanding Common Stock or voting shares.

 

6. Common Share Issuance. Upon receipt by the Company of a written request from Warrant Holder to exercise any portion
of any Warrant, subject to any limitations on exercise contained in any Warrant, the Company shall have three (3) business days
(“Delivery Date”) to request issuance of the shares of Common Stock rightfully listed in such request. If the Company
fails to timely deliver the shares, the Company shall pay to Warrant Holder in immediately available funds $1,000.00 per day past
the Delivery Date that the shares are actually issued. Any amounts due under this Section shall be paid by the fifth (5th) day
of the month following the month in which they accrued. The Company agrees that the right to exercise its Warrants is a valuable
right to Warrant Holder and a material consideration of it entering this Agreement. The parties agree that it would be impracticable
and extremely difficult to ascertain the amount of actual damages caused by a failure of the Company to timely deliver shares as
required hereby. Therefore, the parties agree that the foregoing liquidated damages provision represents reasonable compensation
for the loss which would be incurred by the Warrant Holder due to any such breach. The parties agree that this Section is not intended
to in any way limit Warrant Holder’s right to pursue other remedies, including actual damages and/or equitable relief.

 

 

Initial:   CF  

 

    	 	 	 

     

    

  

7. Adjustment of Exercise Price and Number of Shares. The character of the shares of stock or other securities at the
time issuable upon exercise of this Warrant and the Exercise Price therefor, are subject to adjustment upon the occurrence of the
following events:

 

a. Adjustment for
Reorganization, Consolidation, Merger, Etc. In case of any consolidation or merger of the Company with or into any other corporation,
entity or person, or any other corporate reorganization, in which the Company shall not be the continuing or surviving entity of
such consolidation, merger or reorganization (any such transaction being hereinafter referred to as a “Reorganization”),
then, in each case, the Holder of this Warrant, on exercise hereof at any time after the consummation or effective date of such
Reorganization (the “Effective Date”), shall receive, in lieu of the shares of stock or other securities at
any time issuable upon the exercise of the Warrant issuable on such exercise prior to the Effective Date, the stock and other securities
and property (including cash) to which such Holder would have been entitled upon the Effective Date if such holder had exercised
this Warrant immediately prior thereto (all subject to further adjustment as provided in this Warrant). The Company shall ensure
that the surviving entity in any Reorganization specifically assumes the Company’s obligations under this Warrant.

 

b. Exercise Price
Adjustment. If at any time the Company grants, issues or sells any Common Stock, options to purchase Common Stock, securities
convertible into Common Stock or rights relating to Common Stock (the “Purchase Rights”) to any person, entity, association,
or other organization other than the Holder, at a price per share less than the Exercise Price, then the Exercise Price hereof
shall be proportionately reduced to match the price per share of the Purchase Rights. For purposes of clarification, if the exercise
price of the Warrant Shares is $2.00, and if the Company sells Common Stock at $1.50 per share at any time after the date hereof,
then the Exercise Price of Holder’s Warrant Shares would be adjusted to $1.50. Notwithstanding, the Exercise Price may not
exceed $2.00 per share in any case.

 

c. Adjustments for
Stock Dividends; Combinations, Etc. In case the Company shall do any of the following (an “Event”):

 

(i)           
declare a dividend or other distribution on its Common Stock payable in Common Stock of the Company,

 

(ii)        
subdivide the outstanding Common Stock pursuant to a stock split or otherwise, or

 

(iii)      
reclassify its Common Stock,

 

then the number of shares of Common Stock
or other securities at the time issuable upon exercise of this Warrant shall be appropriately adjusted to reflect any such Event;
however, there shall be no adjustment to the Exercise Price or issuable Warrant Shares in the event of a reverse stock split or
other reduction in the authorized Common Stock of the Company.

 

d. Certificate as
to Adjustments. In case of any adjustment or readjustment in the price or kind of securities issuable on the exercise of this
Warrant, the Company will promptly give written notice thereof to the holder of this Warrant in the form of a certificate, certified
and confirmed by the Board of Directors of the Company, setting forth such adjustment or readjustment and showing in reasonable
detail the facts upon which such adjustment or readjustment is based.

 

 

Initial:   CF  

 

    	 	 	 

     

    

 

8. Registration Rights. This Warrant will have registration rights. The Company shall prepare and file with the United
States Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1 (the “Form
S-1” or “Registration Statement”) within 30 days of the Issue Date to cover the Common Stock underlying the Warrants
Exercise. The Form S-1 must be effective within 105 days from the Issue date of this Warrant. There shall be monthly liquidated
damages of $35,000 if the Registration Statement is not filed within 30 days from the Issue Date and/ or declared effective within
105 days from the Issue Date of this Warrant, which damages shall accrue each month until the applicable breach (failure to timely
file, failure to timely have declared effective, or both) has been cured. The parties acknowledge and agree that damages which
will result to Holder for Company’s failure to timely file or have declared effective the Registration Statement shall be
extremely difficult or impossible to establish or prove, and agree that the payment of $35,000 per month is a reasonable estimate
of potential damages and shall constitute liquidated damages for any breach of this paragraph. Any amounts due under this Section
shall be paid by the fifth (5th) day of the month following the month in which they accrued. The legal fees associated with filing
the Form S-1 shall be paid by Company.

 

9. Repurchase. If at any time after the Registration Statement registering the Common Stock underlying the Warrants
Exercise with Commission has gone effective, and is still effective, the Company's Common Stock trades over $3.00 per share for
20 consecutive days, based on the closing price per day, then the Company shall have the option for thirty (30) days thereafter
to elect to repurchase Warrant Holder’s unexercised Warrants at a price equal $3.00 less the Exercise Price per Share ($2.00),
multiplied by the number of shares represented by such Warrants to be repurchased by the Company (“Repurchase Price”);
provided that, the Company must provide the Warrant Holder with written notice of its intent to repurchase , including amount to
be repurchased, and Warrant Holder shall have fifteen (15) days after receipt of such notice (the “Exercise Period”)
to elect to exercise any such Warrants by providing the Company with an exercise notice per the terms of the Warrant. If after
termination of the Exercise Period, Warrant Holder has not exercised any of the Warrants elected to be repurchased by the Company,
the Company shall have fifteen (15) days thereafter the end of the Exercise Period to pay Warrant Holder the Repurchase Price and
repurchase the Warrants indicated in its notice, less any Warrants exercised by Warrant Holder during the Exercise Period.

 

10. Fractional Shares. The Company shall not be required to issue or cause to be issued fractional Warrant Shares on
the exercise of this Warrant. The number of full Warrant Shares that shall be issuable upon the exercise of this Warrant shall
be computed on the basis of the aggregate number of Warrants Shares purchasable on exercise of this Warrant so presented. If any
fraction of a Warrant Share would, except for the provisions of this Section 8, be issuable on the exercise of this Warrant, the
Company shall, at its option, (i) pay an amount in cash equal to the Exercise Price multiplied by such fraction or (ii) round the
number of Warrant Shares issuable, up to the next whole number.

 

11. Notice. All notices and other communications hereunder shall be in writing and shall be deemed to have been given
(i) on the date they are (a) delivered if delivered in person or (b) sent, if sent by email; (ii) on the date initially received
if delivered by facsimile transmission followed by registered or certified mail confirmation; (iii) on the date delivered by an
overnight courier service; or (iv) on the third business day after it is mailed by registered or certified mail, return receipt
requested with postage and other fees prepaid as follows:

 

 

Initial:   CF  

 

    	 	 	 

     

    

 

If to the Company:

 

EDISON NATION, INC.

909 New Brunswick Ave

Phillipsburg, NJ 08865

Email Address: cferguson@edisonnation.com

Attn: Christopher Ferguson

 

If to the Warrant Holder:

 

Greentree Financial Group, Inc.

7951 S.W. 6th Street, Suite 216

Plantation, Florida 33324

Email Address: chriscottone@gtfinancial.com

Attn: R. Chris Cottone

  

 12. Miscellaneous.

 

a. This Warrants is being
granted pursuant to the terms of that certain Loan Agreement, dated as of January 22, 2020 by and between the Company and the Warrant
Holder (the “Loan Agreement”). If not otherwise defined herein, all capitalized terms herein shall have the meanings
given to them in the Loan Agreement. Further, all of the terms, representations, warranties, agreements, covenants and conditions
set forth in the Loan Agreement are incorporated herein by reference. To the extent that there is a conflict between any condition,
term or provision of this Warrant and the Loan Agreement, the conditions, terms, and provisions set forth herein shall specifically
supersede the conflicting conditions, provisions and/or terms in the Loan Agreement.

 

b. This Warrant shall
be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Warrant
may be amended only in writing and signed by the Company and the Warrant Holder. Holder may assign this Warrant without consent
from the Company but in accordance with the restrictions herein.

 

c. Nothing in this Warrant
shall be construed to give to any person or corporation other than the Company and the Warrant Holder any legal or equitable right,
remedy or cause of action under this Warrant; this Warrant shall be for the sole and exclusive benefit of the Company and the Warrant
Holder.

 

d. This Warrant shall
be governed by, construed and enforced in accordance with the internal laws of the State of Florida without regard to the principles
of conflicts of law thereof.

 

e. 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.

 

 

Initial:   CF  

 

    	 	 	 

     

    

  

f. 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 reasonably substitute therefore, and
upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

g. The Warrant Holder
shall not, by virtue hereof, be entitled to any voting or other rights of a shareholder of the Company, either at law or equity,
and the rights of the Warrant Holder are limited to those expressed in this Warrant.

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be duly executed by the authorized officer as of the date first above stated.

 

	 	EDISON NATION, INC.
	 	 	 
	 	 	 
	 	By:  	/s/ Christopher Ferguson
	 	Name:	Christopher Ferguson
	 	Title:   	Chief Executive Officer

 

 

Initial:   CF  

 

    	 	 	 

     

    

 

FORM OF ELECTION TO PURCHASE

 

(To be executed by the Warrant Holder to
exercise the right to purchase shares of Common Stock under the foregoing Warrant)

 

 

To: EDISON NATION, INC.

 

The undersigned, pursuant to the provisions
set forth in the attached Warrant, hereby irrevocably elects to purchase (check applicable box):

	 ̈	________ shares of the Common Stock covered by such Warrant; or

 

	 ̈	the maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set forth therein.

 

The undersigned herewith makes payment
of the full purchase price for such shares at the price per share provided for in such Warrant, which is $___________. Such payment
takes the form of (check applicable box or boxes):

 

	 ̈	$__________ in lawful money of the United States; and/or

 

	 ̈	the cancellation of such portion of the attached Warrant as is exercisable for a total of _______ shares of Common Stock (using a Fair Market Value of $_______ per share for purposes of this calculation); and/or

 

	 ̈	the cancellation of such number of shares of Common Stock as is necessary, in accordance with the formula set forth in Section 5 of the Warrant, to exercise this Warrant with respect to the maximum number of shares of Common Stock purchasable pursuant to the cashless exercise procedure set forth in Section 5.

 

After application of the cashless exercise
feature as described above, _____________ shares of Common Stock are required to be delivered pursuant to the instructions below.

 

The undersigned represents and warrants
that all offers and sales by the undersigned of the securities issuable upon exercise of the within Warrant shall be made pursuant
to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities Act”), or pursuant
to an exemption from registration under the Securities Act.

 

	
         

         

         
	 	
        Name of Warrant Holder:

         

        (Print)___________________________________

        (By:)____________________________________

        (Name:)_________________________________

        (Title:)__________________________________

        Signatures must conform in all respects
        to the name of the Warrant Holder on the face of the Warrant.

 

 

Initial:Exhibit 10.4

 

AMENDMENT AGREEMENT

 

This Amendment Agreement
(the “Amendment”) amends and modifies: (1) that certain Loan Agreement (the “Loan Agreement”)
by and between Edison Nation, Inc., a Nevada corporation (the “Company”) and Greentree Financial Group, Inc.,
a Florida corporation (the “Investor”) dated January 22, 2020, (2) that certain Convertible Promissory Note
(the “Note”) by and between the Company and the Investor dated January 22, 2020, and (3) that certain Common
Stock Purchase Warrant (the “Warrant”) by and between the Company and the Investor dated January 22, 2020, but
as discussed further below, which such documents were meant to be dated January 23, 2020, is dated effective January 28, 2020.
The Company and the Investor are sometimes referred to collectively herein as the “Parties”, and each individually,
a “Party”).

 

WHEREAS, the Parties entered into the Loan
Agreement, the Note and the Warrant on January 23, 2020 (collectively, the “Existing Agreements”), but the Existing
Agreements were accidentally dated January 22, 2020; and

 

WHEREAS, the Parties
hereto desire to amend the Existing Agreements to reflect the correct effective date and to ensure the Company’s compliance
with certain rules of The Nasdaq Stock Market (“Nasdaq”) relating to stockholder approval of transactions.

 

NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties agree as follows:

 

1.                 
Definitions. Capitalized terms used and not defined in this Amendment
have the respective meanings assigned to them in the Existing Agreements.

 

2.                 
Amendments to the Existing Agreements. As of the Effective Date
(defined below), the Existing Agreements are amended to update the execution and effective date of each Existing Agreement to January
23, 2020. Also, as of the Effective Date, the Existing Agreements are hereby further amended and modified as follows:

 

(a)                
Section 8 of the Loan Agreement is hereby amended and modified as follows:

 

“ 8.
REGISTRATION RIGHTS. The Company shall prepare and file with the United States Securities and Exchange Commission (the
 “Commission”) a registration statement on Form S-1 (the “Form S-1” or “Registration Statement”)
within 30 days of the Effective Date that, subject to Section 26 hereof, registers a total of 1,500,000 shares of Common Stock,
which such amount of shares is the sum of 550,000 shares of Common Stock issuable upon conversion of the Note, 550,000 Warrant
Shares, the 100,000 Origination Shares, and 300,000 shares of Common Stock to account for changes to the conversion and/or exercise
price under the Note and Warrant. The Form S-1 must be effective within 105 days from the Effective date of this Agreement. There
shall be monthly liquidated damages of $35,000 if the Registration Statement is not filed within 30 days from the Effective Date
and/ or declared effective within 105 days from the Effective Date of this Agreement, which damages shall accrue each month until
the applicable breach (failure to timely file, failure to timely have declared effective, or both) has been cured. The parties
acknowledge and agree that damages which will result to Lender for Company’s failure to timely file or have declared effective
the Registration Statement shall be extremely difficult or impossible to establish or prove, and agree that the payment of $35,000
per month is a reasonable estimate of potential damages and shall constitute liquidated damages for any breach of this paragraph.
Any amounts due under this Section shall be paid by the fifth (5th) day of the month following the month in which they accrued
or, at the option of Lender, added to the principal of the Note. The legal fees associated with filing the Form S-1 shall be paid
by Company”

 

    	 	 	 

     

    

 

(b)               
The Loan Agreement is hereby amended by inserting the following new Section 26:

 

“26.
COMPLIANCE WITH NASDAQ RULES. Notwithstanding anything in this Agreement to the contrary, the total number of shares
of the Company’s Common Stock that may be issued under this Agreement, the Note, and/or the Warrant, shall be limited to
17.99% of the Company’s issued and outstanding shares of Common Stock as of January 22, 2020 (the “Exchange Cap”).
The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse
stock split or other similar transaction. Notwithstanding anything to the contrary contained herein, should the application of
the Exchange Cap prevent Lender from converting any of the Note (including fees and interest) into Common Stock or exercising any
portion of the Warrant (collectively, “Forfeited Stock”), the Company shall pay the Lender liquidated damages
in an amount equal to $2.50 per share of Forfeited Stock (“Exchange Cap Damages”) within no more than five (5)
trading days from the date on which Lender informs the Company in writing that it has triggered the Exchange Cap. Upon payment
in full of the Exchange Cap Damages, the Note will be deemed paid in full and the Warrant will be automatically cancelled. The
parties acknowledge and agree that the damages which will result to Lender if it is unable to convert a portion of the Note or
exercise a portion of the Warrant due to the Exchange Cap shall be extremely difficult or impossible to establish or prove, and
agree that the payment of the Exchange Cap Damages is a reasonable estimate of potential damages and shall constitute liquidated
damages.”

 

(a)                
The Note is hereby amended by inserting the following new Section 20:

 

“20.
COMPLIANCE WITH NASDAQ RULES. Notwithstanding anything in this Note to the contrary, and in addition to the beneficial ownership
limitations provided herein, the total number of shares of the Company’s Common Stock that may be issued under this Note,
the Loan Agreement, and/or that certain Common Stock Purchase Warrant of even date herewith, entered into by and between the Company
and the Holder, shall be limited to 17.99% of the Company’s issued and outstanding shares of Common Stock as of January 22,
2020 (the “Exchange Cap”). The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization,
non-cash dividend, stock split, reverse stock split or other similar transaction. Notwithstanding anything to the contrary contained
herein, should the application of the Exchange Cap prevent Lender from converting any of the Note (including fees and interest)
into Common Stock (collectively, “Forfeited Stock”), the Company shall pay the Lender liquidated damages in
an amount equal to $2.50 per share of Forfeited Stock (“Exchange Cap Damages”) within no more than five (5)
trading days from the date on which Lender informs the Company in writing that it has triggered the Exchange Cap. Upon payment
in full of the Exchange Cap Damages, the Note will be deemed paid in full. The parties acknowledge and agree that the damages which
will result to Lender if it is unable to convert a portion of the Note due to the Exchange Cap shall be extremely difficult or
impossible to establish or prove, and agree that the payment of the Exchange Cap Damages is a reasonable estimate of potential
damages and shall constitute liquidated damages. As an example, if the balance of the Note, including all accrued but unpaid interest
and fees, is $125,000 when the Exchange Cap is triggered, and the Conversion Price under the Note is then $2.00 per share, there
shall be 62,500 shares of Forfeited Stock and Lender shall be entitled to $156,250 in Exchange Cap Damages.”

 

(a)                
 The Warrant is hereby amended by inserting the following new Section 13:

 

“13.
Compliance with Nasdaq Rules. Notwithstanding anything in this Common Stock Purchase Warrant (the “Warrant”)
to the contrary, and in addition to the beneficial ownership limitations provided herein, the total number of shares of the Company’s
Common Stock that may be issued under this Warrant, the Loan Agreement, and/or that certain Convertible Promissory Note of even
date herewith, entered into by and between the Company and the Warrant Holder, shall be limited to 17.99% of the Company’s
issued and outstanding shares of Common Stock as of January 22, 2020 (the “Exchange Cap”). The Exchange Cap
shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or
other similar transaction. Notwithstanding anything to the contrary contained herein, should the application of the Exchange Cap
prevent Lender from exercising any portion of the Warrant (collectively, “Forfeited Stock”), the Company shall
pay the Lender liquidated damages in an amount equal to $2.50 per share of Forfeited Stock (“Exchange Cap Damages”)
within no more than five (5) trading days from the date on which Lender informs the Company in writing that it has triggered the
Exchange Cap. Upon payment in full of the Exchange Cap Damages, the Warrant will be automatically cancelled. The parties acknowledge
and agree that the damages which will result to Lender if it is unable to exercise a portion of the Warrant due to the Exchange
Cap shall be extremely difficult or impossible to establish or prove, and agree that the payment of the Exchange Cap Damages is
a reasonable estimate of potential damages and shall constitute liquidated damages. As an example, if on the date the Exchange
Cap is triggered Lender has exercised 100,000 shares under the Warrant, there would be 45,000 shares of Forfeited Stock and Lender
would be entitled to $112,500 in Exchange Cap Damages.”

 

    	 	 	 

     

    

 

3.                 
Date of Effectiveness; Limited Effect. This Amendment will be deemed
effective as of the date first written above (the “Effective Date”). Except as expressly provided in this Amendment,
all of the terms and provisions of the Existing Agreement are and will remain in full force and effect and are hereby ratified
and confirmed by the Parties. Without limiting the generality of the foregoing, the amendments contained herein will not be construed
as an amendment to or waiver of any other provision of the Existing Agreements, or as a waiver of or consent to any further or
future action on the part of either Party that would require the waiver or consent of the other Party.

 

4.                 
Representations and Warranties. Each Party hereby represents and warrants
to the other Party that:

 

(a)                
It has the full right, power, and authority to enter into this Amendment and to perform its obligations hereunder and under
the Existing Agreement as amended by this Amendment.

 

(b)               
The execution of this Amendment by the individual whose signature is set forth at the end of this Amendment on behalf of
such Party, and the delivery of this Amendment by such Party, have been duly authorized by all necessary action on the part of
such Party.

 

(c)                
This Amendment has been executed and delivered by such Party and (assuming due authorization, execution, and delivery by
the other Party hereto) constitutes the legal, valid, and binding obligation of such Party, enforceable against such Party in accordance
with its terms, except as may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws
and equitable principles related to or affecting creditors’ rights generally or the effect of general principles of equity.

 

5.                 
Miscellaneous.

 

(a)                
This Amendment is governed by and construed in accordance with, the laws of the State of Florida, without regard to conflict
of laws provisions of any state.

 

(b)               
This Amendment shall inure to the benefit of and be binding upon each of the Parties and each of their respective successors
and assigns.

 

(c)                
The headings in this Amendment are for reference only and do not affect the interpretation of this Amendment.

 

(d)               
This Amendment may be executed in counterparts, each of which is deemed an original, but all of which constitute one and
the same agreement. Delivery of an executed counterpart of this Amendment electronically or by facsimile shall be effective as
delivery of an original executed counterpart of this Amendment.

 

(e)                
This Amendment constitutes the sole and entire agreement between the Parties with respect to the subject matter contained
herein, and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written
and oral, with respect to such subject matter.

 

(f)                 
Each Party shall pay its own costs and expenses in connection with this Amendment (including the fees and expenses of its
advisors, accountants, and legal counsel).

 

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the Parties have executed
this Amendment as of the date first written above.

 

	 	EDISON NATION, INC.
	 	 	 
	 	By:	/s/ Christopher B. Ferguson
	 	Name:	Christopher B. Ferguson
	 	Title: 	Chief Executive Officer
	 	 	 
	 	 	 
	 	GREENTREE FINANCIAL GROUP, INC.
	 	 	 
	 	By:	/s/ R. Christopher Cottone
	 	Name:	R. Christopher Cottone
	 	Title:	Vice President

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