Document:

STOCK
CONTROL AGREEMENT

 

This
STOCK CONTROL AGREEMENT (this “Agreement”) is made and entered into as of December
1, 2018 (the “Effective
Date”) among Joseph Moscato, Lawrence Salvo, Stephen L. Berkman, and BH-Sanford, LLC (each
a “Stockholder”
and collectively the “Stockholders”) and Generex Biotechnology Corporation (the “Company”).

 

BACKGROUND

 

A.                
The Stockholders are the registered and beneficial owners of the following securities in the capital of the Company as at the
Effective Date:

 

	Stockholder	Securities
	Joseph
    Moscato	391
    shares of Series I Convertible Preferred Stock
	Lawrence
    Salvo	399
    shares of Series I Convertible Preferred Stock
	Stephen
    L. Berkman	230,000
    shares of Common Stock
	BH-Sanford,
    LLC	3,000
    shares of Series H Convertible Preferred Stock

 

B.                 
Based on a 20 for 1 common stock dividend, the shares of common stock issuable upon conversion of the convertible preferred stock
have increased by a factor of 20, and the shares of common stock held by Stephen L. Berkman have increased by a factor of 20 (the
“Stock Dividend”). The Stockholders have agreed with each other, for the benefit of the Company, to reserve
ninety-five percent (95%) of the increase in shares held by or issuable to them due to the stock dividend (such shares are hereinafter
collectively referred to as the “Agreement Shares”) and to contribute to the Company a portion of the proceeds
from any sale of the Agreement Shares during the term of this Agreement. The specific number of Agreement Shares reserved by each
Stockholder is set forth in Exhibit “A” annexed to this Agreement. 

 

AGREEMENT

 

In
consideration
of the
mutual promises and covenants set forth herein, and for
other good and valuable
consideration, the receipt and adequacy of which are
hereby irrevocably
acknowledged, the parties
hereto, intending to be legally bound, agree as follows:

 

1.      
Incorporation of Background. The “Background” set forth above is incorporated into the terms of this
Agreement.

 

		2.	Reserve
                                         and Restrictions on Transfer.

 

(a)                     
During the Term (as defined below), each Stockholder agrees (i) to reserve the Agreement Shares, (ii) to permit the sale of the
Agreement Shares in accordance with the terms of this Agreement, and (iii) to not sell, transfer, or assign any, or any interest
in, or create or permit any encumbrance upon, any of such Stockholder’s Agreement Shares, except pursuant to this Agreement;
provided that Joseph Moscato shall be entitled, in his sole discretion, to hypothecate any and all Agreement Shares of which he
is the registered and beneficial owner solely as security for any personal guarantees he may grant of the repayment of any indebtedness
of Company (any such Agreement Shares being hereinafter referred to as “Hypothecated Agreement Shares”). 

 

(b)                     
To the extent any Agreement Shares are not otherwise restricted on the books of the Company’s Transfer Agent, each Stockholder
understands and agrees that the Company may cause the Agreement Shares to be restricted on the Transfer Agent’s books, or
issue appropriate “stop transfer” instructions to its Transfer Agent, in order to administer compliance with the provisions
of this Agreement. Each Stockholder authorizes the Company to place restive legends upon any physical certificate(s) evidencing
ownership of the Agreement Shares, together with any other legends that may be required by the Company or by applicable state
or federal securities laws; provided that the Company shall remove any and all such restrictions to the extent necessary to effectuate
the hypothecation of Hypothecated Agreement Shares.

    	 	1	 

     

    

  

(c)                   
Refusal to Transfer. The Company shall not be required (i) to transfer on its books
any Agreement
Shares that have been
sold or otherwise transferred in violation of any of the provisions of this Agreement, or (ii) to treat as owner of such Agreement
Shares, or to accord the right to vote or pay dividends to any purchaser or
other transferee to
whom such Agreement Shares have been so transferred.

 

(d)                  
Restrictions Binding on Transferees. If, notwithstanding the terms of this Agreement, any Agreement Shares are transferred
other than as contemplated by this Agreement, the transferees
of such
Agreement Shares shall
receive and hold such Agreement
Shares subject to all
of the
provisions of this Agreement, and there shall be no further transfer of such Agreement Shares except in accordance with the terms
of this Agreement.

 

3.      
Term. The term of this Agreement
(the “Term”) shall commence of the Effective Date and end on the first anniversary of the Effective Date (the “Termination
Date”).

 

		4.	Proceeds
                                         of Sale.

 

(a)             
The Stockholders agree
that the net proceeds of any sale of the Agreement Shares shall be distributed as follows:

(i)       An
amount equal to the adjusted cost basis (the “ACB”) of the Agreement Shares sold shall be distributed to each Stockholder
whose Agreement Shares have been sold. The ACB of the Agreement Shares for each Stockholder is set forth in Exhibit “A”
annexed to this Agreement. 

(ii)       An
amount intended to cover each Stockholder’s US Federal, state and local income or capital gains tax on the sale of the Agreement
Shares shall be distributed to each Stockholder, taking into account, in the case of federal taxes, the effect on any deduction
of state and local income taxes available on such Stockholder’s federal return, assuming no limitation of such deduction
under §68 of the Code. The initial combined tax rate for each Stockholder is set forth on Exhibit “A,” or, if
not set forth, will be determined by the Company in good faith. Any Stockholder may change its combined tax rate by providing
the Company with notice showing the calculation of the new combined tax rate, as determined by a certified public accountant engaged
by the Stockholder. 

(iii)       The
remaining proceeds of the sale of the Agreement Shares shall be distributed to the Company as a contribution to capital by the
Stockholders. 

 

(b)            
Unless the Company and the Stockholder otherwise agree in writing, any determination required under this Section 4
shall be made in writing
by the Company’s independent public accountants or any
other certified public accounting firm agreed upon by the Company and at least three Stockholders (the
“Accountants”), whose determination shall be conclusive and binding upon the Stockholders and the Company for
all purposes. For
purposes of
making the calculations
required by this Section 4,
the Accountants may make reasonable assumptions
and approximations concerning applicable taxes. The Company and the Stockholders shall furnish to the Accountants such information
and documents as the Accountants may reasonably request to make a
determination under this Section 4. The
Company shall bear all costs the Accountants may reasonably
incur in connection with any calculations contemplated by this Section 4.

 

    	 	2	 

     

    

  

		5.	Sale
                                         Process.

 

(a)             
Each Stockholder hereby constitutes the Chief Executive Officer of the Company (the “Attorney”) as his, her,
or its agent and attorney in fact for all matters related to the sale and transfer of Agreement Shares pursuant to this Agreement.
The power and authority of the Attorney hereunder shall include the power and authority to (i) cause the conversion of any of
the Company’s preferred stock held by a Stockholder in order to yield Agreement Shares and (ii) to exercise any and all
voting rights attached to the Agreement Shares. In furtherance of this authority, each Stockholder will execute the Transfer Power
of Attorney annexed to this Agreement as Exhibit “B” and deliver such power of attorney to, or at the direction of,
the Company’s General Counsel. 

 

(b)            
The Attorney shall have the authority to offer and sell the Agreement Shares pursuant to the provisions of this Agreement on behalf
of each Stockholder without the consent of any Stockholder in any particular instance provided that:

 

(i)       All
offers and sales of Agreement Shares shall be made without general solicitation and otherwise in a manner that would satisfy the
requirements of Rule 506(b) of the Securities and Exchange Commission’s (the “SEC”) Regulation D as if
the Company were conducting such offers and sales. In addition, all offers and sales of Agreement Shares shall be made in compliance
with (i) all other applicable federal and state securities laws and (ii) all applicable listing requirements and rules and regulations
of any exchange or quotation system on which the Company’s stock is listed for trading. 

 

 

(ii)       No
Agreement Shares will be sold for a price less than 130% of a Stockholder’s ACB without the consent of such Stockholder.

 

(iii)       Each
sale of Agreement Shares will include a pro-rata amount of the Agreement Shares owned by each Stockholder (not including Hypothecated
Agreement Shares) unless otherwise agreed by all Stockholders. Each Stockholder’s pro-rata portion at any time shall consist
of the proportion such Stockholder’s unsold Agreement Shares bears to the aggregate unsold Agreement Shares held by all
Stockholders. 

 

(c)    
The Attorney shall be
authorized to engage SEC registered broker-dealers to assist in the private sale of the Agreement Shares and to pay the fees of
such brokers, and any other transaction fees, from the proceeds of sale of Agreement Shares to the extent the fees of the brokers
and other transaction fees in the aggregate do not exceed 8% of the proceeds, before distributing amounts set forth in Section
4.

 

(d)   
The Attorney will not cause the sale of any Agreement Shares at any time (i) officers and
directors are generally prohibited from transacting in the Company’s securities under general Company policies (i.e. “blackout
periods”), or (ii) when the Attorney is in possession of material nonpublic information relating to the Company, unless
the private purchaser is provided with all of the material nonpublic information after executing a confidentiality agreement acceptable
to the Company’s General Counsel. The Attorney will not engage any Broker-Dealer that is an Affiliate of the Company, any
of the Stockholders or any member of any Stockholder’s immediate family.

 

(e)    
The Attorney shall have no liability to the Stockholders for his or her actions in connection with the sale of the Agreement Shares
except in the event and to the extent (i) he or she causes any of the Agreement Shares to be sold below 130% of a Stockholder’s
ACB without such Stockholder’s consent, (ii) liability arises from statements made by him or her in connection with the
sale of Agreement Shares which violate applicable securities laws, or (iii) he or she engages in self-dealing, fraud or willful
misconduct in connection with the sale of Agreement Shares.

 

    	 	3	 

     

    

 

(f)     
Subject to the terms hereof, and save and except for voting rights, each Stockholder will have all the rights of a stockholder
with respect to the Agreement Shares while they are subject to this Agreement, including without limitation the right receive
any further dividends declared thereon. If, from time to time during the Term there is (i) any stock dividend, stock split or
other change in the Agreement Shares, or (ii) any merger or sale of all or substantially all of the Company’s assets or
other acquisition of the Company, any and all new, substituted or additional securities to which the Stockholder is entitled by
reason of his, her, or its ownership of the Agreement Shares shall be subject to this Agreement.

 

		6.	End
                                         of Term Adjustments.

 

Any
Agreement Shares remaining unsold pursuant to the terms of this Agreement on the Termination Date shall be converted into and
exchanged for that number of shares of the Company’s common stock determined by the following formula: (the number of Agreement
Shares upon payment of the Stock Dividend X 2.5)  ̧ the highest VWAP (as that term is hereinafter defined) of the Company’s
common stock during the period commencing on the six (6) month anniversary of the Effective Date and ending on the Termination
Date. As used in this Agreement, “VWAP” means, for any date, the daily volume weighted average price for such
date (or the nearest preceding date) of the Company’s common stock on the trading market where such securities are then
listed or quoted as reported by Bloomberg L.P. (based on a trading day from 9 a.m. New York City time to 4:02 p.m. New York City
time). For purposes of clarification, the transaction described above in this Section 6 is a stock-for-stock conversion requiring
no cash or other consideration being delivered from, and no purchase by, any Stockholder in connection therewith. 

7.               
SEC Compliance.

 

The
Stockholders acknowledge that through the execution of this Agreement they may be deemed collectively to constitute a “group”
with respect to the securities of the Company for purposes of federal securities regulations. For this and other reasons, the
Stockholders will be required to file certain reports with the SEC to disclose (i) their beneficial ownership of the Company’s
common stock, (ii) the execution and delivery of this Agreement, and (iii) subsequent transactions pursuant to this Agreement.
Each Stockholder agrees to file such reports as the Company General Counsel advises are required from time to time. The Company
and its General Counsel will assist in the preparation and filing of such reports on behalf of the Stockholders. Each of the Stockholders
will execute and deliver to, or at the direction of the Company’s General Counsel, the SEC Power of Attorney annexed to
this Agreement as Exhibit “C”, granting the Attorney authority to execute and file such reports. This power of attorney
is for purposes of compliance with this Agreement and for administrative convenience, and no reports will be filed without the
consent of the Stockholders whose signatures will appear on such filings. The Company will pay the reasonable legal fees and expenses
of the Stockholders in connection with the filings contemplated by this Section 7, as well as the filing fees, if any. 

 

8.               
Indemnification. 

 

(a)    
The Company agrees to indemnify, defend and hold harmless each Stockholder and each Stockholder’s Affiliates (as that terms
is defined in Rule 144 under the Securities Act of 1933), and their respective directors, officers, employees, stockholders, members
successors and assigns (the “Indemnified Parties” and each an “Indemnified Party”) from and against all
liabilities, expenses and/or judgments (including reasonable legal, accounting and other professional fees and expenses) (collectively,
“Damages”) to the extent resulting from (i) any US federal, state or local taxes (including any interest or penalties
with respect to such taxes) imposed upon a Stockholder due to the Stockholder’s taxable gain or income arising from the
sale of the Agreement Shares pursuant to this Agreement, (ii) any claim that the sale of the Agreement Shares or the other transactions
contemplated by this Agreement violates any US law or regulation, any contract by which the Company is bound or any rule of any
exchange or quotation system on which the Company’s stock is listed for trading, to the extent (A) such Damages exceed the
amounts distributed to the Stockholder pursuant to Subsection 4(a)(ii) and (B) such Damages do not arise from the illegal actions,
gross negligence or willful misconduct of the Indemnified Party seeking indemnity or any of the Indemnified Parties associated
with the same Stockholder as the Indemnified Party seeking indemnity. If any claim for indemnification under this Section 8 relates
to a third party claim,, the Company may participate in the defense of such third-party claim and it may elect to assume the defense
of such third-party claim with counsel reasonably satisfactory to the Indemnified Person. Neither the Company nor he Indemnified
Party shall settle any claim without the consent of the other, which consent shall not be unreasonably withheld, delayed or conditioned.

 

    	 	4	 

     

    

 

The
Stockholders have been advised to review with their own tax advisors the U.S. federal, state, local and foreign tax consequences
of the
transactions contemplated by this Agreement. .

 

9.               
General Provisions.

 

(a)    
Amendment. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged
or terminated other than by a written instrument referencing this Agreement and signed by the Company and all of the Stockholders.

 

(b)   
Reliance on Counsel and Advisors. The Stockholders acknowledge that Eckert Seamans Cherin & Mellott, LLC and
the Company’s General Counsel are
representing only the
Company in connection with this Agreement. The Stockholders severally
acknowledge that they
have had the opportunity to review this Agreement, including all Exhibits annexed hereto, and
the transactions contemplated by this Agreement, with their own legal counsel, tax advisors
and other advisors. Each Stockholder is relying solely on his, her, or its own legal counsel and advisors and not on any statements
or representations of the Company or its agents for legal or other advice with respect to the transactions contemplated by this
Agreement.

 

(c)    
Governing Law. This Agreement shall be governed in all respects by the internal laws of the State of
New York as applied
to agreements entered into among New York residents to be performed entirely within New York, without regard to principles of
conflicts of law.

 

(d)   
Assignment. This Agreement, and any and all rights, duties and obligations hereunder, shall not be
assigned, transferred,
delegated or sublicensed by any Stockholder without the prior written consent of
the Company and each
of the other Stockholders. Any attempt by a Stockholder without
such permission to assign,
transfer, delegate or sublicense any rights, duties or obligations that arise under this Agreement shall be void. Subject to the
foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors and administrators of
the parties hereto.

 

(e)    
Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with regard
to the subject matter hereof. No party shall be
liable or
bound to any other party
in any manner with regard to the subject matter hereof by any warranties, representations or covenants except as specifically
set forth herein.

 

(f)  
No Waiver. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to
any party to this Agreement upon any breach or default of any other party under this Agreement shall impair any such right, power
or remedy of such non-defaulting party, nor shall it be construed to be a waiver of
any such breach or default,
or an
acquiescence therein, or of
or in any similar breach
or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or
default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part
of any
party of any breach or
default under this Agreement,
or any
waiver on the part of
any party of
any provisions or conditions
of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies,
either under this Agreement or by law or otherwise afforded to any party to this Agreement, shall be
cumulative and not alternative.

 

    	 	5	 

     

    

 

(g)
Severability.
If any provision of this
Agreement becomes
or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such
provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal,
void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible,
the same economic,
business and other purposes of
the illegal, void or
unenforceable provision. The balance of this Agreement shall be enforceable in accordance with
its terms.

 

(h)
Counterparts. This Agreement may
be executed in any number
of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which
together shall constitute one instrument.

 

(i) 
Further Acts. Each party hereto agrees to execute and deliver, by the proper exercise of his,
her, or its corporate,
limited liability company, partnership or other powers, all such other and additional instruments and documents and do all
such other
acts and things as may
be necessary to more
fully effectuate this Agreement.

 

 

[Remainder
of
page intentionally blank]

 

    	 	6	 

     

    

 

IN
WITNESS WHEREOF, this Agreement is executed as of the Effective Date.

 

GENEREX
BIOTECHNOLOGY CORPORATION

 

 

 

By:
________________________________________

Name:
Mark A. Fletcher

Title:
Executive Vice President & General Counsel

 

 

 

STOCKHOLDERS:

 

 

 

________________________________________

JOSEPH
MOSCATO

 

 

 

________________________________________

LAWRENCE
SALVO

 

 

 

________________________________________

STEPHEN
L. BERKMAN

 

BH-SANFORD,
LLC

 

 

 

By:
________________________________________

Name:Marissa
Leighton

Title:Sole
Member

 

    	 	7	 

     

    

 

EXHIBIT
“A” 

 

AGREEMENT
SHARES AND ACB

 

 

 

	 	Post-Dividend

        Agreement
        Shares
	Post-Dividend

        Adjusted
        Cost Basis
	Combined
    Tax Rate
	Joseph
    Moscato	2,971,600
                                         Common Shares

        (95%
        x 3,128,000) upon conversion of Series I Convertible Preferred Stock
	$0.125

        Per
        share
	 
	Lawrence
    Salvo	3,034,300
                                         Common Shares

        (95%
        x 3,194,900) upon conversion of Series I Convertible Preferred Stock
	$0.125

        Per
        share
	 
	BH-Sanford,
    LLC 	22,800,000
                                         Common Shares

        (95%
        x 24,000,000) upon conversion of Series H Convertible Preferred Stock
	$0.125

        Per
        share
	Ordinary
                                         income: 45.82%

         

        Capital
        gains: 23.8%

	Stephen
    L. Berkman	4,370,000
                                         Common Shares

        [95%
        x 4,600,000) via 230,000 issued and outstanding Common Shares
		 

 

 

    	 	8	 

     

    

 

EXHIBIT
“B” 

 

TRANSFER
POWER OF ATTORNEY

 

 

    	 	9	 

     

    

 

EXHIBIT
“C”

 

SEC
POWER OF ATTORNEY

 

    	 	10EXHIBIT
4.2

 

FORM
OF COMMON STOCK WARRANT CERTIFICATE

 

IMAC
HOLDINGS, INC.

 

	Warrant
    Shares: _______	Initial
    Exercise Date: December [●], 2018
	Warrant
    Number: ___-1	 

 

CUSIP:
[●]

 

THIS
COMMON STOCK PURCHASE WARRANT CERTIFICATE (the “Warrant”) certifies that, for value received, Cede & Co.
or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after December [●], 2018 (the “Initial Exercise Date”)
and on or prior to the close of business on the five (5) year anniversary of the Initial Exercise Date (the “Termination
Date”) but not thereafter, to subscribe for and purchase from IMAC HOLDINGS, INC., a Delaware corporation (the “Company”),
up to [●] shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase
price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant
shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or
its nominee (“DTC”) shall initially be the sole registered holder of this Warrant, subject to a Holder’s
right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case
this sentence shall not apply.

 

Section
1. Definitions. The following terms shall have the meanings indicated in this Section 1:

 

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

 

“Board
of Directors” means the board of directors of the Company.

 

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

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

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

 

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

 

    	 

    	 

    

 

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

 

“Registration
Statement” means the Company’s registration statement on Form S-1 (File No. 333-227385).

 

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

 

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

 

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

 

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

 

“Transfer
Agent” means Equity Stock Transfer, LLC, the current transfer agent of the Company, with a mailing address of 237 West
37th Street, Suite 602, New York, NY 10018, a phone number of (212) 575-5757, facsimile number (347) 584-3644, and
an e-mail address of www.equitystock.com, and any successor transfer agent of the Company.

 

“Warrant
Agency Agreement” means that certain warrant agency agreement, dated as of the Initial Exercise Date, between the Company
and the Transfer Agent.

 

“Warrant
Agent” means (i) with respect to Warrants held in book-entry form, Equity Stock Transfer, LLC, and any successor warrant
agent of the Company and (ii) with respect to Warrants held through a physical certificate registered in the name of the Holder
(other than Cede & Co.), the Company.

 

“Warrants”
means this Warrant and other Common Stock Purchase Warrants issued by the Company pursuant to the Registration Statement.

 

    	2

    	 

    

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Subject to the provisions of Section 2(e) herein, exercise of the purchase rights represented by this
Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination
Date by delivery to the Company of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form
annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number
of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise
as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise
by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section
2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall
any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder
has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder
shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount
stated on the face hereof. 

 

Notwithstanding
the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing
this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall
effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the
appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such
other clearing corporation, as applicable), subject to a Holder’s right to elect to receive a Warrant in certificated form
pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

 

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

 

c)
Cashless Exercise. If at any time after the Initial Exercise Date, there is no effective registration statement registering,
or no current prospectus available for, the issuance of the Warrant Shares to the Holder, then this Warrant may only be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A)
    =	as
                                         applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable
                                         Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant
                                         to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered
                                         pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular
                                         trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under
                                         the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either
                                         (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice
                                         of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market
                                         as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable
                                         Notice of Exercise if such Notice of Exercise is executed during “regular trading
                                         hours” on a Trading Day and is delivered within two (2) hours thereafter (including
                                         until two (2) hours after the close of “regular trading hours” on a Trading
                                         Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable
                                         Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice
                                         of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the
                                         close of “regular trading hours” on such Trading Day;

         

 

    	3

    	 

    

 

	 	(B)
    =	the
    Exercise Price of this Warrant, as adjusted hereunder; and 
	 	 	 
	 	(X)
    =	the
    number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
    if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company
agrees not to take any position contrary to this Section 2(c).

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (Eastern time) to 4:02 p.m. (Eastern time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets, Inc. (or a similar organization or agency succeeding to its
functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases,
the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders
of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (Eastern time) to 4:02 p.m. (Eastern time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other
cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the
Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and
expenses of which shall be paid by the Company.

 

    	4

    	 

    

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company
is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise,
and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder
or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified
by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the
Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and
(iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of
Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise the Holder
shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this
Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares; provided that payment of the aggregate
Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and
(ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the
Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share
Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $1.00
per Trading Day for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder
rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this
Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard
settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common
Stock as in effect on the date of delivery of the Notice of Exercise.

 

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

 

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

 

    	5

    	 

    

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with
the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other than any such
failure that is solely due to any action or inaction by the Holder with respect to such exercise), and if after such date the
Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm
otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the
Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the
Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for
the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the
Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order
giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the
Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be
deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely
complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total
purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of Warrant Shares, all of which taxes and expenses shall be paid by
the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required
for same-day electronic delivery of the Warrant Shares.

 

    	6

    	 

    

 

vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its
Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
or Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of
the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged
by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of
the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant
is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be
the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the
number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected
in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent
public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the
number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading
Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number
of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or,
upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder,
upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided
that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions
of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until
the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and
implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or
any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained
or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained
in this paragraph shall apply to a successor holder of this Warrant.

 

    	7

    	 

    

 

Section
3. Certain Adjustments.

 

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

 

b)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to all (or substantially all) of the record holders of any class of shares of Common Stock (the “Purchase Rights”),
then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights
which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise
of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership
Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or,
if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant,
issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such
Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled
to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such
Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time,
if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

c)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to all (or substantially all) of holders of shares of Common
Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other
similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such
case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders
of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to
the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the
Holder exceeding the Beneficial Ownership Limitation.

 

    	8

    	 

    

 

d)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common
Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making
or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock
of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of
a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable
at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant
from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion
of this Warrant on the date of the consummation of such Fundamental Transaction. “Black Scholes Value” means
the value of this Warrant based on the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg,
L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing
purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between
the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility
equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately
following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation
shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being
offered in such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement
of the applicable Fundamental Transaction and the Termination Date. The payment of the Black Scholes Value will be made by wire
transfer of immediately available funds within five Business Days of the Holder’s election (or, if later, on the effective
date of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company
is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under
this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements prior to such Fundamental Transaction
and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding
number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable
and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such
Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value
of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting
the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the occurrence
of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead
to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the
Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named
as the Company herein.

 

    	9

    	 

    

 

e)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

f)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly deliver to the Holder by facsimile or e-mail a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall
be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a
party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby
the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered
by facsimile or e-mail to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register
of the Company, at least 10 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating
(x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants,
or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend,
distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation,
merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that
holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure
to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action
required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material,
non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with
the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the
period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise
be expressly set forth herein.

 

    	10

    	 

    

 

Section
4. Transfer of Warrant.

 

a)
Transferability. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at
the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially
in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so
assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not
be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which
case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder delivers an
assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be
exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)
New Warrants. If this Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be
divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written
notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.
Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company
shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the original Initial Exercise Date and shall be
identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)
Warrant Register. The Warrant Agent (or, with respect to Warrants held through a physical certificate registered in the
name of the Holder (other than Cede & Co.), the Company) shall register this Warrant, upon records to be maintained by the
Warrant Agent (or, as applicable, the Company) for that purpose (the “Warrant Register”), in the name of the
record Holder hereof from time to time. The Company and the Warrant Agent 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.

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth
in Section 3.

 

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b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

    	12

    	 

    

 

e)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be governed by and construed and enforced in accordance with the law of the State of New York, without regard to the principles
of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense
of this Warrant shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the
“New York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York
Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it
is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue
for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in
any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Each party hereto hereby irrevocably waives, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Warrant.
If any party shall commence an action or proceeding to enforce any provisions of this Warrant, then the prevailing party in such
action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses incurred
in the investigation, preparation and prosecution of such action or proceeding.

 

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

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. If the Company willfully
and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company
shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable
attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant
hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)
Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without
limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile, by e-mail or sent by a nationally
recognized overnight courier service, addressed to the Company, at 1605 Westgate Circle, Brentwood, Tennessee 37027, Attention:
Mr. Jeffrey S. Ervin, Chief Executive Officer, facsimile number: (615) 505-3033, Email: jervin@imacrc.com, or such other facsimile
number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or
other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile,
by e-mail or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number or address
of such Holder appearing on the books of the Warrant Agent. Any notice or other communication or deliveries hereunder shall be
deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (Eastern time) on any date,
(ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
number or e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (Eastern
time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. Notwithstanding any other
provision of this Warrant, where this Warrant provides for notice of any event to the Holder, if this Warrant is held in global
form by DTC (or any successor depositary), such notice shall be sufficiently given if given to DTC (or any successor depositary)
pursuant to the procedures of DTC (or such successor depositary), subject to a Holder’s right to elect to receive a Warrant
in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

 

    	13

    	 

    

 

i)
Warrant Agency Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant
is issued subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions
of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling.

 

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

 

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

 

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

 

m)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company,
on the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.

 

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

 

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

 

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

 

[Signature
Page Follows]

 

    	14

    	 

    

 

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

 

	 	IMAC
    HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	Name:
    	Jeffrey
    S. Ervin
	 	Title:
    	Chief
    Executive Officer

 

    	15

    	 

    

 

NOTICE
OF EXERCISE

 

	To:	IMAC
    Holdings, Inc.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

[  ] in lawful money of the United States; or

 

[  ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless
exercise procedure set forth in subsection 2(c).

 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ___________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: _____________________________________________________

Name
of Authorized Signatory: _______________________________________________________________________

Title
of Authorized Signatory: ________________________________________________________________________

Date:
___________________________________________________________________________________________

 

    	 

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please
    Print)
	 	 	 
	Address:	 	 
	 	 	(Please
    Print)
	 	 	 
	Phone
    Number:	 	 
	 	 	 
	 	 	 
	Email
    Address:	 	 

 

	Dated:
    _______________ __, ______	 	 
	 	 	 
	Holder’s
    Signature:________________________________	 	 
	 	 	 
	Holder’s
    Address:_________________________________

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