Document:

PURSUANT
TO THE TERMS OF SECTION 1 OF THIS WARRANT, ALL OR A PORTION OF THIS WARRANT MAY HAVE BEEN EXERCISED, AND THEREFORE THE ACTUAL
NUMBER OF WARRANT SHARES REPRESENTED BY THIS WARRANT MAY BE LESS THAN THE AMOUNT SET FORTH ON THE FACE HEREOF.

 

INTELLINETICS,
INC.

 

Warrant
No. [XX-XXX]

 

WARRANT
TO PURCHASE COMMON STOCK

 

VOID
AFTER 5:00 P.M., EASTERN TIME,

ON THE EXPIRATION DATE

 

THIS
WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, DONATED OR OTHERWISE TRANSFERRED WITHOUT COMPLIANCE
WITH THE REGISTRATION OR QUALIFICATION PROVISIONS OF APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR WITHOUT DELIVERING AN OPINION
OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

FOR
VALUE RECEIVED, Intellinetics, Inc., a Nevada corporation (the “Company”), hereby agrees to sell
upon the terms and on the conditions hereinafter set forth, at any time commencing on the date hereof but no later than 5:00 p.m.,
Eastern Time, on September 22, 2022 (the “Expiration Date”), to [NAME], or his, her or its registered
assigns (the “Holder”), under the terms as hereinafter set forth, Seventy-Five Thousand (75,000) fully
paid and non-assessable shares of the Company’s Common Stock, par value $0.001 per share (the “Common
Stock”), at a purchase price per share of $0.30 (the “Warrant Price”), pursuant to the
terms and conditions set forth in this warrant (this “Warrant”). The number of shares of Common Stock
issued upon exercise of this Warrant (“Warrant Shares”) and the Warrant Price are subject to adjustment
in certain events as hereinafter set forth.

 

This
Warrant is issued in conjunction with a Convertible Promissory Note (the “Note”) which was issued by the Company to
the Holder on October 22, 2017 but intended to be effective as of September 21, 2017, reflecting the date on which the Holder
initially advanced the consideration for the Note to the Company.

 

1.
Exercise of Warrant.

 

(a)
The Holder may exercise this Warrant according to the terms and conditions set forth herein by delivering to the Company (whether
via facsimile or otherwise) at any time prior to the Expiration Date (such date of exercise, the “Exercise Date”)
(i) the Exercise Notice attached hereto as Exhibit A (the “Exercise Notice”) (having then been
duly executed by the Holder), and (ii) unless the Warrant is being exercised pursuant to a Cashless Exercise (as defined below),
cash, a certified check, a bank draft or wire transfer in payment of the purchase price, in lawful money of the United States
of America, for the number of Warrant Shares specified in the Exercise Notice. The Holder shall not be required to deliver the
original of this Warrant in order to effect an exercise hereunder. Execution and delivery of an Exercise Notice with respect to
less than all of the Warrant Shares shall have the same effect as cancellation of the original of this Warrant and issuance of
a new Warrant evidencing the right to purchase the remaining number of Warrant Shares not previously exercised. Execution and
delivery of an Exercise Notice for all of the then-remaining Warrant Shares shall have the same effect as cancellation of the
original of this Warrant after delivery of the Warrant Shares in accordance with the terms hereof.

 

    	 

    	 

    

 

(b)
On or before the second (2nd) trading day following the later of (i) the date on which the Company has received an
Exercise Notice or (ii) the date on which the Company receives payment of the exercise price (which shall not apply for Cashless
Exercises), the Company shall transmit an acknowledgment of confirmation of receipt of such Exercise Notice to the Holder and
the Company’s transfer agent (the “Transfer Agent”). On or before the third (3rd) trading
day following the later of (i) the date on which the Company has received such Exercise Notice or (ii) the date on which the Company
receives payment of the exercise price (which shall not apply for Cashless Exercises) (such later date, the “Delivery
Date”), the Company shall (X) provided that the Transfer Agent is participating in The Depository Trust Company
(“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate
number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s
balance account with DTC through its Deposit/ Withdrawal at Custodian system, or (Y) if the Transfer Agent is not participating
in the DTC Fast Automated Securities Transfer Program, issue and deliver to the Holder or, at the Holder’s instruction pursuant
to the Exercise Notice, the Holder’s agent or designee, in each case, sent by reputable overnight courier to the address
as specified in the applicable Exercise Notice, a certificate, registered in the Company’s share register in the name of
the Holder or its designee (as indicated in the applicable Exercise Notice), for the number of shares of Common Stock to which
the Holder is entitled pursuant to such exercise. Upon the later of (i) the date on which the Company has received the Exercise
Notice or (ii) the date on which the Company receives payment of the exercise price (which shall not apply for Cashless Exercises),
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 such Warrant Shares are credited to the Holder’s DTC account
or the date of delivery of the certificates evidencing such Warrant Shares (as the case may be). Notwithstanding the foregoing,
if a Holder has not received certificates for all Warrant Shares prior to the fifth (5th) business day after the Delivery
Date with respect to an exercise of any portion of this Warrant for any reason, then Holder shall have the right, but not the
obligation, at any time thereafter until receipt of all the Warrant Shares relating to the Exercise Notice, to rescind the Exercise
Notice by providing notice to the Company (the “Rescission Notice”). Upon delivery of a Rescission Notice
to the Company, the Holder shall regain the rights of a Holder of this Warrant with respect to such unexercised portions of this
Warrant and the Company shall, as soon as practicable, return such unexercised Warrant to the Holder or, if the Warrant has not
been surrendered, adjust its records to reflect that such portion of this Warrant has not been exercised. In addition, if the
Company fails to deliver to the Holder a certificate or certificates representing the Warrant Shares pursuant to an exercise by
the close of business on the fifth trading day after the Delivery Date, and if after such fifth trading day the Holder is required
by its broker to purchase (in an open market transaction or otherwise) 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 (i) pay in cash to the Holder the amount 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 (A)
the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times
(B) the price at which the sell order giving rise to such purchase obligation was executed, or (ii) 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 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 Warrant Shares with an aggregate sale price giving rise to
such purchase obligation of $10,000, under clause (i) 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, together with applicable confirmations and other evidence reasonably requested by the Company. 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 certificates
representing Warrant Shares upon exercise of this Warrant as required pursuant to the terms hereof.

 

(c)
This Warrant may be exercised in whole or in part so long as any exercise in part hereof would not involve the issuance of fractional
Warrant Shares. If exercised in part, at the request of the Holder and upon delivery of the original Warrant, the Company shall
deliver to the Holder a new Warrant, identical in form to this Warrant, in the name of the Holder, evidencing the right to purchase
the number of Warrant Shares as to which this Warrant has not been exercised, which new Warrant shall be signed by the President
or Chief Executive Officer of the Company. The term Warrant as used herein shall include any subsequent Warrant issued as provided
herein.

 

(d)
Notwithstanding any provisions herein to the contrary, in lieu of exercising this Warrant by cash payment in the manner set forth
in Section 1(a), the Holder may, in its sole discretion, elect to exercise this Warrant, or a portion hereof, and to pay for the
Warrant Stock by way of cashless exercise (a “Cashless Exercise”). If the Holder wishes to effect a
cashless exercise, the Holder shall deliver the Exercise Notice duly executed by such Holder or by such Holder’s duly authorized
attorney, at the principal office of the Company, or at such other office or agency as the Company may designate in writing prior
to the date of such exercise, in which event the Company shall issue to the Registered Holder the number of Warrant Shares computed
according to the following equation:

 

    	2

    	 

    

 

 

;
where

 

X
= the number of Warrant Shares to be issued to the Registered Holder.

 

Y
= the Warrant Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the
Warrant Shares being exercised.

 

A
= the Fair Market Value (defined below) of one share of Common Stock on the Exercise Date.

 

B
= the Exercise Price (as adjusted pursuant to the provisions of this Warrant).

 

For
purposes of this Section 1(d), the “Fair Market Value” of one share of Common Stock on the Exercise Date shall have
one of the following meanings:

 

(1)
if the Common Stock is traded on a national securities exchange registered with the Securities Exchange Commission pursuant to
the Securities Exchange Act of 1934, as amended, the Fair Market Value shall be deemed to be the average of the Closing Prices
over a five trading day period immediately prior to the Exercise Date. For the purposes of this Warrant, “Closing Price”
means the closing sale price of one share of Common Stock, as reported by Bloomberg; or

 

(2)
if the Common Stock is not traded on a national securities exchange, the Fair Market Value shall be deemed to be the average of
the closing bid prices price over the ten (10) trading day period ending immediately prior to the Exercise Date; or

 

(3)
if neither (1) nor (2) is applicable, the Fair Market Value shall be at the commercially reasonable price per share which the
Company could obtain on the Exercise Date from a willing buyer (not a current employee or director) for shares of Common Stock
sold by the Company, from authorized but unissued shares, as determined in good faith by the Company’s Board of Directors.

 

For
illustration purposes only, if this Warrant entitles the Holder the right to purchase 100,000 Warrant Shares and the Holder were
to exercise this Warrant for 50,000 Warrant Shares at a time when the Exercise Price per share was $1.00 and the Fair Market Value
of each share of Common Stock was $2.00 on the Exercise Date, as applicable, the cashless exercise calculation would be as follows:

 

X
= 50,000 ($2.00-$1.00)

 

2.00

 

X
= 25,000

 

Therefore,
the number of Warrant Shares to be issued to the Holder after giving effect to the cashless exercise would be 25,000 Warrant Shares
and this Warrant would then entitle the Holder to purchase 50,000 Warrant Shares, reflecting the portion of this Warrant not exercised
by the Holder. For purposes of Rule 144 promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), it is intended, understood and acknowledged that the Warrant Shares issued in the cashless exercise transaction
described pursuant to Section 1(c) shall be deemed to have been acquired by the Holder, and the holding period for the shares
of Warrant Shares shall be deemed to have commenced, on the date of the Holder’s acquisition of the Warrant.

 

(e)
No fractional Warrant Shares or scrip representing fractional Warrant Shares shall be issued upon the exercise of this Warrant.
The Company shall pay cash in lieu of such fractional Warrant Shares. The price of a fractional Warrant Share shall equal the
product of (i) the closing price of the Common Stock on the exchange or market on which the Common Stock is then traded (or if
the Common Stock is not then publicly traded, then based upon the Fair Market Value per share of the Common Stock (as determined
by the Company’s Board of Directors)), and (ii) the applicable fraction.

 

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(f)
Except as provided in Section 4 hereof, the Company shall pay any and all documentary stamp or similar issue or transfer taxes
payable in respect of the issue or delivery of Warrant Shares on exercise of this Warrant.

 

(g)
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.

 

2.
Disposition of Warrant Shares and Warrant.

 

(a)
The Holder hereby acknowledges that: (i) this Warrant and any Warrant Shares purchased pursuant hereto are not being registered
(A) under the Securities Act of 1933 (the “Act”) on the ground that the issuance of this Warrant is
exempt from registration under Section 4(a)(2) of the Act as not involving any public offering, or (B) under any applicable state
securities law because the issuance of this Warrant does not involve any public offering; and (ii) that the Company’s reliance
on the registration exemption under Section 4(a)(2) of the Act and under applicable state securities laws is predicated in part
on the representations hereby made to the Company by the Holder. The Holder represents and warrants that he, she or it is acquiring
this Warrant and will acquire Warrant Shares for investment for his, her or its own account, with no present intention of dividing
his, her or its participation with others or reselling or otherwise distributing this Warrant or Warrant Shares.

 

(b)
The Holder hereby agrees that he, she or it will not sell, transfer, pledge or otherwise dispose of (collectively, “Transfer”)
all or any part of this Warrant and/or Warrant Shares unless and until he, she or it shall have first obtained an opinion, reasonably
satisfactory to counsel for the Company, of counsel (competent in securities matters, selected by the Holder and reasonably satisfactory
to the Company) to the effect that the proposed Transfer may be made without registration under the Act and without registration
or qualification under any state law.

 

(c)
If, at the time of issuance of Warrant Shares, no registration statement is in effect with respect to such shares under applicable
provisions of the Act and the Warrant Shares may not be sold pursuant to Rule 144 of the Act, the Company may, at its election,
require that any stock certificate evidencing Warrant Shares shall bear legends reading substantially as follows:

 

“THE
SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THE SHARES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS SET
FORTH IN THE WARRANT PURSUANT TO WHICH THESE SHARES WERE PURCHASED FROM THE COMPANY. COPIES OF SUCH RESTRICTIONS ARE ON FILE AT
THE PRINCIPAL OFFICES OF THE COMPANY. NO TRANSFER OF SUCH SHARES OR OF THIS CERTIFICATE (OR OF ANY SHARES OR OTHER SECURITIES
(OR CERTIFICATES THEREFOR) ISSUED IN EXCHANGE FOR OR IN RESPECT OF SUCH SHARES) SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS
AND CONDITIONS SET FORTH IN THE WARRANT HAVE BEEN COMPLIED WITH.”

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND MAY NOT BE SOLD, TRANSFERRED,
PLEDGED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (THE “ACT”)
OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THIS CERTIFICATE THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT.”

 

    	4

    	 

    

 

In
addition, so long as the foregoing legend may remain on any stock certificate evidencing Warrant Shares, the Company may maintain
appropriate “stop transfer” orders with respect to such certificates and the shares represented thereby on its books
and records and with those to whom it may delegate registrar and transfer functions.

 

3.
Reservation of Shares. The Company hereby agrees that at all times there shall be reserved for issuance upon the exercise
of this Warrant such number of shares of the Common Stock as shall be required for issuance upon exercise of this Warrant. The
Company further agrees that all Warrant Shares will be duly authorized and will, upon issuance and payment of the exercise price
therefor, be validly issued, fully paid and non-assessable, free from all taxes, liens, charges and encumbrances with respect
to the issuance thereof, other than taxes, if any, in respect of any transfer occurring contemporaneously with such issuance and
other than transfer restrictions imposed by federal and state securities laws.

 

Except
and to the extent as waived or consented to in writing by the Holder, the Company shall not by any action, including, without
limitation, amending its certificate or articles 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. Without
limiting the generality of the foregoing, the Company will (a) 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, (b) 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 (c) 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.

 

4.
Exchange, Transfer or Assignment of Warrant. Subject to Section 2, this Warrant is exchangeable, without expense, at
the option of the Holder, upon presentation and surrender hereof to the Company or at the office of its stock transfer agent,
if any, for other Warrants of the Company (“Warrants”) of different denominations, entitling the Holder or
Holders thereof to purchase in the aggregate the same number of Warrant Shares purchasable hereunder. Subject to Section 2, upon
surrender of this Warrant to the Company or at the office of its stock transfer agent, if any, with the Assignment Form attached
hereto as Exhibit B (the “Assignment Form”) duly executed and funds sufficient to pay any transfer tax,
the Company shall, without charge, execute and deliver a new Warrant in the name of the assignee named in the Assignment Form
and this Warrant shall promptly be canceled. Subject to Section 2, this Warrant may be divided or combined with other Warrants
that carry the same rights upon presentation hereof at the office of the Company or at the office of its stock transfer agent,
if any, together with a written notice specifying the names and denominations in which new Warrants are to be issued and signed
by the Holder hereof.

 

5. Capital
Adjustments. This Warrant is subject to the following further provisions:

 

(a)
Recapitalization, Reclassification and Succession. If any recapitalization of the Company or reclassification of its Common
Stock or any merger or consolidation of the Company into or with a corporation or other business entity, or the sale or transfer
of all or substantially all of the Company’s assets or of any successor corporation’s assets to any other corporation
or business entity (any such corporation or other business entity being included within the meaning of the term “successor
corporation”) shall be effected, at any time while this Warrant remains outstanding and unexpired, then, as a condition
of such recapitalization, reclassification, merger, consolidation, sale or transfer, lawful and adequate provision shall be made
whereby the Holder of this Warrant thereafter shall have the right to receive upon the exercise hereof as provided in Section
1 and in lieu of the Warrant Shares immediately theretofore issuable upon the exercise of this Warrant, such shares of capital
stock, securities or other property as may be issued or payable with respect to or in exchange for the number of outstanding shares
of Common Stock equal to the number of Warrant Shares immediately theretofore issuable upon the exercise of this Warrant had such
recapitalization, reclassification, merger, consolidation, sale or transfer not taken place, and in each such case, the terms
of this Warrant shall be applicable to the shares of stock or other securities or property receivable upon the exercise of this
Warrant after such consummation.

 

    	5

    	 

    

 

(b)
Subdivision or Combination of Shares. If the Company at any time while this Warrant remains outstanding and unexpired shall
subdivide or combine its Common Stock, the number of Warrant Shares purchasable upon exercise of this Warrant shall be proportionately
adjusted.

 

(c)
Stock Dividends and Distributions. If the Company at any time while this Warrant is outstanding and unexpired shall issue
or pay the holders of its Common Stock, or take a record of the holders of its Common Stock for the purpose of entitling them
to receive, a dividend payable in, or other distribution of, Common Stock, then the number of Warrant Shares purchasable upon
exercise of this Warrant shall be adjusted to the number of shares of Common Stock that Holder would have owned immediately following
such action had this Warrant been exercised immediately prior thereto.

 

(d)
Price Adjustments. Whenever the number of Warrant Shares purchasable upon exercise of this Warrant is adjusted pursuant
to Sections 5(a), 5(b) or 5(c), the then applicable Warrant Price shall be proportionately adjusted.

 

(e)
Certain Shares Excluded. The number of shares of Common Stock outstanding at any given time for purposes of the adjustments
set forth in this Section 5 shall exclude any shares then directly or indirectly held in the treasury of the Company.

 

(f)
Deferral and Cumulation of De Minimis Adjustments. The Company shall not be required to make any adjustment pursuant to
this Section 5 if the amount of such adjustment would be less than one percent (1%) of the Warrant Price in effect immediately
before the event that would otherwise have given rise to such adjustment. In such case, however, any adjustment that would otherwise
have been required to be made shall be made at the time of and together with the next subsequent adjustment which, together with
any adjustment or adjustments so carried forward, shall amount to not less than one percent (1%) of the Warrant Price in effect
immediately before the event giving rise to such next subsequent adjustment. All calculations under this Section 5 shall be made
to the nearest cent or to the nearest one-hundredth of a share, as the case may be, but in no event shall the Company be obligated
to issue fractional Warrant Shares or fractional portions of any securities upon the exercise of the Warrant.

 

(g)
Duration of Adjustment. Following each computation or readjustment as provided in this Section 5, the new adjusted Warrant
Price and number of Warrant Shares purchasable upon exercise of this Warrant shall remain in effect until a further computation
or readjustment thereof is required.

 

6.
Notice to Holders.

 

(a)
Notice of Record Date. In case:

 

(i)
the Company shall take a record of the holders of its Common Stock (or other stock or securities at the time receivable upon the
exercise of this Warrant) for the purpose of entitling them to receive any dividend (other than a cash dividend payable out of
earned surplus of the Company) or other distribution, or any right to subscribe for or purchase any shares of stock of any class
or any other securities, or to receive any other right;

 

(ii)
of any capital reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation with
or merger of the Company into another corporation, or any conveyance of all or substantially all of the assets of the Company
to another corporation; or

 

(iii)
of any voluntary dissolution, liquidation or winding-up of the Company;

 

then,
and in each such case, the Company will mail or cause to be mailed to the Holder hereof at the time outstanding a notice specifying,
as the case may be, (i) the date on which a record is to be taken for the purpose of such dividend, distribution or right, and
stating the amount and character of such dividend, distribution or right, or (ii) the date on which such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed,
as of which the holders of record of Common Stock (or such stock or securities at the time receivable upon the exercise of this
Warrant) shall be entitled to exchange their shares of Common Stock (or such other stock or securities) for securities or other
property deliverable upon such reorganization, reclassification, consolidation, merger, conveyance, dissolution or winding-up.
Such notice shall be mailed at least ten (10) calendar days prior to the record date therein specified, or if no record date shall
have been specified therein, at least ten (10) days prior to such specified date.

 

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(b)
Certificate of Adjustment. Whenever any adjustment shall be made pursuant to Section 5 hereof, the Company shall promptly
provide the Holder with prompt written notice, signed and certified by its Chairman, Chief Executive Officer, President or a Vice
President, setting forth in reasonable detail the event requiring the adjustment, the amount of the adjustment, the method by
which such adjustment was calculated and the Warrant Price and number of Warrant Shares purchasable upon exercise of this Warrant
after giving effect to such adjustment.

 

7.
Loss, Theft, Destruction or Mutilation. Upon
receipt by the Company of evidence satisfactory to it, in the exercise of its reasonable discretion, of the ownership and the
loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, of indemnity reasonably
satisfactory to the Company and, in the case of mutilation, upon surrender and cancellation thereof, the Company will execute
and deliver in lieu thereof, without expense to the Holder, a new Warrant of like tenor dated the date hereof.

 

8.
Warrant Holder Not a Stockholder. The Holder of this Warrant, as such, shall not be entitled
by reason of this Warrant to any rights whatsoever as a stockholder of the Company, including but not limited to voting rights.
No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase Warrant Shares, and
no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of 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.

 

9.
Registration Rights. The Company shall include the Warrant Shares in any registration
statement the Company files with the Securities and Exchange Commission during the time the Warrant remains outstanding.

 

10.
Notices. Any notice provided for in this Warrant must be in writing and must be either
personally delivered, mailed by first class mail (postage prepaid and return receipt requested), or sent by reputable overnight
courier service (charges prepaid) to the recipient at the address below indicated:

 

If
to the Company:

 

Intellinetics,
Inc.

2190
Dividend Drive

Columbus,
OH 43215

Attention:
Mr. James F. DeSocio,

   President
and Chief Executive Officer

 

If
to the Holder:

 

To
the address of such Holder set forth on the books and records of the Company.

 

or
such other address or to the attention of such other person as the recipient party shall have specified by prior written notice
to the sending party. Any notice under this Warrant will be deemed to have been given (a) if personally delivered, upon such delivery,
(b) if mailed, five days after deposit in the U.S. mail, or (c) if sent by reputable overnight courier service, one business day
after such services acknowledges receipt of the notice.

 

11.
Choice of Law.
THIS WARRANT IS ISSUED UNDER AND SHALL FOR ALL PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEVADA, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAW RULES.

 

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12.
Submission to Jurisdiction.
EACH OF THE HOLDER AND THE COMPANY SUBMITS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN THE COUNTY OF NEW YORK,
STATE OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS WARRANT AND AGREES THAT ALL CLAIMS IN RESPECT
OF THE ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. EACH OF THE HOLDER AND THE COMPANY ALSO AGREE NOT TO
BRING ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS WARRANT IN ANY OTHER COURT. EACH OF THE PARTIES WAIVES ANY DEFENSE
OF INCONVENIENT FORUM TO THE MAINTENANCE OF ANY ACTION OR PROCEEDING SO BROUGHT AND WAIVES ANY BOND, SURETY, OR OTHER SECURITY
THAT MIGHT BE REQUIRED OF ANY OTHER PARTY WITH RESPECT THERETO.

 

13.
Warrant Register.
The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time
to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of
any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

14.
Miscellaneous.

 

(a)
Remedies. 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.

 

(b)
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 of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be
enforceable by any such Holder or holder of Warrant Shares.

 

(c)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

(d)
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.

 

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    	8

    	 

    

 

IN
WITNESS WHEREOF, the Company has duly caused this Warrant to be signed on its behalf, in its corporate name and by a duly authorized
officer, as of October 22, 2017.

 

	 	INTELLINETICS,
    INC.
	 	 
	 	By:
    	
	 		James
    F. DeSocio
	 	 	President and
    Chief Executive Officer

 

    	 

    	 

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT
TO PURCHASE COMMON STOCK

 

Intellinetics,
Inc.

 

The
undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant
Shares”) of Intellinetics, Inc., a Nevada corporation (the “Company”), evidenced by Warrant
to Purchase Common Stock No. _______ (the “Warrant”). Capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Warrant.

 

1.
Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

	 	____________	 	a
    “Cash Exercise” with respect to _________________ Warrant Shares; and/or
	 	 	 	 
	 	____________	 	a
    “Cashless Exercise” with respect to _______________ Warrant Shares.

 

2.
Payment of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the
Warrant Shares to be issued pursuant hereto, the Holder shall pay the exercise price in the sum of $___________________ to the
Company in accordance with the terms of the Warrant.

 

3.
Delivery of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________
Warrant Shares in accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, to the following
address:

 

_______________________

 

_______________________

 

_______________________

 

_______________________

 

4.
Fractional Shares. In lieu of receipt of a fractional share of Common Stock, the undersigned will receive a check representing
payment therefor.

 

Date:
_______________ __, ______

 

	 	 
	Name of Registered Holder	 

 

	By: 	 	 
	Name:	 	 
	Title:	 	 

 

    	A-1 

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

Intellinetics,
Inc.

2190
Dividend Drive

Columbus,
OH 43215

Attention: Mr. James F. DeSocio,

    President
and Chief Executive Officer

 

FOR
VALUE RECEIVED, _____________________________________hereby sells, assigns and transfers unto

 

(Please
print assignee’s name, address and Social Security/Tax Identification Number)

 

________________________________________________

 

________________________________________________

 

________________________________________________

 

the
right to purchase shares of common stock, par value $0.001 per share, of Intellinetics, Inc., a Nevada corporation (the “Company”),
represented by this Warrant No. _______ to the extent of shares as to which such right is exercisable and does hereby irrevocably
constitute and appoint ____________________________, Attorney, to transfer the same on the books of the Company with full power
of substitution in the premises.

 

	Dated: _____________________________________	 	 
		 	PRINT
WARRANT HOLDER NAME

 

	 	 
	 	Name:	
	 	Title:	

 

	Witness:	 	 
	 	 	 
		 	 

 

    	B-1EXHIBIT 10.1

  

 

AGREEMENT OF SUBLEASE

 

This AGREEMENT OF
SUBLEASE (this “Sublease”) is made as of the 20th day of October, 2017 (the “Effective Date”),
between CSG SYSTEMS, INC., a Delaware corporation (“Sublandlord”), and ZYNEX, INC., a Nevada corporation
(“Subtenant”)

 

RECITALS:

 

A.       Maroon
Office Partners II, LLC, a Colorado limited liability company, as predecessor-in-interest to Two Maroon Circle Investors, LLC,
a Delaware limited liability company (“Prime Landlord”), and Sublandlord, as tenant, entered into an Office
Lease dated as of September 28, 1999 (the “Original Lease”), whereby Sublandlord leased certain premises from
Prime Landlord (the “Premises”).

 

B.       The
Original Lease has been amended by: (i) that certain First Amendment to Lease Agreement dated as of November 11, 1999 (the “First
Amendment”); (ii) that certain Second Amendment to Lease Agreement dated as of March 14, 2000 (the “Second Amendment”);
(iii) that certain Third Amendment to Office Lease dated as of September 23, 2005 (the “Third Amendment”); (iv)
that certain Fourth Amendment to Office Lease dated as of March 30, 2006 (the “Fourth Amendment”); (v) that
certain Fifth Amendment to Office Lease dated as of April 30, 2007 (the “Fifth Amendment”) which was terminated
under the Sixth Amendment; and that certain Sixth Amendment to Office Lease dated as of January 22, 2014 (the “Sixth Amendment”).

 

C.       The
Original Lease as amended by the First Amendment, Second Amendment, Third Amendment, Fourth Amendment, and Sixth Amendment is referred
to as the “Prime Lease.”

 

D.       A
true and correct copy of the Prime Lease is attached hereto as Exhibit “A”.

E.       Subtenant desires to sublease from Sublandlord a portion of the Demised Premises,
on the terms and conditions hereinafter set forth.

 

F.       Initially
capitalized terms used in this Sublease shall have the meaning provided by the Prime Lease unless otherwise provided in this Sublease.

 

NOW, THEREFORE,
in consideration of the rents herein reserved and the covenants hereinafter expressed, and intending to be legally bound, Sublandlord
and Subtenant agree as follows:

 

AGREEMENT:

 

Subleased Premises.

 

The “Subleased
Premises” consists of approximately 42,840 rentable square feet consisting of Floors 1 and 4 of the Building (but specifically
excluding the Common Areas). Notwithstanding the foregoing, upon the date that Sublandlord and Prime Landlord approve the Subtenant’s
Plans (as defined below) in writing (the “Plan Approval Date”), which consent shall not be unreasonably withheld,
conditioned or delayed by Sublandlord, the parties acknowledge and agree that the “Subleased Premises” shall
be modified to reflect the Subleased Premises shown in the Approved Plans (as defined below).

 

    	 	-1-	 

     

    

 

Notwithstanding the
foregoing, the rentable area of the Subleased Premises and the Building shall be measured and certified by Sublandlord’s
architect according to BOMA standards (ANSI/BOMA Z65.1-2010 Legacy Method A) (the “Measurement Methodology”).
If within thirty (30) days after Subtenant takes possession of the Subleased Premises, Subtenant desires to contest Sublandlord’s
architect’s determination of the rentable area of the Subleased Premises, then Subtenant’s architect shall deliver
a written certification to Sublandlord and Sublandlord’s architect, time being of the essence, setting forth its determination
of the rentable area of the Subleased Premises using the Measurement Methodology. If, within thirty (30) days after the delivery
of such written notice to Sublandlord and Sublandlord’s architect, Sublandlord’s architect and Subtenant’s architect
are unable to agree on the rentable area of the Subleased Premises using the Measurement Methodology, then Sublandlord’s
architect and Subtenant’s architect shall jointly select a third-party architect from the Denver metropolitan region that
has not performed services for either party within the past twenty-four (24) months, whose determination of the rentable area of
the Subleased Premises using the Measurement Methodology shall be binding. Each party shall pay the costs of its own architect
and the party whose determination of the rentable area is closest to the determination of the third-party architect (if applicable)
shall pay the costs of the third-party architect.

 

After the Plan Approval
Date, Subtenant agrees to execute an amendment to this Sublease in a form reasonably required by Sublandlord, and subject to the
terms of the Prime Lease, which attaches the space plan generated with the Approved Plans as Exhibit “B”
to this Sublease. Notwithstanding anything herein to the contrary, Subtenant shall have no right to occupy the Subleased Premises
until the later of: (a) the Plan Approval Date; and (b) the Commencement Date (as defined below).

 

Sublease Term.

 

Initial Term.
Subject to the terms of Section 1, Sublandlord hereby demises and sublets to Subtenant, who hereby subleases and takes from Sublandlord,
the Subleased Premises beginning on the earlier of Subtenant’s occupancy of the Subleased Premises or the 1st
day of January, 2018 (the “Commencement Date”) and ending on the 30th day of June, 2023, unless sooner
terminated in accordance with the terms of this Sublease (the “Term”). Subject to the provisions of Section
10 of this Sublease, notwithstanding the foregoing, in the event of any earlier termination of the Prime Lease, then the Term of
this Sublease shall terminate concurrently therewith.

 

Option to Renew.
Subtenant will have an option to renew the Sublease only as described in Section 19.

 

Rent and Other Terms.

 

Gross Rent.
Subtenant shall pay to Sublandlord during the Term hereof annual Gross Rent (“Gross Rent”) as follows:

 

	Period of the Term:	Rate/Square Foot/Annum:
	
         

        Commencement Date – October 31, 2018
	
         

        $7.50

	November 1, 2018 – October 31, 2019	$19.75
	November 1, 2019 – October 31, 2020	$20.75
	November 1, 2020 – October 31, 2021	$21.75
	November 1, 2021 – October 31, 2022	$22.75
	November 1, 2022 – June 30, 2023	$23.75
	
        July 1, 2023 - June 30, 2024* 
	$27.50
	July 1, 2024-June 30, 2025*	$28.25

 

*Denotes optional Renewal period as described in
Section 19.

 

    	 	-2-	 

     

    

 

Upon the Plan Approval Date, Subtenant agrees to execute an
amendment to this Sublease in a form reasonably required by Sublandlord which updates the above rent schedule to set forth the
annual and monthly Gross Rent payable for the periods set forth above.

 

Additional Charges.

 

The parties hereby acknowledge
and agree that this Sublease is intended to be a Full Service Gross sublease and that commencing after the 2017 calendar year (“Sublease
Base Year”) Subtenant shall be responsible for the payment of Subtenant’s Share (as defined below) of all Operating
Expenses that exceed the total amount of Operating Expenses payable by Sublandlord under the Prime Lease for the Sublease Base
Year (which will include both the pro-rated estimated amount on the Budget Sheet and the additional actual Operating Expenses according
to the Landlord’s Statement). Subtenant shall also be responsible for the payment of Subtenant’s Share of all Building
Operating Expenses (as defined below) that exceed the amount of Building Operating Expenses incurred by Sublandlord during the
Sublease Base Year. The amounts payable pursuant to this Section 3.2(a) are collectively referred to as, “Additional Rent”,
and together with Gross Rent and all other amounts payable by Subtenant hereunder, “Rent”. A copy of the Landlord
Statement for the Sublease Base Year expenses shall be provided to Subtenant.

 

Subtenant shall have
the right to reasonably demand that Sublandlord exercise its rights in Section 5E of the Original Lease questioning the Excess
Operating Expenses; provided, however, that Subtenant shall be responsible for call costs, expenses, liabilities, and obligations
incurred by Sublandlord as the result of its exercise of such right.

 

Payment of such amounts
due hereunder shall be made by Subtenant in the same manner as Sublandlord shall be required to pay such amounts pursuant to the
Prime Lease (except as specifically set forth below) and paid to Sublandlord for forwarding to the Prime Landlord.

 

“Subtenant’s
Share” is equal to a fraction, the numerator of which is the rentable area under this Sublease and the denominator of
which is the total rentable area of the Building excluding areas designated as common areas for the use of subtenants under the
Prime Lease by Sublandlord.

 

“Building Operating
Expenses” are expenses incurred by Sublandlord in connection with the operation, maintenance, and repair of areas of
the Building designated by Sublandlord as common areas for the use of subtenants under the Prime Lease, but only to the extent
that such expenses would constitute “Operating Expenses” under the Prime Lease if incurred by Prime Landlord in connection
with the ownership, operation and maintenance of the Building Complex; provided, however, in no event shall any Operating Expenses
or Building Operating Expenses be duplicative of each other.

 

Subtenant's Covenant
to Pay Rent. Subtenant's obligation to pay Rent shall commence on the Commencement Date, except as specifically set forth above.
Rent shall be payable in equal monthly installments in advance on the first (1st) day of each and every calendar month
during the Term, without setoff, deduction, notice or demand at the address of Sublandlord set forth in Section 12
below.

 

    	 	-3-	 

     

    

 

Sublandlord's Work. Subtenant
acknowledges and agrees that Sublandlord is delivering the Subleased Premises to Subtenant without representation or warranty whatsoever,
except as stated in Section 9 below, and without any obligation of Sublandlord to perform any alterations or improvements
to the Subleased Premises. The taking of possession of the Subleased Premises by Subtenant shall conclusively establish that the
Subleased Premises were at such time in a good and sanitary order, condition and repair acceptable to Subtenant. Subtenant shall
be conclusively deemed to have accepted the Subleased Premises “AS IS” in the condition existing on the date Subtenant
first takes possession, and to have waived all claims relating to the condition of the Subleased Premises.

 

Subtenant’s Work.

 

Plan Approval.
Subtenant shall prepare a space plan, design drawings, test fits and specifications (“Subtenant’s Plans”)
for Sublandlord’s review and approval, and Prime Landlord’s review and approval, no later than ten (10) business days
after the Effective Date. It is understood that (i) Subtenant intends on making the changes noted in Exhibit “C”
hereto, (ii) Sublandlord is agreeable in concept with those changes, and (iii) Sublandlord will not unreasonably withhold its approval
of the Subtenant’s Plans if generally consistent with Exhibit “C”; provided, however, in no way
shall the foregoing limit the rights that Prime Landlord has to approve the Subtenant’s Plans and Subtenant’s Work
(as defined below) as set forth in the Prime Lease nor shall Prime Landlord’s disapproval of the same impose any liability
or obligations on Sublandlord. Subtenant shall revise and resubmit the Subtenant’s Plans based on comments received from
Sublandlord and Prime Landlord within ten (10) business days after receipt. The version of the Subtenant’s Plans that are
approved in writing by Sublandlord and Prime Landlord shall be the “Approved Plans”.

 

Subtenant’s
Work. Subtenant shall have no right to make any modifications or alterations to the Subleased Premises unless pursuant to the
Approved Plans and in accordance with the requirements of the Prime Lease. All work performed by Subtenant (“Subtenant’s
Work”) shall be performed pursuant to the requirements set forth on Exhibit “C”. Subtenant
shall cause the Subtenant’s Work to be designed, engineered and constructed in a good and workmanlike manner, free of any
defects, liens or other encumbrances, and in accordance with the terms and conditions of the Prime Lease, and all applicable laws.
Subtenant shall be responsible for any costs in excess of the Plan Allowance (as defined below) and the Improvement Allowance (as
defined below) (collectively, “Excess Costs”).

 

Plan Allowance.
Provided that Subtenant is in full compliance with this Sublease, Sublandlord agrees to contribute $0.12 per rentable square foot
of the Subleased Premises (“Plan Allowance”) toward the cost of preparing Subtenant’s Plans based
on the Approved Plans. Within thirty (30) days following Subtenant’s written request to Sublandlord, Sublandlord shall pay
such sum to Subtenant, provided such written request may not be submitted until the Subtenant has delivered to Sublandlord all
mechanics’ lien releases or other lien releases on account of Subtenant’s Work, which are notarized, unconditional
and in recordable form or in such form as Sublandlord shall have approved. To the extent the Plan Allowance exceeds the costs of
preparing Subtenant’s Plans, the excess amount will be applied toward the Improvement Allowance described in Section 5.4
below.

 

Improvement Allowance.
Provided that Subtenant is in full compliance with this Sublease, Sublandlord agrees to contribute $5.00 per rentable square foot
of the Subleased Premises (“Improvement Allowance”) toward the cost of Subtenant’s Work (including
cabling, telecommunications, architectural, engineering and project management fees) based on the Approved Plans. Within thirty
(30) days following Subtenant’s written request to Sublandlord, Sublandlord shall pay such sum to Subtenant, provided such
written request may not be submitted until the Subtenant has delivered to Sublandlord all mechanics’ lien releases or other
lien releases on account of Subtenant’s Work, which are notarized, unconditional and in recordable form or in such form as
Sublandlord shall have approved. Any portion of the Improvement Allowance not utilized by Subtenant will be credited to Subtenant’s
Rent. If there are any existing building code deficiencies that are required by law to be corrected as of the Effective Date which
are the responsibility of Sublandlord under the Prime Lease, then Sublandlord shall correct such deficiencies; provided, however,
the parties agree that Sublandlord shall have no responsibility for any such matters that arise from Subtenant’s use or occupancy
of the Subleased Premises, including, without limitation, the performance of Subtenant’s Work.

 

    	 	-4-	 

     

    

 

Early Access.
Subtenant and the consultants Subtenant engages to provide the Subtenant’s Plans shall have the right to enter the Subleased
Premises from and after the Effective Date upon reasonable notice to the Sublandlord for the sole purpose of preparing the Subtenant’s
Plans. In addition, Subtenant shall have the right to access and occupy the Subleased Premises from and after the later of: (a)
the Plan Approval Date; or (b) December 1, 2017 (the “Early Access Date”), solely for purposes of performing
Subtenant’s Work and early entry for such purposes shall not trigger the Commencement Date. Subtenant agrees (i) any such
early entry by Subtenant shall be at Subtenant’s sole risk, (ii) Subtenant shall not unreasonably interfere with Sublandlord
or other tenants in the Building, (iii) Subtenant shall comply with and be bound by all provisions of the Sublease during the period
of any such early entry, except for the payment of Gross Rent and Additional Rent, (iv) prior to entry upon the Subleased Premises
by Subtenant, Subtenant agrees to pay for and provide to Sublandlord certificates evidencing the existence and amounts of liability
insurance carried by Subtenant, which coverage must comply with the provisions of the Sublease relating to insurance, (v) Subtenant
and its agents and contractors agree to comply with all laws required to perform its work during the early entry on the Subleased
Premises, and (vi) Subtenant agrees to indemnify, protect, defend (with counsel selected by Sublandlord) and save Sublandlord and
Prime Landlord and their respective employees, agents, contractors, managers, members, and representatives harmless from and against
any and all liens, liabilities, losses, damages, costs, expenses, demands, actions, causes of action and claims (including, without
limitation, reasonable attorneys’ fees and legal costs) arising out of the early entry, use, construction, or occupancy of
the Subleased Premises by Subtenant or its agents, employees or contractors.

 

To the extent in Sublandlord’s
possession or control, Sublandlord will provide a set of “as built” drawings to Subtenant at no cost promptly after
the Effective Date.

 

5.7 Subtenant may retain
its own space planning firm and its own engineering firm subject to Sublandlord’s reasonable approval and the terms of the
Prime Lease.

 

5.8 Subtenant may designate
general contractors to bid on the tenant improvement work subject to Sublandlord’s approval, not to be unreasonably withheld,
and the terms of the Prime Lease.

 

Assignment and Subletting.
Subtenant may not assign this Sublease, nor sublet all or any part of the Subleased Premises, without the prior written consent
of Sublandlord, not to be unreasonably withheld, and subject to the terms of the Prime Lease. Any assignment or sublease in violation
of this provision shall be null and void.

 

Terms of Lease Incorporated.
This Sublease is subject and subordinate to all of the terms and conditions of the Prime Lease, all of which are hereby incorporated
herein by reference and made a part hereof, and:

 

Assumption of Obligations.
Subtenant does hereby assume and agree to be bound by the terms and conditions of the Prime Lease, and Subtenant shall fully and
faithfully perform, with regard to the Subleased Premises, all of the duties and obligations contained in the Prime Lease to be
performed by Sublandlord during the Term, except Subtenant shall have no obligation to (i) pay any rental amounts due under the
Prime Lease other than Additional Rent as expressly set forth in this Sublease, or (ii) pay any amounts resulting from a default
under the Prime Lease by Sublandlord (other than a default arising from Sublandlord’s failure to perform in accordance with
a term or condition of the Prime Lease, which term or condition Subtenant has agreed to assume, perform and be bound by relating
to the Subleased Premises pursuant to this Sublease).

 

    	 	-5-	 

     

    

 

No Obligations of
Sublandlord. Subtenant shall look solely to Prime Landlord for the performance of all obligations and the rendition of all
services which are the obligation of Prime Landlord under the Prime Lease and Sublandlord shall not be responsible therefore. Failure
by Prime Landlord to furnish any services or any cessation of services, shall not render Sublandlord liable in any respect for
damages to either person or property, nor be construed as an eviction of Subtenant, nor entitle Subtenant to an abatement of Rent
or charge payable hereunder, nor relieve Subtenant from fulfillment of any covenant or agreement hereof. If Prime Landlord defaults
in its obligations under the Prime Lease, then upon delivery of written request from Subtenant to Sublandlord, Sublandlord shall
use commercially reasonable efforts to cause Prime Landlord to perform pursuant to the Prime Lease, at no cost or expense to Sublandlord.

 

Rights of Sublandlord.
Sublandlord, in its relations with Subtenant hereunder, shall have all of the rights and remedies afforded to Prime Landlord in
its relations with Sublandlord as set forth in the Prime Lease subject to the covenants, conditions and limitations stated in this
Sublease. Without limiting the generality of the foregoing, the consent of Sublandlord shall be required for any action of Subtenant
which, pursuant to the Prime Lease, would require the consent of Prime Landlord and upon such request for consent delivered to
Sublandlord by Subtenant, Sublandlord, at no cost or expense to Sublandlord, shall use commercially reasonable efforts to assist
Subtenant in obtaining any such consent from Prime Landlord. Subtenant will not be permitted to take any action which, pursuant
to the Prime Lease, would require the consent of Prime Landlord unless Subtenant receives the consent of Prime Landlord.

 

Rights of Subtenant;
Limitation. Subtenant shall have all of the rights of Sublandlord, with respect to the Subleased Premises, pursuant to the
Prime Lease, except as set forth in Section 7.6 of this Sublease or as otherwise set forth herein. Subtenant acknowledges that
the rights granted to it under this Sublease are not in any sense greater or broader than the rights granted to Sublandlord under
the Prime Lease.

 

Parking. Notwithstanding
any provision herein to the contrary, Subtenant shall have the parking rights and obligations of Sublandlord that are allocated
or attributable to the Subleased Premises based on Subtenant’s Share. Any right to utilize a fractional portion of a parking
space allocated to the Subleased Premises shall be retained by Sublandlord for its benefit such that the number of parking spaces
allocated to the Subleased Premises is a whole number. Commencing on the first day of the 19th calendar month following
the Commencement Date, Subtenant shall pay Sublandlord rental of $100 per month per each of the Covered Parking Spaces allocated
to Subtenant pursuant to this Section 7.5 as Rent.

 

Certain Rights.
Notwithstanding anything herein to the contrary, in no event shall this Sublease be construed to confer or provide Subtenant with
any rights under Section 29, 30, or 31 of the Prime Lease.

 

Use of the Subleased Premises; Quiet
Enjoyment.

 

Permitted Use. The
Subleased Premises may be used for general office uses, light assembly, warehousing, and testing of medical device units, and for
no other purpose without the prior written consent of Sublandlord and Prime Landlord, unless expressly permitted by the Prime Lease.
Light assembly, warehousing and testing of medical device units will be restricted to the first floor of the Subleased Premises.

 

    	 	-6-	 

     

    

 

Quiet Enjoyment. Subject
to the terms and conditions of this Sublease and the Prime Lease, Subtenant shall have the peaceable and quiet enjoyment and possession
of the Subleased Premises without any manner or hindrance from Sublandlord or any persons lawfully claiming through Sublandlord.
Sublandlord covenants that Sublandlord shall not amend the Prime Lease in such a fashion that will materially affect Subtenant’s
use of the Subleased Premises or its obligations under this Sublease without the prior written consent of Subtenant.

 

Representations of Sublandlord.
Sublandlord represents to Subtenant that: (i) the Lease has not been amended or modified except as described in Recital B
and (ii) that Sublandlord is not now, and as of the Commencement Date will not be, in default or breach of any of the provisions
of the Prime Lease and has no current knowledge of any claim of the Prime Landlord that Sublandlord is in default or breach of
the provisions of the Prime Lease.

 

Termination. Sublandlord
covenants that it will not voluntarily terminate the Prime Lease without the prior written consent of Subtenant.

 

Insurance; Indemnification. 

 

During the Term of
this Sublease, Subtenant shall maintain the insurance required to be carried by Sublandlord under the Prime Lease, including the
policies that Sublandlord is required to carry pursuant to Section 15(B) of the Original Lease. To the extent that the Prime Landlord
is required to be an additional insured or named insured thereunder, Subtenant shall also cause Sublandlord to be, as applicable,
an additional insured or named insured thereunder.

 

Subtenant’s
Indemnity. Subtenant hereby agrees to indemnify, defend, and save Sublandlord and Prime Landlord harmless of and from all actions,
suits, fines, penalties, liability, loss, damages, costs, or expenses, including reasonable attorneys' fees, resulting from Subtenant's
use or occupancy of the Subleased Premises, or on account of injuries to the person or property of Subtenant or any third party,
including any other tenant in the Building Complex or to any other person rightfully in the Building Complex for any purpose whatsoever,
to the extent the injuries are caused by the negligence, acts or misconduct of the Subtenant, Subtenant's agents, servants or employees,
or of any other person entering upon the Subleased Premises under express or implied invitation of Subtenant, or resulting from
any breach of this Sublease by Subtenant. This indemnity shall survive the termination or expiration of this Sublease. Subtenant
also agrees to indemnify, defend, and save Sublandlord and Prime Landlord harmless of and from all actions, suits, fines, penalties,
liability, loss, damages, costs, or expenses, including reasonable attorneys’ fees resulting under Section 10 of the Landlord’s
Consent to Sublease evenly dated with this Sublease and executed by Prime Landlord, Sublandlord, and Subtenant with respect to
this Sublease.

 

Sublandlord’s
Indemnity. Sublandlord shall at all times indemnify, defend, and save harmless Subtenant for, from and against, any and all
liability, loss, cost, injury, damage or other expenses that may occur or be claimed by or with respect to any person(s) or property
on or about the Subleased Premises to the extent that the same arise from the grossly negligent acts or intentional misconduct
of Sublandlord. This indemnity shall survive the termination or expiration of this Sublease.

 

Notices. All notices, demands
and requests under this Sublease shall be in writing, and shall not be effective unless given by (i) prepaid registered or certified
mail, return receipt requested, by nationally recognized commercial overnight courier service, by hand-delivery with a signed acknowledgment
of receipt by the receiving party, or (ii) by electronic mail with confirmation of receipt, addressed as follows:

 

    	 	-7-	 

     

    

 

	If to Sublandlord:	
        CSG Systems,
        Inc.

        6175 S.
        Willow Drive

        Greenwood
        Village, CO 8011

        Attn: General
        Counsel

        E-Mail: Greg.Cannon@csgi.com

         

	With a copy to:	
        CSG Systems, Inc.

        9555 Maroon Circle

        Englewood, CO 80112

        Attn: Vice President of Real Estate

        E-Mail: Mike.Rooney@csgi.com

         

	With a copy to:	Brownstein Hyatt Farber Schreck, LLP

410 17th Street, Suite 2200

Denver, Colorado 80202

Attention: Noelle Riccardella

Phone: 303.223.1204

Electronic Mail: NRiccardella@BHFS.com
	 	 
	If to Subtenant:	
        Zynex, Inc.

        10000 Park Meadow Drive

        Lone Tree, Colorado 80124

         

        Attention: Daniel J. Moorhead

        Phone: 303) 703-4906

        Electronic Mail: dmoorhead@zynex.com

         

	With a copy to:	
        A.T. Moseley Advisors LLC

        417 Prospect Dr.

        Castle Rock, CO 80108 

         

        Attention: Anita T. Moseley

        Phone: 303 618 3088

        Electronic Mail: anita@atmoseleyadvisors.com 

  

or at such other address or electronic
mail address as any party may hereafter designate by written notice to all other parties. The effective date of all notices shall
be the date of receipt by the party to whom the notice is addressed or, if receipt of such notice is not accepted or is not possible
due to a change in address or electronic mail address for which the sending party did not receive notice, the effective date of
such a notice shall be the date of mailing such notice, if mailed, the date of delivery to a courier service, if delivered by courier,
the date of attempted delivery, if hand delivered, or the date of the attempted electronic mail transmittal, if delivered by electronic
mail transmittal.

 

Brokers. Sublandlord and
Subtenant hereby represent and warrant that there are no brokers or others who might be entitled to any fees or commissions as
a result of this Sublease or Subtenant's occupancy of the Subleased Premises, except for Rise Commercial as Sublandlord’s
exclusive agent (“Broker”), and Cresa Global, Inc. as exclusive agent for Subtenant (“Cooperating
Broker”), whose commissions will be paid by separate written agreements. Sublandlord and Subtenant hereby indemnify,
defend and hold each other harmless from and against any and all loss, cost, damage or expense suffered or incurred by the indemnified
party as a result of any claim made against the indemnified party which is based upon a breach of the foregoing representation
and warranty by the indemnifying party. This paragraph shall survive the expiration or termination of this Sublease, by lapse of
time or otherwise.

 

    	 	-8-	 

     

    

 

Effectiveness of Sublease.
This Sublease shall not become effective until executed by both Sublandlord and Subtenant and Prime Landlord has executed a consent
to the terms of this Sublease, which has been approved by Sublandlord in its reasonable discretion.

 

Confidentiality. Neither
Sublandlord nor Subtenant and each of their respective shareholders, partners, members, officers, directors, employees, agents
and representatives may disclose the subject matter or terms of this Sublease or the transaction contemplated hereby without the
other parties’ prior written consent thereto, which written consent may be withheld in such party’s sole discretion;
provided, however, that the provisions of this Section 15 shall not apply to any disclosure required
by legal or regulatory authorities, any disclosure by such party’s lenders, architects, accountants, and attorneys, or any
disclosure to Prime Landlord.

 

Security Deposit. Upon Subtenant’s
execution and delivery of this Agreement to Sublandlord, Subtenant shall deposit with Sublandlord the sum of $282,030.00 as security
for the performance by Subenant of all of the terms, covenants, and conditions required to be performed by it hereunder (the “Security
Deposit”). Such sum shall be returned to Subtenant no later than 60 days following the expiration of the Term if, at
such time, Subtenant has fully performed all such terms, covenants and conditions. Subtenant shall not be entitled to any interest
on the Security Deposit. In the event of default by Subtenant in performing any of its obligations under this Agreement, Sublandlord
may, in addition to any other right or remedy available to Sublandlord hereunder, use, apply, or retain all or any part of this
Security Deposit for the payment of any unpaid Rent or for any other amount which Sublandlord may be required to expend by reason
of the default of Subtenant. If a portion of the Security Deposit is used or applied by Sublandlord during the Term, Subtenant
shall, upon five days’ written demand, deposit with Sublandlord an amount sufficient to restore the Security Deposit to its
original amount. Prime Landlord will have no liability to Subtenant if Sublandlord fails to return the Security Deposit in accordance
with this Section.

 

Events of Default; Sublandlord’s
Remedy.

 

Events of Default.
The occurrence of any one or more of the following events shall constitute an “Event of Default” under
this Sublease: (a) any part of Rent is not paid when due unless the failure is cured within three (3) business days after notice
by Sublandlord; provided, however, Subtenant is not entitled to more than two (2) notices of delinquent payment of Rent during
any calendar year and if thereafter during that calendar year any Rent is not paid when due, an Event of Default shall automatically
occur, or (b) the nonperformance, breach or default under any other provision of this Sublease that is not cured within fifteen
(15) days after Sublandlord’s delivery of written notice thereof to Subtenant.

 

Sublandlord’s
Remedies. Upon an Event of Default by Subtenant hereunder, Sublandlord, at its option, any time thereafter, may:

 

Terminate this Sublease
by written notice to Subtenant and, upon service of said notice, Subtenant shall immediately vacate the Subleased Premises, and
Sublandlord, in addition to its other remedies, may recover from Subtenant all damages incurred by Sublandlord as a result of such
breach (all of which shall be immediately due and payable), including, but not limited to, (A) the cost of recovering possession
of the Subleased Premises; (B) reasonable attorneys’ fees; (C) the unpaid amount of all monetary obligations payable under
this Sublease which had been earned at the time of termination; and (D) the worth at the time of award of the amount by which
the unpaid amount of all monetary obligations payable under this Sublease for the balance of the Term after the time of such award
exceeds the amount of such loss for the same period that Subtenant proves could be reasonably avoided. Sublandlord shall be required
to use reasonable efforts to mitigate its damages, but efforts by Sublandlord to mitigate damages caused by the default shall not
waive Sublandlord’s right to recover all or any part thereof in a separate suit;

 

    	 	-9-	 

     

    

 

Sublandlord may, without
terminating the Sublease, re-enter and take possession of the Subleased Premises or any part thereof, without being liable for
prosecution on account thereof or being deemed guilty of any manner of trespass. Sublandlord reserves the right, following any
reentry or reletting, to exercise its right to terminate this Sublease by giving Subtenant written notice thereof. No such reentry
or taking possession of the Subleased Premises by Sublandlord shall be construed as an election by Sublandlord to terminate this
Sublease unless a written notice of such intention is given to Subtenant. No notice from Sublandlord hereunder or under a forcible
entry and detainer statute or similar law shall constitute an election by Sublandlord to terminate this Sublease unless such notice
specifically so states. After recovering possession of the Subleased Premises, Sublandlord may, from time to time, but shall not
be obligated to, relet the Subleased Premises, or any part thereof, for the account of Subtenant, for such term or terms and on
such conditions and upon such other terms as Sublandlord, in its discretion, may determine; provided, however, that any reletting
will be subject to the terms of the Prime Lease. Notwithstanding Sublandlord’s recovery of possession of the Subleased Premises,
Subtenant shall continue to pay on the dates herein specified, the Rent and all additional amounts which would be payable hereunder
if such repossession had not occurred, less a credit for the net amounts, if any, actually received by Sublandlord through any
reletting of the Subleased Premises; and

 

Upon a breach by Subtenant
hereunder, Sublandlord shall also have all other rights available to it at law or in equity, including without limitation, seeking
specific performance or injunctive relief, or performing Subtenant’s obligations hereunder and getting reimbursed the reasonable
cost and expenses therefor upon demand. All rights and remedies of Sublandlord herein created or otherwise existing at law or equity
are cumulative and may be exercised concurrently, whenever and as often as deemed desirable, and the exercise of one shall not
be taken to exclude or waive the right to the exercise of any other.

 

Right of First Offer.

 

Grant of Right of
First Offer. Subject to the terms and conditions of this Section 18, and subject to approval by Prime Landlord, Sublandlord
hereby grants to Subtenant a right of first offer to sublease all or a portion of the remainder of the Premises (the “First
Offer Space”). Further, Sublandlord may not enter into an agreement with the Prime Landlord to terminate its lease on
any portion of the remaining space without first offering the space to Subtenant on the same terms and conditions as set forth
in this Sublease; provided, however, the foregoing shall not apply to Sublandlord’s right to terminate the Prime Lease pursuant
to Section 9 of the Sixth Amendment, which shall only be limited by Section 19.3 of this Sublease.

 

Procedure for Offer.
Sublandlord shall notify Subtenant (the “First Offer Notice”) when Sublandlord submits its first formal written
proposal for sublease to a third party (a “Third Party Subtenant”) for space in the Building. Pursuant to such
First Offer Notice, Sublandlord shall offer to sublease to subtenant the then-available First Offer Space that is the subject of
the sublease proposal. The First Offer Notice shall describe the space so offered to Subtenant. The terms and conditions of this
Sublease will apply to the First Offer Space, including, but not limited to the Term of the Sublease and the then applicable Rent
(i.e. same rental rate rates as set forth in Section 3), except for the Plan Allowance and the Improvement Allowance (collectively,
the “Economic Terms”).

 

    	 	-10-	 

     

    

 

Procedure for Acceptance.
If Subtenant wishes to exercise Subtenant’s right of first offer with respect to the space described in the First Offer Notice,
then within ten (10) days after delivery of the First Offer Notice to Subtenant, Subtenant shall deliver notice to Sublandlord
of Subtenant’s intention to exercise its right of first offer with respect to the entire space described in the First Offer
Notice on the Economic Terms. Subtenant must elect to exercise its right of first offer, if at all, with respect to all of the
space offered by Sublandlord to Subtenant in the First Offer Notice. Subtenant may not elect to lease only a portion of the space
offered in the First Offer Notice. If Subtenant does not so notify Sublandlord within the 10 day period, then Sublandlord shall
be free to lease and/or re-lease all or any portion of the First Offer Space that is the subject First Offer Notice to the applicable
Third Party Subtenant within six (6) months after the expiration of said 10-day period, on any terms Sublandlord desires provided
that such terms are more favorable to Sublandlord than the Economic Terms, as reasonably determined by Sublandlord given the totality
of the circumstances, without needing to offer, or re-offer the applicable First Offer Space to Subtenant.

 

Other Terms and
Conditions. Except as otherwise expressly set forth in the First Offer Notice, Subtenant shall take the First Offer Space in
its “AS IS” condition, and Sublandlord shall have no obligation for free rent, leasehold improvements or for any other
tenant inducements for the First Offer Space. The term of the sublease for the applicable portion of the First Offer Space, and
Subtenant’s obligation to pay rent for such First Offer Space, shall commence upon the date that is sixty (60) days after
the delivery of the First Offer Space to Subtenant.

 

Limitations.
Subtenant shall not have the right to lease the First Offer Space, if, as of the date of the attempted exercise of any right of
first offer by Subtenant, or as of the scheduled date of delivery of such First Offer Space to Subtenant, (a) an event of default
is continuing or (b) Sublandlord has given more than two (2) notices of default in any 12-month period for nonpayment of monetary
obligations.

 

Termination of Right
of First Offer. The right of first offer granted herein shall terminate as to each First Offer Space upon the failure by Subtenant
to timely exercise its right of first offer with respect to the entire portion of the First Offer Space as offered by Sublandlord
in the First Offer Notice.

 

18.7       Amendment
to Sublease. If Subtenant timely exercises Subtenant’s right to lease the First Offer Space as set forth herein, Sublandlord
and Subtenant shall, within fifteen (15) days after Subtenant’s exercise thereof, execute an amendment to the Sublease for
such First Offer Space upon the Economic Terms and the other terms and conditions of this this Sublease; provided, however, that
such amendment will be subject to the terms of the Prime Lease.

 

Option to Renew.

 

Grant of Option.
Subject to the terms below, and provided that on or before the Renewal Deadline (as defined below), Subtenant has executed an amendment
to this Sublease increasing the Subleased Premises to include the entirety of the Premises leased and not then occupied by Sublandlord
under the Prime Lease (the “Vacant Space”) for the Term of this Sublease, Subtenant shall have one (1) option
to renew the Sublease for an additional period of twenty four months (the “Renewal Term”) on the terms and conditions
set forth in this Sublease. There shall be no additional renewal terms beyond the Renewal Term set forth herein. Subtenant must
exercise its option to extend the Sublease by giving Sublandlord written notice (the “Option Exercise Notice”)
of its election to do so no later than June 30, 2022 (“Renewal Deadline”), time being of the essence. Upon the
timely giving of such notice, the Term shall be deemed extended without the need for further act or deed of either party. If Subtenant
fails to timely deliver the Option Exercise Notice in strict accordance with this Section 19.1(a) and the notice provisions of
this Sublease, then Subtenant shall be deemed to have waived its extension rights, as aforesaid, and Subtenant shall have no further
right to renew this Sublease.

 

    	 	-11-	 

     

    

 

Terms and Conditions
of Option. The Renewal Term shall be on all the terms and conditions of this Sublease, except that Sublandlord shall have no
additional obligation for free rent, leasehold improvements or for any other tenant inducements for the Renewal Term, and Gross
Rent, Additional Rent, and all other Rent shall be in accordance with this Sublease.

 

Termination of Option
to Renew. Subtenant shall not have the option to renew if, as of the date of the Option Exercise Notice, or as of the scheduled
commencement date of the Renewal Term, (a) an event of default is continuing or (b) Sublandlord has given more than two (2) notices
of default in any 12-month period for nonpayment of monetary obligations.

 

19.3 Sublandlord’s
Waiver of Right to Early Termination Option. If Subtenant exercises its Option to Renew in accordance with Section 19.1,
Sublandlord agrees to waive its termination option as described in Section 9 of the Sixth Amendment, provided that at the time
Sublandlord is required to waive such termination option, neither (a) an event of default is continuing nor (b) has Sublandlord
given more than two (2) notices of default in any 12-month period for nonpayment of monetary obligations.

 

Signage. Subject to approval
by Prime Landlord in accordance with the conditions of the Prime Lease, and applicable laws: (a) Subtenant shall have the right
to install, at no cost to Prime Landlord, one sign advertising Subtenant’s business on 50% of the surface area allotted to
Sublandlord under the Prime Lease on the monument sign serving the Building; (b) Subtenant shall have the right to install, at
no cost to Prime Landlord, one sign advertising Subtenant’s business on 50% of the surface area allotted to Sublandlord under
the Prime Lease in the reception area serving the Building; and (c) Sublandlord, at its sole cost, shall provide Subtenant with
standard suite entry signage.

 

Furniture, Fixtures, and Equipment.
Sublandlord shall not remove that certain furniture, fixture, and equipment listed on the attached Exhibit “D”
(collectively, the “FF&E”) from the Subleased Premises prior to the Commencement Date and the FF&E shall
remain in the Subleased Premises upon delivery thereof to Subtenant, and Subtenant shall have the right, upon the expiration of
the Term or termination of the Sublease for reasons other than Subtenant’s default, to elect to purchase the FF&E (to
the extent that it constitutes Tenant’s Property under the Prime Lease) for One and 00/100 Dollar ($1.00), the entry by Subtenant
into this Sublease being the consideration therefor. In the event of such purchase, Subtenant shall be responsible for the removal
of all FF&E from the Subleased Premises at the expiration of the Term pursuant and subject to the requirements of the Prime
Lease applicable thereto.

 

General Provisions. 

 

Time of the Essence.
Time is of the essence of this Sublease and of the performance by Subtenant of each and every term and condition of this Sublease
and of each and every term and condition of the Prime Lease which the Subtenant has herein agreed to keep and perform.

 

Entire Agreement;
Amendment. This Sublease contains all of the agreements between Sublandlord and Subtenant with respect to the Subleased Premises
and may not be modified except by written instrument duly executed by the parties.

 

Estoppel Certificates.
Subtenant, upon not less than ten (10) days’ prior written notice from Sublandlord or Prime Landlord, agrees to execute and
deliver to Subandlord an estoppel certificate in the form provided by Sublandlord.

 

    	 	-12-	 

     

    

 

Successors and Assigns.
The terms and conditions of this Sublease shall extend to and be binding upon the heirs, successors and permitted assigns of the
respective parties.

 

No Recording.
Subtenant shall not permit any instruments to be recorded against the Subleased Premises.

 

Authority. Each
party represents and warrants to the other that it has full authority and power to enter into and perform its obligations under
this Sublease, that the person executing this Sublease is fully empowered to do so, and that no consent or authorization is necessary
from any third party. Either party may request evidence of such party’s authority.

 

Attorneys’
fees. In the event of litigation arising out of or in connection with this Sublease, the prevailing party shall be awarded
reasonable attorneys’ fees, costs and expenses.

 

Governing Law.
This Sublease shall be construed in accordance with the laws of the State in which the Subleased Premises is located.

 

Counterparts.
Sublandlord and Subtenant may execute this Sublease in any number of counterparts, each of which, when executed and delivered,
shall have the force and effect of an original, and all of which together shall constitute one and the same instrument. Such counterparts
may be exchanged by facsimile transmission or by e-mail delivery of a “.pdf” or similar format data file, and such
facsimile or “.pdf” or similar copies of each party’s respective signature shall be binding on such party as
if the same were an original signature.

 

Other Provisions

 

If Prime Landlord were
to terminate part or all of the Prime Lease pursuant to its rights within the Prime Lease, Sublandlord agrees to first allow Subtenant
to discuss its assumption of the Prime Lease with Prime Landlord for its initial Subleased Premises, the initial Subleased Premises
as expanded, or for the entire Premises under the Prime Lease at the option of the Subtenant. Notwithstanding anything in this
Section 23.1 to the contrary, any assumption of the Prime Lease by Subtenant pursuant to this Section 23.1 shall be conditioned
upon: (a) approval by Prime Landlord; and (b) Sublandlord receiving a release of all liability and obligations under the Prime
Lease arising after the date Subtenant assumes the Prime Lease from Prime Landlord in writing pursuant to a form of release approved
by Sublandlord. Further, this Section 23.1 shall in no way limit, affect, or apply to Sublandlord’s right to terminate the
Prime Lease pursuant to Section 9 of the Sixth Amendment, which shall only be limited by Section 19.3 of this Sublease.
Subtenant shall bear all expenses of Sublandlord in connection with any such matter.

 

Subtenant shall have
the right to exercise any renewal rights under the Prime Lease, if Subtenant is subleasing all of the Premises under the Prime
Lease provided Subtenant shall not have this right if (a) an event of default is continuing or (b) Sublandlord has given more than
two (2) notices of default in any 12-month period for nonpayment of monetary obligations. Notwithstanding anything in this Section
23.2 to the contrary, the exercise of any renewal rights pursuant to this Section 23.2 shall be conditioned upon Prime Landlord
granting Sublandlord a release of all liability and obligations under the Prime Lease arising after the date Subtenant renews the
Prime Lease in writing pursuant to a form of release approved by Sublandlord. Further, this Section 23.1 shall in no way limit,
affect, or apply to Sublandlord’s right to terminate the Prime Lease pursuant to Section 9 of the Sixth Amendment, which
shall only be limited by Section 19.3 of this Sublease. Subtenant shall bear all expenses of Sublandlord in connection
with any such matter.

 

    	 	-13-	 

     

    

 

23.4.
Limitation of Liability. Notwithstanding anything herein to the contrary, the person or persons executing this Sublease
on behalf of Sublandlord and Subtenant, respectively, are authorized to do so and to so bind each respective entity with respect
to the provisions herein; provided, however, that such individuals shall incur no personal liability with respect to the obligations
or performance of Sublandlord and subtenant, as applicable, under the Sublease.

 

 

 

[INTENTIONALLY BLANK; SIGNATURE PAGES
FOLLOW]

 

 

    	 	-14-	 

     

    

 

IN WITNESS WHEREOF,
this Sublease has been duly executed by Sublandlord and Subtenant as of the dates set forth below.

 

SUBLANDLORD:

 

CSG SYSTEMS, INC.,

a Delaware corporation

 

 

	By:	/S/ Greg Cannon	 
	 	 	 
	Name:	Greg Cannon	 
	 	 	 
	Title:	Senior Vice President and General Counsel	 

 

 

 

 

 

[INTENTIONALLY BLANK; SUBTENANT’S
SIGNATURE FOLLOWS]

 

 

    	 	SIGNATURE PAGE	 

     

    

 

SUBTENANT:

 

ZYNEX, INC.,

a Nevada Corporation

 

 

 

	By:	/S/ Daniel J. Moorhead	 
	 	 	 
	Name:	Daniel J. Moorhead	 
	 	 	 
	Title:	Chief Financial Officer	 

 

 

 

 

 

 

[INTENTIONALLY BLANK]

 

    	 	SIGNATURE PAGE	 

     

    

 

EXHIBIT “A”

 

THE PRIME LEASE

 

[attached]

 

 

 

 

    	 	EXHIBIT “A” - PAGE 1	 

     

    

 

EXHIBIT “B”

 

THE SUBLEASED PREMISES

 

[attached]

 

 

 

 

    	 	EXHIBIT “B” - PAGE 1	 

     

    

 

EXHIBIT “C”

 

TENANT’S WORK REQUIREMENTS

 

[attached]

 

 

 

 

    	 	EXHIBIT “C” - PAGE 1	 

     

    

 

EXHIBIT “D”

 

FF&E

 

[attached]

 

 

 

 

    	 	 EXHIBIT “D” - PAGE 1

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