Document:

Exhibit 10.6

 

SALES
PRICE ADJUSTMENT ADDENDUM

 

This
Sales Price Adjustment Addendum (this “Addendum”) is
made effective January 1, 2010 (the “Effective Date”), by
and among M2 P2, LLC (“M2 P2”), Midwest Finishing,
LLC (“Midwest”), TS Finishing, LLC (“TS
Finishing”), MGM, LLC (“MGM”) and
Hormel Foods Corporation (“HORMEL FOODS”) (collectively the “Parties).

 

WHEREAS,
M2 P2 is a hog producer with hog procurement agreements between one
or more of its subsidiaries and HORMEL FOODS;

 

WHEREAS,
the Parties desire to define a price adjustment calculation which
will apply to any and all existing hog procurement agreements which M2 P2 or any of its subsidiaries has with HORMEL FOODS;

 

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

 

1.          DEFINITIONS.

 

(a)          When
used in this Addendum, the following terms shall have the following meanings.

 

“Aggregate
Market Ledger Balance” means the aggregate amount of the then current market ledger balances of the M2 P2 Hog Procurement
Agreements, as adjusted from time-to-time pursuant to those agreements.

 

“Allowed
Adjustments” means various adjustments made to GAAP Pre-Tax Income, which are allowed by M2 P2’s Lenders under
the various loan agreements M2 P2 has entered with those Lenders.

 

“Calculated
Price Adjustment” means Reportable Pre-Tax Income minus Defined Income Base and that result multiplied by * %.
In the event this calculation results in a number that is less than zero, the Calculated Price Adjustment is zero.

 

“Defined
Income Base” means $ * plus the Defined Income Base Ledger
Balance reported at the end of the immediately preceding Fiscal Year.

 

“Defined
Income Base Ledger Balance” means the initial amount of $* plus the amount of Defined Income Base Ledger Increases
and reduced by applicable Defined Income Base Ledger Decreases. The Defined Income Base Ledger Balance shall in no event be less
than * ($*).

 

“Defined Income Base Ledger Decreases”
means, for each Fiscal Year, the amount by which Reportable Pre-Tax
Income for such Fiscal Year exceeds $ *.

  

* Material has been omitted pursuant
to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

“Defined
Income Base Ledger Increases” means, for each Fiscal Year, the amount by which $ * exceeds Reportable Pre-Tax Income
for such Fiscal Year.

 

“Fiscal
Year” means M2 P2’s annual accounting year.

 

“GAAP
Pre-Tax Income” means the pre-tax income reflected in M2 P2’s annual audited financial statements which are prepared
on a basis materially consistent with GAAP standards and which are certified by M2 P2’s Certified Public Accountants.

 

“Lenders”
means collectively, as of the date of this Addendum, any commercial banks or other sources of funds which have loaned funds
to M2 P2 to support its hog production operations.

 

“M2
P2 Hog Procurement Agreements” means, collectively, the Hog Procurement Agreement dated January 1, 2010 by and between
and MGM and HORMEL FOODS, the Hog Procurement Agreement dated January 1, 2010 by and between Midwest and HORMEL FOODS, and the
Hog Procurement Agreement dated January 1, 2010 by and between TS Finishing and HORMEL FOODS.

 

“Non
Qualifying Income” means the total of any income and expenses directly attributable to operations not involved
in, or supporting, operations which produce products included in the M2 P2 Hog Procurement Agreements. As of the date of this
Addendum, and as an example only, this would include income and expense attributable to M2 P2’s joint venture with Ag Feed,
Inc., and income and expense attributable to M2 P2’s relationship with Pine Ridge Farms.

 

“Reportable
Pre-Tax Income” means the GAAP Pre-Tax Income earned during the relevant Fiscal Year plus any Allowed Adjustments applicable
to that Fiscal Year minus any Non Qualifying Income earned during that Fiscal Year to arrive at the income used by M2 P2, and
acceptable to M2 P2’s Lenders, as the basis for calculating and reporting the various ratios as required by M2 P2’s
loan covenants.

 

2.         TERM.
This Agreement commenced on the Effective Date and will remain in
effect until all M2 P2 Hog Procurement Agreements are terminated, or earlier if terminated by the mutual consent of the Parties.

 

3.         PAYMENT.

 

(a)          The
Calculated Price Adjustment will be calculated based on M2 P2’s annual audited financial statements and paid to HORMEL FOODS
within thirty (30) days of receipt of such statements as follows:

 

1)          In
the event the Calculated Price Adjustment is less than zero, no payment will be made.

 

2)          In
the event the Calculated Price Adjustment is greater than zero, M2 P2 will pay the lesser of the Calculated Price Adjustment or
the Aggregate

 

* Material has been omitted pursuant
to a request for confidential treatment and filed separately with the Securities and Exchange Commission. 

 

    	 

    	 

    

 

Market Ledger Balance to HORMEL FOODS. Payments made pursuant to this clause shall be applied pro-rata to reduce
the market ledger balances of the M2 P2 Hog Procurement Agreements. 

 

3)          M2
P2’s ability to make the payment required by Section 3(a)(2) of this Addendum will be subject to any and all limitations
and/or requirements resulting from any and all loan agreements which M2 P2 has in effect with Lenders. In the event that M2 P2
is unable to make this payment to HORMEL FOODS as required herein, M2 P2 will provide notice, prior to the payment due date, of
such event to HORMEL FOODS along with a complete explanation and documentation supporting the reason(s) for nonpayment.

 

4.          OTHER
TERMS AND CONDITIONS. This Addendum shall be interpreted and
construed as though it as a part of the M2 P2 Hog Procurement Agreements. The terms and conditions of the M2 P2 Hog Procurement
Agreements are hereby incorporated by this reference and shall govern this Addendum.

 

[Signature
Page Follows]

 

* Material has been omitted pursuant
to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be signed by their duly authorized representatives this 30th day of July,
2010.

 

	HORMEL FOODS
    CORPORATION	 	M2 P2, LLC
	 	 	 	 	 
	By:	/s/ Bruce R. Schweitzer	 	By:	/s/ Glenn McClelland
	 	 	 	 	 
	Print Name:	Bruce R. Schweitzer	 	Print Name:	Glenn McClelland
	 	 	 	 	 
	Title:	Vice Pres. Operations, Refrig.
    Foods	 	Title:	CEO
	 	 	 	 	 
	Date:	7/30/10	 	Date:	8/2/10
	 	 	 	 	 
	MIDWEST FINISHING,
    LLC	 	MGM, LLC
	 	 	 	 	 
	By:	/s/ Glenn McClelland	 	By:	/s/ Glenn McClelland
	 	 	 	 	 
	Print Name:	Glenn McClelland	 	Print Name:	Glenn McClelland
	 	 	 	 	 
	Title:	CEO M2  2, LLC Mgr.	 	Title:	CEO M2 P2, LLC Mgr.
	 	 	 	 	 
	Date:	8/2/10	 	Date:	8/2/10
	 	 	 	 	 
	TS FINISHING,
    LLC	 	 	 
	 	 	 	 	 
	By:	Glenn McClelland	 	 	 
	 	 	 	 	 
	Print Name:	Glenn McClelland	 	 	 
	 	 	 	 	 
	Title:	CEO, M2 P2, LLC Mgr.	 	 	 
	 	 	 	 	 
	Date:	8/2/10	 	 	 

 

* Material has been omitted pursuant
to a request for confidential treatment and filed separately with the Securities and Exchange Commission.Exhibit 4.1

 

THIS WARRANT WAS ORIGINALLY ISSUED
ON SEPTEMBER 11, 2012, AND SUCH ISSUANCE WAS NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE
SECURITIES LAWS. NEITHER THIS WARRANT NOR ANY OF THE SECURITIES ISSUABLE ON EXERCISE HEREOF MAY BE SOLD, ASSIGNED, TRANSFERRED,
PLEDGED OR OTHERWISE DISPOSED OF UNLESS THE SAME IS REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR UNLESS AN
EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE AND THE COMPANY HAS RECEIVED EVIDENCE OF SUCH EXEMPTION REASONABLY SATISFACTORY TO
IT.

COVER-ALL TECHNOLOGIES INC.

STOCK PURCHASE WARRANT

	 	 
	Date of Issuance: September 11, 2012	Certificate No. W- 1

 

FOR VALUE RECEIVED, COVER-ALL TECHNOLOGIES
INC., a Delaware corporation (the “Company”), hereby grants to IMPERIUM COMMERCIAL FINANCE MASTER FUND, LP.,
a Delaware limited partnership, or its registered successors and/or assigns (individually and collectively, the “Registered
Holder”) the right to purchase from the Company 1,400,000 shares (the “Warrant Quantity”) of its Common
Stock (defined below), at $1.48 per share (the “Exercise Price”). Certain capitalized terms used in this Warrant
are defined in Section 1 of this Warrant. The amount and kind of securities obtainable pursuant to the rights granted under this
Warrant and the purchase price for such securities are subject to adjustment pursuant to the provisions contained in this Warrant.

 

This Warrant is subject
to the following provisions:

SECTION
1.                  
DEFINITIONS.   The following terms have the meanings set forth below:

“Additional Shares
of Common Stock” means all shares (including treasury shares) of Common Stock issued or sold (or deemed to be issued
or sold) by the Company after the Date of Issuance, whether or not subsequently reacquired or retired by the Company, other than:

(a)shares issued
upon the exercise of this Warrant;

(b)such number
of additional shares as may become issuable upon the exercise of this Warrant by reason of adjustments required pursuant to the
anti-dilution provisions applicable to this Warrant as in effect on the Date of Issuance;

(c)shares, warrants,
options and other securities issued by the Company at any time to the Registered Holder or any affiliate of the Registered Holder;

(d)in connection
with an Approved Share Plan; and

(e)shares issuable
upon exercise of warrant to Monarch Capital Group, LLC and/or its successors or assigns, dated the Date of Issuance, substantially
in the form attached to this Warrant as Exhibit III-A and/or issuable upon exercise of warrant to Robert Nathan and/or his successors
or assigns, dated the Date of Issuance, substantially in the form attached to this Warrant as Exhibit III-B.

“Aggregate
Exercise Price” shall have the meaning as set forth in Section 2B(i)(d)(1) below.

“Anti-Dilution
Trigger Price” means the lower of (a) the Exercise Price or (b) the Current Market Price in effect immediately prior
to an issue or sale that is described in Section 3 of this Warrant.

“Approved
Share Plan” means any employee benefit plan that has been approved by the Company’s board of directors,
pursuant to which the Company’s equity securities may be issued to any employee, officer, consultant or director for services
provided to the Company.

“Business
Day” means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in
the State of New York.

“Change of
Control” means with respect to the Company on or after the Date of Issuance, that any direct or indirect change in the
composition of the Company’s stockholders, of record or beneficially, as of the Date of Issuance shall occur that would result
in any stockholder or group acquiring 50.1% or more of any class of stock of the Company, or that any Person (or group of Persons
acting in concert) shall otherwise acquire, directly or indirectly (including through affiliates), the power to elect a majority
of the Board of Directors of the Company or otherwise direct the management or affairs of the Company by obtaining proxies, entering
into voting agreements or trusts, acquiring securities or otherwise.

“Commission”
means the Securities and Exchange Commission or any other federal agency then administering the Securities Act and other federal
securities laws.

“Common Stock”
means the Company’s common stock, par value $0.01 per share and any other stock into which such common stock shall have been
changed or any stock resulting from any reclassification of such common stock, and all other stock of any class or classes (however
designated) of the Company the holders of which have the right, without limitation as to amount, either to all or to a share of
the balance of current dividends and liquidating dividends after the payment of dividends and distributions on any shares entitled
to preference.

“Convertible
Securities” means any evidences of indebtedness, shares of stock (other than Common Stock) or other securities directly
or indirectly convertible into or exchangeable for shares of Common Stock.

2

“Current Market
Price” means, on any date specified herein, the average of the daily Market Price during the twenty (20) consecutive
trading days immediately preceding such date, except that, if on any such date the shares of Common Stock are not listed or admitted
for trading on any national securities exchange or quoted in the over-the-counter market, the Current Market Price shall be the
Market Price on such date.

“Date of Issuance”
means the date the Company initially issues this Warrant as set forth above.

“Demanding
Security Holders” shall have the meaning as set forth in Section 5B below.

“Discontinuation
Event” shall have the meaning as set forth in Section 5C(vi) below.

“Effectiveness
Period” shall have the meaning as set forth in Section 5C(i) below.

“Event of
Default” is defined in Section 5H.

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect from time to time.

“Exercise
Price” shall have the meaning as set forth in the first paragraph.

“Exercise
Time” shall have the meaning as set forth in Section 2B below.

“Fair Value”
means, on any date specified herein (i) in the case of cash, the dollar amount thereof, (ii) in the case of a security, the Current
Market Price, and (iii) in all other cases, the fair value thereof (as of a date which is within twenty (20) days of the date as
of which the determination is to be made) determined in good faith by the Company; provided that if the Registered Holder provide
written notice to the Company that it does not agree with the Company’s determination of Fair Value within a reasonable period
of time after receipt of such valuation and the documentation on which it is based, such Fair Value shall be determined by an appraiser
jointly selected by the Company and the Registered Holder or, if that selection cannot be made within ten (10) days, by an appraiser
selected by the American Arbitration Association in accordance with its rules. The determination of such appraiser shall be final
and binding on the Company and the Registered Holder, and the fees and expenses of such appraiser shall be paid by the Company.

“First Exercise
Date” means the earliest of: (a) the date when the Current Market Price exceeds the Exercise Price multiplied by 2, (b)
the date of a Change of Control transaction or (c) the third anniversary of the Date of Issuance.

“Loan and
Security Agreement” means that certain Loan and Security Agreement dated as of September 11, 2012, by and among the Registered
Holder, as lender, Cover-All Systems, Inc., a subsidiary of Company, as borrower, and the Company as a credit party, as the same
may be amended, modified, supplemented, extended, renewed, restated or replaced from time to time.

3

“Market Price”
means as to any security, the closing price of such security’s sales on the principal exchange on which such security may
at the time be listed, or, if there have been no sales on any such exchange on any day, the average of the highest reported bid
and lowest asked prices on such exchange at the end of such day, or, if on any day such security is not so listed, the average
of the reported bid and asked prices quoted in the NASDAQ System as of 4:00 P.M., New York time, on such day, or, if on any day
such security is not quoted in the NASDAQ System, the average of the highest bid and lowest asked prices on such day in the domestic
over-the-counter market as reported by the National Quotation Bureau, Incorporated, or any similar successor organization, in each
such case averaged over a period of twenty-one (21) days consisting of the day as of which “Market Price” is being
determined and the twenty (20) consecutive Business Days prior to such day; but if such security is listed on a domestic securities
exchange the term “Business Days” as used in this sentence means Business Days on which the principal exchange is open
for trading. If at any time such security is not listed on any domestic securities exchange or quoted in the NASDAQ System or the
domestic over-the-counter market, the “Market Price” shall be the Fair Value thereof.

“Options”
means any rights, options or warrants to subscribe for, purchase or otherwise acquire either Additional Shares of Common Stock
or Convertible Securities.

“Other Securities”
means any stock (other than Common Stock) and other securities of the Company or any other Person (corporate or otherwise) which
the holders of this Warrant at any time shall be entitled to receive, or shall have received, upon the exercise of this Warrant,
in lieu of or in addition to Common Stock, or which at any time shall be issuable or shall have been issued in exchange for or
in replacement of Common Stock or Convertible Securities.

“Person”
means an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an unincorporated organization
and a government or any department or agency thereof.

“Purchase
Rights” shall have the meaning as set forth in Section 4 below.

“Registrable
Securities” means (i) any of the shares of Common Stock issuable upon the exercise of this Warrant and (ii) any shares
of Common Stock issued or to be issued with respect to the Common Stock issuable upon the exercise of this Warrant by way of a
stock dividend or stock split. As to any particular Registrable Security, such security will cease to be a Registrable Security
when it (A) has been effectively registered under the Securities Act and disposed of in accordance with the registration statement
covering such security, (B) has been transferred through a broker-dealer in an open market transaction pursuant to Rule 144 (or
any similar provision then in force) or (C) is eligible for sale pursuant to Rule 144(b) (or any similar provision then in force).

“Securities
Act” means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time.

“Warrants”
shall have the meaning as set forth in Section 8 below.

4

 

SECTION
2.                  
Exercise of Warrant.

2A.            
Exercise Period and Elective Exercise. A Registered Holder may exercise, in whole or in part (but not as to a fractional
share of Common Stock), the purchase rights represented by this Warrant at any time and from time to time after the First Exercise
Date until 5:00 p.m., Eastern Time, on the fifth (5th) anniversary of the Date of Issuance (the “Exercise Period”).

2B.            
Forced Exercise. Notwithstanding anything to the contrary contained in Section 2A, from and after the Date of Issuance,
the Company shall be entitled to force the partial exercise of the Warrant Quantity by (a) providing not less than thirty (30)
days prior written notice to the Registered Holder (the “Forced Exercise Notice”) and (b) requiring exercise
of an amount not to exceed 3.33% of the aggregate trading volume of shares of Common Stock of the Company for the ninety (90) days
preceding date of the Forced Exercise Notice, provided, however, that the Registered Holder shall not
be forced to exercise such purchase rights at any time when (i) the Current Market Price of a share of Common Stock of the Company
on the date of the Forced Exercise Notice is lower than three (3) times the Exercise Price or (ii) the aggregate number of shares
of Common Stock of the Company required to be exercised exceeds 4.99% of the Warrant Quantity.

2C.            
Exercise Procedure.

(i)                 
This Warrant shall be deemed to have been exercised when the Company has received all of the following items (the “Exercise
Time”):

(a)               
a completed Exercise Agreement, as described in Section 2D below and in the form set forth in Exhibit I hereto, executed
by the Person exercising all or part of the purchase rights represented by this Warrant (the “Purchaser”);

(b)              
this Warrant;

(c)               
if this Warrant is not registered in the name of the Purchaser, an Assignment or Assignments in the form set forth in Exhibit
II hereto evidencing the assignment of this Warrant to the Purchaser together with such reasonably requested supporting documentation
and/or information relating thereto, if any, as the Company has theretofore requested; and

(d)              
either (1) a check payable to the Company in an amount equal to the product of the Exercise Price multiplied by the number
of shares of Common Stock being purchased upon such exercise (the “Aggregate Exercise Price”) or (2) a written
notice to the Company that the Purchaser is executing a cashless exercise of the Warrant (or a portion thereof) by authorizing
the Company to withhold from issuance the number of shares of Common Stock issuable upon such exercise of the Warrant that, when
multiplied by the Current Market Price of the Common Stock, is equal to the Aggregate Exercise Price (and such withheld shares
shall no longer be issuable under this Warrant).

(ii)               
Certificates for shares of Common Stock purchased upon exercise of this Warrant shall be delivered by the Company to the
Purchaser within ten (10) Business Days after the date of the Exercise Time. Unless this Warrant has expired or all of the purchase
rights represented

5

hereby have
been exercised, the Company shall prepare a new Warrant, substantially identical to this Warrant, representing the rights formerly
represented by this Warrant which have not expired or been exercised and shall, within such ten (10) Business Day period, deliver
such new Warrant to the Registered Holder.

(iii)              
The Common Stock issuable upon the exercise of this Warrant shall be deemed to have been issued to the Purchaser at the
Exercise Time, and the Purchaser shall be deemed for all purposes to have become the record holder of such Common Stock at the
Exercise Time, but if the Company shall have notified the Purchaser, in writing, that additional documentation and/or information
is required to effect the exercise of this Warrant, for the purpose of Section 2B(i)(c), the “Exercise Time” shall
be the time when the Company receives such documentation and/or information.

(iv)             
The issuance of certificates for shares of Common Stock on exercise of this Warrant shall be made without charge to the
Registered Holder or the Purchaser for any issuance tax in respect thereof or other cost incurred by the Company in connection
with such exercise and the related issuance of shares of Common Stock. Each share of Common Stock issuable upon exercise of this
Warrant shall, on payment of the Exercise Price therefor, be fully paid and nonassessable and free from all taxes, liens and charges
with respect to the issuance thereof.

(v)               
The Company shall not close its books against the transfer of this Warrant or of any share of Common Stock issued or issuable
upon the exercise of this Warrant in any manner which interferes with the timely exercise of this Warrant. The Company shall from
time to time take all such action as may be necessary to assure that the par value per share of the unissued Common Stock acquirable
on exercise of this Warrant is at all times equal to or less than the Exercise Price then in effect.

(vi)             
The Company shall, at the Registered Holder’s or Purchaser’s expense, except as provided in this Warrant, assist
and cooperate with any Registered Holder or Purchaser required to make any governmental filings or obtain any governmental approvals
prior to or in connection with any exercise of this Warrant (including, without limitation, making any filings required to be made
by the Company).

(vii)            
Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made in connection with
a registered public offering or the sale of the Company, the exercise of any portion of this Warrant may, at the election of a
Registered Holder hereof, be conditioned on the consummation of the public offering or sale of the Company in which case such exercise
shall not be deemed to be effective until the consummation of such transaction.

(viii)          
The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock solely
for the purpose of issuance on the exercise of the Warrants, such number of shares of Common Stock issuable upon the exercise of
all outstanding Warrants. The Company shall take all such actions as may be necessary to assure that all such shares of Common
Stock may be so issued without violation of any applicable law or governmental regulation or any requirements of any domestic securities
exchange on which shares of Common Stock may be listed (except for official notice of issuance which shall be immediately delivered
by the Company upon each such issuance). The Company shall not take any action which

6

would cause
the number of authorized but unissued shares of Common Stock to be less than the number of such shares required to be reserved
hereunder for issuance on exercise of the Warrants.

(ix)             
On any exercise of this Warrant, the Company may require customary investment representations from a Registered Holder and
the Purchaser to assure that the issuance of the Common Stock hereunder shall not require registration or qualification under the
Securities Act or any applicable state securities laws and such Registered Holder or the Purchaser, as the case may be, agrees
promptly to provide such investment representations to the Company.

2D.            
Exercise
Agreement. On any exercise of
this Warrant, the Exercise Agreement shall be substantially in the form set forth in Exhibit I hereto, except that if the
shares of Common Stock are not to be issued in the name of the Registered Holder or Purchaser, the Exercise Agreement shall also
state the name of Registered Holder or Purchaser, and if the number of shares of Common Stock to be issued does not include all
the shares of Common Stock purchasable hereunder, it shall also state the name of the Registered Holder or Purchaser for the unexercised
portion of the rights hereunder is to be delivered. Such Exercise Agreement shall be dated the actual date of execution thereof.

2E.            
Fractional
Shares. If a fractional share
of Common Stock would, but for the provisions of paragraph 2A, be issuable upon exercise of the rights represented by this Warrant,
the Company shall, within ten (10) Business Days after the date of the Exercise Time, deliver to the Purchaser a check payable
to the Purchaser in lieu of such fractional share in an amount equal to the difference between Current Market Price of such fractional
share as of the date of the Exercise Time and the Exercise Price of such fractional share.

SECTION
3.                  
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES.   In order to prevent dilution of the rights granted under this Warrant,
the Warrant Quantity and Exercise Price shall be subject to adjustment from time to time as provided in this Section 3.

3A.            
Adjustment of Number of Shares and Exercise Price on Certain Issuances. If the Company, at any time or from time
to time after the date hereof, shall issue or sell Additional Shares of Common Stock (including Additional Shares of Common Stock
deemed to be issued pursuant to Section 3B and 3C below) without consideration or for consideration per share less than the Anti-Dilution
Trigger Price, then, in each such case, the Warrant Quantity shall be increased, and the Exercise Price shall be simultaneously
and proportionately decreased, concurrently with such issue or sale, to an amount determined by multiplying such Warrant Quantity
by a fraction:

(i)                 
the numerator of which shall be the number of shares of Common Stock outstanding immediately after such issue or sale, provided
that, for the purposes of this Section 3A(i), (x) immediately after any Additional Shares of Common Stock are deemed to have
been issued pursuant to Section 3B, such Additional Shares shall be deemed to be outstanding, and (y) treasury shares shall not
be deemed to be outstanding, and

(ii)               
the denominator of which shall be the sum of (x) the number of shares of Common Stock outstanding immediately prior
to such issue or sale plus (y) the number of shares of Common Stock which the aggregate consideration received by the Company
for the total number of

7

such Additional
Shares of Common Stock so issued or sold would purchase at the Anti-Dilution Trigger Price (before giving effect to the adjustment
pursuant to this Section 3A).

(iii)              
The determination of Additional Shares of Common Stock is set forth below in this Section 3.

3B.            
Treatment of Options and Convertible Securities. If the Company at any time or from time to time after the Date of
Issuance shall issue, sell, grant or assume, or shall fix a record date for the determination of holders of any class of securities
of the Company entitled to receive, any Options or Convertible Securities (whether or not the rights thereunder are immediately
exercisable), then, and in each such case, the maximum number of Additional Shares of Common Stock (as set forth in the instrument
relating thereto, without regard to any provisions contained therein for a subsequent adjustment of such number) issuable upon
the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such
Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue, sale, grant
or assumption or, in case such a record date shall have been fixed, as of the close of business on such record date (or, if the
Common Stock trades on an ex-dividend basis, on the date prior to the commencement of ex-dividend trading), provided, that,
such Additional Shares of Common Stock shall not be deemed to have been issued unless the consideration per share (determined pursuant
to Section 3D) of such shares would be less than the Anti-Dilution Trigger Price in effect on the date of and immediately
prior to such issue, sale, grant or assumption or immediately prior to the close of business on such record date (or, if the Common
Stock trades on an ex-dividend basis, on the date prior to the commencement of ex-dividend trading), as the case may be, and provided,
further, that in any such case in which Additional Shares of Common Stock are deemed to be issued:

(i)                 
whether or not the Additional Shares of Common Stock underlying such Options or Convertible Securities are deemed to be
issued, no further adjustment of the Warrant Quantity shall be made on the subsequent issue or sale of Convertible Securities or
shares of Common Stock on the exercise of such Options or the conversion or exchange of such Convertible Securities, except in
the case of any such Options or Convertible Securities which contain provisions requiring an adjustment, subsequent to the date
of the issue or sale thereof, of the number of Additional Shares of Common Stock issuable upon the exercise of such Options or
the conversion or exchange of such Convertible Securities by reason of (x) a change of control of the Company, (y) the acquisition
by any Person or group of Persons of any specified number or percentage of the voting securities of the Company or (z) any similar
event or occurrence, each such case to be deemed hereunder to involve a separate issuance of Additional Shares of Common Stock,
Options or Convertible Securities, as the case may be;

(ii)               
if such Options or Convertible Securities by their terms provide, with the passage of time or otherwise, for any increase
in the consideration payable to the Company, or decrease in the number of Additional Shares of Common Stock issuable, on the exercise,
conversion or exchange thereof (by change of rate or otherwise), the Warrant Quantity computed on the original issue, sale, grant
or assumption thereof (or on the occurrence of the record date, or date prior to the commencement of ex-dividend trading, as the
case may be, with respect thereto), and any subsequent adjustments based thereon, shall, on any such increase or decrease becoming
effective,

8

be recomputed
to reflect such increase or decrease insofar as it affects such Options, or the rights of conversion or exchange under such Convertible
Securities, which are outstanding at such time;

(iii)              
on the expiration (or purchase by the Company and cancellation or retirement) of any such Options which shall not have been
exercised or the expiration of any rights of conversion or exchange under any such Convertible Securities which (or purchase by
the Company and cancellation or retirement of any such Convertible Securities the rights of conversion or exchange under which)
shall not have been exercised, the Warrant Quantity computed upon the original issue, sale, grant or assumption thereof (or on
the occurrence of the record date, or date prior to the commencement of ex-dividend trading, as the case may be, with respect thereto),
and any subsequent adjustments based thereon, shall, on such expiration (or such cancellation or retirement, as the case may be),
be recomputed as if:

(a)               
in the case of Options for Common Stock or Convertible Securities, the only Additional Shares of Common Stock issued or
sold were the Additional Shares of Common Stock, if any, actually issued or sold upon the exercise of such Options or the conversion
or exchange of such Convertible Securities and the consideration received therefor was the consideration actually received by the
Company for the issue, sale, grant or assumption of all such Options, whether or not exercised, plus the consideration actually
received by the Company upon such exercise, or for the issue or sale of all such Convertible Securities which were actually converted
or exchanged, plus the additional consideration, if any, actually received by the Company upon such conversion or exchange, and

(b)              
in the case of Options for Convertible Securities, only the Convertible Securities, if any, actually issued or sold upon
the exercise of such Options were issued at the time of the issue or sale, grant or assumption of such Options, and the consideration
received by the Company for the Additional Shares of Common Stock deemed to have then been issued was the consideration actually
received by the Company for the issue, sale, grant or assumption of all such Options, whether or not exercised, plus the consideration
deemed to have been received by the Company (pursuant to Section 3D) on the issue or sale of such Convertible Securities with
respect to which such Options were actually exercised;

(iv)             
no readjustment pursuant to subdivision (ii) or (iii) above shall have the effect of decreasing the Warrant Quantity
by an amount in excess of the amount of the adjustment thereof originally made in respect of the issue, sale, grant or assumption
of such Options or Convertible Securities; and

(v)               
in the case of any such Options which expire by their terms not more than thirty (30) days after the date of issue, sale,
grant or assumption thereof, no adjustment of the Warrant Quantity shall be made until the expiration or exercise of all such Options,
whereupon such adjustment shall be made in the manner provided in subdivision (iii) above.

3C.            
Stock Dividends, Splits, etc. If the Company at any time or from time to time after the date hereof shall declare
or pay any dividend on the Common Stock payable in Common Stock, or shall effect a subdivision of the outstanding shares of Common
Stock into a greater number of shares of Common Stock (by reclassification or otherwise than by payment of a dividend in Common
Stock), then, and in each such case, Additional Shares of Common Stock shall be deemed

9

to have been issued
(a) in the case of any such dividend, immediately after the close of business on the record date for the determination of
holders of any class of securities entitled to receive such dividend, or (b) in the case of any such subdivision, at the close
of business on the day immediately prior to the day on which such corporate action becomes effective.

3D.            
Computation of Consideration. For the purposes of this Section 3, the consideration for the issue or sale of
any Additional Shares of Common Stock shall, irrespective of the accounting treatment of such consideration,

(i)                 
insofar as it consists of cash, be computed at the amount of cash received by the Company, without deducting any expenses
paid or incurred by the Company or any commissions or compensations paid or concessions or discounts allowed to underwriters, dealers
or others performing similar services in connection with such issue or sale,

(ii)               
insofar as it consists of property (including securities) other than cash, be computed at the Fair Value thereof at the
time of such issue or sale, and

(iii)              
in case Additional Shares of Common Stock are issued or sold together with other stock or securities or other assets of
the Company for a consideration which covers both, the portion of such consideration so received, computed as provided in clauses
(i) and (ii) above, allocable to such Additional Shares of Common Stock, such allocation to be determined in the same
manner that the Fair Value of property not consisting of cash or securities, is to be determined as provided in the definition
of Fair Value in this Warrant;

(iv)             
Additional Shares of Common Stock deemed to have been issued pursuant to Section 3B, relating to Options and Convertible
Securities, shall be deemed to have been issued for a consideration per share determined by dividing:

(a)               
the total amount, if any, received and receivable by the Company as consideration for the issue, sale, grant or assumption
of the Options or Convertible Securities in question, plus the minimum aggregate amount of additional consideration (as set forth
in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration)
payable to the Company upon the exercise in full of such Options or the conversion or exchange of such Convertible Securities or,
in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or
exchange of such Convertible Securities, in each case computing such consideration as provided in this subsection (a)

by

(b)              
the maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without regard to any provision
contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange
of such Convertible Securities; and

10

 

(v)               
Additional Shares of Common Stock deemed to have been issued pursuant to Section 3C, relating to stock dividends, stock
splits, etc., shall be deemed to have been issued for no consideration.

3E.             
Adjustments for Combinations, etc. In case the outstanding shares of Common Stock shall be combined or consolidated,
by reclassification or otherwise, into a lesser number of shares of Common Stock, the Warrant Quantity in effect immediately prior
to such combination or consolidation shall, concurrently with the effectiveness of such combination or consolidation, be proportionately
decreased (with a corresponding increase to the Exercise Price).

3F.             
Dilution in Case of Other Securities. In case any Other Securities shall be issued or sold or shall become subject
to issue or sale upon the conversion or exchange of any stock (or Other Securities) of the Company (or any issuer of Other Securities
or any other Person referred to in Section 1) or to subscription, purchase or other acquisition pursuant to any Options issued
or granted by the Company (or any such other issuer or Person) for a consideration such as to dilute, on a basis consistent with
the standards established in the other provisions of this Section 3, the purchase rights granted by this Warrant, then, and
in each such case, the computations, adjustments and readjustments provided for in this Section 3 with respect to the Warrant
Quantity shall be made as nearly as possible in the manner so provided and applied to determine the amount of Other Securities
from time to time receivable on the exercise of this Warrant, so as to protect the Registered Holder of this Warrant against the
effect of such dilution.

3G.            
De Minimis Adjustments. If the amount of any adjustment of the Warrant Quantity required pursuant to this Section 3
would be less than one-half of one (0.5%) percent of the Warrant Quantity in effect at the time such adjustment is otherwise so
required to be made, such amount shall be carried forward and adjustment with respect thereto made at the time of and together
with any subsequent adjustment which, together with such amount and any other amount or amounts so carried forward, shall aggregate
a change in the Warrant Quantity of at least one-half of one (0.5%) percent of such Warrant Quantity. All calculations under this
Warrant shall be made to the nearest 1/10 of a share.

3H.            
Abandoned Dividend or Distribution. If the Company shall take a record of the holders of its Common Stock for the
purpose of entitling them to receive a dividend or other distribution (which results in an adjustment to the Warrant Quantity under
the terms of this Warrant) and shall, thereafter, and before such dividend or distribution is paid or delivered to stockholders
entitled thereto, legally abandon its plan to pay or deliver such dividend or distribution, then any adjustment made to the Warrant
Quantity (and Exercise Price) by reason of the taking of such record shall be reversed, and any subsequent adjustments, based thereon,
shall be recomputed.

3I.               
Reorganization, Reclassification, Consolidation, Merger or Sale. Any recapitalization, reorganization, reclassification,
consolidation, merger or sale of all or substantially all of the Company’s assets or other transaction, in each case which
is effected in such a way that the holders of Common Stock are entitled to receive (either directly or upon subsequent liquidation)
stock, securities or assets with respect to or in exchange for Common Stock is referred to herein as an “Organic Change”.
Prior to the consummation of any Organic Change, the Company shall make appropriate provision (in form and substance satisfactory
to the Registered Holder of the Warrants representing a majority of the Common Stock obtainable upon exercise of all Warrants then

11

outstanding)
to insure that the Registered Holder of the Warrants shall thereafter have the right to acquire and receive, in lieu of or in addition
to (as the case may be) the shares of Common Stock immediately theretofore acquirable and receivable on the exercise of such Registered
Holder’s Warrant, such shares of stock, securities or assets as would have been issued or payable in such Organic Change
(if the Registered Holder had exercised this Warrant immediately prior to such Organic Change) with respect to or in exchange for
the number of shares of Common Stock immediately theretofore acquirable and receivable on exercise of such Registered Holder’s
Warrant had such Organic Change not taken place. In any such case, the Company shall make provision (in form and substance commercially
reasonably satisfactory to the Registered Holder) with respect to such Registered Holder’s’ rights and interests to
insure that the provisions of this Section 3 and Section 4 hereof shall thereafter apply to the Warrants. The Company shall not
effect any such consolidation, merger or sale, unless prior to the consummation thereof, the successor entity (if other than the
Company) resulting from consolidation or merger or the entity purchasing such assets assumes by written instrument (in form and
substance commercially reasonably satisfactory to the Registered Holder), the obligation to deliver to each such Registered Holder
such shares of stock, securities or assets as, in accordance with the foregoing provisions, such Registered Holder may be entitled
to acquire.

3J.              
Certain Events. If any event occurs of the type contemplated by the provisions of this Section 3 but not expressly
provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights
or other rights with equity features unless granted under an Approved Share Plan), then the Company’s board of directors
shall make an appropriate adjustment in the Warrant Quantity and Exercise Price so as to protect the rights of the Registered Holder
of the Warrants; provided that no such adjustment shall decrease the number of shares of Common Stock obtainable
as otherwise determined pursuant to this Section 3.

3K.           
Notices.

(i)                 
Immediately upon any adjustment of the Warrant Quantity, the Company shall give written notice thereof to the Registered
Holder, setting forth in reasonable detail and certifying the calculation of such adjustment.

(ii)               
The Company shall give written notice to the Registered Holder at least twenty (20) days prior to the date on which the
Company closes its books or takes a record (A) with respect to any pro rata subscription offer to holders of Common Stock or (B)
for determining rights to vote with respect to any Organic Change, dissolution or liquidation.

SECTION
4.                  
PURCHASE
RIGHTS. If at any time the
Company issues or sells any Options, Convertible Securities or rights to purchase stock, warrants or equity securities pro rata
to the record holders of any class of Common Stock (the “Purchase Rights”), then the Registered Holder of this
Warrant shall be entitled to acquire, on the terms applicable to such Purchase Rights, the aggregate Purchase Rights which such
Registered Holder could have acquired if such Registered Holder had held the number of shares of Common Stock acquirable upon complete
exercise of this Warrant 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 Common Stock are to be determined for the grant,
issue or sale of such Purchase Rights; provided

12

that such Registered
Holder provides the Company with written notice of its election to acquire such Purchase Rights within five (5) Business Days of
receipt of notice thereof by the Company.

SECTION
5.                  
REGISTRATION RIGHTS

5A.            
Required Registration. The Company shall, not later than forty-five (45) days after the Date of Issuance, file a
registration statement with respect to, and use its best efforts to effect, within ninety (90) days after the Date of Issuance
(which ninety (90) day period shall be extended to one hundred twenty (120) days after the Date of Issuance if the Company, after
having filed the registration statement and before the end of the ninety (90) day period receives a letter of comment from the
staff of the Securities and Exchange Commission requiring changes to the registration statement, the Company's reports or other
filings, or other actions or responses to such letter the resolution of which would be required before the registration statement
would be declared effective), the registration under the Securities Act of the entire Warrant Quantity (as may be increased herein)
in order to register for sale, all to the extent required to permit the disposition of all of the Registrable Securities so registered.
Except as otherwise provided in Section 5D, the Company shall bear all expenses of such registration.

The Company shall not
be required to effect more than one registration pursuant to this Section 5A; but the right of the Registered Holder under this
Section 5A to require the Company to effect a registration shall not be deemed to have been exercised if (x) a registration statement
filed pursuant to this Section 5A shall not have become effective under the Securities Act other than at the request of the Registered
Holder or as a result of any action on the part of the Registered Holder or (y) a registration statement pursuant to this Section
5A shall have become effective under the Securities Act and (a) the underwriters, in the case of an underwritten offering, shall
not purchase any Registrable Securities because of a failure of a condition contained in the underwriting agreement (other than
a condition to be performed by the Registered Holder) relating to the offering covered by the registration statement or (b) the
sale of the Registrable Securities pursuant to the registration statement is not effected due to any stop order, injunction or
other order or requirement of the Commission or other governmental agency or court (other than a stop order, injunction, other
order or requirement directly attributable to any action or inaction on the part of the Registered Holder).

If a registration pursuant
to this Section 5A is underwritten and the managing underwriter or underwriters advise the Company and the Registered Holder in
writing that, in their good faith opinion, the number of Registrable Securities requested to be included would adversely affect
the marketing or price of the Registrable Securities to be sold, the Company will include only those Registrable Securities in
such registration pursuant to this Section 5A in accordance with the following priority; (i) first, the Registrable Securities
requested to be included in such registration by the Registered Holder, and (ii) second, any other securities that the Company
or any other holder of shares of Common Stock of the Company desires to include in such registration. A registration shall not
be considered to be a registration pursuant to this Section 5A, and the Company shall nevertheless pay the expenses of such registration,
if (x) as a result of the foregoing allocation, the Registered Holder is not able to register and sell in the registration at least
seventy-five (75%) percent of the Warrant Quantity or (y) the registration statement requested by the Registered Holder does not
become effective for any reason other than at the request of the Registered Holder or as a

13

result of any failure
by the Registered Holder to comply with any of its obligations under this Warrant.

5B.            
Piggyback Registration Rights. Until such time as the Registrable Securities may be sold in accordance with Rule
144(b) of the Commission under the Securities Act, if the Company at any time proposes to file on its behalf and/or on behalf of
any of its security holders (the “Demanding Security Holders”) a registration statement under the Securities
Act on any form (other than a registration statement on Form S-4 or S-8 or any successor form or to the Company’s employees
pursuant to any employee benefit plan, respectively) for the general registration of securities to be sold for cash with respect
to the Common Stock, it will give written notice to the Registered Holder at least ten (10) Business Days before the initial filing
with the Commission of the registration statement (or, in the case of a registration statement that has already been filed with
the Commission but has not yet been declared effective, within ten (10) Business Days before the anticipated effective date of
the registration statement), which notice shall set forth the intended method of disposition of the securities that the Company
proposes to register. The notice shall offer to include in such filing the aggregate number of Registrable Securities as the Registered
Holder may request. Nothing in this Section 5B shall preclude the Company from discontinuing the registration of its securities
being effected on its behalf under this Section 5B at any time and for any reason before the effective date of the registration
relating thereto; but, in that event, the Company shall notify the Registered Holder of such discontinuation of the registration.

The Registered Holder
desiring to have Registrable Securities registered under this Section 5B shall advise the Company in writing within five (5) Business
Days after the date of receipt of such offer from the Company, setting forth the amount of Registrable Securities for which registration
is being requested. The Company shall thereupon include in such filing the number of shares of Registrable Securities for which
registration is so requested, subject to the next sentence. If the managing underwriter or underwriters of the proposed public
offering shall advise the Company in writing that, in their good faith opinion, the number of Registrable Securities to be included
in such registration would materially and adversely affect the marketing or price of such securities to be sold, the Company will
allocate the securities to be included in such registration in accordance with the following priority; (a) first, the securities
to be included in such registration by the holder or holders initiating the registration and (b) the Registrable Securities requested
to be included in such registration by the Registered Holder and securities proposed to be sold by the Company for its own account
or requested to be included in such registration by holders of securities other than the Registered Holder (pro rata based on the
number of securities proposed to be sold by the Registered Holder and the Company). Except as otherwise provided in Section 5D,
the Company shall bear all expenses of such registration.

If any registration
pursuant to this Section 5B is underwritten, the Company will select investment banker(s) and manager(s) and make other decisions
regarding the underwriting arrangements for the offering.

The Company has not
entered into, and on or after the Date of Issuance, will not enter into, any agreement that is inconsistent with the rights granted
to the Registered Holder in this Warrant or that otherwise conflicts with its provisions. The rights granted to the Registered
Holder under this Warrant do not in any way conflict with and are not inconsistent with the rights granted to

14

the holders of the
Company’s other issued and outstanding securities under any such agreements. Without limiting the generality of the foregoing,
the Company shall not grant to any Person the right to request it to register any of its securities under the Securities Act unless
the rights so granted are not in conflict with or inconsistent with the provisions of this Warrant.

Unless otherwise consented
to in writing by the managing underwriter or underwriters, neither the Company nor any holder of Registrable Securities will effect
any public sale or distribution of its Common Stock or its Convertible Securities during the ten (10) day period before, and during
the one hundred eighty (180) day period beginning on, the closing date of each underwritten offering by the Company made pursuant
to a registration statement filed pursuant to this Section 5B or Section 5A (except as part of such underwritten registration)
plus the extension period that is requested by the managing underwriter or underwriters to address FINRA regulations regarding
the publication of research, whether or not the holder participates in such registration; and, except as may be required under
agreements that the Company enters into before the date hereof, the Company shall cause each holder of its privately placed Common
Stock or Convertible Securities issued by it at any time on or after the date of this Warrant to agree not to effect any public
sale or distribution of any such securities during such period, including a sale pursuant to Rule 144 or Rule 144A of the Commission
under the Securities Act.

5C.            
Registration Procedures. As required by Section 5A and as may be required by the Company by the other provisions
of this Section 5, the Company shall use its commercially reasonable efforts to effect the registration of any of its Registrable
Securities under the Securities Act, to complete the following as expeditiously as possible:

(i)                 
prepare and file with the Commission a registration statement with respect to such securities and use its commercially reasonable
efforts (what follows shall be a requirement if the registration is pursuant to Section 5A) to cause the registration statement
to become effective and remain effective until the earliest to occur of (1) the date on which all of the securities registered
thereunder have been sold, (2) one hundred eighty (180) days after the expiration of the Exercise Period or (3) the date on which
the Registered Holder may sell the Registrable Securities pursuant to Rule 144(b) of the Commission under the Securities Act (the
“Effectiveness Period”);

(ii)               
prepare and file with the Commission such amendments and supplements to the registration statement and the prospectus used
in connection therewith as may be necessary to keep the registration statement effective and to comply with the provisions of the
Securities Act with respect to the sale or other disposition of all securities covered by the registration statement during the
Effectiveness Period;

(iii)              
furnish to such selling security holders such number of copies of a summary prospectus or other prospectus, including a
preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents, as such selling security
holders may reasonably request;

(iv)             
register or qualify the securities covered by the registration statement under such other securities or blue sky laws of
such jurisdictions as each holder of such securities shall request (but, the Company shall not be obligated to qualify as a foreign
corporation to do business under the laws of any jurisdiction in which it is not then qualified or to file any general consent
to

15

service or process
or to subject itself to taxation in any jurisdiction), and do such other reasonable acts and things as may be required of it to
enable such security holder to consummate the disposition in such jurisdiction of the securities covered by the registration statement;

(v)               
cause the securities covered by the registration statement to be registered with or approved by such other governmental
agencies or authorities as may be necessary to enable such security holder to consummate the disposition of the securities covered
by the registration statement;

(vi)             
notify each security holder of any securities covered by the registration statement, promptly at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the occurrence of a Discontinuation Event (as defined
below) and the Registered Holder agrees by its acquisition of such Registrable Securities that, on receipt of a notice from the
Company of the occurrence of a Discontinuation Event, such Registered Holder will forthwith discontinue disposition of such Registrable
Securities under the applicable registration statement until such Registered Holder’s receipt of the copies of the supplemented
prospectus and/or amended registration statement or until it is advised in writing by the Company that the use of the applicable
prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated
or deemed to be incorporated by reference in such prospectus or registration statement. For purposes of this Warrant, a “Discontinuation
Event” shall mean (1) when the Commission notifies the Company that there will be a “review” of such registration
statement and whenever the Commission comments in writing on such registration statement and until the Company has addressed the
comments in a supplemented prospectus and/or amended registration statement and/or supplementally; (2) any request by the Commission
or any other Federal or state governmental authority for amendments or supplements to such registration statement or prospectus
or for additional information and until the request has been responded to; (3) the issuance by the Commission of any stop order
suspending the effectiveness of such registration statement covering any or all of the Registrable Securities or the initiation
of any proceedings for that purpose; (4) the receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening,
in writing, of any proceeding for such purpose; and/or (5) the occurrence of any event or passage of time that makes the financial
statements included in such registration statement ineligible for inclusion therein or any statement made in such registration
statement or prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect
or that requires any revisions to such registration statement, prospectus or other documents so that, in the case of such registration
statement or prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein in light of the circumstances under which they were
made, not misleading. The Company agrees to notify the Registered Holder promptly of the occurrence of any Discontinuation Event
and to use its best efforts to eliminate or remove any Discontinuation Event as promptly as practicable.

(vii)            
furnish, in any registration of Registrable Securities pursuant to Section 5A, on the date that such Registrable Securities
are delivered to the underwriters for sale pursuant to such registration or, if such Registrable Securities are not being sold
through underwriters, on the date that the registration statement with respect to such Registrable Securities becomes effective,
(1) an opinion, dated such date, of the independent counsel representing the Company for the purposes

16

of such registration,
addressed to the underwriters, or if such Registrable Securities are not being sold through underwriters, then to the Registered
Holder and to any selling security holder making such request, in form and substance customary for such offerings and (2) a letter
dated such date from the Company’s independent certified public accountants, addressed to the underwriters, or if such Registrable
Securities are not being sold through underwriters, then to the Company and, if feasible, to the Registered Holder and to any other
selling security holder making such request substantially to the effect that they are independent certified public accountants
within the meaning of the Securities Act and that, in the opinion of such accountants, the Company’s financial statements
and other financial data included in the registration statement or the prospectus, or any amendment or supplement thereto, comply
as to form in all material respects with the applicable accounting requirements of the Securities Act provided that, if the Company’s
independent certified public accountants so require, such letter need only be delivered to such Registered Holder and other selling
security holder who confirms in writing to such accountants, in such form as may be specified by applicable accounting or auditing
standards, that the Registered Holder or selling security holder is of the class of persons entitled to received such letter under
applicable accounting or auditing standards. Such letter from the independent certified public accountants shall additionally cover
such other financial matters (including information as to the period ending not more than five (5) Business Days prior to the date
of such letter) with respect to the registration in respect of which such letter is being given as is customarily given in an underwritten
public offering;

(viii)          
enter into customary agreements (including an underwriting agreement in customary form) and take such other actions as are
reasonably required in order to expedite or facilitate the disposition of such Registrable Securities;

(ix)             
make available for inspection by any selling security holder, by any underwriter participating in any disposition to be
effected pursuant to the registration statement and by any attorney, accountant or other agent retained by any such selling security
holder or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the
Company, and cause all of the Company’s officers, directors and employees to supply all information reasonably requested
by such selling security holder, underwriter, attorney, accountant or agent in connection with such registration statement; and

(x)               
otherwise comply in all material respects with all applicable rules and regulations of the Commission, and make available
to its security holders, as soon as reasonably practicable, but not later than 18 months after the effective date of the registration
statement, an earnings statement covering the period of at least 12 months beginning with the first full month after the effective
date of the registration statement, which earnings statements shall satisfy the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder.

It shall be a condition
precedent to the Company’s obligation to take any action pursuant to this Section 5 in respect of the Registrable Securities
at the request of any Registered Holder that such Registered Holder shall furnish to the Company such information regarding the
securities held by such Registered Holder, the intended method of disposition thereof and any other information as the Company
shall reasonably request and as shall be required in connection with the action taken by the Company. No Registered Holder may
participate in any underwritten registration pursuant to this Warrant unless it (a) agrees to sell its securities on the basis
provided in

17

any underwriting arrangements
approved by the Persons entitled under this Warrant to approve such arrangements; (b) completes and executes all questionnaires,
powers of attorney, lock-up agreements, indemnities, underwriting agreements and other documents reasonably required under the
terms of such underwriting arrangements and (c) provides all such information reasonably requested by the Company in connection
with such registration.

5D.            
Expenses. All expenses incurred in complying with Section 5, including, without limitation, all registration and
filing fees (including all expenses incident to filing with the NASD, printing expenses, fees and disbursements of counsel for
the Company and its independent public accountants, including, without limitation, expenses of any special audits incident to or
required by any such registration, fees and expenses incurred in connection with the listing of the securities on any securities
exchange on which the Common Stock is then listed, the reasonable fees and expenses of one counsel for the selling security holders
(selected by those holding a majority of the Registrable Securities being registered), fees and expenses of complying with the
securities or blue sky laws of any jurisdictions pursuant to subsection 5C(iv) and any fees and disbursements of underwriters customarily
paid by the issuers or sellers of securities, shall be paid by the Company, except that the Company shall not be liable for any
underwriting discounts or commissions or any transfer taxes.

5E.             
Indemnification and Contribution. In the event of any registration of any Registrable Securities under the Securities
Act pursuant to this Section 5:

(i)                 
the Company shall indemnify and hold harmless the holder of such Registrable Securities, such holder’s directors and
officers, each underwriter who participated in the offering of such Registrable Securities and each other Person, if any, who controls
such holder or underwriter within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint
or several, to which such holder, such director or officer or underwriter or controlling Person may become subject under the Securities
Act or any other statute or at common law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based on (a) any alleged untrue statement of any material fact contained, on the effective date thereof, in
any registration statement under which such securities were registered under the Securities Act, any preliminary prospectus or
final prospectus contained therein, or any amendment or supplement thereto, or (b) any alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse such holder
or such director, officer, underwriter or controlling Person for any legal or any other expenses reasonably incurred by such holder
or such director, officer, underwriter or controlling Person in connection with investigating or defending any such loss, claim,
damage, liability or action; but the Company shall not be liable in any such case to the extent that any such loss, claim, damage
or liability arises out of or is based on (i) any alleged untrue statement or alleged omission made in such registration statement,
preliminary prospectus, prospectus or amendment or supplement in reliance on and in conformity with written information furnished
to the Company by such holder, director, officer, underwriter or controlling Person, as the case may be, specifically for use therein
or (ii) a failure by the indemnified party to deliver a copy of the registration statement or prospectus or an amendment or supplement
thereto after the Company has furnished the indemnified party with a sufficient number of copies of the same. Such indemnity shall
remain in full force and effect

18

regardless of
any investigation made by or on behalf of such holder or such director, officer, underwriter or controlling Person, and shall survive
the transfer of such securities by such holder;

(ii)               
Each holder of any Registrable Securities, by acceptance thereof, agrees to indemnify and hold harmless the Company, its
directors and officers and each other Person, if any, who controls the Company within the meaning of the Securities Act against
any losses, claims, liabilities, joint or several, to which the Company, any such director or officer or any such Person may become
subject under the Securities Act or any other statute or at common law, insofar as such losses, claims, liabilities (or actions
in respect thereof) arise out of or are based on information in writing provided to the Company by such holder of such Registrable
Securities contained, on the effective date thereof, in any registration statement under which securities were registered under
the Securities Act at the request of such holder, any preliminary prospectus or final prospectus contained therein, or any amendment
or supplement thereto; but such holder’s indemnification obligations under this subsection 5E(ii) shall be limited to an
amount equal to the net proceeds actually received by the holder from the sale of Registrable Securities covered by the applicable
registration statement;

(iii)              
If the indemnification provided for in this Section 5 from the indemnifying party is unavailable to an indemnified party
hereunder in respect of any losses, claims, damages, liabilities or expenses referred to herein, then the indemnifying party, in
lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of
the indemnifying party and indemnified parties in connection with the actions that resulted in such losses, claims, damages, liabilities
or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified
parties shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information
supplied by, such indemnifying party or indemnified parties, and the parties relative intent, knowledge, access to information
and opportunity to correct or prevent such action. The amount paid or payable by a party under this Section 5 as a result of the
losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses
reasonably incurred by such party in connection with any investigation or proceeding.

The parties hereto
agree that it would not be just and equitable if contribution pursuant to this subsection 5E(iii) were determined by pro rata allocation
or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately
preceding paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

(iv)             
If any action or proceeding (including any governmental investigation or inquiry) shall be brought or asserted against any
holder or any Person controlling a holder in respect of which indemnity may be sought from the Company, such holder or controlling
Person shall promptly notify the Company in writing, and the Company shall assume the defense thereof, including the employment
of counsel satisfactory to a majority of the holders to be indemnified and

19

the payment
of all reasonable expenses in relation thereto. All such holders or such controlling Persons shall have the right to employ, at
the their own expense, one counsel plus additional local counsel in any such action and to participate in the defense; provided
that if, in the reasonable judgment of such holders or such controlling Persons, a conflict of interest exists and it is therefore
advisable for such holders or controlling Persons to be jointly represented by separate counsel, then the Company shall pay the
reasonable fees and expenses of one such separate counsel and local counsel, as appropriate, for all such holders and controlling
Persons. The Company shall not be liable for any settlement of any such action or proceeding effected without its written consent,
but if settled with its written consent, or if there be a final judgment for the plaintiff in any such action or proceeding, the
Company agrees to indemnify and hold harmless each holder and any such controlling Person from and against any loss or liability
by reason of such settlement or judgment; and

(v)               
Indemnification similar to that specified in subsections (i) and (ii) of this Section 5E shall be given by the Company and
each holder (with such modifications as shall be appropriate) with respect to any required registration, or other qualification
of the Registrable Securities under any Federal or state law or regulation of any governmental authority other than the Securities
Act.

5F.             
Public Availability of Information. From and after the date when any registration statement with respect to the Registrable
Securities becomes effective and as long as required under the Exchange Act, the Company shall maintain the registration of its
Common Stock under Section 12 of the Exchange Act and shall keep effective such registration and shall timely file such information,
documents and reports as the Commission may require or prescribe under Section 13 of the Exchange Act, or otherwise. From and after
the date when any registration statement of the Registrable Securities becomes effective, the Company shall comply with the reporting
requirements of Section 15(d) of the Exchange Act (whether or not it shall be required to do so pursuant to the provisions of said
Section 15(d)) and shall comply with, all other public information reporting requirements required by the Commission as a condition
to the availability of an exemption from the Securities Act for the sale of any Registrable Securities, presently existing or hereafter
adopted, including Rules 144 and 144A thereunder.

5G.            
Supplying Information. The Company shall cooperate with each holder of Registrable Securities in supplying such information
as may be reasonably necessary for such holder to complete and file any information reporting forms presently or hereafter required
by the Commission as a condition to the availability of an exemption from the Securities Act for the sale of any Registrable Securities.
The Company shall provide the Register Holder with written notice as soon as possible with respect to the possible occurrence of
any Event of Default (defined below).

5H.            
Default; Remedies. The Company’s obligations are absolute with respect to the provisions of this Warrant. The
Company shall be in default under this Warrant upon the occurrence of any of the following (each an “Event of Default”):

(i)                 
the Company fails to comply with any of its obligations or to fulfill any of its requirements under the first paragraph
of Section 5A; and

20

 

(ii)               
the Company fails to comply with any of its obligations or to fulfill any of its requirements under Section 5C(i) or Section
5C(ii), provided, however, that such failure is not the direct result of a Discontinuation Event.

Upon the occurrence
of an Event of Default, the Company shall pay, in immediately available funds to the Registered Holder, within five (5) Business
Days of such Event of Default, an amount equal to one (1%) percent of the Maximum Amount (as defined in the Loan and Security Agreement).
Thereafter, the Company shall continue to pay to the Registered Holder an amount equal to one (1%) percent of the Maximum Amount
on the first (1st) day of each calendar month thereafter, during the existence of an Event of Default, until the Company
cures such Event of Default to the reasonable satisfaction of the Registered Holder.

SECTION
6.                  
NO VOTING RIGHTS; LIMITATIONS OF LIABILITY.   This Warrant shall not entitle the Registered Holder or Purchaser to any rights
as a stockholder of the Company. No provision hereof, in the absence of affirmative action by the Registered Holder to purchase
Common Stock, and no enumeration herein of the rights or privileges of the Registered Holder shall give rise to any liability of
such holder for the Exercise Price of Common Stock acquirable by exercise hereof or as a stockholder of the Company, other than
in connection with the forced exercise right by the Company in accordance with the terms as set forth in Section 2B.

SECTION
7.                  
WARRANT TRANSFERABLE.   Subject to the transfer conditions referred to in the legend endorsed hereon, this Warrant and all
rights hereunder are transferable, in whole or in part, without charge to the Registered Holder, upon surrender of this Warrant
with a properly executed Assignment (in the form of Exhibit II hereto) and any other documentation reasonably requested by the
Company in connection therewith, at the principal office of the Company.

SECTION
8.                  
WARRANT EXCHANGEABLE FOR DIFFERENT DENOMINATIONS.   This Warrant is exchangeable, upon the surrender hereof by the Registered
Holder at the principal office of the Company, for new Warrant(s) of like tenor representing in the aggregate the purchase rights
hereunder. The date the Company initially issues this Warrant shall be deemed to be the “Date of Issuance” hereof regardless
of the number of times new certificates representing the unexpired and unexercised rights formerly represented by this Warrant
shall be issued. All Warrants representing portions of the rights hereunder are also referred to herein as the “Warrants”.

SECTION
9.                  
REPLACEMENT.   On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of any certificate evidencing this Warrant, and in the case of any such loss, theft or destruction, upon receipt of indemnity reasonably
satisfactory to the Company, or, in the case of any such mutilation on surrender of such certificate, the Company shall execute
and deliver in lieu of such certificate a new certificate of like kind representing the same rights represented by such lost, stolen,
destroyed or mutilated certificate and dated as of the Date of Issuance.

SECTION
10.              
NOTICES.   Except as otherwise expressly provided herein, all notices referred to in this Warrant shall be in writing and
shall be delivered personally, sent by reputable overnight courier service (charges prepaid) or sent by registered or certified
mail, return receipt requested, postage prepaid and shall be deemed to have been given when so delivered, sent or deposited in
the U.S. Mail (i) to the Company, at its principal executive offices or (ii) to the

21

Registered
Holder of this Warrant, at such Registered Holder’s address as it appears in the records of the Company (unless otherwise
indicated by any such Registered Holder).

SECTION
11.              
AMENDMENT AND WAIVER.   Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company
may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has
obtained the written consent of the Registered Holders of Warrants representing a majority of the shares of Common Stock obtainable
upon exercise of the Warrants.

SECTION
12.              
DESCRIPTIVE HEADINGS; GOVERNING LAW.   The descriptive headings of the several Sections and paragraphs of this Warrant are
inserted for convenience only and do not constitute a part of this Warrant. All questions concerning the construction, validity,
enforcement and interpretation of this Warrant shall be governed by the internal law of the State of Delaware, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of Delaware.

 

*  *  *  *  *  *

22

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be signed by its duly authorized officer and to be dated on the Date of Issuance hereof.

	 	
        COVER-ALL TECHNOLOGIES INC.

         

	 	
        By: __________________________

        Name: ________________________

        Title: _________________________

	 	 

EXHIBIT I

EXERCISE AGREEMENT

To:                 
                               
                                   Dated:

The undersigned, pursuant
to the provisions set forth in the attached Warrant (Certificate No. W-____), hereby agrees to subscribe for the purchase of ______
shares of the Common Stock covered by such Warrant and makes payment herewith in full therefor [in the amount of $_________ (in
cash)] [by surrendering debt or equity securities of the Company or any of its wholly-owned Subsidiaries having a Market Price
equal to _____________________][by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable
upon such exercise of the Warrant which when multiplied by the Market Price of the Common Stock is equal to _____________________
(and such withheld shares shall no longer be issuable under this Warrant)].

The certificate(s)
evidencing ____ shares of Common Stock is to be issued in the name of _____________________________________, whose address is _____________________________________________________________________________
and whose (SS#)(FEIN#) is ___________.

[The number of shares
of Common Stock to be issued does not include all shares of Common Stock purchasable as provided in the attached Warrant and, accordingly,
a certificate evidencing a new Warrant for _________ shares of Common Stock is to be issued in the name of _____________________________________,
whose address is _______________________ ______________________________________________________ and whose (SS#)(FEIN#) is ___________.]

	 	
        Signature    __________________________

        By   ________________________________

        Title   _______________________________

Address     ___________________________

 

EXHIBIT II

ASSIGNMENT

FOR VALUE RECEIVED,
______________________________ hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant
(Certificate No. W-_____) with respect to the number of shares of the Common Stock covered thereby set forth below, unto:

	Name(s) of Assignee(s)	Address(es)	No. of Shares
	 	Signature	 
	 	By	 
	 	Title	 
	 	Date	 
	 	Witness	 

 

EXHIBIT III-A

 

 

FORM OF WARRANT ISSUED TO MONARCH CAPITAL GROUP,
LLC

 

[Attached]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT III-B

 

 

FORM OF WARRANT ISSUED TO ROBERT NATHAN

 

[Attached]

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