Document:

EXHIBIT 10.29

 

INDEPENDENT DIRECTOR AGREEMENT

 

THIS INDEPENDENT DIRECTOR
AGREEMENT is made effective as of the 24th of April 2015 (the “Agreement”), between PAYMENT DATA SYSTEMS, INC.,
a Nevada corporation with an address at 12500 San Pedro, Suite 120, San Antonio, Texas, 78216 (the “Company”),
and Miguel A. Chapa (“Director”).

 

WHEREAS, it is essential
to the Company to retain and attract as directors the most capable persons available to serve on the board of directors of the
Company (the “Board”); and

 

WHEREAS, the Company
believes that Director possesses the necessary qualifications and abilities to serve as a director of the Company and to perform
the functions and meet the Company’s needs related to its Board, and

 

WHEREAS, the Company
appointed the Director effective as of the date hereof (the “Effective Date”) and desires to enter into an agreement
with the Director with respect to such appointment; and

 

WHEREAS, the Director
is willing to accept such appointment and to serve the Company on the terms set forth herein and in accordance with the provisions
of this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual promises contained herein, the benefits to be derived by each party hereunder and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1. Position.  Subject
to the terms and provisions of this Agreement, the Company shall cause the Director to be appointed, and the Director hereby agrees
to serve the Company in such position upon the terms and conditions hereinafter set forth, provided, however, that the Director’s
continued service on the Board after the initial three-year term on the Board, which term is subject to the Company’s bylaws,
as amended, and as may be subsequently amended, and pursuant the Company’s bylaws, state or federal law or the rules of any
stock exchange on which the Company’s securities are listed, shall be subject to any necessary approval by the Company’s
stockholders.

 

2. Service.  Director
will serve as a director of the Company and perform all duties as a director of the Company, including without limitation (a) attending
meetings of the Board, (b) serving on one or more committees of the Board (each a “Committee”) and attending
meetings of each Committee of which Director is a member, and (c) using reasonable efforts to promote the business of the Company.
The Company currently intends to hold at least one in-person regular meeting of the Board and each Committee each quarter, together
with additional meetings of the Board and Committees as may be required by the business and affairs of the Company. In fulfilling
his responsibilities as a director of the Company, Director agrees that he shall act honestly and in good faith with a view to
the best interests of the Company and exercise the care, diligence and skill that a reasonably prudent person would exercise in
comparable circumstances.

 

3. Compensation.

 

(a) Cash Compensation.
The Director shall receive one thousand dollars ($1,000) each quarter in arrears for participation in quarterly Board and Committee
meetings, including the annual stockholders’ meeting. There will be no additional compensation for ad hoc or preparatory
meetings or for being the chair of a Committee, other than the Audit Committee. The Chair of the Audit Committee will receive fifteen
thousand dollars ($15,000) upon timely, including extensions granted by the SEC, and compliant filing of the 10K each year.

 

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(b) Restricted Stock.  The
Director shall receive five hundred thousand (500,000) shares of the Company’s common stock at the start of the Directorship
Term, pursuant and subject to the Company’s 2015 Equity Incentive Plan.  Such shares shall vest in 4 stages: (1)
200,000 on the Effective Date, (2) 100,000 on January 1, 2016, (3) 100,000 on January 1, 2017, and (4) 100,000 on January 1, 2018.  Notwithstanding
the foregoing, if the Director ceases to be a member of Board at any time during the vesting period for any reason (such as resignation,
withdrawal, death, disability or any other reason), then any unvested shares shall be irrefutably forfeited.  Furthermore,
the Director agrees that the shares shall be subject to any “lock up” agreement required to be signed by the Company’s
officers in connection with any financing.

 

(c) Independent Contractor.  The
Director’s status during the Directorship Term shall be that of an independent contractor and not, for any purpose, that
of an employee or agent with authority to bind the Company in any respect. All payments and other consideration made or provided
to the Director under this Section 3 shall be made or provided without withholding or deduction of any kind, and the Director shall
assume sole responsibility for discharging all tax or other obligations associated therewith.

 

(d) Expense Reimbursements.  Upon
submission of appropriate receipts, invoices or vouchers as may be reasonably required by the Company, the Company will reimburse
Director for all reasonable out-of-pocket expenses incurred in connection with the performance of Director’s duties under
this Agreement during the Directorship Term. Any reimbursements for out-of-pocket expenses of the Director in excess of $500.00
must be approved in advance by the Company.

 

4. Directorship
Term.  The “Directorship Term,” as used in this Agreement, shall mean the period commencing on
the Effective Date and terminating on the earliest of the following to occur: (a) the death or disability of the Director; (b)
the termination of the Director from membership on the Board by the mutual agreement of the Company and the Director; (c) the removal
of the Director from the Board by the majority stockholders of the Company; and (d) the resignation by the Director from the Board.

 

5. Director’s
Representation and Acknowledgment.  The Director represents to the Company that the execution and performance of
this Agreement shall not be in violation of any agreement or obligation (whether or not written) that he may have with or to any
person or entity, including without limitation, any prior or current employer. The Director hereby acknowledges and agrees that
this Agreement (and any other agreement or obligation referred to herein) shall be an obligation solely of the Company, and the
Director shall have no recourse whatsoever against any stockholder of the Company or any of their respective affiliates with regard
to this Agreement.

 

6. Director Covenants.

 

(a) Unauthorized Disclosure.  The
Director agrees and understands that in the Director’s position with the Company, the Director has been and will be exposed
to and receive information relating to the confidential affairs of the Company, including, but not limited to, technical information,
business and marketing plans, strategies, customer information, other information concerning the Company’s products, promotions,
development, financing, expansion plans, business policies and practices, and other forms of information considered by the Company
to be confidential and in the nature of trade secrets. The Director agrees that during the Directorship Term and thereafter, the
Director will keep such information confidential and will not disclose such information, either directly or indirectly, to any
third person or entity without the prior written consent of the Company; provided, however, that (i) the Director shall have no
such obligation to the extent such information is or becomes publicly known or generally known in the Company’s industry
other than as a result of the Director’s breach of his obligations hereunder and (ii) the Director may, after giving prior
notice to the Company to the extent practicable under the circumstances, disclose such information to the extent required by applicable
laws or governmental regulations or judicial or regulatory process. This confidentiality covenant has no temporal, geographical
or territorial restriction. Upon termination of the Directorship Term, the Director will promptly return to the Company and/or
destroy at the Company’s direction all property, keys, notes, memoranda, writings, lists, files, reports, customer lists,
correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data, other product or document, and any summary
or compilation of the foregoing, in whatever form, including, without limitation, in electronic form, which has been produced by,
received by or otherwise submitted to the Director in the course or otherwise as a result of the Director’s position with
the Company during or prior to the Directorship Term, provided that the Company shall retain such materials and make them available
to the Director if requested in connection with any litigation against the Director under circumstances in which (i) the Director
demonstrates to the reasonable satisfaction of the Company that the materials are necessary to his defense in the litigation and
(ii) the confidentiality of the materials is preserved to the reasonable satisfaction of the Company.

 

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(b) Non-Solicitation.  During
the Directorship Term and for a period of two (2) years thereafter, the Director shall not interfere with the Company’s relationship
with, or endeavor to entice away from the Company, any person who, on the date of the termination of the Directorship Term and/or
at any time during the one year period prior to the termination of the Directorship Term, was an employee or customer of the Company
or otherwise had a material business relationship with the Company.

 

(c) Non-Compete. The
Director agrees that during the Directorship Term and for a period of two (2) years thereafter, he shall not in any manner, directly
or indirectly, through any person, firm or corporation, alone or as a member of a partnership or as an officer, director, stockholder,
investor or employee of or consultant to any other corporation or enterprise; engage in the business of developing, marketing,
selling or supporting technology to or for businesses in which the Company engages in or in which the Company has an actual intention,
as evidenced by the Company's written business plans, to engage in, within any geographic area in which the Company is then conducting
such business.  Nothing in this Section 6 shall prohibit the Director from being (i) a stockholder in a mutual
fund or a diversified investment company or (ii) a passive owner of not more than three percent of the outstanding stock of
any class of securities of a corporation, which are publicly traded, so long as the Director has no active participation in the
business of such corporation.

 

(d) Code of Ethics
and Insider Trading Guidelines.  Director agrees to comply with the Company’s Code of Ethics and to execute the Company’s
Insider Trading Guidelines in Attachments A and B, respectively. The Code of Ethics and Insider Trading Guidelines may either or
both be amended by the Company from time to time.

 

7. Director and
Officer Liability Insurance. Director shall be covered by the Company’s director and officer’s liability insurance
policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s
directors or officers.

 

8. Limitation of
Liability; Right to Indemnification. Director shall be entitled to limitations of liability and the right to indemnification
against expenses and damages in connection with claims against Director relating to his service to the Company to the fullest extent
permitted by the Company’s Certificate of Incorporation and Bylaws (as such documents may be amended from time to time) and
other applicable law.

 

9. Amendments and
Waiver. No supplement, modification or amendment of this Agreement will be binding unless executed in writing by both parties.
No waiver of any provision of this Agreement on a particular occasion will be deemed or will constitute a waiver of that provision
on a subsequent occasion or a waiver of any other provision of this Agreement.

 

10. Binding Effect,
Assignments. This Agreement will be binding upon and inure to the benefit of and be enforceable by the parties and their respective
successors and assigns. Notwithstanding the provisions of the immediately preceding sentence, neither the Director nor the Company
shall assign all or any portion of this Agreement without the prior written consent of the other party.

 

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11. Severability.
The provisions of this Agreement are severable, and any provision of this Agreement that is held by a court of competent jurisdiction
to be invalid, void, or otherwise unenforceable in any respect will not affect the validity or enforceability of any other provision
of this Agreement.

 

12. Governing Law.
This Agreement will be governed by and construed and enforced in accordance with the laws of the State of Nevada applicable to
contracts made and to be performed in that state without giving effect to the principles of conflicts of laws.

 

13. Entire Agreement.
This Agreement constitutes the entire understanding between the parties with respect to the subject matter hereof, superseding
all negotiations, prior discussions and prior agreements and understanding relating to such subject matter.

 

14. Miscellaneous.
This Agreement may be executed by the Company and Director in any number of counterparts, each of which shall be deemed an original
instrument, but all of which together shall constitute but one and the same instrument. Any party may execute this Agreement by
facsimile signature and the other party will be entitled to rely on such facsimile signature as evidence that this Agreement has
been duly executed by such party. Any party executing this Agreement by facsimile signature will promptly forward to the other
party an original signature page by overnight courier. Director acknowledges that this Agreement does not constitute a contract
of employment and does not imply that the Company will continue his service as a director for any period of time.

 

Signature Page Follows.

 

 

 

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IN WITNESS WHEREOF,
the parties have executed this Independent Director Agreement as of the date shown above.

 

 

	 	Payment Data Systems, Inc.
	 	 
	 	 
	 	By: /s/ Michael R. Long
	 	Name: Michael R. Long
	 	Title: Chairman of the Board
of Directors
	 	 
	 	 
	 	 
	 	By: /s/ Miguel A. Chapa
	 	Name: Miguel A. Chapa

 

 

 

 

 

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Attachment A

 

Payment Data Systems, Inc.

 

Code of Ethics

 

 

 

In accordance with the requirements of
the U.S. Securities and Exchange Commission, the Board of Directors of Payment Data Systems, Inc. (with its subsidiaries, the “Company”)
has adopted this Code of Ethics (this “Code”) in order to:

 

		·	encourage honest and ethical conduct,
including fair dealing and the ethical handling of conflicts of interest;

		·	encourage full, fair, accurate, timely
and understandable disclosure;

		·	encourage compliance with applicable laws
and governmental rules and regulations;

		·	ensure the protection of the Company's
legitimate business interests, including corporate opportunities, assets and confidential information; 

		·	deter wrongdoing; and

		·	ensure accountability for adherence to
the Code.

 

All directors, officers and employees of
the Company are required to be familiar with the Code, comply with its provisions and report any suspected violations as described
below in Section 6, Reporting and Accountability. The Code will be strictly enforced and violations will be dealt with immediately.
Violations that involve illegal behavior will be reported to the appropriate authorities.

 

This Code covers a wide range of business
practices and procedures. It does not cover every issue that may arise, but it sets out basic principles to guide all employees,
officers and directors of the Company. All such persons must conduct themselves accordingly and seek to avoid even the appearance
of improper behavior. Those who violate the standards in this Code or who fail to cooperate with management directions given to
effect compliance with this Code may be subject to disciplinary action, possibly including termination of employment. For guidance
with respect to issues not addressed in this Code, employees should follow the Company’s internal policies and procedures.

 

If you have any questions regarding this
Code, you should address these questions to your supervisor, or to the general counsel or other person identified by the Company
as its compliance officer (the “Compliance Officer”). The Code is enforced by the General Counsel where the suspected
violation involves a person who is not a director or officer. The audit committee, or, if there is no audit or another independent
committee, the Board of Directors enforces any suspected violations involving a director or officer.

 

1. Honest and Ethical Conduct

 

Each director, officer and employee owes
a duty to the Company to act with integrity. Integrity requires, among other things, being honest and ethical. This includes the
ethical handling of actual or apparent conflicts of interest between personal and professional relationships. Deceit and subordination
of principle are inconsistent with integrity.

 

Each director, officer and employee must:

 

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		·	Act with integrity, including being honest
and ethical while still maintaining the confidentiality of information where required or consistent with the Company’s policies.

		·	Observe both the form and spirit of laws
and governmental rules and regulations and accounting standards.

		·	Adhere to a high standard of business
ethics.

		·	Accept no improper or undisclosed material
personal benefits from third parties as a result of any transaction or transactions of the Company.

 

2. Conflicts of Interest

 

A “conflict of interest” arises
when a person’s loyalties or actions are divided between the interests of the Company and those of another, such as a competitor,
supplier or customer, or personal business. A conflict of interest can arise when an employee takes actions or has interests that
may make it difficult to perform his or her work objectively and effectively. A conflict of interest may also arise when an individual,
or members of his or her family, receives an improper personal benefit as a result of his or her position in, or relationship with,
the Company. Moreover, the appearance of a conflict of interest alone can adversely affect the Company and its relations with business
partners, customers, suppliers and employees.

 

Employees are expected to use good judgment,
to adhere to high ethical standards and to avoid situations that create an actual or potential conflict of interest. It is almost
always a conflict of interest for employees to work simultaneously for a competitor, customer or supplier. In this regard, Company
personnel shall not have any undisclosed financial interest in any competitor, supplier, customer, or strategic partner if that
interest would create a conflict of interest with the Company. If there is such an interest, the employee should disclose the nature
of the interest to the human resources department or the general counsel, as appropriate; provided, however, that employees may
maintain small investments in publicly held companies in which an employee has no influence or control.

 

A conflict of interest can also arise with
respect to employment of relatives and persons with close personal relationships. If a director, officer or employee (or someone
with whom the person has a close relationship (e.g., a family member or close companion) has a financial or employment relationship
with an actual or potential competitor, supplier or customer, the director, officer or employee must disclose this fact in writing
to the Compliance Officer. The Company may take any action that it deems necessary in its sole discretion to avoid or remedy an
actual, prospective or perceived conflict of interest, including a reassignment of some or all of the employee’s duties or
change of the employee’s position.

 

Loans by the Company to, or guarantees
by the Company of obligations of, employees or their family members are of special concern and could constitute improper personal
benefits to the recipients of such loans or guarantees, depending on the facts and circumstances. Loans by the Company to, or guarantees
by the Company of obligations of, any director or officer (or their family members) are expressly prohibited unless approved by
the Board of Directors.

 

A conflict of interest may not always be
clear; therefore, you should consult with the Compliance Officer if you have any questions. Any employee who becomes aware of a
conflict or a potential conflict should bring it to the attention of the Compliance Officer.

 

3. Disclosure

 

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Each director, officer and employee, to
the extent involved in the Company’s disclosure process, including the Chief Executive Officer, the Chief Financial Officer,
and the Controller (the “Senior Financial Officers”) and the General Counsel, is required to be familiar with the Company’s
disclosure controls and procedures applicable to him or her so that the Company’s public reports and documents filed with
the Securities and Exchange Commission (the “SEC”) comply in all material respects with the applicable federal securities
laws and SEC rules. In addition, each such person having direct or supervisory authority regarding these SEC filings or the Company’s
other public communications concerning its general business, results, financial condition and prospects should, to the extent appropriate
within his or her area of responsibility, consult with other Company officers and employees and take other appropriate steps regarding
these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

 

Each director, officer and employee, to
the extent involved in the Company’s disclosure process, including without limitation the Senior Financial Officers and the
General Counsel, must:

 

		·	Familiarize himself or herself with the
disclosure requirements applicable to the Company as well as the business and financial operations of the Company.

		·	Not knowingly misrepresent, or cause others
to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's independent
auditors, governmental regulators and self-regulatory organizations.

 

4. Compliance

 

It is the Company’s policy to comply
with all applicable laws, rules and regulations. It is the personal responsibility of each employee, officer and director to adhere
to the standards and restrictions imposed by those laws, rules and regulations in the performance of their duties for the Company,
including those relating to accounting and auditing matters and insider trading. Other policies issued by the Company also provide
guidance as to certain of the laws, rules and regulations that apply to the Company’s activities.

 

5. Insider Trading

 

Generally, it is against Company policy
for any individual to profit from undisclosed information relating to the Company or any other company in violation of insider
trading or other laws. Inside information is any material, non-public information a reasonable investor is likely to consider important
when making an investment decision. Anyone who is aware of material non-public information relating to the Company, our business
partners, or other companies may not use the information to trade directly or indirectly or tip others to trade in stock or other
securities of that company in violation of the federal securities laws.

 

If you are uncertain about the legal rules
involving your purchase or sale of any Company securities or any securities in companies that you are familiar with by virtue of
your work for the Company, you should consult with the Compliance Officer before making any such purchase or sale. You should also
consult the Company’s Insider Trading Policy which applies to all directors, officers and employees as well as consultants
and independent contractors of the Company and is hereby incorporated by reference.

 

6. Reporting and Accountability

 

The Board of Directors has the authority
to interpret this Code in any particular situation. Any director, officer or employee who becomes aware of any violation of this
Code is required to notify the audit committee, if there is one or if not, the full Board or the Compliance Officer promptly.

 

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Any questions relating to how these policies
should be interpreted or applied should be addressed to the Compliance Officer or the audit committee or Board, as applicable.
Any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest, as discussed
in Section 2 of this Code, should be discussed with the Compliance Officer or the audit committee or Board, as applicable. A director,
officer or employee who is unsure of whether a situation violates this Code should discuss the situation with the Compliance Officer
or the audit committee, if there is one or if not, the full Board, as applicable.

 

Each director, officer or employee must:

 

		·	Notify the appropriate contact promptly
of any existing or potential violation of this Code.

		·	Cooperate in any internal investigation
of misconduct under this Code.

		·	Not retaliate against any other director,
officer or employee for good faith reports of known or suspected acts of misconduct or other violations of this Code.

 

The Company will follow the following procedures
in investigating and enforcing this Code and in reporting on the Code:

 

		·	The Compliance Officer, the audit committee,
if there is one or if not, the full Board, as the case may be, will take all appropriate action to investigate any violations reported.
In addition, the audit committee, Board or the Compliance Officer, as appropriate, shall report each violation and alleged violation
involving a director or an executive officer to the Chairperson of the Board. To the extent he or she deems appropriate, the Chairperson
of the Board shall participate in any investigation of a director or executive officer. After the conclusion of an investigation
of a director or executive officer, the conclusions shall be reported to the entire Board.

		·	The Board will conduct such additional
investigation as it deems necessary. If the Board determines that a director or executive officer has violated this Code, it will
take such disciplinary or preventive action as deemed appropriate, up to and including dismissal or, in the event of criminal or
other serious violations of law, notification of the SEC or other appropriate law enforcement authorities.

		·	The Company will make every effort to
protect the integrity of every investigation, including protecting reporters and witnesses from harassment, intimidation and retaliation,
keep evidence from being destroyed, ensure testimony is honest and identify root causes. The Company will make every effort to
keep the identity of every reporter private and to secure any data relating to the investigation. Also, the Company may require
witnesses to maintain a particular investigation and their role in strict confidence.

 

7. Corporate Opportunities

 

Employees, officers and directors are prohibited
from taking (or directing to a third party) a business opportunity that is discovered through the use of corporate property, information
or position, unless the Company has already been offered the opportunity and turned it down. More generally, employees, officers
and directors are prohibited from using corporate property, information or position for personal gain and from competing with the
Company.

 

Sometimes the line between personal and
Company benefits is difficult to draw, and sometimes there are both personal and Company benefits in certain activities. Employees,
officers and directors who intend to make use of Company property or services in a manner not solely for the benefit of the Company
should consult beforehand with the Compliance Officer, the audit committee or the Board.

 

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8. Confidentiality

 

In carrying out the Company’s business,
employees, officers and directors often learn confidential or proprietary information about the Company, its customers, suppliers,
or joint venture parties. Employees, officers and directors must maintain the confidentiality of all information so entrusted to
them, except when disclosure is authorized or legally mandated. Confidential or proprietary information of our Company, and of
other companies, includes any non-public information that would be harmful to the relevant company or useful or helpful to competitors
if disclosed.

 

9. Fair Dealing

 

We seek to succeed through honest business
competition. We do not seek competitive advantages through illegal or unethical business practices. Each employee, officer and
director should endeavor to deal fairly with the Company’s customers, consultants, service providers, suppliers, competitors
and employees. No employee, officer or director should take unfair advantage of anyone through manipulation, concealment, abuse
of privileged information, misrepresentation of material facts, or any unfair dealing practice.

 

10. Protection and Proper Use of Company
Assets

 

All employees, officers and directors should
protect the Company’s assets and ensure their efficient use. All Company assets should be used only for legitimate business
purposes.

 

11. Payments to Government Personnel

 

The United States Foreign Corrupt Practices
Act prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates
in order to obtain or retain business. It is strictly prohibited to make illegal payments to government officials of any country.

 

In addition, the United States government
has a number of laws and regulations regarding business gratuities which may be accepted by U.S. government personnel. The promise,
offer or delivery to an official or employee of the U.S. government of a gift, favor, or other gratuity in violation of these rules
would not only violate Company policy but could also be a criminal offense. State and local governments, as well as foreign governments,
may have similar rules. It is the Company’s policy to not provide any gifts, favors or gratuities to any government official.

 

12. Amendment, Modification and Waiver

 

This Code may be amended or modified by
the Company’s Board of Directors. Any employee or director who believes that a waiver may be called for should discuss the
matter with the Compliance Officer, the audit committee, if there is one or if not, the full Board. Waivers of this code may only
be granted by the Board of Directors or a committee of the Board of Directors with specific delegated authority to grant such waivers
at their sole discretion. Any waivers involving a director or executive officer may only be granted by the Board of Directors at
its sole discretion. Waivers will be disclosed as required by the Securities Exchange Act of 1934, as amended, and the rules promulgated
thereunder and any applicable rules relating to the maintenance of the listing of our securities on any stock exchange. The company
will review this Code regularly to assess its utility given the changing demands of the company and the scale and scope of its
operations.

 

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[acknowledgement on following page]

 

 

 

 

 

 

 

 

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ACKNOWLEDGEMENT

 

 

 

I acknowledge that I have read and understood
the Payment Data Systems Code of Ethics and will comply with its terms and conditions. I understand that if I have any questions
regarding this policy, I will direct them to the Company’s General Counsel.

 

 

Signed: /s/ Miguel A. Chapa

 

Name: Miguel
A. Chapa

 

Dated: April 24, 2015

 

 

 

 

 

 

 

 

 

 

 

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Attachment B

 

Payment Data Systems, Inc.

 

Insider Trading Policy

 

 

THIS POLICY HAS BEEN ADOPTED BY THE BOARD
OF 

 

DIRECTORS OF Payment Data Systems, Inc.

 

AND IS APPLICABLE TO ALL DIRECTORS, OFFICERS,

 

EMPLOYEES AND CONSULTANTS OF THE COMPANY.

 

 

 

The Need for a Policy Statement

 

The purchase or sale
of securities while possessing material nonpublic information or the selective disclosure of such information to others who may
trade is prohibited by federal and state laws.

 

The Company has adopted
the following policy with respect to purchases and sales of the Company's securities by directors, officers, employees and consultants
who have material nonpublic information about the Company and about other firms with which it works closely. For purposes of this
policy, outside directors and consultants are included within the term "employee." Each employee is responsible for ensuring
that he or she does not violate federal or state securities laws or the Company's policy concerning securities trading. This policy
is designed to promote compliance with the federal securities laws and to protect the Company, as well as those persons, from the
very serious liabilities and penalties that can result from violations of these laws.

 

Potential penalties
for insider trading violations include civil fines for up to three times the profit gained or loss avoided by the trading, criminal
fines of up to $1,000,000.00 and jail sentences of up to ten (10) years. In addition, a company whose employee violates the insider
trading prohibitions may be liable for a civil fine of up to the greater of $1,000,000.00 and three times the profit gained or
loss avoided as a result of the employee's insider trading violations.

 

The Company's Policy

 

Company employees may
not trade in the stock or other securities of any firm when they know "material nonpublic information" about the firm.
This restriction on "insider trading" is not limited to trading in the Company's securities. It includes trading in the
securities of other firms, such as customers or suppliers of the Company and those with which the Company may be negotiating major
transactions, such as an acquisition, investment or sale. Information that is not material to the Company may nevertheless be material
to one of those other firms.

 

"Trading"
includes purchases and sales of stock, bonds, debentures, options, puts, calls and other similar securities. This policy includes
trades made pursuant to any investment direction under employee benefit plans as well as trades in the open market. For example,
sales of stock acquired through any employee stock purchase plan or transactions in the self-directed portion of any retirement
or pension plan are covered by this policy. This policy also applies to the exercise of options with an immediate sale of some
or all of the shares through a broker.

 

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Employees must not
pass material nonpublic information on to others or recommend to anyone the purchase or sale of any securities on the basis of
such information. This practice, known as "tipping," also violates the securities laws and can result in the same civil
and criminal penalties that apply to insider trading, whether or not the employee derives any benefit from another's actions.

 

The same restrictions
apply to family members and other persons living in an employee's household. Employees are expected to be responsible for the compliance
of the members of their immediate family and personal household. Transactions that may be necessary or justifiable for independent
reasons (such as the need to raise money for an emergency expenditure) are no exception to the policy.

 

Because of the unique
potential for abuse of material nonpublic information, it is also the Company's policy that directors, officers and employees may
not engage in short-term speculative transactions involving "trading" the Company's securities. This would include short
sales and buying or selling puts or calls. In addition, the purchase of the Company's securities on margin (except for the exercise
of employee stock options) is prohibited.

 

Definition of Material Nonpublic Information

 

Material Information.
Information is material if there is a substantial likelihood that a reasonable investor would consider it important in deciding
whether to buy, hold or sell a security. Therefore, any information that could reasonably be expected to affect the price of the
security is material. Common examples of material information are:

 

		*	Projections of future earnings or losses or changes in such projections.

 

		*	Actual changes in earnings.

 

		*	A pending or prospective joint venture, merger, acquisition, tender offer or financing.

 

		*	A significant sale of assets or disposition of a subsidiary.

 

		*	A gain or loss of a material contract, customer or supplier or material changes in the profitability
status of a current contract.

 

		*	The development or release of a new product or service.

 

		*	Changes in a previously announced schedule for the development or release of a new product or service.

 

		*	Changes in management, other major personnel changes or labor negotiations.

 

		*	Significant increases or decreases in dividends or the declaration of a stock split or the offering
of additional securities.

 

		*	Financial liquidity problems.

 

Initials: MAC

    	14 of 17

    	 

    

Both positive and negative
information can be material. Because trading that receives scrutiny will be evaluated after the fact with the benefit of hindsight,
questions concerning the materiality of particular information should be resolved in favor of materiality, and trading should be
avoided.

 

Nonpublic Information.
Nonpublic information is information that is not generally known or available to the public. Information is considered to be available
to the public only when it has been released to the public through appropriate channels, e.g., by means of a press release or a
statement from one of the corporation's senior officers, and enough time has elapsed to permit the investment market to absorb
and evaluate the information. As a general rule, information is considered nonpublic until the second business day after public
disclosure.

 

Unauthorized Disclosure

 

Maintaining the confidentiality
of Company information is essential for competitive, security and other business reasons, as well as to comply with securities
laws. All information an employee learns about the Company or its business plans in connection with his or her employment is potentially
"inside" information until publicly disclosed or made available by the Company. The employee should treat all such information
as confidential and proprietary to the Company. The employee may not disclose it to others, such as family members, other relatives,
or business or social acquaintances, who do not need to know it for legitimate business reasons.

 

Also, the timing and
nature of the Company's disclosure of material information to outsiders is subject to legal rules the breach of which could result
in substantial liability to the employee, the Company and its management. Accordingly, it is important that only specifically designated
representatives of the Company discuss the Company and its affiliates and subsidiaries with the news media, securities analysts
and investors. Inquiries of this type received by any employee should be referred to the Company’s Chief Executive Officer.

 

Additional Restrictions and Requirements

 

The following additional
procedures are designed to help prevent inadvertent violations and avoid even the appearance of improper transactions in the Company's
securities. Employees who wish to trade in the Company's securities should trade only during the period beginning one (1) trading
day after the release of quarterly earnings and extending until the fifteenth (15th) day of the third month of the quarter. Of
course, even during this trading window period, an employee may not trade if he or she is aware of any material nonpublic information.
If an employee believes there are compelling reasons why he or she needs to trade in the Company's securities during periods other
than the recommended "windows," the employee needs to consult the Company’s General Counsel.

 

Systematic Trading Plans

 

Officers and other
insiders who wish to enter into arrangements for systematic trading of the Company's securities under a systematic trading plan
pursuant to Rule 10b5-1 are permitted to do so upon the approval of the Company’s Board of Directors. The trading plan must
be entered into by an insider during an open trading window period as defined above while he or she is unaware of any material
nonpublic information and must be in compliance with the Rules and Regulations of the Securities and Exchange Commission and all
other applicable federal and state laws.

 

Personal Responsibility; Assistance

 

Initials: MAC

    	15 of 17

    	 

    

Each employee should
remember that the ultimate responsibility for adhering to this policy and avoiding improper trading rests with the employee. In
this regard, it is important that each employee use his or her best judgment. If an employee violates this policy, the Company
may take disciplinary action, including dismissal for cause. Compliance with this policy by all employees is of the utmost importance
both for the employee and for the Company. Any person who has any questions about the application of this policy to any particular
case may obtain additional guidance from the Company’s General Counsel.

 

 

 

[acknowledgement on
following page]

 

 

 

 

 

 

Initials: MAC

    	16 of 17

    	 

    

 

ACKNOWLEDGEMENT

 

 

 

 

I acknowledge that I have read and understood
the Payment Data Systems Insider Trading Policy and will comply with its terms and conditions, except for the additional restriction
limiting my trading of the Company’s securities to designated time periods referred to as trading window periods. I understand
that if I have any questions regarding this policy, I will direct them to the Company’s General Counsel.

 

 

Signed: /s/ Miguel A. Chapa

 

Name: Miguel
A. Chapa

 

Dated: April 24, 2015

 

 

 

 

 

 

 

 

17 of 17Warrant

 Exhibit 4.1 

EXECUTION VERSION 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, WHICH OPINION SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY. 
 Issuance Date: May 15, 2015 

HEDGEPATH PHARMACEUTICALS, INC. 

Common Stock Purchase Warrant 

THIS CERTIFIES THAT, for value received, Mayne Pharma Ventures Pty Ltd, an Australian company ACN 168 896 357 (the
“Holder”), is entitled to subscribe for and purchase, at the Exercise Price (as defined below), from HedgePath Pharmaceuticals, Inc., a Delaware corporation (the “Company”), shares of the Company’s common
stock, par value $0.0001 (the “Common Stock”), at any time prior to the five (5) year anniversary of the issuance date of this Warrant as set forth above (the “Warrant Exercise Term”). 

The Company issues this Warrant in connection with that certain Securities Purchase Agreement by and between the Company and the Holder, dated
on or about a date even herewith (the “Agreement”). Capitalized terms used herein and not otherwise defined shall have the definitions ascribed to such terms in the Agreement. 

This Warrant is subject to the following terms and conditions: 

1. Shares. The Holder has, subject to the terms set forth herein, the right to purchase up to an aggregate of Thirty-Three Million
Three Hundred Thirty-Three Thousand Three Hundred Thirty-Three (33,333,333) shares (subject to adjustment as provided herein, “Shares” and each a “Share”) of Common Stock at a per share exercise price of $0.075
(subject to adjustment as provided herein, the “Exercise Price”). 
 2. Exercise of Warrant. 

(a) Exercise. This Warrant may be exercised by the Holder at any time prior to the expiration of the Warrant Exercise Term, in whole or
in part, by delivering the notice of exercise attached as Exhibit A hereto (the “Notice of Exercise”), duly executed by the Holder to the Company at its principal office, or at such other office as the Company may designate,
accompanied by payment, in cash by wire transfer of immediately available funds to the order of the Company and to an account designated by the Company (to be delivered prior to delivery of the Shares as provided for in Section 2(b) below), of
the amount obtained by multiplying the number of Shares designated in the Notice of Exercise by the Exercise Price (the “Purchase Price”). 

(b) Issuance of Certificates. As soon as practicable (but in no event later than three (3) Business Days) after the valid exercise
of this Warrant, in whole or in part, in accordance with Section 2(a) hereof, the Company, at its expense, shall cause to be issued in the name of and delivered to the 

 
Holder: (i) a certificate or certificates for (or, if the Shares are then registered for public resale, by delivery through the facilities of the Depository Trust Company in electronic form
of) the number of fully paid and non-assessable Shares to which the Holder shall be entitled upon such exercise and, if applicable, (ii) a new warrant of like tenor to purchase all of the Shares that may be purchased pursuant to the portion, if
any, of this Warrant not exercised by the Holder. The Holder shall for all purposes hereof be deemed to have become the holder of record of such Shares on the date on which the Notice of Exercise and payment of the Purchase Price in accordance with
Section 2(a) hereof were delivered and made, respectively, irrespective of the date of delivery of such certificate or certificates, except that if the date of such delivery, notice and payment is a date when the stock transfer books of the
Company are closed, the Holder shall be deemed to have become the holder of record of such Shares at the close of business on the next succeeding date on which the stock transfer books are open. 

(c) Taxes. The issuance of the Shares upon the exercise of this Warrant, and the delivery of certificates or other instruments
representing such Shares, shall be made without charge to the Holder for any tax or other charge of whatever nature in respect of such issuance and the Company shall bear any such taxes in respect of such issuance. 

3. Adjustment of Exercise Price. 

(a) Adjustment for Reclassification, Consolidation, Merger, Sale or Transfer. If while this Warrant, or any portion hereof, remains
outstanding and unexpired there shall be (i) a reorganization or recapitalization (other than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein), (ii) a merger or consolidation of the Company
with or into another corporation or other entity in which the Company shall not be the surviving entity, or a reverse merger in which the Company shall be the surviving entity but the shares of the Company’s capital stock outstanding
immediately prior to the merger or consolidation are converted by virtue of the merger or consolidation into other property, whether in the form of securities, cash or otherwise, or (iii) a sale or transfer of the Company’s properties and
assets as, or substantially as, an entirety to any other corporation or other entity in one transaction or a series of related transactions, then, as a part of such reorganization, recapitalization, merger, consolidation, sale or transfer, unless
otherwise directed by the Holder, all necessary or appropriate lawful provisions shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this Warrant, during the period specified herein and upon payment of the
Exercise Price then in effect, the greatest number of shares of capital stock or other securities or property that a holder of the Shares deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization,
recapitalization, merger, consolidation, sale or transfer if this Warrant had been exercised immediately prior to such reorganization, recapitalization, merger, consolidation, sale or transfer, all subject to further adjustment as provided in this
Section 3. If the per share consideration payable to the Holder for Shares in connection with any such transaction is in a form other than cash or marketable securities, then the value of such consideration shall be determined in good faith by
the Company’s Board of Directors. The foregoing provisions of this paragraph shall similarly apply to successive reorganizations, recapitalizations, mergers, consolidations, sales and transfers and to the capital stock or securities of any
other corporation or other entity that are at the time receivable upon the exercise of this Warrant. In all events, appropriate adjustment shall be made in the application of the provisions of this Warrant with respect to the rights and interests of
the Holder after the transaction, to the end that the provisions of this Warrant shall be applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable or issuable after such reorganization,
recapitalization, merger, consolidation, sale or transfer upon exercise of this Warrant. 
 (b) Adjustments for Split, Subdivision or
Combination of Shares. If while this Warrant, or any portion hereof, remains outstanding and unexpired the Company shall subdivide (by any stock split, stock dividend, recapitalization, reorganization, reclassification or otherwise) the shares
of 

  
 2 

 
Common Stock subject to acquisition hereunder, then, after the date of record for effecting such subdivision, the Exercise Price in effect immediately prior to such subdivision will be
proportionately reduced and the number of shares of Common Stock subject to acquisition upon exercise of this Warrant will be proportionately increased. If the Company at any time combines (by reverse stock split, recapitalization, reorganization,
reclassification or otherwise) the shares of Common Stock subject to acquisition hereunder, then, after the record date for effecting such combination, the Exercise Price in effect immediately prior to such combination will be proportionately
increased and the number of shares of Common Stock subject to acquisition upon exercise of this Warrant will be proportionately decreased. 

(c) Adjustments for Dividends in Stock or Other Securities or Property. If while this Warrant, or any portion hereof, remains
outstanding and unexpired, the holders of any class of securities as to which purchase rights under this Warrant exist at the time shall have received or, on or after the record date fixed for the determination of eligible stockholders, shall have
become entitled to receive, without payment therefor, other or additional stock or other securities or property (other than cash) of the Company by way of dividend, then and in each case, this Warrant shall represent the right to acquire, in
addition to the number of shares of such class of security receivable upon exercise of this Warrant, and without payment of any additional consideration therefor, the amount of such other or additional stock or other securities or property (other
than cash) of the Company that such holder would hold on the date of such exercise had it been the holder of record of the class of security receivable upon exercise of this Warrant on the date hereof and had thereafter, during the period from the
date hereof to and including the date of such exercise, retained such shares and/or all other additional stock available to it as aforesaid during said period, giving effect to all adjustments called for during such period by the provisions of this
Section 3. 
 (d) Notice of Adjustments. Upon any adjustment of the Exercise Price and any increase or decrease in the number of
Shares purchasable upon the exercise of this Warrant, then, and in each such case, the Company, within 30 days thereafter, shall give written notice thereof to the Holder at the address of such Holder as shown on the books of the Company, which
notice shall state the Exercise Price as adjusted and, if applicable, the increased or decreased number of Shares purchasable upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation of each. 

4. Notices. Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be mailed by
certified mail, return receipt requested, or delivered by facsimile transmission or by e-mail transmission, or delivered against receipt to the party to whom it is to be given (a) if to the Company, at the address provided to the Holder, or
(b) if to the Holder, at the address set forth in the Company’s records (or, in either case, to such other address as the party shall have furnished in writing in accordance with the provisions of this Section 4). Any notice or other
communication given by certified mail shall be deemed given at the time of receipt thereof. 
 5. Legends. Each certificate
evidencing the Shares issued upon exercise of this Warrant shall be stamped or imprinted with a legend substantially in the following form: 

THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS 

  
 3 

 
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. 

6. Removal of Legend. Upon request of a holder of a certificate with the legends required by Section 5 hereof, the Company shall
issue to such holder a new certificate therefor free of any transfer legend, if, with such request, the Company shall have received an opinion of counsel satisfactory to the Company in form and substance to the effect that any transfer by such
holder of the Shares evidenced by such certificate will not violate the Act or any applicable state securities laws. 
 7. Fractional
Shares. No fractional Shares will be issued in connection with any exercise hereunder. Instead, the Company shall round up, as nearly as practicable to the nearest whole Share, the number of Shares to be issued. 

8. Rights of Stockholders. Except as expressly provided in Section 3(c) hereof, the Holder, as such, shall not be entitled to vote
or receive dividends or be deemed the holder of any of the Shares or any other securities of the Company that may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the
Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action
(whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or otherwise until this Warrant shall have been exercised, in
whole or in part, and the Shares purchasable upon such exercise hereof shall have been issued, as provided herein. 
 9. Transfer.
This Warrant and the Shares may be offered for sale, sold, transferred, pledged or assigned without the consent of the Company, provided that any such offer, sale, transfer, pledge or assignment must be undertaken in accordance with Section 6.1
of the Agreement and applicable law, rule and regulation. 
 10. Miscellaneous. 

(a) This Warrant and disputes arising hereunder shall be governed by and construed and enforced in accordance with the laws of the State of
Delaware applicable to agreements made and to be performed wholly within such State, without regard to its conflict of law rules. 
 (b) In
the event of any dispute, claim, question or disagreement arising from or relating to this Warrant or the breach thereof, the parties hereto agree to settle the dispute, claim, question or disagreement by arbitration before a single arbitrator in
Atlanta, Georgia, selected by, and such arbitration to be administered by, the American Arbitration Association (“AAA”) in accordance with its International Arbitration Rules, and judgment on the award rendered by the arbitrator may
be entered in any court having jurisdiction thereof. Each of the parties hereto agrees and acknowledges that all disputes between or among them are subject to the alternative dispute resolution procedures of this Section 10(b). Each of the
parties hereto agrees that any aspect of alternative dispute resolution not specifically covered in this Warrant shall be covered, without limitation, by the applicable AAA rules and procedures. Each of the parties hereto further agrees that any
determination by the arbitrator regarding any dispute, claim, question or disagreement arising from or relating to this Warrant shall be final and binding upon the parties hereto and shall not be subject to further appeal. 

(c) The headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. 

  
 4 

 (d) The covenants of the respective parties contained herein shall survive the execution and
delivery of this Warrant. 
 (e) The terms of this Warrant shall be binding upon and shall inure to the benefit of any successors or
permitted assigns of the Company and of the Holder or holder of the Shares issued or issuable upon the exercise hereof. 
 (f) This Warrant
and the other documents delivered pursuant hereto constitute the full and entire understanding and agreement between the parties with regard to the subject hereof. 

(g) The Company shall not, by amendment of its Certificate of Incorporation or Bylaws, or through any other means, directly or indirectly,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant and shall at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in
order to protect the rights of the Holder contained herein against impairment. 
 (h) Upon receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company, or, in the case of
any such mutilation, upon surrender and cancellation of such Warrant, the Company, at its expense, will execute and deliver to the Holder, in lieu thereof, a new warrant of like date and tenor. 

(i) This Warrant and any provision hereof may be amended, waived or terminated only by an instrument in writing signed by the Company and the
Holder. 
 [Signature Page Follows] 

  
 5 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly
authorized officer. 
  

			
	HEDGEPATH PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Nicholas J. Virca

	Name:	 	Nicholas J. Virca
	Title:	 	President and Chief Executive Officer

 Signature Page to Mayne Pharma Ventures Pty Ltd 2015 Warrant 

 Exhibit A 

NOTICE OF EXERCISE 
  

	TO:	HedgePath Pharmaceuticals, Inc. 

 Attention: President 

The undersigned hereby elects to purchase                 
shares (“Shares”) of Common Stock of HedgePath Pharmaceuticals, Inc. (the “Company”) pursuant to the terms of this Warrant, and tenders herewith payment of the purchase price of such Shares in full. 

Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified
below: 
  

							
		 	Name:	 	  
	 	
				
		 	Address:	 	  
	 	
				
		 		 	  
	 	

 The undersigned hereby represents and warrants the following: 

(a) He/she/it (i) has such knowledge and experience in financial and business affairs that he/she/it is capable of evaluating the merits
and risks involved in purchasing the Shares, (ii) is able to bear the economic risks involved in purchasing the Shares, and (iii) is an “accredited investor,” as defined in Rule 501(a) of Regulation D promulgated under the
Securities Act of 1933, as amended; 
 (b) In making the decision to purchase the Shares, he/she/it has relied solely on independent
investigations made by him/her/it and has had the opportunity to ask questions of, and receive answers from, the Company concerning the Shares, the financial condition, prospective business and operations of the Company and has otherwise had an
opportunity to obtain any additional information, to the extent that the Company possesses such information or could acquire it without unreasonable effort or expense; 

(c) His/her/its overall commitment to investments that are not readily marketable is not disproportionate to his/her/its net worth and income,
and the purchase of the Shares will not cause such overall commitment to become disproportionate; he/she/it can afford to bear the loss of the purchase price of the Shares; 

(d) He/she/it has no present need for liquidity in his/her/its investment in the Shares; and 

(e) He/she/it acknowledges that the transaction contemplated in connection with the purchase of the Shares has not been reviewed or approved
by the Securities and Exchange Commission or by any administrative agency charged with the administration of the securities laws of any state, and that no such agency has passed on or made any recommendation or endorsement of any of the securities
contemplated hereby. 
  

	
	  
 (Signature)

	
	  
 (Date)

 Exhibit B 

FORM OF ASSIGNMENT 
 FOR
VALUE RECEIVED,                                  hereby sells, assigns and transfers to
each assignee set forth below all of the rights of the undersigned under the Warrant (as defined in and evidenced by the attached Warrant) to acquire the number of Shares set opposite the name of such assignee below and in and to the foregoing
Warrant with respect to said acquisition rights and the Shares issuable upon exercise of the Warrant: 
  

					
	 Name of Assignee
	 	 Address
	 	 Number of Shares

		 		 	
		 		 	
		 		 	
		 		 	

 If the total of the Shares described above are not all of the Shares evidenced by the foregoing Warrant, the
undersigned requests that a new warrant evidencing the right to acquire the Shares not so assigned be issued in the name of and delivered to the undersigned. 
  

							
		 	              Name of Holder (print):	  		 	  

							
		 	   (Signature):	 		 	  

							
		 	(By:) 	 		 	  

							
		 	  (Title:)	 		 	  

							
		 	 Dated:

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