Document:

EXHIBIT
A

 

SUBSCRIPTION
AGREEMENT AND PURCHASER QUESTIONNAIRE

 

SUBSCRIPTION
AGREEMENT

 

To
subscribe for Units Consisting of one share of Common Stock

and
one Warrant in the private offering of

 

 

BRIGHT
MOUNTAIN MEDIA, INC.

 

	1.	Complete
    and Date, Initial and Sign where applicable, the following pages included in the Subscription Agreement:

 

	 	-	Signature
    Page attached to this Subscription Agreement
	 	-	Purchaser
    Questionnaire

 

	2.	Return
    all forms to your Spartan Capital Securities, LLC Account Executive or by email: monchik@spartancapital.com or fax: (212)
    785-4565 and send a check (if applicable) to:

 

	 	Spartan
    Capital Securities, LLC
	 	45
    Broadway - 19th Floor
	 	New
    York, NY 10006
	 	Attn:
    Kim Monchik

 

	3.	Please
    make your subscription payment payable to the order of “Signature Bank, as Escrow Agent for Bright Mountain Media,
    Inc.” 

 

For
wiring funds directly to the escrow account, use the following instructions:

 

	 	Bank
    Name:	 	Signature
    Bank
	 	Address
    of Bank:	 	261
    Madison Avenue
	 		 	New
    York, New York 10016  
	 	Acct.
    Name:	 	Signature
    Bank. as Escrow Agent for Bright Mountain Media, Inc.
	 	ABA
    Number:	 	XXXXXXXXX
	 	DDA
    Number:	 	XXXXXXXXXX
	 	 	 	 
	 	 	 	Attn:
    Ref: Spartan/Bright Mountain Media

 

ALL
SUBSCRIPTION DOCUMENTS MUST BE FILLED IN AND SIGNED EXACTLY AS SET FORTH WITHIN.

 

    	 

    	 

    

 

SUBSCRIPTION
AGREEMENT

FOR

BRIGHT
MOUNTAIN MEDIA, INC.

 

Bright
Mountain Media, Inc.

6400
Congress Avenue

Suite
2050

Boca
Raton, Florida 33487

 

Ladies
and Gentlemen:

 

1.
Subscription. The undersigned (the “Purchaser”) will purchase the number of Units of Bright Mountain
Media, Inc., a Florida corporation (the “Company”), set forth on the signature page to this Subscription
Agreement. Each Unit consists of one (1) share of common stock, par value $0.01 per share (“Common Stock”),
and one (1) warrant to purchase one (1) share of common stock, par value $0.01 per share (“Warrant”).
The Units are being offered (the “Offering”) by the Company pursuant to the offering terms set forth
in the Company’s Confidential Private Placement Memorandum for Accredited Investors Only dated November 19, 2019, as may
be amended and/or supplemented, from time to time (collectively, the “Memorandum”).

 

The
Units are being offered on a “best efforts, all or none” basis with respect to the minimum of $500,000 (the
“Minimum Amount”) and thereafter on a “best efforts” basis up to the maximum of $5,000,000
(the “Maximum Amount”), subject to the right of the Company and the Placement Agent to increase the
Maximum Amount by up to twenty percent (20%) to cover over-subscriptions. The Units may be sold at one or more closings of the
Offering (each a “Closing,” and, collectively, the “Closings”), at any time
during the Offering Period (as hereinafter defined); provided, however, that no Closing may be effectuated unless and until
irrevocable subscriptions for at least the Minimum Amount have been deposited in the Escrow Account (defined hereafter). The minimum
investment amount that may be purchased by an Investor is 100,000 Units at a price of $0.50 per Unit (the “Investor
Minimum Investment”); provided, however, the Company, in its sole discretion, may accept an Investor subscription
for an amount less than the Investor Minimum Investment. The subscription for the Units will be made in accordance with and subject
to the terms and conditions of the Subscription Agreement and the Memorandum.

 

The
Units will be offered commencing on the date of the Memorandum (the “Offering Period”) until the earlier
of (i) the date upon which subscriptions for the Maximum Amount have been accepted, (ii) March 31, 2020 (subject to the right
of the Company and the Placement Agent to extend the offering until June 30, 2020 without further notice to investors), or (iii)
the date upon which the Company and the Placement Agent elect to terminate the Offering (the “Termination Date”).
In the event that (i) subscriptions for the Offering are rejected in whole (at the sole discretion of the Company), (ii) the
Minimum Amount has not been subscribed for prior to the expiration of the Offering Period or (iii) the Offering is otherwise
terminated by the Company, then the Escrow Agent will refund all subscription funds held in the Escrow Account to the persons
who submitted such funds, without interest, penalty or deduction. If a subscription is rejected in part (at the sole discretion
of the Company) and the Company accepts the portion not so rejected, the funds for the rejected portion of such subscription will
be returned without interest, penalty, expense or deduction.

 

The
terms of the Offering are more completely described in the Memorandum and such terms are incorporated herein in their entirety.
Certain capitalized terms used, but not otherwise defined herein, will have the respective meanings provided in the Memorandum.

 

2.
Payment. The Purchaser encloses herewith a check payable to, or will immediately make a wire transfer payment to the bank
account titled, “Signature Bank, as Escrow Agent for Bright Mountain Media, Inc.” in the full amount of the
purchase price of the Units being subscribed for. Together with the check for, or wire transfer of, the full purchase price, the
Purchaser is delivering a completed and executed Signature Page to this Subscription Agreement along with a completed and executed
Accredited Investor Certification, which are annexed hereto.

 

    	 

    	 

    

 

3.
Deposit of Funds. All payments made as provided in Section 2 hereof by Purchasers subscribing pursuant to the Memorandum will
be deposited by the Purchaser as soon as practicable with Signature Bank, as escrow agent (the “Escrow Agent”),
or such other escrow agent appointed by the Placement Agent and the Company, in a non-interest bearing escrow account (the “Escrow
Account”). In the event that the Company does not effect a Closing under the Subscription Agreement during the Offering
Period, the Escrow Agent will refund all subscription funds, without deduction and/or interest accrued thereon, and will return
the subscription documents to each Purchaser. If the Company rejects a subscription, either in whole or in part (at the sole discretion
of the Company), the rejected subscription funds or the rejected portion thereof will be returned promptly to such Purchaser without
interest, penalty, expense or deduction.

 

4.
Acceptance of Subscription. The Purchaser understands and agrees that the Company, in its sole discretion, reserves the right
to accept this or any other subscription for the Units, in whole or in part, notwithstanding prior receipt by the Purchaser of
notice of acceptance of this or any other subscription. The Company will have no obligation hereunder until the Company executes
and delivers to the Purchaser an executed copy of the Subscription Agreement.

 

5.
Representations and Warranties of the Purchaser. The Purchaser hereby acknowledges, represents, warrants, and agrees as follows:

 

(a)
None of the Units nor the shares of Common Stock included therein are or will be registered under the Securities Act of 1933,
as amended (the “Securities Act”), or any state securities laws. The Purchaser understands that the
offering and sale of the Units is intended to be exempt from registration under the Securities Act, by virtue of Section 4(a)(2)
thereof and the provisions of Rule 506(b) of Regulation D and/or Regulation S promulgated thereunder, based, in part upon the
representations, warranties and agreements of the Purchaser contained in this Subscription Agreement.

 

(b)
The Purchaser and the Purchaser’s attorney, accountant, purchaser representative and/or tax advisor, if any (collectively,
“Advisors”), have received and have carefully reviewed the Memorandum and this Subscription Agreement (collectively,
the “Transaction Documents”) and all other documents requested by the Purchaser or its Advisors, if any, and understand
the information contained therein, prior to the execution of this Subscription Agreement.

 

(c)
Neither the Securities and Exchange Commission (the “Commission”) nor any state securities commission has approved
or disapproved of the Units or their component securities or passed upon or endorsed the merits of the Offering or confirmed the
accuracy or determined the adequacy of the Memorandum. The Memorandum has not been reviewed by any Federal, state or other regulatory
authority. Any representation to the contrary may be a criminal offense.

 

(d)
All documents, records, and books pertaining to the investment in the Units including, but not limited to, all information regarding
the Company and the Units, have been made available for inspection and reviewed by the Purchaser and its Advisors, if any.

 

(e)
The Purchaser and its Advisors, if any, have had a reasonable opportunity to ask questions of and receive answers from the Company’s
officers and any other persons authorized by the Company to answer such questions, concerning, among other related matters, the
Offering, the Units, the Transaction Documents and the business, financial condition, results of operations and prospects of the
Company and all such questions have been answered by the Company to the full satisfaction of the Purchaser and its Advisors, if
any. The Purchaser has read and reviewed the Company’s filings with the Commission which are available on the Commission’s
website at www.sec.gov (the “SEC Documents”) to the extent he deemed appropriate prior to subscribing
for the Units. The Purchaser acknowledges that the disclosures in the Memorandum are not all-inclusive and omit certain information
contained in the SEC Documents.

 

(f)
In evaluating the suitability of an investment in the Company, the Purchaser has not relied upon any representation or other information
(oral or written) other than as stated in the Memorandum, or as contained in documents so furnished to the Purchaser or its Advisors,
if any, by the Company in writing.

 

    	-2-

    	 

    

 

(g)
The Purchaser is unaware of, is in no way relying on, and did not become aware of the offering of the Units through or as a result
of, any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement
or other communication published in any newspaper, magazine or similar media or broadcast over television, radio or over the Internet,
in connection with the offering and sale of the Units and is not subscribing for the Units and did not become aware of the Offering
through or as a result of any seminar or meeting to which the Purchaser was invited by, or any solicitation of a subscription
by, a person not previously known to the Purchaser in connection with investments in securities generally.

 

(h)
The Purchaser has taken no action which would give rise to any claim by any person for brokerage commissions, finders’ fees
or the like relating to this Subscription Agreement or the transactions contemplated hereby (other than fees to be paid by the
Company to the Placement Agent, as described in the Memorandum).

 

(i)
The Purchaser, either alone or together with its Advisors, if any, has such knowledge and experience in financial, tax, and business
matters, and, in particular, investments in securities of private companies, so as to enable it to utilize the information made
available to it in connection with the Offering to evaluate the merits and risks of an investment in the Units and the Company
and to make an informed investment decision with respect thereto.

 

(j)
The Purchaser is not relying on the Company, the Placement Agent or any of their respective employees or agents with respect to
the legal, tax, economic and related considerations of an investment in any of the Units and the Purchaser has relied on the advice
of, or has consulted with, only its own Advisors.

 

(k)
The Purchaser is acquiring the Units solely for such Purchaser’s own account for investment and not with a view to resale
or distribution thereof, in whole or in part. The Purchaser has no agreement or arrangement, formal or informal, with any person
to sell or transfer all or any part of any of the Units and the Purchaser has no plans to enter into any such agreement or arrangement.

 

(l)
The Purchaser understands and agrees that purchase of the Units and the component securities is a high risk investment and the
Purchaser is able to afford an investment in a speculative venture having the risks and objectives of the Company. The Purchaser
must bear the substantial economic risks of the investment in the Units indefinitely because none of the Units or the component
securities may be sold, hypothecated or otherwise disposed of unless subsequently registered under the Securities Act and applicable
state securities laws or an exemption from such registration is available. Legends will be placed on the certificates representing
the component securities to the effect that such securities have not been registered under the Securities Act or applicable state
securities laws and appropriate notations thereof will be made in the Company’s books. The Purchaser understands that there
is a limited public market for the shares of Common Stock and no public market for the Units or the Warrants, and the Company
has no intention of seeking an active trading market for any of these securities.

 

(m)
The Purchaser has adequate means of providing for such Purchaser’s current financial needs and foreseeable contingencies
and has no need for liquidity from its investment in the Units for an indefinite period of time.

 

(n)
The Purchaser is aware that an investment in the Units involves a number of very significant risks and has carefully read and
considered the matters set forth in the Memorandum and, in particular, the matters under the caption “Risk Factors”
therein and in the SEC Documents and understands any of such risk may materially adversely affect the Company’s operations
and future prospects.

 

(o)
The Purchaser is an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated by the Commission
under the Securities Act and has truthfully and accurately completed the Purchaser Questionnaire attached to this Subscription
Agreement and will submit to the Company such further assurances of such status as may be reasonably requested by the Company.

 

    	-3-

    	 

    

 

(p)
The Purchaser: (i) if a natural person, represents that the Purchaser has reached the age of 21 and has full power and authority
to execute and deliver this Subscription Agreement and all other related agreements or certificates and to carry out the provisions
hereof and thereof; (ii) if a corporation, partnership, or limited liability company, or association, joint stock company, trust,
unincorporated organization or other entity, represents that such entity was not formed for the specific purpose of acquiring
the Units, such entity is duly organized, validly existing and in good standing under the laws of the state of its organization,
the consummation of the transactions contemplated hereby is authorized by, and will not result in a violation of state law or
its charter or other organizational documents, such entity has full power and authority to execute and deliver this Subscription
Agreement and all other related agreements or certificates and to carry out the provisions hereof and thereof and to purchase
and hold the Units, the execution and delivery of this Subscription Agreement has been duly authorized by all necessary action,
this Subscription Agreement has been duly executed and delivered on behalf of such entity and is a legal, valid and binding obligation
of such entity; or (iii) if executing this Subscription Agreement in a representative or fiduciary capacity, represents that it
has full power and authority to execute and deliver this Subscription Agreement in such capacity and on behalf of the subscribing
individual, ward, partnership, trust, estate, corporation, or limited liability company or partnership, or other entity for whom
the Purchaser is executing this Subscription Agreement, and such individual, partnership, ward, trust, estate, corporation, or
limited liability company or partnership, or other entity has full right and power to perform pursuant to this Subscription Agreement
and make an investment in the Company, and represents that this Subscription Agreement constitutes a legal, valid and binding
obligation of such entity. The execution and delivery of this Subscription Agreement will not violate or be in conflict with any
order, judgment, injunction, agreement or controlling document to which the Purchaser is a party or by which it is bound.

 

(q)
The Purchaser and its Advisors, if any, have had the opportunity to obtain any additional information, to the extent the Company
had such information in its possession or could acquire it without unreasonable effort or expense, necessary to verify the accuracy
of the information contained in the Memorandum and the documents incorporated by reference in the Memorandum, including, but not
limited to, the terms and conditions of the Units and the Transaction Documents and all other related documents, received or reviewed
in connection with the purchase of the Units and have had the opportunity to have representatives of the Company provide them
with such additional information regarding the terms and conditions of this particular investment and the financial condition,
results of operations, business and prospects of the Company deemed relevant by the Purchaser or its Advisors, if any, and all
such requested information, to the extent the Company had such information in its possession or could acquire it without unreasonable
effort or expense, has been provided by the Company in writing to the full satisfaction of the Purchaser and its Advisors, if
any.

 

(r)
The Purchaser represents to the Company that any information which the undersigned has heretofore furnished or is furnishing herewith
to the Company is complete and accurate and may be relied upon by the Company in determining the availability of an exemption
from registration under Federal and state securities laws in connection with the offering of securities as described in the Memorandum.

 

(s)
The Purchaser has significant prior investment experience, including investment in non-listed and non-registered securities. The
Purchaser has a sufficient net worth to sustain a loss of its entire investment in the Company in the event such a loss should
occur. The Purchaser’s overall commitment to investments which are not readily marketable is not excessive in view of the
Purchaser’s net worth and financial circumstances and the purchase of the Units will not cause such commitment to become
excessive. This investment is a suitable one for the Purchaser.

 

(t)
The Purchaser acknowledges that any and all estimates or forward-looking statements included in the Memorandum were prepared by
the Company in good faith, but that the attainment of any such projections, estimates or forward-looking statements cannot be
guaranteed, will not be updated by the Company and should not be relied upon.

 

(u)
No oral or written representations have been made, or oral or written information furnished, to the Purchaser or its Advisors,
if any, in connection with the offering of the Units which are in any way inconsistent with the information contained in the Memorandum.

 

(v)
Within five (5) days after receipt of a request from the Company, the Purchaser will provide such information and deliver such
documents as may reasonably be necessary to comply with any and all laws and ordinances to which the Company is subject.

 

    	-4-

    	 

    

 

(w)
THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF CERTAIN STATES AND ARE
BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES
ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER SAID
ACT AND SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED
UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY
IS UNLAWFUL.

 

(x)
For Foreign Investors Only. If the Purchaser is a foreign (non-U.S.) investor, the Purchaser represents and warrants:

 

(i)
Neither the Purchaser nor any person or entity for whom the Purchaser is acting as fiduciary is a U.S. Person. A U.S. Person means
any one of the following:

 

	 	(1)	any
    natural person resident in the United States of America;
	 	 	 
	 	(2)	any
    partnership or corporation organized or incorporated under the laws of the United States;
	 	 	 
	 	(3)	any
    estate of which any executor or administrator is a U.S. Person;
	 	 	 
	 	(4)	any
    trust of which any trustee is a U.S. Person;
	 	 	 
	 	(5)	any
    agency or branch of a foreign entity located in the United States;
	 	 	 
	 	(6)	any
    non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit
    or account of a U.S. person;
	 	 	 
	 	(7)	any
    discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated
    or (if an individual) resident in the United States; and
	 	 	 
	 	(8)	any
    partnership or corporation if:
	 	 	 
	 	a.	organized
    or incorporated under the laws of any foreign jurisdiction; and
	 	 	 
	 	b.	formed
    by a U.S. Person principally for the purpose of investing in securities not registered under the Securities Act, unless it
    is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a) under the Securities Act) who
    are not natural persons, estates or trusts.

 

(ii)
At the time the agreement to purchase was originated, the Purchaser was outside the United States and is outside of the United
States as of the date of the execution and delivery of this Agreement. No offer to purchase Units was made in the United States;

 

(iii)
The Purchaser is purchasing the Units for its own account or for the account of beneficiaries for whom the Purchaser has full
investment discretion with respect to the Units and from whom the Purchaser has full authority to bind so that each such beneficiary
is bound hereby as if such beneficiary were a direct investor hereunder and all representations, warranties and agreements herein
were made directly by such beneficiary. The Purchaser is not purchasing the Units on behalf of any U.S. Person and the sale has
not been prearranged with a purchaser in the United States; and

 

    	-5-

    	 

    

 

(iv)
All subsequent offers and sales of the Units (including the component securities) will be made (a) outside the United States in
compliance with Rule 903 or Rule 904 of Regulation S, (b) pursuant to registration of the Units under the Securities Act, or (c)
pursuant to an exemption from such registration.

 

(y)
(For ERISA plans only). The fiduciary of the ERISA plan (the “Plan”) represents that such fiduciary
has been informed of and understands the Purchaser’s investment objectives, policies and strategies, and that the decision
to invest “plan assets” (as such term is defined in ERISA) in the Company is consistent with the provisions of ERISA
that require diversification of plan assets and impose other fiduciary responsibilities. The Purchaser or Plan fiduciary (a) is
responsible for the decision to invest in the Company; (b) is independent of the Company and any of its affiliates; (c) is qualified
to make such investment decision; and (d) in making such decision, the Purchaser or Plan fiduciary has not relied on any advice
or recommendation of the Company or any of its affiliates.

 

(z)
The Purchaser should check the Office of Foreign Assets Control (“OFAC”) website at <http://www.treas.gov/ofac>
before making the following representations. The Purchaser represents that the amounts invested by it in the Company in the
Offering were not and are not directly or indirectly derived from activities that contravene federal, state or international laws
and regulations, including anti-money laundering laws and regulations. Federal regulations and Executive Orders administered by
OFAC prohibit, among other things, the engagement in transactions with, and the provision of services to, certain foreign countries,
territories, entities and individuals. The lists of OFAC prohibited countries, territories, persons and entities can be found
on the OFAC website at <http://www.treas.gov/ofac>. In addition, the programs administered by OFAC (the “OFAC
Programs”) prohibit dealing with individuals1 or entities in certain countries regardless of whether
such individuals or entities appear on the OFAC lists.

 

(aa)
To the best of the Purchaser’s knowledge, none of: (1) the Purchaser; (2) any person controlling or controlled by the Purchaser;
(3) if the Purchaser is a privately-held entity, any person having a beneficial interest in the Purchaser; or (4) any person for
whom the Purchaser is acting as agent or nominee in connection with this investment is a country, territory, individual or entity
named on an OFAC list, or a person or entity prohibited under the OFAC Programs. Please be advised that the Company may not accept
any amounts from a prospective investor if such prospective investor cannot make the representations set forth in the preceding
paragraph. The Purchaser agrees to promptly notify the Company and the Placement Agent should the Purchaser become aware of any
change in the information set forth in these representations. The Purchaser understands and acknowledges that, by law, the Company
may be obligated to “freeze the account” of the Purchaser, either by prohibiting additional subscriptions from the
Purchaser, declining any redemption requests and/or segregating the assets in the account in compliance with governmental regulations.
The Purchaser further acknowledges that the Company may, by written notice to the Purchaser, suspend the redemption rights, if
any, of the Purchaser if the Company reasonably deems it necessary to do so to comply with anti-money laundering regulations applicable
to the Company or any of the Company’s other service providers. These individuals include specially designated nationals,
specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs.

 

(bb)
To the best of the Purchaser’s knowledge, none of: (1) the Purchaser; (2) any person controlling or controlled by the Purchaser;
(3) if the Purchaser is a privately-held entity, any person having a beneficial interest in the Purchaser; or (4) any person for
whom the Purchaser is acting as agent or nominee in connection with this investment is a senior foreign political figure2,
or any immediate family3 member or close associate4 of a senior foreign political figure, as such terms
are defined in the footnotes below.

 

 

 

 

1These
individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC
sanctions and embargo programs.

 

2
A “senior foreign political figure” is defined as a senior official in the executive, legislative, administrative,
military or judicial branches of a foreign government (whether elected or not), a senior official of a major foreign political
party, or a senior executive of a foreign government owned corporation. In addition, a “senior foreign political figure”
includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political
figure. 

 

3
“Immediate family” of a senior foreign
political figure typically includes the figure’s parents, siblings, spouse, children and in-laws.

 

4
A “close associate” of a senior foreign
political figure is a person who is widely and publicly known to maintain an unusually close relationship with the senior foreign
political figure, and includes a person who is in a position to conduct substantial domestic and international financial transactions
on behalf of the senior foreign political figure.

 

    	-6-

    	 

    

 

(cc)
If the Purchaser is affiliated with a non-U.S. banking institution (a “Foreign Bank”), or if the Purchaser
receives deposits from, makes payments on behalf of, or handles other financial transactions related to a Foreign Bank, the Purchaser
represents and warrants to the Company that: (1) the Foreign Bank has a fixed address, other than solely an electronic address,
in a country in which the Foreign Bank is authorized to conduct banking activities; (2) the Foreign Bank maintains operating records
related to its banking activities; (3) the Foreign Bank is subject to inspection by the banking authority that licensed the Foreign
Bank to conduct banking activities; and (4) the Foreign Bank does not provide banking services to any other Foreign Bank that
does not have a physical presence in any country and that is not a regulated affiliate.

 

(dd)
The Purchaser: (i) if a natural person, represents on its behalf; or (ii) if a corporation, partnership, or limited liability
company or partnership, or association, joint stock corporation or other entity, represents on its behalf and the behalf of its
officers, directors and principal stockholders, connected with the Purchaser at the time of this Subscription Agreement, that
it is not subject to any “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities
Act (a “Disqualifying Event”), except for a Disqualifying Event covered by Rule 506(d)(2) or (d)(3).

 

The
foregoing representations and warranties are true and accurate as of the date hereof, shall be true and accurate as of the date
of delivery of this Subscription Agreement and accompanying documents to the Company and Placement Agent and shall survive such
delivery. If, in any respect, those representations and warranties shall not be true and accurate prior to delivery of the payment
pursuant to paragraph 2, the undersigned shall immediately give written notice to the Company and the Placement Agent specifying
which representations and warranties are not true and accurate and the reason therefor. In addition, the Purchaser agrees to notify
the Company and the Placement Agent immediately in writing if the Purchaser ceases to be an “accredited investor”
within the meaning of Rule 501(a) of Regulation D under the Securities Act. Until the Purchaser provides a notice described in
the preceding two sentences, the Company and the Placement Agent may rely on the representations, warranties, covenants and agreements
contained herein in connection with any matter related to the Company and/or the Placement Agent. Without limiting the generality
of the preceding sentence, the Company and the Placement Agent may assume that all such representations and warranties are correct
in all respects as of the date hereof and may rely on such representations and warranties in determining whether (i) the Purchaser
is suitable as a purchaser of Units, (ii) Units may be sold to the Purchaser or any other Purchaser without first registering
the Units under the Securities Act or any other applicable securities laws, (iii) the conditions to the acceptance of subscriptions
for Units have been satisfied, and (iv) the Purchaser meets the eligibility standards set by the Company.

 

6.
Representations and Warranties of the Company. Except as set forth in the Memorandum, which Memorandum shall be deemed a part
hereof and shall qualify any representation made herein to the extent of the disclosure contained in the corresponding
section of the Memorandum, the Company hereby makes the following representations and warranties to each Purchaser:

 

(a)
Subsidiaries. All of the direct and indirect
subsidiaries of the Company are set forth in the SEC Documents. The Company owns, directly or indirectly, all of the capital stock
or other equity interests of each subsidiary, and all of the issued and outstanding shares of capital stock of each subsidiary
are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

 

    	-7-

    	 

    

 

(b)
Organization and Qualification. The Company
is an entity duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation,
with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.
The Company is not in violation or default of any of the provisions of its articles of incorporation, bylaws or other organizational
or charter documents. The Company is duly qualified to conduct business and is in good standing as a foreign corporation or other
entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected
to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material
adverse effect on the results of operations, assets, business, or condition (financial or otherwise) of the Company, or (iii)
a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations
under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no legal proceeding
has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power
and authority or qualification.

 

(c)
Authorization; Enforcement. The Company
has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Subscription
Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of this Subscription Agreement and each of the other Transaction Documents by the Company and the consummation
by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the
Company and no further action is required by the Company, the Board of Directors in connection herewith or therewith other than
in connection with the Required Approvals (as hereinafter defined). This Subscription Agreement and each other Transaction Document
to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance
with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company
in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by applicable law.

 

(d)
No Conflicts. The execution, delivery
and performance by the Company of this Subscription Agreement and the other Transaction Documents, the issuance and sale of the
Units and the consummation by it of the transactions contemplated hereby and thereby to which it is a party do not and will not:
(i) conflict with or violate any provision of the Company’s articles of incorporation, bylaws or other organizational or
charter documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become
a default) under, result in the creation of any lien upon any of the properties or assets of the Company, or give to others any
rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement,
credit facility, debt or other instrument (evidencing a Company debt or otherwise) or other understanding to which the Company
is a party or by which any property or asset of the Company is bound or affected, or (iii) subject to the Required Approvals,
conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Company is subject (including federal and state securities laws and regulations),
or by which any property or asset of the Company is bound or affected; except in the case of each of clauses (ii) and (iii), such
as could not have or reasonably be expected to result in a Material Adverse Effect.

 

    	-8-

    	 

    

 

(e)
Filings, Consents and Approvals. The Company
is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution,
delivery and performance by the Company of the Transaction Documents that has not been obtained, other than: (i) the filing of
a Form D with the Commission, and (ii) such filings as are required to be made under applicable state securities laws (collectively,
the “Required Approvals”).

 

(f)
Issuance of the Units. The Units and the
component shares of Common Stock are each duly authorized and, when issued and paid for in accordance with this Subscription Agreement,
will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company.

 

(g)
Capitalization. The capitalization of
the Company is as set forth in the Memorandum. All of the outstanding shares of capital stock of the Company are duly authorized,
validly issued, fully paid and nonassessable, have been issued in material compliance with all federal and state securities laws,
and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase
securities. No further approval or authorization of any shareholder, the Board of Directors or others is required for the issuance
and sale of the Units.

 

(h)
Litigation. Except as set forth in the
SEC Documents, there is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge
of the Company, threatened against or affecting the Company or any of its properties before or by any court, arbitrator, governmental
or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the
Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse
Effect. Except as described in the Memorandum, neither the Company nor any director or officer thereof, is or has been the subject
of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary
duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the
Commission or any state securities administrator involving the Company or any current or former director or officer of the Company.

 

    	-9-

    	 

    

 

(i)
Compliance. The Company: (i) is not in
default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both,
would result in a default by the Company under), nor, has the Company received notice of a claim that it is in default under or
that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party
or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation
of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation
of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal,
state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and
employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse
Effect.

 

(j)
Certain Fees. No brokerage, finder’s
fees, commissions or due diligence fees are or will be payable by the Company to any broker, financial advisor or consultant,
finder, placement agent, investment banker, bank or other person with respect to the transactions contemplated by the Transaction
Documents except as set forth in the Memorandum. To the knowledge of the Company, the Purchasers shall have no obligation with
respect to any fees or with respect to any claims made by or on behalf of other persons for fees of a type contemplated in this
Section 6(j) that may be due in connection with the transactions contemplated by the Transaction Documents.

 

(k)
Investment Company. The Company is not,
and is not an Affiliate of, and immediately after receipt of payment for the Units, will not be or be an Affiliate of, an “investment
company” within the meaning of the Investment Company Act of 1940, as amended. When used herein, “Affiliate”
means a specified person is a person that directly or indirectly through one or more intermediaries, controls or is controlled
by, or is under common control with the specified person. The Company intends to conduct its business in a manner so that it will
not become an “investment company” subject to registration under the Investment Company Act of 1940, as amended.

 

(l)
Tax Status. Except for matters that would
not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company (i)
has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports
and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments
and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has
set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods
to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the
taxing authority of any jurisdiction, and the officers of the Company know of no basis for any such claim.

 

(m)
Foreign Corrupt Practices. The Company,
nor to the knowledge of the Company, any agent or other person acting on behalf of the Company, has: (i) directly or indirectly,
used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political
activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic
political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company (or made
by any person acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material
respect any provision of Foreign Corrupt Practices Act.

 

    	-10-

    	 

    

 

(n)
Accountants. The Company’s accounting
firm is EisnerAmper LLP. To the knowledge and belief of the Company, such accounting firm is registered with the Public Company
Accounting Oversight Board, and has expressed its opinion with respect to the financial statements of the Company for the fiscal
year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31,
2018 as filed with the SEC.

 

7.
Registration Rights.

 

7.1
Demand Registration. If the Company shall receive from holders of more than twenty-five percent (25%) of the shares included
in the Units sold in the Offering (the “Requesting
Holders”) a written request(s) that the Company effect registration under the Securities
Act with respect to the shares of Common Stock included in the Units and issuable upon exercise of the Warrants included in the
Units (the “Registrable Securities”), the Company will as soon as
practicable, use its diligent best efforts to effect such registration (including, without limitation, the execution of an undertaking
to file post-effective amendments, appropriate qualification under a reasonable number of jurisdictions’ applicable blue
sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act).

 

7.2
Underwriting. If the Requesting Holders intend to distribute the Registrable Securities covered by the demand request by
means of an underwriting, they shall so advise the Company as a part of the request made pursuant to Section 7.1. The Requesting
Holders shall select the underwriter with the approval of the Company, which shall not be unreasonably withheld. In the case of
an underwritten offering to which this Section 7.2 shall apply, no securities other than the Registrable Securities and securities
held by the Placement Agent shall be included among the securities covered by such registration unless (i) the managing underwriter
of such offering shall have advised the Company in writing that the inclusion of such other securities would not adversely affect
such offering or (ii) the Requesting Holders shall have consented in writing to the inclusion of such other securities. The Company
shall enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected
for such underwriting by the Requesting Holders.

 

7.3
Piggyback Registration. If the Company at any time proposes to register any of its securities under the Securities Act
for sale, whether for its own account or for the account of other security holders or both (except with respect to (x) registration
statements on Form S-8 or Form S-4 or their then equivalent forms, or another form not available for registering the Registrable
Securities (as hereinafter defined) for sale to the public, (y) a registration relating solely to employee benefit plans, or (z)
a registration relating solely to a Rule 145 transaction), it will each such time: (i) promptly give to holders of the Warrants
included in the Units acquired in the Offering (each a “Holder”)
written notice thereof (which shall include a list of the jurisdictions in which the Company intends to attempt to qualify such
securities under the applicable blue sky or other state securities laws); and (ii) include in such registration (and any related
qualification under blue sky laws or other compliance), and in any underwriting involved therein, all the shares of Common Stock
issuable upon the exercise of such Warrants (the “Registrable Securities”)
specified in a written request made by a Holder within fifteen (15) days after receipt of the written notice from the Company
described in clause (i) above, except that the number of Registrable Securities included in such registration on behalf of a Holder,
if any, shall be subject to the provisions set forth in Section 7.5 below. Such written request may specify all or a part of the
Holder’s Registrable Securities.

 

7.4
Underwritten Offerings. If the registration of which the Company gives notice is for an underwritten offering of Common
Stock, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 7.3. In such event, the
right of a Holder to registration pursuant to Section 7.3 above shall be conditioned upon the Holder’s participation in
such underwriting. A Holder shall, if it proposes to distribute Registrable Securities through such underwriting (together with
the Company and other parties distributing securities through such underwriting), enter into an underwriting agreement in customary
form with the managing underwriter(s) selected by the Company.

 

    	-11-

    	 

    

 

7.5
Priority in Piggyback Registrations. If (i) a registration pursuant to Section 7.3 involves an underwritten offering of
the securities so being registered, whether or not for sale for the account of the Company, and (ii) the managing underwriters
of such underwritten offering shall advise the Company in writing that, in its opinion, the number or amount of securities (including
Registrable Securities) proposed to be sold in (or during the time of) such offering would adversely affect the success of such
offering, then the Company shall include in such registration only such number or amount of securities (including Registrable
Securities) recommended by such managing underwriter, selected in the following order or priority: (i) first, all of the securities
that the Company proposes to sell for its own account, if any, and (ii) second, the Registrable Securities requested to be included
in such registration by the Holders pro rata based upon the number of Registrable Securities for which registration has been requested;
provided, however, that (x) if any equity securities are proposed to be included in such offering for the account of any
person or persons other than the Company or a Holder pursuant to rights to demand registration, the amount of Registrable Securities
to be included therein shall be pro rata with all other equity securities that have requested to be included by the holder of
such demand registration rights and (y) if any equity securities are proposed to be included in such offering for the account
of any person or persons other than the Company or a Holder pursuant to rights of piggyback registration similar to those provided
in Section 7.3, all Registrable Securities to be included therein shall be included prior to the inclusion of any other registrable
equity securities that have requested to be included.

 

7.6
Registration Procedures. In furtherance of its obligations under this Section 7 the Company shall, as expeditiously as
reasonably possible:

 

(a)
Use its commercially reasonable efforts to (i) cause the Registration Statement to become effective, and (ii) cause the Registration
Statement to remain effective until the earliest to occur of (A) such date as each participating Holder (the “Selling
Shareholders”) has completed the distribution described in the Registration Statement and (B) such time that all
of such Registrable Securities are no longer, by reason of Rule 144 under the Securities Act, required to be registered for the
sale thereof by the Selling Shareholders. The Company will also use its commercially reasonable efforts to, during the period
that the Registration Statement is required to be maintained hereunder, file such post-effective amendments and supplements thereto
as may be required by the Securities Act and the rules and regulations thereunder or otherwise to ensure that the Registration
Statement does not contain any untrue statement of material fact or omit to state a fact required to be stated therein or necessary
to make the statements contained therein, in light of the circumstances under which they are made, not misleading; provided,
however, that if applicable rules under the Securities Act governing the obligation to file a post-effective amendment permit,
in lieu of filing a post-effective amendment that (i) includes any prospectus required by Section 10(a)(3) of the Securities Act
or (ii) reflects facts or events representing a material or fundamental change in the information set forth in the Registration
Statement, the Company may incorporate by reference information required to be included in (i) and (ii) above to the extent such
information is contained in periodic reports filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) in the Registration Statement.

 

(b)
Prepare and file with the Commission such amendments and supplements to the Registration Statement, and the prospectus used in
connection with the Registration Statement, as may be necessary to comply with the provisions of the Securities Act with respect
to the disposition of all securities covered by the Registration Statement.

 

(c)
Furnish to each Selling Shareholder, once the Registration Statement has been declared effective, such numbers of copies of a
prospectus and such other documents as it may reasonably request in order to facilitate the disposition of Registrable Securities
owned by the Selling Shareholder.

 

(d)
Use commercially reasonable efforts to register and qualify the securities covered by the Registration Statement under such other
federal or state securities laws of such jurisdictions as shall be reasonably requested by the Selling Shareholders; provided,
however, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business
or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject
to service in such jurisdiction and except as may be required by the Securities Act.

 

    	-12-

    	 

    

 

(e)
In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter of such offering. The Selling Shareholders shall also enter into and perform
their obligations under such an agreement.

 

(f)
Cause all shares registered hereunder to be listed on each securities exchange or quotation service on which similar securities
issued by the Company are then listed or quoted.

 

(g)
Cooperate with the Selling Shareholders and managing underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing the Registrable Securities to be sold, which certificates will not bear any restrictive legends.

 

7.7
Furnish Information. It shall be a condition precedent to the obligation of the Company to take any action pursuant to
this Section 7 with respect to the Registrable Securities held by a Selling Shareholder that the Selling Shareholder shall
furnish to the Company such information regarding such Selling Shareholder, the Registrable Securities held by such Selling Shareholder,
and the intended method of disposition of such securities as shall be reasonably required by the Company to affect the registration
of the Registrable Securities.

 

7.7
Registration Expenses. The Company shall bear and pay all registration expenses incurred in connection with any registration,
filing or qualification of the Registrable Securities with respect to registration pursuant to this Section 7 for the Selling
Shareholders, but excluding legal or other expenses of the Selling Shareholders.

 

7.7
Indemnification. In the event that any Registrable Securities are included in a Registration Statement under this Section
7:

 

(a)
To the extent permitted by law, the Company will indemnify and hold harmless the Selling Shareholders and each person, if any,
who controls, within the meaning of the Securities Act, a Selling Shareholder against any losses, claims, damages, or liabilities
(joint or several) to which they may become subject under the Securities Act or the Exchange Act, insofar as such losses, claims,
damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions
or violations (collectively a “Violation”): (i) any untrue statement of a material fact contained in
the Registration Statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto, (ii) the omission to state therein a material fact required to be stated therein, or necessary to make the statements
therein not misleading, or (iii) any violation by the Company of the Securities Act, the Exchange Act, or any rule or regulation
promulgated under the Securities Act or the Exchange Act, and the Company will pay to the Selling Shareholders, as incurred, any
legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage,
liability, or action; provided, however, that the indemnity agreement contained in this Section 7.7(a) shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the
consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for
any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon a Violation which occurs
in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by
a Selling Shareholder or any underwriter or controlling person.

 

(b)
Each Selling Shareholder will indemnify and hold harmless the Company, each of its directors, each of its officers, each person,
if any, who controls the Company within the meaning of the Securities Act, any underwriter, any other Selling Shareholder selling
securities in the Registration Statement and any controlling person of any such underwriter or other Selling Shareholder, against
any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become subject, under
the Securities Act, or the Exchange Act, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto)
arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in
reliance upon and in conformity with written information furnished by such Selling Shareholder expressly for use in connection
with such registration; and each such Selling Shareholder will pay, as incurred, any legal or other expenses reasonably incurred
by any person intended to be indemnified pursuant to this Section 7.7(b), in connection with investigating or defending any such
loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this Section 7.7(b)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Selling Shareholder, which consent shall not be unreasonably withheld; provided, further, that,
in no event shall any indemnity under this Section 7.7(b) exceed the dollar amount of the proceeds received by such Selling Shareholder
upon the sale of the Registrable Shares included in the Registration Statement giving rise to such indemnification obligation.

 

    	-13-

    	 

    

 

(c)
Promptly after receipt by an indemnified party under this Section 7.7 of notice of the commencement of any action (including any
governmental action), such indemnified party shall, if a claim in respect thereof is to be made against any indemnifying party
under this Section 7.7, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party
shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying
party similarly notified, to assume the defense thereof with counsel selected by the indemnifying party and approved by the indemnified
party (whose approval shall not be unreasonably withheld); provided, however, that an indemnified party (together with
all other indemnified parties which may be represented without conflict by one counsel) shall have the right to retain one separate
counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel
retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified
party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying
party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall
relieve such indemnifying party of any liability to the indemnified party under this Section 7.7, but the omission so to deliver
written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise
than under this Section 7.7.

 

(d)
If the indemnification provided for in this Section 7.7 is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any loss, liability, claim, damage, or expense referred to therein, then the indemnifying party, in lieu
of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as
a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault
of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions
that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the alleged omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information,
and opportunity to correct or prevent such statement or omission.

 

7.8
Permitted Transferees. The rights to cause the Company to register the Registrable Securities granted to the Purchaser
by the Company under this Section 7 may be assigned in full or in part by the Purchaser in connection with a transfer of the Registrable
Securities; provided, however; that as a condition precedent to any transfer such transferee agrees in a written instrument
delivered to the Company to be bound by and subject to the terms and conditions of Section 7 of this Subscription Agreement.

 

8.
Indemnification. The Purchaser agrees to indemnify and hold harmless the Company, the Placement Agent and each of their respective
officers, directors, managers, employees, agents, attorneys, control persons and affiliates from and against all losses, liabilities,
claims, damages, costs, fees and expenses whatsoever (including, but not limited to, any and all expenses incurred in investigating,
preparing or defending against any litigation commenced or threatened) based upon or arising out of any actual or alleged false
acknowledgement, representation or warranty, or misrepresentation or omission to state a material fact, or breach by the Purchaser
of any covenant or agreement made by the Purchaser herein or in any other document delivered in connection with this Subscription
Agreement.

 

9.
Irrevocability; Binding Effect. The Purchaser hereby acknowledges and agrees that the subscription hereunder is irrevocable
by the Purchaser, except as required by applicable law, and that this Subscription Agreement will survive the death or disability
of the Purchaser and will be binding upon and inure to the benefit of the parties and their heirs, executors, administrators,
successors, legal representatives, and permitted assigns. If the Purchaser is more than one person, the obligations of the Purchaser
hereunder will be joint and several and the agreements, representations, warranties and acknowledgments herein will be deemed
to be made by and be binding upon each such person and such person’s heirs, executors, administrators, successors, legal
representatives and permitted assigns.

 

    	-14-

    	 

    

 

10.
Modification. This Subscription Agreement will not be modified or waived except by an instrument in writing signed by the
party against whom any such modification or waiver is sought.

 

11.
Notices. Any notice or other communication required or permitted to be given hereunder will be in writing and will be mailed
by certified mail, return receipt requested (or by email and or facsimile, assuming the recipient has provided the sender with
such information), or delivered against receipt to the party to whom it is to be given (a) if to the Company, at the address set
forth in the Memorandum or (b) if to the Purchaser, at the address set forth on the signature page hereof (or, in either case,
to such other address as the party will have furnished in writing in accordance with the provisions of this Section 11). Any notice
or other communication given by certified mail will be deemed given at the time of certification thereof, except for a notice
changing a party’s address which will be deemed given at the time of receipt thereof.

 

12.
Assignability. This Subscription Agreement and the rights, interests and obligations hereunder are not transferable or assignable
by the Purchaser and the transfer or assignment of any of the Units or component securities will be made only in accordance with
all applicable laws.

 

13.
Applicable Law. This Subscription Agreement will be governed by and construed under the laws of the State of Florida as applied
to agreements among Florida residents entered into and to be performed entirely within Florida. The parties hereto (1) agree that
any legal suit, action or proceeding arising out of or relating to this Subscription Agreement will be instituted exclusively
in United States District Court for the Southern District of Florida, West Palm Beach, Florida (2) waive any objection which the
parties may have now or hereafter to the venue of any such suit, action or proceeding, and (3) irrevocably consent to the jurisdiction
of the United States District Court for the Southern District of Florida, West Palm Beach, Florida, in any such suit, action or
proceeding. Each of the parties hereto further agrees to accept and acknowledge service of any and all process which may be served
in any such suit, action or proceeding in the United States District Court for the Southern District of Florida, West Palm Beach,
Florida, and agrees that service of process upon it mailed by certified mail to its address will be deemed in every respect effective
service of process upon it, in any such suit, action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS SUBSCRIPTION AGREEMENT OR ANY DOCUMENT OR AGREEMENT
CONTEMPLATED HEREBY.

 

14.
Blue Sky Qualification. The purchase of Units pursuant to this Subscription Agreement is expressly conditioned upon the exemption
from qualification of the offer and sale of the Units from applicable federal and state securities laws.

 

15.
Use of Pronouns. All pronouns and any variations thereof used herein will be deemed to refer to the masculine, feminine, neuter,
singular or plural as the identity of the person or persons referred to may require.

 

Confidentiality.
The Purchaser acknowledges and agrees that any information or data the Purchaser has acquired from or about the Company not
otherwise properly in the public domain, was received in confidence. The company has caused
these materials to be delivered to the purchaser in reliance upon such agreement AND UPON RULE 100(b)(2)(II) OF REGULATION FD
AS PROMULGATED BY THE COMMISSION. The Purchaser agrees not to divulge, communicate or disclose, except as may be required
by law or for the performance of this Subscription Agreement, or use to the detriment of the Company or for the benefit of any
other person or persons, or misuse in any way, any confidential information of the Company, including any trade or business secrets
of the Company and any business materials that are treated by the Company as confidential or proprietary, including, without limitation,
confidential information obtained by or given to the Company about or belonging to third parties.

 

    	-15-

    	 

    

 

16.
Miscellaneous.

 

(a)
This Subscription Agreement, together with the other Transaction Documents, constitute the entire agreement between the Purchaser
and the Company with respect to the subject matter hereof and supersede all prior oral or written agreements and understandings,
if any, relating to the subject matter hereof. The terms and provisions of this Subscription Agreement may be waived, or consent
for the departure therefrom granted, only by a written document executed by the party entitled to the benefits of such terms or
provisions.

 

(b)
Each of the Purchaser’s and the Company’s representations and warranties made in this Subscription Agreement will
survive the execution and delivery hereof and delivery of the Units.

 

(c)
Each of the parties hereto will pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers or
others engaged by such party) in connection with this Subscription Agreement and the transactions contemplated hereby whether
or not the transactions contemplated hereby are consummated.

 

(d)
This Subscription Agreement may be executed in one or more counterparts each of which will be deemed an original, but all of which
will together constitute one and the same instrument.

 

(e)
Each provision of this Subscription Agreement will be considered separable and, if for any reason any provision or provisions
hereof are determined to be invalid or contrary to applicable law, such invalidity or illegality will not impair the operation
of or affect the remaining portions of this Subscription Agreement.

 

(f)
Paragraph titles are for descriptive purposes only and will not control or alter the meaning of this Subscription Agreement as
set forth in the text.

 

17.
Signature Page. It is hereby agreed by the parties hereto that the execution by the Purchaser of this Subscription Agreement,
in the place set forth herein below, will be deemed and constitute the agreement by the Purchaser to be bound by all of the terms
and conditions hereof as well as by the each of the other Transaction Documents, and will be deemed and constitute the execution
by the Purchaser of all such Transaction Documents without requiring the Purchaser’s separate signature on any of such Transaction
Documents.

 

ANTI-MONEY
LAUNDERING REQUIREMENTS

 

	The USA PATRIOT Act	 	What is money laundering?	 	How big is the problem and why is it important?
	 	 	 	 	 
	The USA PATRIOT Act is designed to detect, deter, and punish terrorists in the United States and abroad. The Act imposes new anti-money laundering requirements on brokerage firms and financial institutions. Since April 24, 2002 all brokerage firms have been required to have new, comprehensive anti-money laundering programs.	 	Money laundering is the process of disguising illegally obtained money so that the funds appear to come from legitimate sources or activities. Money laundering occurs in connection with a wide variety of crimes, including illegal arms sales, drug trafficking, robbery, fraud, racketeering, and terrorism	 	The use of the U.S. financial system by criminals to facilitate terrorism or other crimes could well taint our financial markets. According to the U.S. State Department, one recent estimate puts the amount of worldwide money laundering activity at $1 trillion a year.
	 	 	 	 	 
	To help you understand these efforts, we want to provide you with some information about money laundering and our steps to implement the USA PATRIOT Act.	 	 	 	 

 

    	-16-

    	 

    

 

	What are we required to do to eliminate money laundering?
	 	 	 
	Under new rules required by the USA PATRIOT Act, our anti-money laundering program must designate a special compliance officer, set up employee training, conduct independent audits, and establish policies and procedures to detect and report suspicious transaction and ensure compliance with the new laws.	 	As part of our required program, we may ask you to provide various identification documents or other information. Until you provide the information or documents we need, we may not be able to effect any transactions for you.

 

    	-17-

    	 

    

 

BRIGHT
MOUNTAIN MEDIA, INC.

SIGNATURE
PAGE TO

SUBSCRIPTION
AGREEMENT 

 

Purchaser
hereby elects to purchase a total of ____________Units (the “Units”), at a purchase price of $0.40 per Unit
(NOTE: to be completed by the Purchaser).

 

Amount
of Subscription: Number of Units x $0.50 per Unit $__________

 

Payment
Method (Check One) _____ Check Enclosed or _____ Wire Transfer

 

Date
(NOTE: To be completed by the Purchaser): __________________, 2019

 

If
the Purchaser is an INDIVIDUAL, and if purchased as JOINT TENANTS WITH RIGHTS OF SURVIVORSHIP (JTWROS), as TENANTS IN COMMON (TIC),
or as TENANTS BY THE ENTIRETY (TBTE):

 

	 	____________________________
    ______________________________
	 	 
	 	Print
    Name(s)                                                                                        Social Security Number(s)
	 	 
	 	___________________________
    ______________________________
	 	 
	 	Signature(s)
of Purchaser(s)                                                                      Signature
	 	 
	 	____________________________
    ______________________________
	 	 
	 	Date
	 	Address
	 	 
	 	How
    Securities will be held (check one) _____ individually _____ JTWROS _____ TIC _____ TBTE If the Purchaser is a PARTNERSHIP,
    CORPORATION, LIMITED LIABILITY COMPANY or TRUST:

 

                _____________________
______________________________

Name
of Partnership,                                                                  Federal Taxpayer

Corporation,
Limited                                                                   Identification
Number Liability Company or Trust

 

	 	By:	 	 
	 	Name:	State
    of Organization	 
	 	Title:	 	 

 

	 	 ____________________________
    ______________________________
	 	 
	 	Date
Address

 

AGREED
AND ACCEPTED:

 

BRIGHT
MOUNTAIN MEDIA, INC.

 

	By: 	 	 
	Name:
    	W.
    Kip Speyer Date:	 
	Title:
    	Chief
    Executive Officer	 

 

    	-18-

    	 

    

 

PURCHASER
QUESTIONNAIRE

 

Purpose
of this Purchaser Questionnaire:

 

Units
of Bright Mountain Media, Inc., a Florida corporation (the “Company”), are being offered without registration
under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of certain
states, in reliance on the private offering exemption contained in the Securities Act and Rule 506(b) of Regulation D thereunder
and/or Regulation S thereunder, and in reliance on similar exemptions under certain applicable state laws. The purpose of this
Purchaser Questionnaire is to assure the Company that the proposed purchaser meets the standards imposed for the application of
such exemptions, including, but not limited to, whether the proposed purchaser qualifies as an “accredited investor,”
as defined in Rule 501 under the Securities Act. Your answers will at all times be kept strictly confidential. However, by signing
this Purchaser Questionnaire, you agree that the Company may present this Purchaser Questionnaire to such parties as the Company
may deem appropriate if called upon under applicable law to establish the availability of any exemption from registration of the
private placement, or if the contents hereof are relevant to any issue in any action, suit or proceeding to which the Company
is a party or by which it may be bound. The undersigned realizes that this Purchaser Questionnaire does not constitute an offer
by the Company to sell its securities, but is a request for information.

 

THE
COMPANY WILL NOT OFFER OR SELL SECURITIES TO ANY INDIVIDUAL WHO HAS NOT FILLED OUT, AS THOROUGHLY AS POSSIBLE, A Confidential
Private PURCHASER QUESTIONNAIRE.

 

PLEASE
ANSWER ALL QUESTIONS. If the appropriate answer is “None” or “Not Applicable,” so state. Please print
or type your answers to all questions. Attach additional sheets if necessary to complete your answers to any item.

 

    	-19-

    	 

    

 

I.
General Information:

 

Name:
______________________________________________________________________

 

Date
of Birth: ________________________________________________________________

 

Residence
Address: ___________________________________________________________

 

____________________________________________________________

 

Business
Address: ______________________________________________________________

 

______________________________________________________________

 

Home
Telephone No.: ___________________________________________________________

 

Business
Telephone No: __________________________________________________________

 

E-mail
Address: _________________________________________________________________

 

Preferred
Mailing Address: ________ Business or _________ Home (check one)

 

Social
Security Number: ___________________________________________________________

 

Marital
Status: ____________________________________________________________________

 

II.
Financial Condition:

 

1.
Was your individual annual income in excess of $200,000 in each of the two most recent years and do you have a reasonable expectation
of reaching the same income level during the current year?

 

Yes
_______ No _______

 

2.
Was your joint (with spouse) annual income in excess of $300,000 in each of the two most recent years and do you have a reasonable
expectation of reaching the same income level during the current year?

 

Yes
_______ No _______

 

    	-20-

    	 

    

 

3.
Does your individual net worth, or joint net worth with your spouse, at the time of purchase, excluding the value of your primary
residence, exceed $1,000,000? (note: “net worth” means the excess of total assets over total liabilities and
for purposes of determining “net worth” (i) your primary residence shall not be included as an asset, (ii) indebtedness
that is secured by your primary residence, up to the estimated fair market value of the residence, shall not be included as a
liability, except that if the amount of such indebtedness outstanding at the time of the investment exceeds the amount outstanding
60 days before such investment, other than as a result of the acquisition of the primary residence, the amount of such excess
shall be included as a liability and (iii) indebtedness secured by your primary residence in excess of the estimated fair market
value of the primary residence shall be included as a liability);

 

Yes
_______ No _______

 

4.
The undersigned is a director or executive officer of the Company.

 

Yes
_______ No _______

 

5.
The undersigned is a bank or a savings and loan association, whether acting in its individual or fiduciary capacity; broker dealer;
insurance company; investment company registered under the Investment Company Act of 1940 or a business development company as
defined in said Act; small business investment company (“SBIC”) licensed by the U.S. Small Business Administration;
plan established or maintained by a state, its political subdivision or any agency or instrumentality thereof maintained for the
benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning
of Title 1 of ERISA, if the investment decision is made by a plan fiduciary which is either a bank, savings and loan association,
insurance company or registered investment advisor, or if the employee benefit plan has total assets in excess of $5,000,000 or,
if a self directed plan, with investment decisions made solely by persons that are accredited subscribers. (Describe entity below)

 

________________________________________________________

 

________________________________________________________

 

6.
The undersigned is a private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940.
(Describe entity below)

 

______________________________________________________

 

______________________________________________________

 

7.
The undersigned is a corporation, partnership, Massachusetts business trust or non-profit organization within the meaning of Section
501(c)(3) of the Internal Revenue Code, in each case not formed for the specific purpose of acquiring the Company’s securities
and with total assets in excess of $5,000,000. (Describe entity below)

 

______________________________________________________

 

______________________________________________________

 

    	-21-

    	 

    

 

8.
The undersigned is a trust with total assets in excess of $5,000,000 and not formed for the specific purpose of acquiring the
Company’s securities, where the purchase is directed by a “sophisticated person” as defined in Regulation 506(b)(2)(ii)
under the Securities Act.

 

Yes
_______ No _______

 

9.
The undersigned is an entity (other than a trust) of which all of the equity owners are “accredited investors” within
one or more of the above categories. If relying upon this Category 9 alone, each equity owner must complete a separate copy of
this Agreement. (Describe entity below)

 

______________________________________________________

 

______________________________________________________

 

10.
The undersigned is not within any of the categories above and is therefore not an accredited investor.

 

Yes
_______ No _______

 

The
undersigned agrees that the undersigned will notify the Company at any time on or prior to the date of termination of the offering
in the event that the representations and warranties made by the undersigned in this Purchaser Questionnaire shall cease to be
true, accurate and/or complete.

 

III.
Suitability (Please answer each question below):

 

(a)
For an individual subscriber, please describe your current employment, including the company by which you are employed and its
principal business:

 

_______________________________________________________________________________________________

 

_______________________________________________________________________________________________

 

_______________________________________________________________________________________________

 

(b)
For an individual subscriber, please describe any college or graduate degrees held by you:

 

_______________________________________________________________________________________________

 

_______________________________________________________________________________________________

 

_______________________________________________________________________________________________

 

(c)
For all subscribers, please list types of prior investments:

 

_______________________________________________________________________________________________

 

_______________________________________________________________________________________________

 

_______________________________________________________________________________________________

 

    	-22-

    	 

    

 

(d)
For all subscribers, please state whether you have participated in any other private placements before:

 

YES_______
NO_______

 

(e)
If your answer to question (d) above is “YES”, please indicate frequency of such prior participation in private placements
of:

 

	 	 	Public
    Companies	 	Private
    Companies	 	Public
    or Private
	 	 	 	 	 	 	 
	Frequently	 	____________________	 	__________________	 	__________________
	 	 	 	 	 	 	 
	Occasionally	 	____________________	 	__________________	 	__________________
	 	 	 	 	 	 	 
	Never	 	_____________________	 	__________________	 	__________________
	 	 	 	 	 	 	 

 

(f)
For individual subscribers, do you expect your current level of income to significantly decrease in the foreseeable future:

 

YES_______                     
NO_______

 

(g)
For trust, corporate, partnership and other institutional subscribers, do you expect your total assets to significantly decrease
in the foreseeable future?

 

YES_______
                       NO_______

 

(h)
For all subscribers, do you have any other investments or contingent liabilities which you reasonably anticipate could cause you
to need sudden cash requirements in excess of cash readily available to you:

 

YES_______                      
NO_______

 

(i)
For all subscribers, are you familiar with the risk aspects and the non-liquidity of investments such as the securities for which
you are seeking to subscribe?

 

YES_______                          
NO_______

 

(j)
For all subscribers, do you understand that there is no guarantee of financial return on this investment and that you run the
risk of losing your entire investment?

 

YES_______                          
NO_______

 

IV.
FINRA AFFILIATION:

 

Are
you affiliated or associated with a FINRA member firm (please check one):

 

Yes
_________                             No __________

 

    	-23-

    	 

    

 

If
yes, please describe:

 

_________________________________________________________

 

_________________________________________________________

 

_________________________________________________________

 

If
subscriber is a Registered Representative with a FINRA member firm, have the following acknowledgment signed by the appropriate
party:

 

The
undersigned FINRA member firm acknowledges receipt of the notice required by the Rules of Fair Practice.

 

_________________________________

Name
of FINRA Member Firm

 

	By:	____________________________________________	Date:
__________________________________________    
	 	Authorized
    Officer	 

 

    	-24-

    	 

    

 

By
signing this Purchaser Questionnaire, I hereby confirm the following statements:

 

(i)
I am aware that the offering of securities of the Company will involve securities that are not transferable and for which either
a limited or no market exists, thereby requiring my investment to be maintained for an indefinite period of time;

 

(ii)
I acknowledge that any delivery to me of any offering materials relating to the securities of the Company prior to the determination
by the Company of my suitability as an investor shall not constitute an offer of such securities until such determination of suitability
shall be made, and I agree that I shall promptly return the offering materials to the Company upon request; and

 

(iii)
My answers to the foregoing questions are, and were on any date (if any) that I previously subscribed for securities of the Company,
true and complete to the best of my information and belief and were true on any date that I previously subscribed for securities
of the Company, and I will promptly notify the Company of any changes in the information I have provided.

 

Executed:

 

Date:________________

 

__________________________________________

(Printed
Name)

 

Place:
____________________________________

 

__________________________________________

 

(Signature)

 

__________________________________________

(Printed
Name of Joint Subscriber)

 

    	-25-EXHIBIT
B

 

FORM
OF COMMON STOCK PURCHASE WARRANT

 

THE
SECURITIES EVIDENCED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF WITHOUT (i) EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE BRIGHT MOUNTAIN MEDIA, INC., THAT
SUCH REGISTRATION IS NOT REQUIRED, OR (iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES.

 

	[●],
    2019 	No.
    W-__

 

BRIGHT
MOUNTAIN MEDIA, INC.

 

COMMON
STOCK PURCHASE WARRANT

 

This
certifies that, for good and valuable consideration, receipt of which is hereby acknowledged, [•] (“Holder”)
is entitled to purchase, subject to the terms and conditions of this Warrant, from Bright Mountain Media, Inc., a Florida corporation
(the “Company”), [•] fully paid and nonassessable shares of the Company’s common stock, par
value $0.01 per share (“Common Stock”). Holder shall be entitled to purchase the shares of Common Stock
in accordance with Section 2 at any time subsequent to the date of this Warrant set forth above and prior to the Expiration
Date (as defined below). The shares of Common Stock of the Company for which this Warrant is exercisable, as adjusted from time
to time pursuant to the terms hereof, are hereinafter referred to as the “Shares.” This Warrant is one
of a series of Warrants included in the Units issued and sold pursuant to the terms and conditions of the Company’s Confidential
Private Offering Memorandum for Accredited Investors dated November 19, 2019 and the exhibits (the “Offering Documents”),
as may be supplemented from time to time.

 

1.
Exercise Period; Price. 

 

1.1
Exercise Period. This Warrant shall be immediately exercisable and the exercise period (“Exercise Period”)
shall terminate at 5:00 p.m. Eastern time on [•], 20231 (the “Expiration Date”).

 

1.2
Exercise Price. The initial purchase price for each of the Shares shall be $0.75 per share. Such price shall be
subject to adjustment pursuant to the terms hereof (such price, as adjusted from time to time, is hereinafter referred to as the
“Exercise Price”).

 

2.
Exercise and Payment. 

 

2.1
Exercise. At any time after the date of this Warrant, this Warrant may be exercised, in whole or in part, from time
to time by the Holder, during the term hereof, by surrender of this Warrant and the Notice of Exercise attached hereto as Annex
I, duly completed and executed by the Holder, to the Company at the principal executive offices of the Company, together with
payment in the amount obtained by multiplying the Exercise Price then in effect by the number of Shares thereby purchased, as
designated in the Notice of Exercise. Payment may be in cash, wire transfer or by check payable to the order of the Company in
immediately available funds. If not exercised in full, this Warrant must be exercised for a whole number of Shares.

 

 

1
Exercise period to be five years from date of issuance.

 

    	 1

    	 

    

 

2.2 Cashless Exercise.
If: (i) the Company shall have failed to timely file the Resale Registration Statement (as hereinafter defined); or (ii) at
any time thereafter during the Exercise Period there is not an effective registration statement registering the Shares, or
the prospectus contained therein is not available for the issuance of the Shares to the Holder, for a period of at least
sixty (60) days following the delivery of the Suspension Notice (as hereinafter defined), then this Warrant may also be
exercised, in whole or in part, at such time by means of a “cashless exercise”
in which the Holder shall be entitled to receive a certificate for the number of Shares equal to the quotient obtained by
dividing [(A-B) (X)] by (A), where:

 

(A)
= the average of the closing sale prices for the five (5) trading days immediately prior to (but not including) the exercise date;

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise.

 

When
used herein, a “Suspension Notice” shall mean the occurrence of any of the following events: (i) any
request by the Securities and Exchange Commission (“SEC”) or any other federal or state governmental
authority, during the period of effectiveness of the Resale Registration Statement, for amendments or supplements to such registration
statement or related prospectus or for additional information; (ii) the issuance by the SEC or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Resale Registration Statement or the initiation of any proceedings
for that purpose; (iii) the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Shares for sale in any jurisdiction from a state governmental authority or the initiation
of any proceeding for such purpose by a state governmental authority; or (iv) any event or circumstance which necessitates the
making of any changes to the Resale Registration Statement or related prospectus, or any document incorporated or deemed to be
incorporated therein by reference, so that, in the case of the Resale Registration Statement, it will not include any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein
not misleading and, in the case of the prospectus, it will not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not
misleading. The Company will promptly provide written notice to the Holder of the occurrence of any Suspension Event. The Company
shall thereafter promptly prepare a supplement or amendment to the Resale Registration Statement to correct such untrue statement
or omission, and provide a copy of such supplement or amendment to the Holder. The Company shall also promptly notify the Holder
in writing (x) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a registration
statement or any post-effective amendment has become effective and (y) of the Company’s reasonable determination that a
post-effective amendment to a registration statement would be appropriate.

 

For
purposes of Rule 144 promulgated under the Securities Act of 1933, as amended (the “Act”), it is intended,
understood and acknowledged that the Shares issued in a cashless exercise transaction shall be deemed to have been acquired by
the Holder, and the holding period for the Shares shall be deemed to have commenced, on the date this Warrant was originally issued
pursuant to the Offering Documents (provided the SEC continues to take the position that such treatment is proper at the time
of such exercise).

 

2.3
Holder’s Exercise Limitation. The Company shall not effect any exercise of this Warrant, and a Holder shall
not have the right to exercise any portion of this Warrant, pursuant to Section 2.1, Section 2.2 or otherwise, to the extent that
after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with
the Holder’s Affiliates (as that term is defined in the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), and any other persons acting as a group together with the Holder or any of the Holder’s Affiliates),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence,
the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of
Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude
the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this
Warrant beneficially owned by the Holder or any of its Affiliates, and (ii) exercise or conversion of the unexercised or nonconverted
portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to
a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of
its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2.3, beneficial ownership shall be
calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being
acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section
13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.
To the extent that the limitation contained in this Section 2.3 applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates)
and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercises of
the Warrant that are not in compliance with the Beneficial Ownership Limitation. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall
have no liability for exercises of the Warrant that are not in compliance with the Beneficial Ownership Limitation. For purposes
of this Section 2.3, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Securities
and Exchange Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written
notice by the Company or its transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written or
oral request of a Holder, the Company shall as promptly as practicable confirm orally and in writing to the Holder the number
of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates
since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership
Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect
to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’
prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2.3, provided
that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions
of this Section 2.3 shall continue to apply. Any such increase or decrease will not be effective until the 61st day
after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 2.3 to correct this paragraph (or any portion hereof) which
may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to
a successor holder of this Warrant.

 

    	2

    	 

    

 

3.
Company’s Right to Call this Warrant.
Subject to the terms and conditions set forth herein, and providing that there is an effective registration statement registering
the Shares issuable upon exercise of this Warrant, during the Exercise Period, upon thirty (30) days prior written notice to the
Holder (each, a “Call Notice”) following the date on which the last
sale price of the Company’s Common Stock equals or exceeds $1.50 per share for ten (10) consecutive trading days, as may
be adjusted for stock splits, stock dividends and similar corporate events, if the average daily trading volume of the Company’s
Common Stock is not less than thirty thousand (30,000) shares during such ten (10) consecutive trading day period, the Company
shall have the right to call any or all of the Warrants at a call price of $0.01 per underlying Share (the “Call
Price”). Warrant holders shall have the period from the date of the Call Notice until
5 p.m., Eastern time, on the twentieth (20th) day following the Call Notice (the “Call Date”)
to exercise the Warrant pursuant to the terms hereof. Any Warrants which have been called but remain unexercised by the Call Date
shall automatically terminate and no longer entitle the Holder to exercise such Warrant or to receive any consideration therefor,
other than the Call Price. For any Warrants which are not exercised by the Call Date, the Company shall promptly as possible following
the Call Date pay the Call Price to the Holder of any Warrants which have been called and not exercised.

 

4.
Registration Rights. No later than two hundred and seventy (270) days (the “Filing Deadline”)
following the Final Closing (as that term is defined in the Offering Documents), the Company will file a registration statement
with the SEC to register the resale of the Shares by the Holder so as to permit the public resale thereof (the “Resale
Registration Statement”). The Company will use its reasonable efforts to ensure that such Resale Registration Statement
is declared effective by the SEC as soon as practicable. The Company will keep such Resale Registration Statement effective until
the earlier of the date upon which all Shares may be sold without registration under Rule 144 or the date which is six months
after the expiration of the Warrants. If the Company should fail to file the Resale Registration Statement by the Filing Deadline,
then within five (5) business days of the end of month the Company shall pay the Holder an amount in cash, as partial liquidated
damages, equal to two percent (2%) of the aggregate Purchase Price (as that term is defined in the Offering Documents) paid by
such Holder for each 30 days, or portion thereof, until the earlier of the date the deficiency is cured or the expiration of six
(6) months from Filing Deadline (the “Penalty”). No Holder shall be entitled to a Penalty payment pursuant
to this Section 4 if the filing of the Resale Registration Statement has been delayed as the result of the failure by such
Holder to promptly provide on request by the Company the information required under the Subscription Agreement which is part of
the Offering Documents. Notwithstanding any other provision of this Warrant, if any (i) any publicly-available written guidance,
or rule of general applicability of the SEC staff, or (ii) oral or written comments, requirements or requests of the SEC staff
to the Company in connection with the review of the Resale Registration Statement sets forth a limitation on the number of Shares
to be registered in the Resale Registration Statement (and the Company has used its best efforts to advocate with the SEC for
the registration of all or the maximum number of Shares), the number of Shares to be registered on such Resale Registration Statement
will be reduced on a pro rata basis among the purchasers of Warrants issued and sold pursuant to the Offering Documents based
on the total number of Shares underlying Warrants held by such purchasers.

 

    	3

    	 

    

 

5.
Reservation of Shares. The
Company hereby agrees that at all times there shall be reserved for issuance and delivery upon exercise of this Warrant such number
of Shares or other shares of capital stock of the Company from time to time issuable upon exercise of this Warrant. All such shares
shall be duly authorized, and when issued upon such exercise, shall be validly issued, fully paid and non-assessable, free and
clear of all liens, security interests, charges and other encumbrances or restrictions on sale and free and clear of all preemptive
rights.

 

6.
Delivery of Stock Certificates. Within three (3) trading days after exercise, in whole or in part, of this Warrant,
the Company shall issue in the name of and deliver to the Holder a certificate or certificates for the number of fully paid and
nonassessable Shares which the Holder shall have requested in the Notice of Exercise. If this Warrant is exercised in part, the
Company shall deliver to the Holder a new Warrant (dated the date hereof and of like tenor) for the unexercised portion of this
Warrant at the time of delivery of such stock certificate or certificates.

 

7.
No Fractional Shares. This Warrant must be exercised for a whole number of Shares. No fractional shares or scrip
representing fractional Shares will be issued upon exercise of this Warrant. Any fractional Share which otherwise might be issuable
on the exercise of this Warrant as a result of the anti-dilution provisions Section 10 hereof will be rounded up to the nearest
whole Share.

 

8.
Charges, Taxes and Expenses. The Company shall pay all transfer taxes or other incidental charges, if any, in connection
with the transfer of the Shares purchased pursuant to the exercise hereof from the Company to the Holder.

 

9.
Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to the Company, and upon reimbursement to the Company of all reasonable expenses incidental thereto,
and upon surrender and cancellation of this Warrant, if mutilated, the Company will make and deliver a new Warrant of like tenor
and dated as of such cancellation, in lieu of this Warrant.

 

10.
Saturdays, Sundays, Holidays, Etc. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall be a Saturday or a Sunday or shall be a legal holiday, then such action may be taken
or such right may be exercised on the next succeeding weekday which is not a legal holiday.

 

11.
Adjustment of Exercise Price and Number of Shares. The Exercise Price and the number of and kind of securities purchasable
upon exercise of this Warrant shall be subject to adjustment from time to time as follows:

 

11.1
Subdivisions, Combinations and Other Issuances. If the Company shall at any time after the date hereof but prior
to the expiration of this Warrant subdivide its outstanding securities as to which purchase rights under this Warrant exist, by
split-up or otherwise, or combine its outstanding securities as to which purchase rights under this Warrant exist, the number
of Shares as to which this Warrant is exercisable as of the date of such subdivision, split-up or combination shall forthwith
be proportionately increased in the case of a subdivision, or proportionately decreased in the case of a combination. Appropriate
adjustments shall also be made to the Exercise Price, but the aggregate purchase price payable for the total number of Shares
purchasable under this Warrant as of such date shall remain the same.

 

    	4

    	 

    

 

11.2
Stock Dividend. If at any time after the date hereof the Company declares a dividend or other distribution on its
Common Stock payable in Common Stock or other securities or rights convertible into Common Stock (“Common Stock Equivalents”)
without payment of any consideration by such holder for the additional shares of Common Stock or the Common Stock Equivalents
(including the additional shares of Common Stock issuable upon exercise or conversion thereof), then the number of Shares for
which this Warrant may be exercised shall be increased as of the record date (or the date of such dividend distribution if no
record date is set) for determining which holders of Common Stock shall be entitled to receive such dividend, in proportion to
the increase in the number of outstanding shares (and shares of Common Stock issuable upon conversion of all such securities convertible
into Common Stock) of Common Stock as a result of such dividend, and the Exercise Price shall be adjusted so that the aggregate
amount payable for the purchase of all the Shares issuable hereunder immediately after the record date (or on the date of such
distribution, if applicable), for such dividend shall equal the aggregate amount so payable immediately before such record date
(or on the date of such distribution, if applicable).

 

11.3.
Other Distributions. If at any time after the date hereof the Company distributes to holders of its Common Stock,
other than as part of its dissolution or liquidation or the winding up of its affairs, any shares of its capital stock, any evidence
of indebtedness or any of its assets (other than cash, Common Stock or Common Stock Equivalents), then the Company may, at its
option, either (i) decrease the Exercise Price of this Warrant by an appropriate amount based upon the value distributed on each
share of Common Stock as determined in good faith by the Company’s Board of Directors, or (ii) provide by resolution of
the Company’s Board of Directors that on exercise of this Warrant, the Holder hereof shall thereafter be entitled to receive,
in addition to the shares of Common Stock otherwise receivable on exercise hereof, the number of shares or other securities or
property which would have been received had this Warrant at the time been exercised.

 

11.4
Effect of Consolidation, Merger or Sale. In case of any reclassification, capital reorganization, or change of securities
of the class issuable upon exercise of this Warrant (other than a change in par value, or from par value to no par value, or from
no par value to par value, or as a result of any subdivision, combination, stock dividend or other distribution provided for in
Sections 11.1, 11.2 and 11.3 above), or in case of any consolidation or merger of the Company with or into
any corporation (other than a consolidation or merger with another corporation in which the Company is the surviving corporation
and which does not result in any reclassification or change of outstanding securities issuable upon exercise of this Warrant),
or in case of any sale of all or substantially all of the assets of the Company, the Company, or such successor or purchasing
corporation, as the case may be, shall duly execute and deliver to the holder of this Warrant a new Warrant (in form and substance
satisfactory to the holder of this Warrant), or the Company shall make appropriate provision without the issuance of a new Warrant,
so that the holder of this Warrant shall have the right to receive, at a total purchase price not to exceed that payable upon
the exercise of the unexercised portion of this Warrant, and in lieu of the Shares theretofore issuable upon exercise of this
Warrant, the kind and amount of shares of stock, other securities, money and property receivable upon such reclassification, capital
reorganization, change, merger or sale by a holder of the number of Shares then purchasable under this Warrant. In any such case,
appropriate provisions shall be made with respect to the rights and interest of Holder so that the provisions hereof shall thereafter
be applicable to any shares of stock or other securities and property deliverable upon exercise hereof, or to any new Warrant
delivered pursuant to this Section 11.4, and appropriate adjustments shall be made to the Exercise Price per share payable
hereunder, provided, that the aggregate Exercise Price shall remain the same. The provisions of this Section 11.4 shall
similarly apply to successive reclassifications, capital reorganizations, changes, mergers and transfers.

 

12.
Notice of Adjustments; Notices. Whenever the Exercise Price or number of Shares purchasable hereunder shall be adjusted
pursuant to Section 11 hereof, the Company shall execute and deliver to the Holder a certificate setting forth, in reasonable
detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated and
the Exercise Price and number of and kind of securities purchasable hereunder after giving effect to such adjustment, and shall
cause a copy of such certificate to be mailed (by first class mail, postage prepaid) to the Holder.

 

13.
Rights As Shareholder; Notice to Holders. Nothing contained in this Warrant shall be construed as conferring upon
the Holder or his or its transferees the right to vote or to receive dividends or to consent or to receive notice as a shareholder
in respect of any meeting of shareholders for the election of directors of the Company or of any other matter, or any rights whatsoever
as shareholders of the Company. The Company shall give notice to the Holder by registered mail if at any time prior to the expiration
or exercise in full of the Warrants, any of the following events shall occur:

 

    	5

    	 

    

 

(i)
a dissolution, liquidation or winding up of the Company shall be proposed;

 

(ii)
a capital reorganization or reclassification of the Common Stock (other than a change in par value, or from par value to no par
value, or from no par value to par value, or as a result of any subdivision, combination, stock dividend or other distribution)
or any consolidation or merger of the Company with or into another corporation (other than a consolidation or merger with another
corporation in which the Company is the acquiring and the surviving corporation and which does not result in any reclassification
or change of outstanding securities issuable upon exercise of this Warrant), or in case of any sale of all or substantially all
of the assets of the Company; or

 

(iii)
a taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof
who are entitled to receive any dividend (other than a cash dividend) for other distribution, any right to subscribe for, purchase
or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other rights.

 

Such
giving of notice shall be simultaneous with (or in any event, no later than) the giving of notice to holders of Common Stock.
Such notice shall specify the record date or the date of closing the stock transfer books, as the case may be. Failure to provide
such notice shall not affect the validity of any action contemplated in this Section 13.

 

14.
Restricted Securities. The Holder understands that this Warrant and the Shares purchasable hereunder constitute
“restricted securities” under the federal securities laws inasmuch as they are, or will be, acquired from the Company
in transactions not involving a public offering and accordingly may not, under such laws and applicable regulations, be resold
or transferred without registration under the Act, or an applicable exemption from such registration. The Holder further acknowledges
that a securities legend to the foregoing effect shall be placed on any Shares issued to the Holder upon exercise of this Warrant.

 

15.
Disposition of Shares; Transferability.

 

15.1
Transfer. This Warrant shall be transferable only on the books of the Company, upon delivery thereof duly endorsed
by the Holder or by its duly authorized attorney or representative, accompanied by proper evidence of succession, assignment or
authority to transfer. Upon any registration of transfer, the Company shall execute and deliver new Warrants to the person entitled
thereto.

 

15.2
Rights, Preferences and Privileges of Common Stock. The powers, preferences, rights, restrictions and other matters
relating to the shares of Common Stock will be as determined in the Company’s Amended and Restated Articles of Incorporation,
as amended, as then in effect.

 

16.
Miscellaneous.

 

16.1
Binding Effect. This Warrant and the various rights and obligations arising hereunder shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns.

 

16.2
Entire Agreement. This Warrant and the Offering Documents constitute the entire agreement between the parties with
respect to the subject matter hereof and supersede all prior and contemporaneous agreements, whether oral or written, between
the parties hereto with respect to the subject matter hereof.

 

16.3
Amendment and Waiver. Any term of this Warrant may be amended and the observance of any term hereof may be waived
(either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company
and the Holder.

 

16.4
Governing Law. This Agreement shall be governed by and construed under the laws of the State of Florida without
reference to the conflicts of law principles thereof. The exclusive jurisdiction for any legal suit, action or proceeding arising
out of or related to this Warrant shall be the United States District Court for the Southern District of Florida.

 

    	6

    	 

    

 

16.5
Headings. The headings in this Agreement are for convenience only and shall not alter or otherwise affect the meaning
hereof.

 

16.6
Severability. If one or more provisions of this Warrant are held to be unenforceable under applicable law, such
provision shall be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so
excluded and the balance shall be enforceable in accordance with its terms.

 

16.7
Notices. Unless otherwise provided, any notice required or permitted under this Warrant shall be given in the same
manner as provided in the Agreement.

 

IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Warrant as of the date appearing on the first page of
this Warrant.

 

	 	THE
    COMPANY:
	 	BRIGHT
    MOUNTAIN MEDIA, INC.
	 	 	 
	 	By:	               
	 	W.
    Kip Speyer, Chief Executive Officer

 

    	7

    	 

    

 

ANNEX
I

 

NOTICE
OF EXERCISE

 

To:
Bright Mountain Media, Inc.

 

1.
The undersigned Holder hereby elects to purchase _____________ shares of common stock, $0.01 par value per share (the “Shares”)
of Bright Mountain Media, Inc., a Florida corporation (the “Company”), pursuant to the terms of the
attached Warrant. The Holder shall make payment of the Exercise Price by delivering the sum of $____________, in lawful money
of the United States, to the Company in accordance with the terms of the Warrant.

 

2.
Please issue and deliver certificates representing the Warrant Shares purchased hereunder to

 

	Holder’s
    Name(s) (please print)	 	Holder’s
    Address
	 	 	 
		 	
	 	 	
	Holder’s
    Taxpayer ID No.	 	 
		 	 

 

3.
Please issue a new Warrant for the unexercised portion of the attached Warrant, if any, in the name of the undersigned.

 

	Holder:	 	____________________________________________________________________	
	Dated:	 	____________________________________________________________________	 
	By:	 	____________________________________________________________________	 
	Its:	 	____________________________________________________________________	 
	Address:	 	____________________________________________________________________	 

 

4.
The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933,
as amended.

 

SIGNATURE
OF HOLDER

 

	Name
    of Investing Entity:   ___________________________________________________________________________
	Signature
    of Authorized Signatory of Investing Entity:  _____________________________________________________
	Name
    of Authorized Signatory: _______________________________________________________________________
	Title
    of Authorized Signatory: ________________________________________________________________________
	Date:
      __________________________________________________________________________________________

 

    	8

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