Document:

EX-10.4

 Exhibit 10.4 

FORM OF 

INDEMNIFICATION AGREEMENT 
 This
Indemnification Agreement (this “Agreement”) is made and entered into as of [●], by and among BellRing Brands, Inc., a Delaware corporation (the “Company”), and (“Indemnitee”). Capitalized
terms used but not otherwise defined herein shall have the meanings set forth in Section 15 hereof. 
 WHEREAS, in light of the
litigation costs and risks to directors, managers and officers resulting from their service to companies, and the desire of the Company to attract and retain qualified individuals to serve as directors, managers and officers for the Company
Entities, it is reasonable, prudent and necessary for the Company to indemnify and advance expenses on behalf of the Company Entities’ directors, managers and officers to the extent permitted by applicable Law so that they will serve or
continue to serve the Company Entities free from undue concern regarding such risks; 
 WHEREAS, the Company has requested that Indemnitee serve or continue
to serve as a director and/or officer of the Company and may have requested or may in the future request that Indemnitee serve one or more of the other Company Entities as a director, manager or officer or in other capacities; and 

WHEREAS, Indemnitee is willing to serve as a director and/or officer of the Company on the condition that Indemnitee be so indemnified. 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 

1. Services by Indemnitee. Indemnitee agrees to serve as a director and/or officer of the Company and/or one or more of the Company Entities. 

2. Indemnification. 
 (a) General. On the terms
and subject to the conditions of this Agreement, the Company shall, to the fullest extent permitted by applicable law (as such may be in existence on the date hereof or amended from time to time, “Law”), indemnify Indemnitee with
respect to, and hold Indemnitee harmless from and against, all liabilities, judgments, fines, penalties, costs, Expenses and other amounts that Indemnitee reasonably incurs and that result from, arise in connection with or are by reason of
Indemnitee’s Corporate Status, and shall advance Expenses to Indemnitee pursuant to the terms set forth in this Agreement. The obligations of the Company under this Agreement shall continue during the period Indemnitee is a director or officer
of any Company Entity and after such time as Indemnitee ceases to serve as a director or officer of any Company Entity or in any other Corporate Status, and include, without limitation, claims for monetary damages against Indemnitee in respect of
any actual or alleged liability or other loss of Indemnitee, to the fullest extent permitted under applicable Law (including, if applicable, Section 145 of the General Corporation Law of the State of Delaware). 

(b) Indemnity of Indemnitee by Subsidiary of the Company. Notwithstanding and in addition to any other provision of this Agreement, in the event that
Indemnitee serves, now or in the future, as an officer, director, member of the board of managers or in a similar position with any of the Company’s direct or indirect subsidiaries, in consideration for such service, Indemnitee shall be
indemnified and be entitled to rights of advancement and contribution from any such subsidiary to the maximum extent permitted by this Agreement and by applicable Law. Such indemnification, advancement and contribution shall be made on comparable
terms pursuant to comparable procedures as those set forth in this Agreement. The Company hereby represents that it is or will be duly authorized and empowered on behalf of each such subsidiary described in the preceding sentence to provide such
indemnification, advancement and contribution as set forth in this Section 2(b) and further agrees to take any and all actions necessary to cause each such subsidiary to effectuate such indemnification, advancement and
contribution. In the event that any such subsidiary against which Indemnitee is entitled to such indemnification, advancement and contribution fails to provide such indemnification, advancement or contribution to the maximum extent permitted by this
Agreement and by applicable Law, the Company agrees to provide to Indemnitee any and all indemnification, advancement and contribution to the maximum extent permitted by this Agreement and by applicable Law on behalf of such

 
subsidiary. The rights of indemnification, advancement and contribution provided to Indemnitee by any subsidiary of the Company are not exclusive of any other rights which Indemnitee may have
from such subsidiary under statute, bylaw, agreement, vote of the board of directors or board of managers of such subsidiary or otherwise. 
 3.
Proceedings Other Than Proceedings by or in the Right of the Company. If in connection with, or by reason of, Indemnitee’s Corporate Status Indemnitee was, is, or is threatened to be made, a party to or a participant in any Proceeding
other than a Proceeding by or in the right of the Company to procure a judgment in its favor, the Company shall, to the fullest extent permitted by Law, indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, all
Expenses, liabilities, losses, judgments, fines, penalties, costs and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such liabilities, losses, judgments, fines,
penalties, costs and amounts paid in settlement) reasonably incurred by Indemnitee or on behalf of Indemnitee in connection with such Proceeding or any claim, issue or matter therein. 

4. Proceedings by or in the Right of the Company. If in connection with, or by reason of, Indemnitee’s Corporate Status Indemnitee was, is, or is
threatened to be made, a party to or a participant in any Proceeding brought by or in the right of the Company to procure a judgment in its favor, the Company shall, to the fullest extent permitted by Law, indemnify Indemnitee with respect to, and
hold Indemnitee harmless from and against, all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in connection with such Proceeding; provided, however, that indemnification against such Expenses shall be made in
respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company only if (and only to the extent that) the Court of Chancery of the State of
Delaware or other court in which such Proceeding shall have been brought or is pending (the “Trial Court”) shall determine that despite such adjudication of liability and in light of all circumstances such indemnification may be
made. 
 5. Mandatory Indemnification in Case of Successful Defense. Notwithstanding any other provision of this Agreement, to the extent that
Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in defense of any Proceeding (including, without limitation, any Proceeding brought by or in the right of
the Company), the Company shall, to the fullest extent permitted by Law, indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in connection
therewith. If Indemnitee is not wholly successful in defense of such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent
permitted by Law, indemnify Indemnitee against all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in connection with each successfully resolved claim, issue or matter. For purposes of this Section 5
and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, on substantive or procedural grounds, shall be deemed to be a successful result as to such claim, issue or matter.

 6. Partial Indemnification; Contribution. 
 (a)
Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement or otherwise to indemnification by the Company for a portion of the Expenses, liabilities, losses, judgments, fines, penalties, costs and amounts paid in
settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such liabilities, losses, judgments, penalties, fines and amounts paid in settlement) incurred by Indemnitee or on behalf of
Indemnitee in connection with a Proceeding or any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by Law, indemnify Indemnitee to the fullest extent to which Indemnitee is entitled to such
indemnification. 
 (b) Contribution. 
 (i) Whether or
not any indemnification provided elsewhere in this Agreement is available, in respect of any threatened, pending or completed action, suit or proceeding in which the Company is liable with Indemnitee (or would be if joined in such action, suit or
proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes
any right of contribution it may have against Indemnitee. 
 (ii) Without diminishing or impairing the obligations of the Company set forth in the preceding
subsection, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee
(or would be if joined in such action, suit or proceeding), the Company shall contribute to the amount of Expenses (including reasonable outside attorneys’ fees), liabilities, losses, judgments, fines, penalties, costs and amounts paid

  
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in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees of the
Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such action, suit or proceeding
arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to Law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees
of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such Expenses,
liabilities, losses, judgments, fines, penalties, costs or settlement amounts, as well as any other equitable considerations that the applicable Law of the State of Delaware (or other applicable Law) may require to be considered. The relative fault
of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand,
shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their
conduct is active or passive. 
 (iii) The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution that may be
brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee. 
 (iv) To the fullest extent
permissible under applicable Law and without diminishing or impairing the obligations of the Company set forth in the preceding subsections of this Section 6, if the indemnification obligations of the Company provided for
in this Agreement are unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for liabilities, losses, judgments, fines, penalties, costs,
excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the
circumstances of such Proceeding in order to reflect (A) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (B) the relative fault of the
Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 7. Indemnification
for Additional Expenses Incurred to Secure Recovery or as Witness. 
 (a) The Company shall, to the fullest extent permitted by Law, indemnify
Indemnitee with respect to, and hold Indemnitee harmless from and against, any and all Expenses and, if requested by Indemnitee, shall advance on an as-incurred basis (as provided in
Section 9 of this Agreement) such Expenses to Indemnitee, which are reasonably incurred by Indemnitee in connection with any action or proceeding or part thereof brought by Indemnitee for (i) indemnification or advance
payment of Expenses by the Company under this Agreement, any other agreement or the Organizational Documents of the Company as now or hereafter in effect; or (ii) recovery under any director and officer liability insurance policies maintained
by any Company Entity. 
 (b) To the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness (or is forced or asked to respond
to discovery requests) in any Proceeding to which Indemnitee is not a party, the Company shall, to the fullest extent permitted by Law, indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, and the Company will advance
on an as-incurred basis (as provided in Section 9 of this Agreement), all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in connection therewith. 

8. Additional Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for elsewhere in this Agreement, the
Company shall and hereby does, to the fullest extent permitted by Law, indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, all Expenses, liabilities, losses, judgments, fines, penalties, costs and amounts paid in
settlement (other than amounts paid in settlement with respect to a Proceeding by or in the right of the Company) reasonably incurred by Indemnitee or on behalf of Indemnitee, if, by reason of Indemnitee’s Corporate Status, Indemnitee was, is,
or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding by or in the right of the Company), including to the fullest extent permitted by Law, without limitation, all liability arising out of the ordinary
negligence of Indemnitee (other than the fraud of Indemnitee). The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee if
a court of competent jurisdiction issues a final non-appealable judicial determination that Indemnitee is not entitled to indemnification hereunder. 

  
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 9. Advancement of Expenses. The Company shall, to the fullest extent permitted by Law, pay on a
current and as-incurred basis all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding in any way connected with, resulting from or relating to Indemnitee’s Corporate Status.
Such Expenses shall be paid in advance of the final disposition of such Proceeding, without regard to whether Indemnitee will ultimately be entitled to be indemnified for such Expenses and without regard to whether an Adverse Determination has been
or may be made, except as contemplated by Section 10(f) of this Agreement. Following a final disposition of such Proceeding, if any, Indemnitee shall repay such amounts advanced only if and to the extent that an Adverse
Determination is made and not challenged, as provided in Section 10(f), or if it shall ultimately be determined in a decision by a court of competent jurisdiction from which no appeal can be taken that Indemnitee is not
entitled to be indemnified by the Company for such Expenses. 
 10. Indemnification Procedures. 

(a) Notice of Proceeding. Indemnitee agrees to notify the Company promptly upon being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter that may be subject to indemnification or advancement of Expenses hereunder. Any failure by Indemnitee to notify the Company will relieve the Company of its advancement
or indemnification obligations under this Agreement only to the extent the Company can establish that such omission to notify resulted in actual and material prejudice to it, and the omission to notify the Company will, in any event, not relieve the
Company from any liability that it may have to indemnify Indemnitee otherwise under this Agreement. 
 (b) Defense; Settlement. The Company shall
have the sole right and obligation to control the defense or conduct of any claim or Proceeding with respect to Indemnitee. The Company shall not, without the prior written consent of Indemnitee, which may not be unreasonably withheld, conditioned
or delayed, effect any settlement or compromise of any Proceeding against Indemnitee which imposes any cost or liability on Indemnitee unless such settlement or compromise solely involves the payment of money for which the Indemnitee will be fully
indemnified or performance of any obligation by persons other than Indemnitee. The Company shall not be obligated to indemnify Indemnitee against amounts paid in settlement of a Proceeding against Indemnitee if such settlement is effected by
Indemnitee without the Company’s prior written consent. 
 (c) Request for Advancement; Request for Indemnification. 

(i) To obtain advancement of Expenses under this Agreement, Indemnitee shall submit to the Company a written request therefor, together with such invoices or
other supporting information as may be reasonably requested by the Company and reasonably available to Indemnitee, and, only to the extent required by applicable Law and/or any applicable Organizational Documents that cannot be waived, an unsecured
written undertaking to repay amounts advanced unless it shall ultimately be determined that he or she is entitled to be indemnified by the Company. The Company shall make advance payment of Expenses to Indemnitee no later than 15 days after receipt
of the written request for advancement (and each subsequent request for advancement) by Indemnitee. 
 (ii) To obtain indemnification under this Agreement,
at any time after submission of a request for advancement of Expenses pursuant to Section 10(c)(i) of this Agreement, Indemnitee may submit a written request for indemnification hereunder. The time at which Indemnitee
submits a written request for indemnification shall be determined by the Indemnitee in the Indemnitee’s sole discretion. Once Indemnitee submits such a written request for indemnification (and only at such time that Indemnitee submits such a
written request for indemnification), a Determination shall thereafter be made, as provided in and only to the extent required by Section 10(d) of this Agreement. In no event shall a Determination be made, or required to be
made, as a condition to or otherwise in connection with any advancement of Expenses pursuant to Section 9 and Section 10(c)(i) of this Agreement. Notwithstanding the foregoing, any failure of
Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially
prejudices the interests of the Company. 
 (d) Determination. The Company agrees that in no event shall a Determination be required in connection
with indemnification for Expenses incurred as a witness pursuant to Section 7 of this Agreement or incurred in connection with any Proceeding or portion thereof with respect to which Indemnitee has been successful on the
merits or otherwise unless specifically required by applicable Law that cannot be waived. Any decision that a Determination is required by Law in connection with any such indemnification of Indemnitee, and any Determination required in connection
therewith or with any other indemnification of Indemnitee, shall be made within 30 days after the later of (i) receipt of Indemnitee’s written request for indemnification pursuant to Section 

  
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10(c)(ii), or (ii) the selection of Independent Counsel, if such Determination is to be made by Independent Counsel (the “Determination Period”) and such
Determination shall be made either (A) by the Board of Directors by majority vote or consent of a quorum consisting of only Disinterested Directors, or (B) if such a quorum of Disinterested Directors cannot be obtained, by Independent
Counsel in a written opinion to the Company and Indemnitee. If a Determination is requested but is not made during the Determination Period, then the requisite Determination shall be deemed a Favorable Determination and Indemnitee shall be entitled
to such indemnification absent (x) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification,
or (y) a prohibition of such indemnification under applicable Law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional 15 days, if the person,
persons or entity making such Determination in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto. If a Determination is made that Indemnitee is entitled to indemnification, payment to
Indemnitee shall be made within 20 days after such Determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such Determination, including providing to such person, persons or entity upon reasonable advance
request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such Determination. Any Independent Counsel or Disinterested Directors,
as the case may be, shall act reasonably and in good faith in making a Determination under this Agreement. Any Expenses incurred by Indemnitee in so cooperating with the Disinterested Directors or Independent Counsel, as the case may be, making such
Determination shall be advanced and borne by the Company (irrespective of the Determination as to Indemnitee’s entitlement to indemnification) and the Company is liable to indemnify and hold Indemnitee harmless therefrom. Notwithstanding
anything in this Agreement to the contrary, no Determination shall be required to be made prior to the final disposition of the Proceeding. 
 (e)
Independent Counsel. In the event that the Determination is to be made by Independent Counsel pursuant to Section 10(d) of this Agreement, the Independent Counsel shall be selected as provided in this
Section 10(e). The Independent Counsel shall be selected by the Disinterested Directors (unless there are no Disinterested Directors, in which case Indemnitee shall select the Independent Counsel in the Indemnitee’s
sole discretion), and the Board of Directors or the Indemnitee, as the case may be, shall give written notice to the other, advising the Board of Directors or Indemnitee, as the case may be, of the identity of the Independent Counsel so selected.
The Board of Directors or the Indemnitee, as the case may be, may, within 10 days after such written notice of selection shall have been received, deliver to the Indemnitee or the Board of Directors, as the case may be, a written objection to such
selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” and the objection shall set forth with
particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is so made and substantiated, the Independent Counsel so selected may not serve
as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification
pursuant to Section 10(c)(ii) of this Agreement, no Independent Counsel shall have been selected and not objected to, either the Board of Directors or Indemnitee may petition a court of competent jurisdiction for resolution
of any objection that shall have been made by the Board of Directors or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as
the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 10(d) of this Agreement. Upon the due commencement of
any judicial proceeding or arbitration pursuant to Section 10(f) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of
professional conduct then prevailing). Any expenses incurred by Independent Counsel shall be borne by the Company (irrespective of the Determination of Indemnitee’s entitlement to indemnification) and not by Indemnitee. 

(f) Consequences of Determination; Remedies of Indemnitee. The Company shall be bound by and shall have no right to challenge a Favorable
Determination. If an Adverse Determination is made, or if for any other reason the Company does not make timely indemnification payments or advances of Expenses, or the Company or any other person takes any action to declare this Agreement void or
unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided hereunder, Indemnitee shall have the right to commence a Proceeding
before a court of competent jurisdiction to challenge such Adverse Determination, and/or to require the Company to make such payments or advances, and/or to recover damages for breach of this Agreement, and/or to recover under any directors’
and officers’ liability 

  
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insurance policies maintained by the Company (and the Company shall have the right to defend its position in such Proceeding and to appeal any adverse judgment in such Proceeding but shall not
oppose Indemnitee’s right to seek such adjudication). Indemnitee shall be entitled to be indemnified for all Expenses incurred in connection with such a Proceeding and to have such Expenses advanced by the Company in accordance with
Section 9 of this Agreement, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery. The Company shall not oppose Indemnitee’s right to seek
any such adjudication. If Indemnitee fails to challenge an Adverse Determination, or if Indemnitee challenges an Adverse Determination and such Adverse Determination has been upheld by a final judgment of a court of competent jurisdiction from which
no appeal can be taken, then, to the extent and only to the extent required by such Adverse Determination or final judgment, the Company shall not be obligated to indemnify or advance Expenses to Indemnitee under this Agreement. In the event that an
Adverse Determination has been made, any judicial proceeding commenced pursuant to this Section 10(f) shall be conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the
Adverse Determination. The Company authorizes the Indemnitee from time to time to retain one counsel of Indemnitee’s choice reasonably acceptable to the Board of Directors, at the expense of the Company to the extent provided under applicable
Law, to advise and represent Indemnitee in connection with any such judicial adjudication or recovery, including without limitation, the initiation or defense of any litigation or other legal action, whether by or against the Company or any
director, officer, stockholder or other person affiliated with the Company; provided that Indemnitee shall have reasonably concluded based on written advice of independent counsel that there is a conflict of interest between the Company and
Indemnitee with respect to any judicial action. The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 10 that the procedures and presumptions of this Agreement are not valid, binding
and enforceable. 
 (g) Presumptions; Burden and Standard of Proof. The parties intend and agree that, to the extent permitted by Law, in connection
with any Determination with respect to Indemnitee’s entitlement to indemnification hereunder by any person, including a court: 
 (i) it will be
presumed that Indemnitee is entitled to indemnification under this Agreement, and (A) the Company Entities or any other person or entity challenging such right will have the burden of proof and the burden of persuasion by clear and convincing
evidence to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption, and (B) neither the failure of the Company (including by its directors or Independent
Counsel) to have made a Determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual Determination
by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall create a presumption that Indemnitee has not met the applicable standard of conduct; 

(ii) a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and
uncertainty, and therefore in the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim
or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding, and anyone seeking to overcome this presumption shall have
the burden of proof and the burden of persuasion by clear and convincing evidence; 
 (iii) the termination of any action, suit or Proceeding by judgment,
order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create an
unfavorable presumption against Indemnitee; and 
 (iv) Indemnitee will be deemed to have acted reasonably if Indemnitee’s action is based on the
records or books of account of the applicable Company Entity, including financial statements, or on information supplied to Indemnitee by the officers, employees or committees of the board of directors (or equivalent governing body) of the
applicable Company Entity, or on the advice of legal counsel for the applicable Company Entity or on information or records given in reports made to the applicable Company Entity by an independent certified public accountant or by an appraiser or
other expert or advisor selected with reasonable care by the applicable Company Entity. 
 The provisions of this Section 10(g)
shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this 

  
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Agreement. In addition, whether or not the foregoing provisions of this Section 10(g) are satisfied, it shall in no event create any unfavorable presumption with respect
to Indemnitee’s actions. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 

11. Insurance; Subrogation; Other Rights of Recovery, etc. 

(a) The Company may purchase and maintain a policy or policies of insurance with reputable insurance companies, providing Indemnitee with coverage for any
liability asserted against, and incurred by, Indemnitee or on Indemnitee’s behalf by reason of Indemnitee’s Corporate Status, or arising out of Indemnitee’s status as such, whether or not any the Company would have the power to
indemnify Indemnitee against such liability. With respect to the Company, such insurance policies shall have coverage terms and policy limits at least as favorable to Indemnitee as the insurance coverage provided to any other director or officer of
such Company Entity. 
 (b) In the event of any payment by the Company under this Agreement, the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee against any other Company Entity, and Indemnitee hereby agrees, as a condition to obtaining any advancement or indemnification from the Company, to assign to the Company all of Indemnitee’s rights
to obtain from such other Company Entity such amounts to the extent that they have been paid by the Company to or for the benefit of Indemnitee as advancement or indemnification under this Agreement and are adequate to indemnify Indemnitee with
respect to the costs, Expenses or other items to the full extent that Indemnitee is entitled to indemnification or other payment hereunder; and Indemnitee will (upon request by the Company) execute all papers required and take all action necessary
to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit or enforce such rights. 
 (c) The Company
shall not be liable to pay or advance to Indemnitee any amounts otherwise indemnifiable under this Agreement or under any other indemnification agreement if and to the extent that Indemnitee has otherwise actually received such payment under any
insurance policy, contract, agreement or otherwise. 
 (d) The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee in respect
of or relating to Indemnitee’s service at the request of the Company as a director, officer, employee, fiduciary, representative, partner or agent of any other Company Entity shall be reduced by any amount Indemnitee has actually received as
payment of indemnification or advancement of Expenses from such other Company Entity, except to the extent that such indemnification payments and advance payment of Expenses when taken together with any such amount actually received from other
Company Entities or under director and officer insurance policies maintained by one or more Company Entities are inadequate to fully pay all costs, Expenses or other items to the full extent that Indemnitee is otherwise entitled to indemnification
or other payment hereunder. 
 (e) Except for the rights set forth in Sections 11(c) and 11(d) of this Agreement, the rights to
indemnification and advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time, whenever conferred or arising, be entitled under applicable Law, under the Company
Entities’ Organizational Documents or under any other agreement, vote of stockholders or resolution of directors or managers of any Company Entity, or otherwise, and every other right and remedy shall be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. Indemnitee’s rights under this Agreement are present contractual rights that fully vest upon Indemnitee’s first service as a director or
officer of the Company. 
 (f) No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of
Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the applicable Laws of the State of
Delaware (or other applicable Law), whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Company Entities’ Organizational Documents and this Agreement, it
is the intent of the parties hereto that Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other right or remedy. 
 12. Employment Rights; Successors; Third Party Beneficiaries. 

(a) This Agreement shall not be deemed an employment contract between the Company and Indemnitee. This Agreement shall continue in force as provided above
after Indemnitee has ceased to serve as a director and/or officer of the Company or any other Corporate Status. 

  
 - 7 - 

 (b) This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the
benefit of Indemnitee and Indemnitee’s heirs, executors and administrators. 
 13. Severability. If any provision or provisions of this
Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; (b) such provision or provisions shall be
deemed reformed to the extent necessary to conform to applicable Law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation,
each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.
Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable Law. In the event any provision hereof conflicts with any applicable Law,
such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict. 
 14. Exception to
Right of Indemnification or Advancement of Expenses. Notwithstanding any other provision of this Agreement and except as provided in Section 7(a) of this Agreement or as may otherwise be agreed by the Company,
Indemnitee shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect to (i) any Proceeding brought by Indemnitee (other than a Proceeding by Indemnitee (x) by way of defense or counterclaim,
unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous, (y) to enforce Indemnitee’s rights under this Agreement or
(z) to enforce any other rights of Indemnitee to indemnification, advancement or contribution from the Company under any other contract, Organizational Documents or under statute or other Law, including any rights under Section 145 of the
General Corporation Law of the State of Delaware), unless the bringing of such Proceeding or making of such claim shall have been approved by the Board of Directors, (ii) any Proceeding in which a final
non-appealable decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable Law, or (iii) the disgorgement of profits arising from the purchase or sale by
Indemnitee of securities of the Company in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute. 

15. Definitions. For purposes of this Agreement: 
 (a)
“Company Entity” means (i) the Company, (ii) any of its direct or indirect subsidiaries and (iii) any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other
enterprise with respect to which Indemnitee serves as a director, officer, employee, partner, representative, fiduciary or agent, or in any similar capacity, at the request of the Company. 

(b) “Board of Directors” means the board of directors of the Company. 

(c) “Corporate Status” describes the status of a person by reason of such person’s past, present or future service as a director or
officer of the Company or any of its direct or indirect subsidiaries or by reason of such person’s past, present or future service, at the request of the Company, as a director, manager, officer, employee, fiduciary or agent of any other
Company Entity. 
 (d) “Determination” means a determination that either (x) there is a reasonable basis for the conclusion that
indemnification of Indemnitee is proper in the circumstances because Indemnitee met a particular standard of conduct that is a required condition to indemnification of Indemnitee hereunder (a “Favorable Determination”) or
(y) there is no reasonable basis for the conclusion that indemnification of Indemnitee is proper in the circumstances because Indemnitee met a particular standard of conduct that is a required condition to indemnification of Indemnitee
hereunder (an “Adverse Determination”). An Adverse Determination shall include the decision that a Determination was required in connection with indemnification and the decision as to the applicable standard of conduct. 

(e) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which
indemnification is sought by Indemnitee. 
 (f) “Expenses” shall mean all reasonable direct and indirect costs, fees and expenses of any
type or nature whatsoever and shall specifically include, without limitation, all reasonable outside attorneys’ fees, retainers, court 

  
 - 8 - 

 
costs, transcript costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other
disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding, including,
but not limited to, the premium for appeal bonds, attachment bonds or similar bonds and all interest, assessments and other charges paid or payable in connection with or in respect of any such Expenses, and shall also specifically include, without
limitation, all reasonable outside attorneys’ fees and all other expenses incurred by or on behalf of Indemnitee in connection with preparing and submitting any requests or statements for indemnification, advancement, contribution or any other
right provided by this Agreement. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amounts of judgments or fines against Indemnitee. 

(g) “Independent Counsel” means, at any time, any law firm, or a member of a law firm, that (a) is experienced in matters of corporation
law and (b) is not, at such time, or has not been in the five years prior to such time, retained to represent: (i) any Company Entity or Indemnitee in any matter material to either such party (other than with respect to matters concerning
Indemnitee under this Agreement, or of other indemnities under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term
“Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages
arising out of or relating to this Agreement or its engagement pursuant hereto and to be liable therefor. 
 (h) “Organizational Documents”
means an entity’s charter, bylaws, partnership agreement, limited liability company agreement, operating agreement, indemnification agreement or other similar or equivalent agreement or document. 

(i) “Proceeding” includes any actual, threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened, pending or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative in nature,
in which Indemnitee was, is, may be or will be involved as a party, witness or otherwise, by reason of Indemnitee’s Corporate Status or by reason of any action taken by Indemnitee or of any inaction on Indemnitee’s part while acting as
director or officer (or equivalent position) of any Company Entity (in each case whether or not Indemnitee is acting or serving in any such capacity or has such status at the time any liability or expense is incurred for which indemnification or
advancement of Expenses can be provided under this Agreement), including any pending on or before the date of this Agreement, but excluding any initiated by an Indemnitee pursuant to Section 10(f) of this Agreement to
enforce Indemnitee’s rights under this Agreement. 
 (j) Construction. Whenever required by the context, as used in this Agreement the singular
number shall include the plural, the plural shall include the singular and all words herein in any gender shall be deemed to include (as appropriate) the masculine, feminine and neuter genders. 

16. Reliance; Integration. 
 (a) The Company expressly
confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director and/or officer of the Company, and the Company acknowledges that Indemnitee is relying
upon this Agreement in serving as a director and/or officer of the Company. 
 (b) This Agreement constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 

17. Modification and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in a writing
identified as such by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver. 
 18. Notice. All notices and other communications hereunder shall be in writing and shall be deemed duly delivered: (i) upon receipt
if delivered personally, (ii) one Business Day after it is sent by commercial overnight courier service, or (iii) by electronic mail (in which case, it will be effective on the day sent, or, if not a business day, on the immediately
following business day) to the parties at the following addresses (or at such other address for a party as shall be specified by such party by like notice): 

  
 - 9 - 

 (a) If to Indemnitee, to: 

E-mail: 
 (b) If to the
Company, to: 
 BellRing Brands, Inc. 
 2503 S. Hanley Road 

St. Louis, MO 63144 
 Attention: Craig Rosenthal 

E-mail: 
 with a copy
(which shall not constitute notice) to: 
 Lewis Rice LLC 
 600
Washington Avenue, Suite 2500 
 St. Louis, MO 63101 

Attention: Tom W. Zook 
 Email: 

or to such other address as may have been furnished (in the manner prescribed above) as follows: (a) in the case of a change in address for notices to
Indemnitee, furnished by Indemnitee to the Company and (b) in the case of a change in address for notices to the Company, furnished by the Company to Indemnitee. 

19. Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of Process. This Agreement and the legal relations among the parties
shall, to the fullest extent permitted by Law, be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and
unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Court of Chancery of the State of Delaware (the “Designated Court”), and not in any other
state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Designated Court for purposes of any action or proceeding arising out of or in connection with
this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Designated Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the
Designated Court has been brought in an improper or otherwise inconvenient forum. 
 20. Headings. The headings of the paragraphs of this Agreement
are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 21.
Counterparts. This Agreement may be executed in two or more consecutive counterparts (including by facsimile), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and
shall become effective when one or more counterparts have been signed by each of the parties and delivered (by telecopy or otherwise) to the other parties. 

[Remainder of Page Intentionally Blank] 

  
 - 10 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

  

			
	 Company:
	 	BELLRING BRANDS, INC.
		
		 	By:                                    
                                    
		 	 Name:
 Title:

  

			
	 Indemnitee:
	 	                                    
                                         
 
		 	Name:

 [SIGNATURE PAGE – INDEMNIFICATION AGREEMENT]Exhibit
10.1

 

THIS
WARRANT AND THE SECURITIES THAT MAY BE PURCHASED
UPON THE EXERCISE OF THIS
WARRANT HAVE BEEN ACQUIRED
FOR INVESTMENT AND NOT FOR DISTRIBUTION,
AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS
AMENDED (THE “ACT”).
SUCH SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, PLEDGED
OR HYPOTHECATED, OR OTHERWISE TRANSFERRED
UNLESS AND UNTIL REGISTRATION UNDER THE
ACT OR AN EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE ACT
IS AVAILABLE FOR SUCH OFFER, SALE, PLEDGE, HYPOTHECATION,
OR TRANSFER IN THE OPINION OF LEGAL COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY.

 

 

EXPION360
INC. WARRANT

Warrant
No. ***

 

 

 

Date of
Issuance: November 22, 2021

 

 

EXPION360
INC., a Nevada
corporation (the “Company”), for valid consideration received,
hereby certifies that [ ], or its registered
assigns (in each case “Holder”), is entitled pursuant to the terms of this warrant
(this “Warrant”), subject
to the terms set forth below, to purchase, prior to termination as provided in Section
5 hereof, up to [ ] ([ ]) shares
of duly authorized, validly issued, fully-paid
and non- assessable shares of Common Stock (the
“Common Stock”),
at an exercise price of $3.32 per share (the
“Purchase Price”). The Common Stock
purchasable upon exercise of this Warrant, as adjusted from time to time pursuant to the terms of this Warrant, are hereinafter
referred to as the “Warrant Stock.”
This Warrant is issued pursuant to that certain Subscription
Agreement of even date herewith, by and between the Company and the other parties thereto (the
“Subscription Agreement”), and capitalized terms not defined herein
will have the meanings set forth in the Subscription
Agreement.

 

 

1.      
Exercise.

 

(a)               
General. This Warrant may be exercised by
Holder in whole or
in part prior to termination as provided in Section
5 hereof, by surrendering
this Warrant, with the purchase form appended
hereto as Exhibit A completed
in accordance with the instructions thereto
and duly executed by such Holder or
by such Holder’s duly authorized attorney, at the principal
office of the Company, or
at such other office or
agency as the Company may designate, accompanied by
payment in full by cash,
check or wire transfer of all
or such portion of the
aggregate Purchase Price as is payable in respect
of the number of shares of Warrant
Stock purchased upon such exercise or
through the exercise of the
Conversion Right as described in Section 1(c) below.

 

(b)               
Timing.The exercise of this
Warrant shall be deemed to have been
effected immediately prior to the close of
business on the day on
which this Warrant shall have been surrendered
to the Company as provided in Section 1(a)
above. If Holder exercises this Warrant
in connection with a
merger or sale of the
Company other than in connection with
the conversion of
the Company into a corporation through conversion, merger, or
similar transaction in which the relative
equity ownership percentages of the owners
of the Company do
not change (“Change of Control
Transaction”), Holder may designate
that the exercise date be
deemed the closing
date of such Change of
Control Transaction, and conditional upon the
occurrence of such event.

 

     

     

    

 

		(c)	Conversion
                                            Right.

 

(i)           
Right to Convert Warrant; Net Issuance. In
addition to and without limiting the rights of the Holder
under the terms of this Warrant, but only to the extent
this Warrant has not otherwise been exercised, the Holder
shall have the right to convert this Warrant or any portion
thereof (the “Conversion Right”)
into Warrant Stock as provided in this Section
1(c) at any time or
from time to
time during the term of
this Warrant. Upon exercise of the Conversion
Right with respect to a particular number
of shares of
Warrant Stock set forth on the
purchase form appended hereto as Exhibit
A (the “Converted Warrant Stock”), the
Company shall deliver
to the holder
(without payment by the holder
of any exercise
price or any
cash or other consideration) (X)
that number of shares
of Warrant Stock
equal to the quotient
obtained by dividing the
value of this
Warrant (or the specified
portion hereof) on the Conversion Date
(as defined in subsection
(ii) hereof), which value
shall be determined by subtracting
(A) the aggregate
Purchase Price of the shares of
Converted Warrant Stock immediately prior
to the exercise
of the Conversion Right from
(B) the aggregate fair market value of the
Converted Warrant Stock issuable
upon exercise of
this Warrant (or the specified
portion hereof) on the
Conversion Date (as
hereinafter defined) by (Y)
the fair market value of one share of Converted
Warrant Stock on the Conversion Date (as
hereinafter defined).

Expressed
as a formula, such
conversion shall be computed
as follows:

X
= B -A 

         Y

 

		Where:	X
                                            = the number
                                            of shares
                                            of Warrant
                                            Stock that may be
                                            issued to
                                            Holder upon
                                            exercise of
                                            the Conversion Right

 

Y = the
Fair Market Value of one share
of Warrant Stock

 

A = the
aggregate Purchase Price (the per
share Purchase Price
multiplied by the
number of shares of
Converted Warrant Stock)

 

B = the
aggregate Fair Market Value
(i.e., Fair Market Value

multiplied
by the number
of shares of Converted
Warrant Stock)

 

No
fractional shares of Warrant
Stock shall be issuable
upon exercise
of the Conversion Right, and, if
the number of shares of Warrant
Stock to be issued determined in accordance with the foregoing
formula is other than a whole number,
the Company shall pay to the Holder
an amount in cash equal to the Fair
Market Value of the resulting fractional share
of Warrant Stock on the Conversion Date.

 

(ii)            Method of Exercise.
The Conversion Right may be exercised by the Holder by the
surrender of this Warrant at the principal
office of the Company together with
a written statement specifying that the Holder thereby intends to exercise
the Conversion Right and indicating the number of shares
of Warrant Stock which are being
surrendered (referred to in subsection (i) hereof as the Converted Warrant Stock) in
exercise of the Conversion Right. Such
conversion shall be effective upon receipt by the Company of this Warrant
together with the aforesaid
written statement (the “Conversion Date”). If the shares of Warrant
Stock are certificated, then certificates
for the Converted Warrant Stock issuable upon exercise of the Conversion
Right shall be issued as of
the Conversion Date and shall be delivered
to the Holder within
thirty (30) days following the Conversion Date.

 

(iii)           
Determination of Fair Market Value.
For purposes of this Section 1(c), “Fair Market Value” shall mean,
as of any particular date: (a) the
volume weighted average of the closing sales prices of the Warrant
Stock for such day on all domestic securities
exchanges on which the Warrant Stock may at the time
be listed; (b) if there have been no
sales of the Warrant Stock on
any such exchange on any
such day, the average of the highest bid
and lowest asked prices for the Warrant Stock
on all such exchanges at the end of such day; (c)
if on any such day the Warrant Stock is
not listed on a domestic securities exchange, the
closing sales price of the Warrant
Stock as quoted on the
OTC Bulletin Board, the Pink OTC Markets or similar
quotation system or association for such day;
or (d) if there have been no sales
of the Warrant Stock on the OTC Bulletin Board,
the Pink OTC Markets or similar quotation system or association
on such day, the average of the
highest bid and lowest asked prices for the Warrant
Stock quoted on the OTC Bulletin Board,
the Pink OTC Markets or similar
quotation system or association at the
end of such day; in each
case, averaged over twenty (20) consecutive Business Days
ending on the Business Day immediately prior
to the day as of which "Fair Market Value"
is being determined; provided, that if the Warrant Stock is listed
on any domestic securities exchange, the term "Business Day" as used
in this sentence means Business Days on which
such exchange is open for trading. If at any time
the Warrant Stock is not listed on any domestic
securities exchange or quoted on the OTC
Bulletin Board, the Pink OTC Markets or
similar quotation system or association,
the "Fair Market Value" of the
Warrant Stock shall be the fair market value per share as determined
jointly by the Company and the Holder; provided,
that if the Company and the Holder are unable
to agree on the fair market value per share
of the Warrant Stock within a reasonable period
of time (not to exceed Ten (10) days
from the Warrant’s receipt of the purchase
form), such fair market value shall be determined by a nationally
recognized investment banking, accounting or valuation
firm jointly selected by the Company and the
Holder. The determination of such firm shall be
final and conclusive, and the fees and expenses
of such valuation firm shall be borne
by the Company.

 

(d)               
Certificates. If the shares of
Warrant Stock are certificated, then as soon as practicable
after the exercise of this
Warrant, the Company shall cause to be issued
in the name of, and delivered to, Holder,
or as such Holder may direct, a certificate
or certificates for the number of shares
of Warrant Stock to which such Holder
shall be entitled. Issuance of certificates
pursuant to this Section 1(d) shall be made without charge to Holder
for any issue or transfer tax or
other incidental expenses, all of which
taxes and expenses shall be paid by the
Company.

 

(e)               
Legends. Each certificate or other
records representing the Common Stock or for
any other security issued or issuable
upon exercise of this
Warrant shall bear the following legend:

 

“THE
SECURITIES REPRESENTED
HEREBY HAVE BEEN
ACQUIRED FOR
INVESTMENT AND HAVE NOT
BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933,
AS AMENDED (THE
“ACT”). SUCH SECURITIES MAY
NOT BE SOLD,
PLEDGED OR OTHERWISE TRANSFERRED IN
THE ABSENCE OF SUCH REGISTRATION UNLESS THE COMPANY
RECEIVES AN OPINION OF
COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY
STATING THAT SUCH SALE, PLEDGE OR TRANSFER IS
EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
REQUIREMENTS OF THE ACT UNLESS
SOLD PURSUANT TO
RULE 144 PROMULGATED UNDER THE ACT.”

 

     

     

    

(f)                
Status of Common
Stock. The Company covenants that the Common
Stock, when issued pursuant to the exercise of
this Warrant, will be duly and validly
issued, fully paid and nonassessable and free
from all taxes, liens and charges with respect to the issuance
thereof.

 

2.      
Adjustment Upon Reorganization, Reclassification or Change
of Control Transaction.
In the event of any (i) capital reorganization
of the Company, (ii) reclassification of the Capital
Stock (other than a change in par
value or from par value
to no par value or from no par value
to par value), including any distribution,
dividend or subdivision, split-up or
combination of shares
of Capital Stock, (iii) Change of Control
Transaction, or (iv) other similar transaction, in each
case which entitles the holders of shares of Common
Stock to receive (either directly or upon subsequent
liquidation) stock, securities or assets with respect to or in exchange
for shares of Common Stock, this Warrant shall, immediately after such reorganization, reclassification,
Change of Control Transaction or similar
transaction, remain outstanding and shall thereafter, in lieu
of or in addition to (as the case may
be) the number of shares of
Warrant Stock then exercisable under this Warrant,
be exercisable for the kind and number
of shares of Capital
Stock or other securities or assets
of the Company or of the successor
Person resulting from such transaction to which the Holder would have been entitled upon
such reorganization, reclassification, consolidation, merger, sale or
similar transaction if the Holder had
exercised this Warrant in full immediately prior
to the time of such reorganization, reclassification,
Change of Control Transaction or similar
transaction and acquired the applicable number of shares
of Warrant Stock then issuable hereunder as a result
of such exercise (without taking into account
any limitations or restrictions
on the exercisability of
this Warrant); and, in such case, appropriate
adjustment (in form and substance satisfactory to the Holder) shall be made
with respect to the Holder’s rights under
this Warrant to insure that the provisions of this Section 2 shall
thereafter be applicable, as nearly
as possible, to this Warrant in relation
to any shares of stock,
securities or assets thereafter acquirable
upon exercise of this Warrant (including, in
the case of any
Change of Control Transaction or similar transaction
in which the successor or purchasing
Person is other than the Company, an
immediate adjustment to the number of
shares of Warrant Stock then acquirable upon
exercise of this Warrant without regard to any limitations
or restrictions on exercise). The
provisions of this
Section 2 shall similarly apply to successive
reorganizations, reclassifications, Change of Control Transactions or similar
transactions. The Company shall not effect
any such reorganization, reclassification, Change of Control
Transaction or similar transaction unless, prior
to the consummation thereof, the successor
Person (if other than the Company) resulting from
such reorganization, reclassification, Change of Control
Transaction or similar transaction, shall assume,
by written instrument substantially similar
in form and substance to this
Warrant and satisfactory to the
Holder, the obligation to deliver to the Holder such shares
of stock, securities or assets which,
in accordance with the foregoing provisions,
such Holder shall be entitled to receive upon exercise of
this Warrant. Notwithstanding anything to the
contrary contained herein, with respect to any corporate
event or other transaction contemplated
by the provisions of this
Section 2, the Holder shall have the right
to elect prior to the consummation of
such event or transaction,
to give effect to the exercise rights set forth
in Section 1 instead of
giving effect to the provisions of
this Section 2 with respect
to this Warrant

 

3.      
Transfers. The Holder of this Warrant acknowledges
that this Warrant and the Warrant Stock have not been
registered under the Securities Act of 1933, as amended
(the “Act”), and agrees not
to offer for sale, sell, pledge, distribute, transfer or otherwise
dispose of this Warrant and agrees not to offer
for sale, sell, pledge, distribute, transfer or otherwise
dispose of any Warrant Stock issued upon its exercise in the
absence of (i) an effective
registration statement under the Act as to this Warrant and the
Warrant Stock and registration or qualification
of under any applicable Blue Sky or state securities
law then in effect, or (ii) an opinion
of counsel, reasonably satisfactory to the Company,
that such registration and qualification are not
required; provided, however, that no opinion need be obtained
with respect to a transfer to (A) a partner
or member, active or retired,
of Holder, (B) the estate of any such
partner or member, (C) an “affiliate”
of Holder as that term is defined in Rule 405 promulgated by the U.S.
Securities and Exchange Commission under the Act,
or (D) the spouse,
children, grandchildren or spouse of such
children or grandchildren of Holder
or to trusts for the benefit of Holder
or such Persons, in each case if the
transferee agrees to be subject to the terms
hereof. Notwithstanding the foregoing, any transferee receiving Warrant Stock that (A) have been registered under the Act or
(B) are resaleable
under Rule 144 promulgated under the Act shall not be required
to agree in writing to be subject to the terms of this Section 3.

 

4.      
No Impairment. The Company
will not, by amendment of its certificate
of formation or operating agreement or through
reorganization, consolidation, merger, dissolution, sale of assets or
any other voluntary action, including the conversion of
the Company into a corporation through
a conversion, merger, or similar transaction
in which the relative equity ownership percentages
of the owners of the
Company do not change, avoid or seek to avoid
the observance or performance
of any of the
terms of this Warrant, but will at
all times in good faith assist in the carrying
out of all such terms and in the taking
of all such action as may be reasonably
necessary or appropriate in order to
protect the rights of
Holder of this
Warrant against impairment.

 

5.      
Termination. This Warrant (and the right to
purchase securities upon exercise hereof) shall terminate ten (10) years from the issuance of
this Warrant (the “Expiration Date”).

 

		6.	Notices
                                            of
                                            Certain
                                            Transactions.

 

(a)               
In the event:

 

 

agreement;

(i)           
that the Company makes any amendment
to its certificate of formation
or operating

 

(ii)           
of any capital reorganization of the Company, any
reclassification of the
capital stock of the Company, any Change
of Control Transaction, any other consolidation
or merger of the
Company with or into
another entity, or any other transaction or series
of related transactions pursuant to which the
Company’s equity holders immediately prior thereto will possess a minority
of the voting power of the surviving or acquiring
entity immediately thereafter, or any
transfer of all or substantially
all of the assets of the Company; or

     

     

    

 

 

Company;

		(iii)	of
                                            the voluntary or involuntary
                                            dissolution, liquidation or winding-up
                                            of the

 

then,
and in each such case, the Company
will send to Holder a notice specifying,
as the case may be, (a) the
date on which a record is to be taken
for the purpose of such dividend, distribution or
right, and stating the amount
and character of such
dividend, distribution or right, (b) a certified
copy of the Company’s current certificate
of formation, or (c) the
effective date on which such reorganization, reclassification, consolidation, merger, transfer,
Change of Control Transaction, dissolution, liquidation, winding-up, or redemption
is to take place, and the time, if any
is to be fixed, as of which Holders
of record of shares of Common
Stock (or such capital stock or securities
at the time deliverable upon such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation, winding-up, or redemption)
shall be determined. Such notice shall be
mailed at least twenty (20) days prior
to the record date or effective date for the event
specified in such notice.

 

(b)               
The Company shall notify the Holder of the
Expiration Date of the
Warrant, no later than twenty (20) days prior
to the Expiration Date.

 

7.       Reservation
of Warrant Stock. The Company will at all times
reserve and keep available, solely for the issuance
and delivery upon the exercise of this
Warrant, such shares of Common
Stock and other equity securities or property, as from time to time
shall be issuable upon the exercise of this
Warrant. The Company covenants and agrees that all such shares of Common
Stock or other equity securities that may
be issued upon the exercise of the
rights represented by this Warrant will, upon issuance, be
duly authorized, validly issued, fully
paid (assuming payment of the Purchase
Price by Holder) and nonassessable and
free from all
preemptive rights and free of all taxes,
liens and charges with respect to the issue thereof.
The Company will
take all such action as may be
reasonably necessary to assure that such shares of Common
Stock or other equity securities may be
issued as provided herein without violation of any applicable
law or regulation, or
of any requirements of any domestic securities
exchange upon which the securities of
the Company may be listed; provided,
however, that the Company shall not be required to effect
a registration under Federal or state securities
laws with respect to such exercise
except as otherwise provided in the Subscription
Agreement.

 

8.      
Exchange of Warrants.
Upon the surrender by Holder
of any Warrant, properly endorsed, to the Company
at the principal office of the Company, the
Company will, subject to the provisions of
Section 3 hereof, issue and deliver
to or upon the order of such Holder, at Holder’s
expense, a new Warrant of like
tenor, in the name of such Holder or
as such Holder (upon payment by such
Holder of any applicable transfer taxes) may direct,
calling in the aggregate on the face
or faces thereof for the number of shares
of Common Stock or other
equity securities called for on the face or faces
of the Warrant so surrendered.

 

9.      
Registration of Common
Stock. If any shares of
Common Stock required to be reserved for purposes
of exercise of this
Warrant requires registration with or approval of any governmental
authority under any applicable law (other than the Act) before such shares of Common
Stock may be issued upon exercise, the Company shall, at its
expense and as expeditiously as possible, use its best efforts to cause
such shares of Common Stock to be duly
registered or approved, as the case may be. At
any such time as such shares of
Common Stock are listed on any national
securities exchange, the Company shall, at its expense, obtain promptly
and maintain the approval for listing on each
such exchange, upon official notice
of issuance, the shares of Common
Stock issuable upon exercise of the Warrant
and maintain the listing of such shares
of Common Stock after their issuance; and the
Company shall also list on such
national securities exchange, shall register under the Securities Exchange Act of 1934,
as amended and shall maintain such listing
of, any other securities that at any time are issuable
upon exercise of the Warrant, if and
at the time that any securities of the
same class shall be listed on such national
securities exchange by the Company.

 

10.  
Replacement of Warrants.
Upon receipt of evidence reasonably satisfactory
to the Company of the loss, theft,
destruction or mutilation of this Warrant and
(in the case of loss,
theft or destruction) upon delivery of an indemnity
agreement (with surety if reasonably required) in an amount
reasonably satisfactory to the Company,
or (in the case
of mutilation) upon surrender and cancellation
of this Warrant, the Company will issue,
in lieu thereof, a new Warrant of like
tenor at Holder’s expense.

 

11.  
Notices. Except as otherwise expressly provided
herein, all notices and other communications provided for hereunder shall be in writing
and delivered by hand or overnight courier
service or sent by facsimile
or email as follows:

 

 

     

     

    

Warrant.

(a)               
To his, her, or its address (and email address) set
forth on the signature page to this

 

(b)               
Notices sent by hand or overnight
courier service shall be deemed to have been
given when received and notices sent by electronic
communications, shall be effective upon confirmation
received by the sender, including transmittal coded “advise when received”
or words of similar meaning. Any party hereto
may by notice so given
change its address for future notice hereunder.

 

12.  
No Rights as Stockholder.
Until the exercise of this Warrant, Holder
shall not have or exercise any rights by virtue
hereof as a stockholder of the Company unless
otherwise acquired. Without limiting the generality of the foregoing, and except
as otherwise provided in Section
2 hereof, no dividends shall accrue to the
shares of Common
Stock or other equity securities underlying this Warrant until the exercise
hereof and the purchase
of the
underlying shares of Common Stock or
other equity securities, at which point dividends
shall begin to accrue with respect to such shares
of Common Stock or other equity securities
from and after the date such shares
of Common Stock or other
equity securities are so purchased. Nothing in this
Section 12 shall limit the
right of Holder
to be provided the notices required to
be provided pursuant to the terms of this
Warrant.

 

 

13.  
Headings. The headings
in this Warrant are for purposes of
reference only and shall not limit or
otherwise affect the meaning of any
provision of this Warrant.

 

14.  
Governing Law. This Warrant and all actions arising out of or in connection
with this Warrant shall be governed by and construed
in accordance with the laws of the State
of Delaware, without application of conflicts
of law principles thereunder.

 

15.  
Amendment or Waiver.
Any provision of this Warrant may be amended,
waived or modified (either generally or in a particular
instance, either retroactively or prospectively, and either
for a specified period of time or indefinitely)
only by an instrument in writing
signed by the Company and Holder. Any amendment, waiver or modification
effected in accordance with this Section 15 shall be binding
upon Holder, each future holder of
the Warrant or the Warrant Stock and
the Company.

 

16.  
Business Days. This Warrant shall be exercisable
as provided for herein, except that in the
event that the Expiration Date of this
Warrant shall fall on a Saturday, Sunday and/or
and United States federally recognized Holiday, the Expiration Date for this
Warrant shall be extended to 5:00 p.m. Pacific
time on the business day following
such Saturday, Sunday or recognized Holiday.

 

17.  
Successor and Assigns.
The terms and provisions
of this Warrant shall incur to the benefit
of, and be binding upon, the Company
and each Holder hereof and their respective permitted
successors and assigns.

 

18.  
Attorneys’ Fees. If any action at
law or in equity is necessary to enforce or
interpret the terms of this
Warrant the adjudicating party may in its discretion order that the non-prevailing
party, as determined by such adjudicating party,
reimburse the prevailing party for reasonable attorney’s fees and costs
in addition to any other relief to which
such prevailing party may be entitled.

 

[Remainder
of Page
Intentionally Left Blank]

     

     

    

DocuSign Envelope ID: B28F4726-FC82-4BDF-A538-7DA8AB8B438F

 

 

 

 

 

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

 

                                            EXPION360 INC.

 

 

 

By:
_____________________

Name:
John Yozamp

Title: Chief
Executive Officer

 

 

 

Address:2025
SW Deerhound Avenue

 

 

 

 

 

 

 

 

 

By
its counter-signature
below, Holder hereby agrees to the foregoing terms and conditions
set forth in this Warrant.

 

 

HOLDER
:

 

 

 

 

 

By:
_____________________

Name:

Title:

     

     

    

DocuSign Envelope ID: 92FBEDC8-EA61-4839-848C-400BDE8DE76C

 

 

 

 

 

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

 

                                            EXPION360 INC.

 

 

 

By:
_____________________

Name:
John Yozamp

Title: Chief
Executive Officer

 

 

 

Address:2025
SW Deerhound Avenue

 

 

 

 

 

 

 

 

 

By
its counter-signature
below, Holder hereby agrees to the foregoing terms and conditions
set forth in this Warrant.

 

 

HOLDER
:

 

 

 

 

 

By:
_____________________

Name:

Title:

 

     

     

    

EXHIBIT
A

 

 

PURCHASE
FORM

 

 

To:EXPION360
INC.Dated: 

 

 

By
checking the box below,
the undersigned hereby irrevocably elects:

 

[   ] to
purchaseshares of Common Stock, and herewith
makes payment of

$by cash,
check or wire transfer, representing the aggregate
Purchase Price therefor pursuant to Section 1(a)
of the attached Warrant.

 

[   ]
to exercise the Conversion Right
with respect toshares of Common Stock pursuant
to Section 1(c) of the attached
Warrant.

 

Please
issue a certificate
or certificates (if the shares
of Warrant Stock are certificated)
reflecting the issuance of said shares
of Common Stock in the name of
the undersigned or in such
other name as is specified below:

 

 

 

(Name)

 

 

 

 

 

(Address)

 

The
undersigned represents that the aforesaid shares of Common
Stock are being acquired for the account
of the undersigned for investment
and not with a view to, or for resale
in connection with, the distribution thereof and that
the undersigned has no present intention
of distributing or reselling
such shares of Common Stock except in compliance with applicable securities laws.

 

 

 

(Entity
name, if applicable)

 

 

By:
_______________________

Name: _____________________ 

Title: _______________________

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