Document:

Exhibit
10.4

 

THIS
NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.
THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE
SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

 

MEDOVEX,
LLC

 

SECURED
CONVERTIBLE PROMISSORY NOTE

 

	$140,000.00	April
    2, 2021

 

FOR
VALUE RECEIVED, Medovex, LLC, a Delaware limited liability company (“Maker”), promises to pay to Medovex Corp.,
a Nevada corporation (“Holder”), the sum of One Hundred Forty Thousand and 00/100 Dollars ($140,000.00) (the
“Principal Balance”), together with interest from the date of this Secured Convertible Promissory Note (this
“Note”) on the unpaid Principal Balance at a rate equal to 8% per annum (subject to Section 16 below),
compounding annually, computed on the basis of the actual number of days elapsed and a year of 365 or 366 days, as the case may
be. This Note is issued pursuant to that certain Contribution Agreement, dated as of date hereof (the “Contribution Agreement”)
between Maker and Holder.

 

The
following is a statement of the rights of Holder and the conditions to which this Note is subject, and to which Holder, by the
acceptance of this Note, agrees:

 

1.
Definitions. All capitalized terms used but not defined in this Note have the meanings given to them in the Contribution
Agreement.

 

2.
Maturity Date. Unless this Note is converted under Section 5 or prepaid in full pursuant to Section 4
or Section 6, the unpaid Principal Balance, together with any accrued but unpaid interest under this Note, shall be
due and payable by Maker on the date that is the fifth (5th) anniversary of the date of this Note (the “Maturity Date”).

 

3.
Demand; Payment of Principal and Interest. Holder may declare the entire Principal Balance, accrued and unpaid interest,
and any amounts due and owing hereunder immediately due and payable by giving notice of demand for payment upon the earlier to
occur of (a) an Event of Default or (b) the Maturity Date.

 

4.
Optional Prepayment. Maker may, at any time and from time to time, prepay all or any portion of this Note without
penalty or premium upon at least fifteen (15) days’ prior written notice to Holder. In connection with each prepayment of
the Principal Balance, Maker shall also pay all accrued and unpaid interest on the Note.

 

5.
Conversion.

 

(a)
At any time following the 30 month anniversary of the Effective Date, if this Note is outstanding, Holder may upon written notice
to Maker, elect to convert this Note into the number of Class C Units of Maker obtained by dividing the Principal Balance of this
Note (together with accrued and unpaid interest thereon) by $1.00 (“Conversion Units”), provided the Holder
may convert this Note into Conversion Units in connection with a Sale of the Company regardless of whether the 30-month anniversary
of the Effective Date has occurred.

 

    	 

    	 

    

 

(b)
Conversion Procedure. Upon the conversion of this Note, the Principal Balance, together with any accrued and unpaid
interest thereon, shall be converted into Conversion Units held by Holder. Upon a conversion, Maker shall, within five (5) business
days after such delivery, issue and deliver certificates (if any) representing the number of Conversion Units into which the Note
converts in accordance with the agreed conversion terms and bearing such legends as are required by Maker’s limited liability
company agreement. Maker shall take all action to designate and authorize a sufficient number of its Class C Units be issued upon
conversion to the Conversion Units following a conversion pursuant to this Section 5.

 

(c)
Effect of Conversion. Upon conversion of this Note in full, Maker shall be forever released from all its obligations
and liabilities under this Note and the Note shall be deemed to be cancelled as of such time and any collateral of Maker pledged
hereunder shall be released.

 

6.
Sale Event. In the event that Maker takes any action to approve or enter into any transaction constituting a Sale
of the Company, Maker shall provide Holder with at least fifteen (15) days’ prior written notice of the anticipated closing
date of such transaction. A “Sale of the Company” means (a) the closing of the sale, transfer or other disposition,
in a single transaction or series of related transactions, or all or substantially all of Maker’s assets or (b) a transaction
or series of related transactions in which a person or entity, or a group of related persons or entities, acquires from the equityholders
of Maker securities representing more than fifty percent (50%) of the outstanding voting power of Maker. For the avoidance of
doubt, a transaction will not constitute a “Sale of the Company” if its sole purpose is to change the state of Maker’s
formation or to create a holding company that will be owned in substantially the same proportions by the persons who held Maker’s
securities immediately prior to such transaction. Upon its receipt of notice of a Sale of the Company, Holder in its sole and
absolute discretion, shall have the option immediately prior to the consummation of such Sale of the Company event to either have
the Principal Balance plus any accrued and unpaid interest (i) repaid in cash in full (the “Note Payoff Amount”),
or (ii) converted into Conversion Units in accordance with Section 5. Upon any Sale of the Company event, such Note Payoff
Amount will be senior to and paid prior to any payment to any equity holders of Maker in respect of their equity securities in
Maker.

 

7.
Security. As collateral security for the payment and performance in full of all obligations of Maker to Holder pursuant
to this Note, including, without limitation, all principal, all interest accruing thereon, all fees, all costs of collection,
attorneys’ fees and expenses of or advances by Holder which Holder pays or incurs in discharge of obligations of Maker,
and whether such amounts are now, or later become, due and owing (collectively, the “Obligations”), Maker hereby
grants to Holder a security interest in, and hereby assigns, transfers, pledges and sets over to Holder and agrees and acknowledges
that Holder, without further action on its part, has and shall continue to have a continuing first priority security interest
in all assets of Maker, wherever located and whether now owned or hereafter acquired, and all proceeds, products, replacements,
additions, substitutions and accessions of and to all of such assets, which together collectively constitute and are hereinafter
designated as the “Collateral,” and which Collateral includes, without limitation, the following:

 

(a)
all of Maker’s Equipment, Goods, Fixtures, Inventory and other items of personal property of whatever type or description
wherever located and whether now owned or hereafter acquired;

 

(b)
all of Maker’s Accounts and all other forms of customer obligations, now existing or hereafter acquired

 

    	2

    	 

    

 

(c)
all of Maker’s Documents, Instruments and Chattel Paper;

 

(d)
all of Maker’s Letters of Credit and Letter-of-Credit Rights;

 

(e)
all of Maker’s Investment Property;

 

(f)
all of Maker’s patents, trademarks (other than United States intent-to-use trademark applications to the extent that the
grant of this security interest would impair the registrability of such application), copyrights, trade secrets and other intellectual
property of any kind whatsoever;

 

(g)
all of Maker’s Commercial Tort Claims;

 

(h)
all of Maker’s General Intangibles;

 

(i)
all of Maker’s Money and all Deposit Accounts;

 

(j)
all Supporting Obligations;

 

(k)
all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records
relating to and at any time evidencing or relating to any of the foregoing; and

 

(l)
all proceeds, products, replacements, additional, substitutions and accessions of and to all of the foregoing.

 

Capitalized
terms used in this Section 7 that are defined in the Uniform Commercial Code as in effect from time to time to time in
the State of Delaware (the “UCC”) shall have the meanings assigned to them in the UCC .

 

8.
Covenants. Maker hereby covenants and agrees, from the date of this Agreement until the Obligations are paid and
satisfied in full, as follows:

 

(a)
Transfer of Collateral. Maker will not sell or offer to sell or otherwise transfer, encumber or impair the value of the
Collateral or any interest therein other than in the ordinary course of business without the prior written consent of Holder;

 

(b)
Perfection. At any time and from time to time, upon the request of Holder, Maker will give, execute, file and/or record
any notice, financing statement, continuation statement, instrument, document, agreement or assignment that Holder may consider
necessary or desirable to create, preserve, continue, perfect or validate any security interest granted hereunder or which Holder
may consider necessary or desirable to exercise or enforce its rights hereunder with respect to such security interest. Maker
hereby appoints any officer of Holder designated by Holder as Maker’s attorney-in-fact to do any and every act after an
Event of Default has occurred and is continuing which Maker is obligated by this Agreement to do, including, without limitation,
to exercise all rights of Maker in the Collateral, and to execute any and all papers and instruments and to do all other things
necessary to preserve and protect the Collateral and to protect Holder’s interest in the Collateral. Such power of attorney
is coupled with an interest and is irrevocable and shall survive the insolvency or bankruptcy of Maker. Notwithstanding the foregoing,
Maker authorizes Holder, at any time, regardless of whether an Event of Default has occurred, to file, in jurisdictions where
this authorization will be given effect, one or more financing statements, continuation statements or other documents describing
the Collateral. Maker will cooperate with Holder in obtaining control as requested by Holder with respect to Collateral consisting
of deposit accounts, investment property, and letter of credit rights or other Collateral with respect to which the security interest
granted herein may or must be perfected by, or the priority of such interest is or may be impacted by, such control (other than
payroll or employee withholding accounts).

 

    	3

    	 

    

 

(c)
Liens. Maker will not, without the prior written consent of Holder, borrow from anyone except Holder on the security of,
or pledge or grant a security interest in, the Collateral to anyone except Holder or permit any lien or encumbrance to attach
to the Collateral, and any levy to be made thereon or any financing statement (except Holder’s financing statement) to be
on file with respect thereto, or to sell or offer to sell or otherwise transfer, encumber or impair the value of the Collateral
or any interest therein.

 

(d)
Taxes. Maker shall pay and discharge when due all such taxes, levies or other charges on the Collateral or on account of
or in connection with this Note.

 

(e)
Maintenance. Maker will at all times keep the Collateral insured against loss, damage, theft and other risks, in such amounts
and with such companies and under such policies and in such form and for such periods as Holder may request in its reasonable
discretion. Holder will be named as a loss payee under such insurance as its interest may appear. Maker shall maintain the Collateral
in a reasonably careful manner so as not to unreasonably or unnecessarily expose the same to waste, damage, wear or depreciation
and shall keep the same in good order and repair. All equipment, accessories and parts related to the use of the Collateral shall
become part of said Collateral by accession.

 

(f)
Place of Business. Maker will immediately notify Holder in writing of any change in the location of the place of business
where records concerning the Collateral are kept.

 

(g)
Inspections. Holder may enter onto Maker’s property and may examine and inspect the Collateral and Maker’s
books, records, papers, certificates concerning the Collateral and journals at any time or times, wherever located, during normal
business hours and in a manner that will not unreasonably interfere with normal business operations.

 

(h)
Indebtedness. Maker will not create, assume or become liable for any indebtedness, contingent or otherwise, other than
(a) indebtedness owed to Holder, (b) trade payables incurred in the ordinary course of business and (c) other indebtedness approved
by Holder in writing.

 

(i)
Fundamental Transactions. Maker will not enter into any merger, consolidation or amalgamation; liquidate, wind up or dissolve
itself (or suffer any liquidation or dissolution); convey, sell, lease, transfer or otherwise dispose of, in one transaction or
a series of transactions, all or a substantial part of its business or assets; acquire by purchase or otherwise all or substantially
all the business or assets of, or stock or other evidences of beneficial ownership of, any entity; or form or acquire any subsidiaries;
in each case without the prior written consent of Holder.

 

(j)
Organizational Documents. Maker will not amend or otherwise modify any of its organizational documents, other than ministerial
amendments or modifications that could not reasonably be expected to adversely affect Holder’s rights, or Maker’s
duty or ability to perform any of its Obligations, under this Note.

 

9.
Events of Default. The occurrence of any of the following shall constitute an “Event of Default”
under this Note:

 

(a)
Failure to Pay. Maker fails to make any payment of principal or interest when due under the terms of this Note; provided
that a failure to pay the Principal Balance and all accrued but unpaid interest at the Maturity Date shall only constitute
an Event of Default if such failure continues unremedied for a period of ten (10) days following the Maturity Date after written
notice from Holder;

 

    	4

    	 

    

 

(b)
Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator
or custodian of Maker or of all or a substantial part of the property of Maker, or an involuntary case or other proceedings seeking
liquidation, reorganization or other relief with respect to Maker or the debts of Maker under any bankruptcy, insolvency or other
similar law now or hereafter in effect are commenced and an order for relief entered or such proceeding is not dismissed or discharged
within ninety (90) days of such commencement; or

 

(c)
Voluntary Bankruptcy or Insolvency Proceedings. Maker (i) applies for or consents to the appointment of a receiver,
trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) admits in writing to its inability
to pay its debts generally as they mature, (iii) makes a general assignment for the benefit of its or any of its creditors, (iv)
is dissolved or liquidated, (v) commences a voluntary case or other proceeding seeking liquidation, reorganization or other relief
with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consents
to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other
proceeding commenced against it.

 

(d)
Breach of Covenant. Maker fails to comply with any covenant, condition or agreement made by Maker herein if such failure
is not cured by Maker within thirty (30) days after notice from Holder.

 

(e)
Security Interest Default. The security interest granted to Holder herein ceases to constitute a perfected security interest
of first priority in the Collateral.

 

10.
Rights of Holder upon Default. Upon the occurrence or existence of any Event of Default (other than an Event of
Default referred to in Sections 9(b) and 9(c)) and at any time thereafter during the continuance of such Event of
Default, Holder may, by written notice to Maker declare the outstanding Principal Balance, together with accrued interest, to
be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
waived. Upon the occurrence or existence of any Event of Default described in Sections 9(b) and 9(c), immediately
and without notice, the outstanding Principal Balance, together with accrued interest, shall automatically become immediately
due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived.
In addition to the foregoing remedies, upon the occurrence or existence of any Event of Default and at any time thereafter during
the continuance of such Event of Default, Holder may avail itself of all rights and remedies granted a secured party under the
UCC or other applicable law including, without limiting the generality of the foregoing, the right to sell, assign and deliver
the Collateral, or any part thereof, at public or private sale, at such place as Holder may deem best. At such sale, Holder shall
have the right to purchase the Collateral, or any part thereof. At any such sale, Holder may, in its discretion, restrict the
prospective bidders or purchasers to persons who will represent and warrant that they are acquiring the Collateral, for their
own account, for investment only and not with the view towards the resale or distribution thereof, and who will make such further
representations and warranties as Holder may, in its discretion, deem necessary or desirable to assure Holder that such prospective
bidders or purchasers are, with respect to the applicable federal and state securities laws and rules, suitable bidders or purchasers
of such Collateral, which restrictions, as to prospective bidders and purchasers, the parties agree are commercially reasonable.
The parties agree that written notice mailed to Maker ten (10) business days prior to the date of public sale of the Collateral,
or ten (10) business days prior to the date after which private sale or any other disposition of the Collateral will be made,
shall constitute reasonable notice (all such notices, demands or advertisements of any kind being hereby expressly waived), but
notice given in any other manner or any other time, in each case as permitted by the UCC, shall be sufficient. Holder may proceed
against such security as Holder has with respect to the Obligations, in such fashion and in such order as Holder may desire, and
Holder shall not be deemed to have waived any of its security rights or other rights by virtue of the order or fashion in which
it elects to realize on the various security interests which it has to secure said debt, or by virtue of bringing any action to
realize on any of the various security interests. exercise any other right, power or remedy, either by suit in equity or by action
at law, or both. All of the rights, powers and remedies of Holder shall be cumulative, and may be exercised independently, concurrently
or successively in Holder’s sole discretion. No waiver by Holder of any default shall operate as a waiver of any other default
or of the same default on a future occasion. No delay or omission on the part of Holder in exercising any right or remedy shall
operate as a waiver thereof and no single or partial exercise by Holder of any right or remedy shall preclude any other or future
exercise thereof or the exercise of any other right or remedy. Upon disposition by Holder of any Collateral, Maker shall be and
remain liable for any deficiency; and Holder shall account to Maker for any surplus, but Holder shall have the right to apply
all or any part of such surplus to (or to hold the same as a reserve against) all or any liabilities of Maker to Holder then due,
and in such order of application as Holder may from time to time elect.

 

    	5

    	 

    

 

11.
Successors and Assigns. Subject to the restrictions on transfer described in Sections 13 and 14 below,
the rights and obligations of Maker and Holder shall be binding upon and benefit the successors, assigns, heirs, administrators
and transferees of the parties.

 

12.
Waiver and Amendment. Any term, covenant, agreement or condition of this Note may be amended, and compliance therewith
may be waived (either generally or in a particular circumstance and either retroactively or prospectively) with the written consent
of Maker, Holder, and any subsequent holder of this Note.

 

13.
Transfer of this Note by Holder. Holder may not assign, pledge, or otherwise transfer this Note without the prior
written consent of Maker, except that Holder may assign this Note and its rights hereunder to any affiliate of Holder; provided
that Maker is given written notice at the time of such assignment stating the name and address of the assignee and such assignee
agrees in writing to be bound by the terms of this Note and the Contribution Agreement. Subject to the foregoing, this Note may
be transferred only upon compliance with the securities law restrictions set forth in this Note, the surrender of the original
Note for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory
to Maker and its counsel. Thereupon, a new note for the same Principal Balance and interest will be issued to, and registered
in the name of, the assignee. Interest and Principal Balance amounts are payable only to the registered holder of this Note.

 

14.
Assignment by Maker. Neither this Note nor any of the rights, interests or obligations hereunder may be assigned,
by operation of law or otherwise, in whole or in part, by Maker without the prior written consent of Holder.

 

15.
Payment. All payments of Principal Balance, interest and any other amounts (other than by conversion) shall be made
in lawful money of the United States of America and in immediately available funds at such place as Holder may from time to time
designate in writing to Maker. Payment shall be credited first to Holder expenses, second to accrued interest then due and payable,
if any, and then the remainder applied to the Principal Balance. All payments by Maker under this Note shall be made without set-off
or counterclaim and be free and clear and without any deduction or withholding for any taxes or fees of any nature whatsoever,
unless the obligation to make such deduction or withholding is imposed by law. Maker shall pay and save Holder harmless from all
liabilities with respect to or resulting from any delay or omission to make any such deduction or withholding required by law.

 

    	6

    	 

    

 

16.
Usury; Default Interest. During any period in which an Event of Default has occurred and is continuing, Maker shall
pay interest on the unpaid Principal Balance of this Note at a rate per annum equal to the rate otherwise applicable hereunder
plus 6%. In the event any interest is paid on this Note which is deemed to be in excess of the then legal maximum rate, then that
portion of the interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of Principal
Balance and applied against the Principal Balance of this Note.

 

17.
Prevailing Party. In any action at law or in equity to enforce or construe any provisions or rights under this Note,
the non-prevailing party to such litigation, as determined by a court pursuant to a final order, judgment or decree, shall pay
to the prevailing party all costs, expenses and reasonable attorneys’ fees incurred by such prevailing party (including,
without limitation, such costs, expenses and fees on any appeal), which costs, expenses and attorneys’ fees shall be included
as part of any order, judgment or decree.

 

18.
Loss of Note. Upon receipt by Maker of evidence satisfactory to it of the loss, theft, destruction or mutilation
of this Note or any Note exchanged for it, and indemnity satisfactory to Maker (in case of loss, theft or destruction) or surrender
and cancellation of such Note (in the case of mutilation), Maker will (at Holder’s expense) make and deliver in lieu of
such Note a new Note of like tenor.

 

19.
Saturdays, Sundays, Holidays. If any date that may at any time be specified in this Note as a date for the making
of any payment of principal or interest under this Note shall fall on Saturday, Sunday or legal holiday in the State of Florida,
then the date for the making of that payment shall be the next subsequent day which is not a Saturday, Sunday, or legal holiday.

 

20.
Governing Law. This Note shall be construed in accordance with and governed by the laws of the State of Delaware,
without regard to conflicts of law provisions.

 

21.
Waiver of Jury Trial. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS NOTE.

 

22.
Time is of the Essence. Time is of the essence with respect to the payment and performance of the obligations of
this Note.

 

23.
Documentary Stamp Taxes. MAKER SHALL BE LIABLE FOR DOCUMENTARY STAMP TAXES AND ANY PENALTIES AND INTEREST ASSOCIATED
WITH THAT TAX PAYABLE WITH RESPECT TO THIS NOTE, AND ANY SUBSEQUENT RENEWALS, MODIFICATIONS OR AMENDMENTS OF THIS NOTE.

 

24.
Consent to Jurisdiction. MAKER AND HOLDER IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND
FEDERAL COURTS LOCATED IN HILLSBOROUGH COUNTY, FLORIDA AND EACH OF THE FEDERAL AND STATE COURTS HAVING APPEALS JURISDICTION WITH
RESPECT THERETO FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS NOTE, ANY RELATED AGREEMENT OR ANY
TRANSACTION CONTEMPLATED HEREBY OR THEREBY. MAKER AND THE HOLDER HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO
THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS NOTE, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY IN THE STATE AND FEDERAL COURTS LOCATED IN HILLSBOROUGH COUNTY, FLORIDA AND EACH OF THE FEDERAL AND STATE COURTS
HAVING APPEALS JURISDICTION WITH RESPECT THERETO, AND HEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVE AND AGREE NOT TO PLEAD
OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.

 

[Signature
page follows]

 

    	7

    	 

    

 

IN
WITNESS WHEREOF, Maker has caused this Note to be issued as of the date first written above.

 

	 	MEDOVEX,
    LLC,
	 	a
    Delaware limited liability company
	 	 	          
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Secured
Convertible Promissory Note Payable to Medovex Corp.Exhibit
4.1

 

EXHIBIT
C

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT

 

Cipherloc
Corporation

 

	Warrant
    Shares: _______	 	Initial
    Exercise Date: ________, 20__

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m.
(New York City time) on ______________1 (the “Termination Date”) but not thereafter, to subscribe
for and purchase from Cipherloc Corporation, a Texas corporation (the “Company”), up to ______ shares (as subject
to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock
under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated _________, 2021, among the Company and the
purchasers signatory thereto.

 

 

	1	5 years after issue date.

 

    	 	1	 

    	 

    

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly
executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto
(the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid,
the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer
or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below
is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein
to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased
all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is
delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant
Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in
an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount
stated on the face hereof.

 

b)
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $___2, subject
to adjustment hereunder (the “Exercise Price”).

 

c)
Cashless Exercise. Notwithstanding anything contained herein to the contrary, if at the time of exercise hereof the Registration
Statement (or another registration statement) is not effective (or the prospectus contained therein is not available for use)
for the issuance of all of the Warrant Shares, then the Holder may, in its sole discretion, exercise this Warrant, in whole or
in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number
of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A)
    =	as
    applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
    of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
    executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
    (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii)
    at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice
    of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the
    time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular
    trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after
    the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the
    date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise
    is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such
    Trading Day;
	 	 	 
	 	(B)
    =	the
Exercise Price of this Warrant, as adjusted hereunder; and 
	 	 	 
	 	(X)
    =	the
number of Warrant 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.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any
position contrary to this Section 2(c).

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTC:CLOK is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTC:CLOK as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTC:CLOK and if prices for the Common Stock are then reported
on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock
as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

 

	2	200% of “Per Share Purchase Price” under Purchase Agreement

 

    	 	2	 

    	 

    

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTC:CLOK is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTC:CLOK as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTC:CLOK and if prices for the Common Stock are then reported
in The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock
as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company
is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder
without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise
by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder
in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the
Notice of Exercise and (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company (such date, the
“Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all
corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than
in the case of a cashless exercise) is received within two (2) Trading Days following delivery of the Notice of Exercise.

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

iii.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

iv.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

v.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

    	 	3	 

    	 

    

 

e)
Holder’s Exercise Limitations. 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 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, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), 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 and Attribution Parties 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
or Attribution Parties 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 or Attribution Parties.
Except as set forth in the preceding sentence, for purposes of this Section 2(e), 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(e) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) 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 Attribution Parties) 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.
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. For purposes of this Section 2(e), 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 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 the Transfer Agent setting forth the
number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading
Day 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 or Attribution Parties 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 limitations contained in this paragraph shall apply to a successor holder of this
Warrant.

 

    	 	4	 

    	 

    

 

Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)
Adjustment Upon Issuance of Shares of Common Stock. If and whenever on or after the date of issuance (the “Issuance
Date”), the Company issues or sells, or in accordance with this Section 3(b) is deemed to have issued or sold, any shares
of Common Stock and/or Common Stock Equivalents (excluding any Exempt Issuance issued or sold or deemed to have been issued or
sold) for a consideration per share (the “New Issuance Price”) less than a price equal to the Exercise Price in effect
immediately prior to such issuance or sale or deemed issuance or sale (such Exercise Price then in effect is referred to herein
as the “Applicable Price”) (the foregoing a “Dilutive Issuance”), then immediately upon such Dilutive
Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New Issuance Price, and the number of shares
issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged. For all purposes of the foregoing (including, without limitation, determining the adjusted Exercise Price
and the New Issuance Price under this Section 3(b)), the following shall be applicable:

 

i.
Issuance of Options. If the Company in any manner grants or sells any rights, warrants or options to subscribe for or purchase
shares of preferred stock and/or Common Stock or Common Stock Equivalents (“Options”) and the lowest price per share
for which one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise
or exchange of any Common Stock Equivalents issuable upon exercise of any such Option or otherwise pursuant to the terms thereof
is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and
sold by the Company at the time of the granting or sale of such Option for such price per share. For purposes of this Section
3(b)(i), the “lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Options
or upon conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise of any such Option or otherwise
pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if
any) received or receivable by the Company with respect to any one share of Common Stock upon the granting or sale of such Option,
upon exercise of such Option and upon conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise
of such Option or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option for which
one share of Common Stock is issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any Common
Stock Equivalents issuable upon exercise of any such Option or otherwise pursuant to the terms thereof. Except as contemplated
below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common Stock or of
such Common Stock Equivalents upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance
of such shares of Common Stock upon conversion, exercise or exchange of such Common Stock Equivalents. This Section 3(b)(i) shall
not apply to any Exempt Issuance.

 

    	 	5	 

    	 

    

 

ii.
Issuance of Common Stock Equivalents. If the Company in any manner issues or sells any Common Stock Equivalents and the
lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof
or otherwise pursuant to the terms thereof is less than the Exercise Price, then such share of Common Stock shall be deemed to
be outstanding and to have been issued and sold by the Company at the time of the issuance or sale of such Common Stock Equivalents
for such price per share. For the purposes of this Section 3(b)(ii), the “lowest price per share for which one share of
Common Stock is issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof” shall
be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company
with respect to one share of Common Stock upon the issuance or sale of the Common Stock Equivalent and upon conversion, exercise
or exchange of such Common Stock Equivalent or otherwise pursuant to the terms thereof and (y) the lowest conversion price set
forth in such Common Stock Equivalent for which one share of Common Stock is issuable upon conversion, exercise or exchange thereof
or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Common Stock
Equivalent (or any other Person) upon the issuance or sale of such Common Stock Equivalent plus the value of any other consideration
received or receivable by, or benefit conferred on, the holder of such Common Stock Equivalent (or any other Person). Except as
contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common
Stock upon conversion, exercise or exchange of such Common Stock Equivalents or otherwise pursuant to the terms thereof, and if
any such issuance or sale of such Common Stock Equivalents is made upon exercise of any Options for which adjustment of the Warrant
has been or is to be made pursuant to other provisions of this Section 3(b), except as contemplated below, no further adjustment
of the Exercise Price shall be made by reason of such issuance or sale.

 

iii.
Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional
consideration, if any, payable upon the issue, conversion, exercise or exchange of any Common Stock Equivalents, or the rate at
which any Common Stock Equivalents are convertible into or exercisable or exchangeable for shares of Common Stock increases or
decreases at any time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an
event referred to in Section 3(a)), the Exercise Price in effect at the time of such increase or decrease shall be adjusted to
the Exercise Price which would have been in effect at such time had such Options or Common Stock Equivalents provided for such
increased or decreased purchase price, additional consideration or increased or decreased conversion rate, as the case may be,
at the time initially granted, issued or sold. For purposes of this Section 3(b)(iii), if the terms of any Option or Common Stock
Equivalents that was outstanding as of the Issuance Date are increased or decreased in the manner described in the immediately
preceding sentence, then such Option or Common Stock Equivalents and the shares of Common Stock deemed issuable upon exercise,
conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease. No adjustment
pursuant to this Section 3(b) shall be made if such adjustment would result in an increase of the Exercise Price then in effect.

 

    	 	6	 

    	 

    

 

iv.
Calculation of Consideration Received. If any Option and/or Common Stock Equivalent and/or Adjustment Right is issued in
connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder,
the “Primary Security”, and such Option and/or Common Stock Equivalent and/or Adjustment Right, the “Secondary
Securities” and together with the Primary Security, each a “Unit”), together comprising one integrated transaction,
the aggregate consideration per share of Common Stock with respect to such Primary Security shall be deemed to be the lower of
(x) the purchase price of such Unit, (y) if such Primary Security is an Option and/or Common Stock Equivalent, the lowest price
per share for which one share of Common Stock is at any time issuable upon the exercise or conversion of the Primary Security
in accordance with Section 3(b)(i) or 3(b)(ii) above and (z) the lowest VWAP of the Common Stock on any Trading Day during the
four Trading Day period immediately following the public announcement of such Dilutive Issuance (for the avoidance of doubt, if
such public announcement is released prior to the opening of the Trading Market on a Trading Day, such Trading Day shall be the
first Trading Day in such four Trading Day period). If any shares of Common Stock, Options or Common Stock Equivalents are issued
or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount
of consideration received by the Company therefor. If any shares of Common Stock, Options or Common Stock Equivalents are issued
or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of
such consideration, except where such consideration consists of publicly traded securities, in which case the amount of consideration
received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each of the five
(5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Common Stock Equivalents
are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity,
the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the
non-surviving entity as is attributable to such shares of Common Stock, Options or Common Stock Equivalents (as the case may be).
The fair value of any consideration other than cash or publicly traded securities will be determined jointly by the Company and
the Holder. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation
(the “Valuation Event”), the fair value of such consideration will be determined within five (5) Trading Days after
the tenth (10th) day following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and
the Holder. The determination of such appraiser shall be final and binding upon all parties absent manifest error and the fees
and expenses of such appraiser shall be borne by the Company.

 

v.
Record Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A)
to receive a dividend or other distribution payable in shares of Common Stock, Options or in Common Stock Equivalents or (B) to
subscribe for or purchase shares of Common Stock, Options or Common Stock Equivalents, then such record date will be deemed to
be the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such
dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the
case may be).

 

    	 	7	 

    	 

    

 

c)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common
Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making
or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock
of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is
exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to
the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise
of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder
to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being
for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise
every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect
as if such Successor Entity had been named as the Company herein.

 

    	 	8	 

    	 

    

 

d)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

e)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall
be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company (and
all of its Subsidiaries, taken as a whole) is a party, any sale or transfer of all or substantially all of the assets of the Company,
or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company
shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each
case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address
as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record
to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date
as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common
Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or
share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect
the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant
constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

f)
Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time
during the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to
any amount and for any period of time deemed appropriate by the board of directors of the Company.

 

Section
4. Transfer of Warrant.

 

a)
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d)
hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without
limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender
this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company
assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.

 

    	 	9	 

    	 

    

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

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

 

d)
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

 

e)
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a
view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting
rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i),
except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless
exercise” pursuant to Section 2(c) herein, in no event shall the Company be required to net cash settle an exercise of this
Warrant.

 

    	 	10	 

    	 

    

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)
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 not be a Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

    	 	11	 

    	 

    

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the provisions of the Purchase Agreement.

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered,
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities
laws.

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting
any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Purchase Agreement.

 

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

j)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

k)
Amendment. This Warrant may not be modified or amended or the provisions hereof waived without the written consent of the
Company and the Holder of this Warrant.

 

l)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

m)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

    	 	12	 

    	 

    

 

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

 

	 	Cipherloc Corporation
	 	 	                
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

    	 	13	 

    	 

    

 

NOTICE
OF EXERCISE

 

To:
Cipherloc Corporation

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

[  ]
in lawful money of the United States; or

 

[  ]
[if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)
Accredited Investor. 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:
___________________________________________________________________________________________

 

    	 

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	______________________________________
	 	(Please
    Print)
	 	 
	Address:	______________________________________
	 	(Please
    Print)
	 	 
	Phone
    Number:	______________________________________
	 	 
	Email
    Address:	______________________________________
	 	 
	Dated:
    _______________ __, ______	 
	 	 
	Holder’s
    Signature:                                            	 
	 	 
	Holder’s
    Address:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]