Document:

SUBSCRIPTION AGREEMENT

 

THIS
SUBSCRIPTION AGREEMENT (this “Agreement”) is dated as of October 10, 2012, by and between BeesFree, Inc.,
a Nevada corporation (the “Company”), and the subscribers identified on Schedule
1 hereto (collectively, the “Subscribers” and each, a “Subscriber”).

 

WHEREAS, the
Company and the Subscribers are executing and delivering this Agreement in reliance upon an exemption from securities registration
afforded by the provisions of Section 4(a)(2), Section 4(a)(5) and/or Regulation D (“Regulation D”), as promulgated
by the United States Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933,
as amended (the “1933 Act”);

 

WHEREAS, the
parties hereto desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to
the Subscribers, as provided herein, and the Subscribers, in the aggregate, shall purchase up to 22,857 of shares of Series B 12%
Cumulative Convertible Preferred Stock of the Company, par value $0.001 per share (“Preferred Stock”),
at a purchase price (the “Purchase Price”) equal to one hundred seventy-five ($175.00) dollars per
share, which Preferred Stock shall be convertible into shares of the Company’s common stock, $0.001 par value per share (the
“Common Stock”), subject to the rights and preferences described in the form of Certificate of Designation annexed
hereto as Exhibit A (“Certificate of Designation”); and Series B Common Stock purchase warrants (the
“Warrants”) in the form attached hereto as Exhibit B, to purchase shares of Common Stock (the “Warrant
Shares”) (the “Offering”). The Preferred Stock, shares of Common Stock issuable upon conversion of
the Preferred Stock (the “Conversion Shares”), the Warrants and the Warrant Shares are collectively referred
to herein as the “Securities”; and

 

WHEREAS, the
aggregate proceeds of the sale of the Preferred Stock and the Warrants contemplated hereby (“Purchase Price”)
shall be held in escrow by the Company in a segregated, non-interest bearing account pending a formal closing of the Offering.

 

NOW, THEREFORE,
in consideration of the mutual covenants and other agreements contained in this Agreement, the Company and each of the Subscribers
hereby agree as follows:

 

1.Closing and
Special Conditions.

 

(a)Closing.
Subject to the satisfaction or waiver of the terms and conditions of this Agreement, on the “Closing Date,”
the Subscribers shall purchase, and the Company shall sell to such Subscribers in accordance with Schedule 1 hereto, the
Preferred Stock and the Warrants as described in Section 2 below. Prior to the Closing, each Subscriber shall deliver to the Company
such Subscriber’s Purchase Price as designated on such Subscriber’s signature page hereto executed by such Subscriber
by either a wire transfer of immediately available funds or delivery of a certified check, to be held in a non-interest-bearing
escrow account, equal to such Subscriber’s Purchase Price, and the Company shall, not later than forty-five (45) calendar
days following the Closing Date, deliver to each Purchaser its respective shares of Preferred Stock and Warrant, as determined
pursuant to Section 2. The date the Company releases the funds received from one or more Subscribers to the Company shall be the
Closing Date with respect to such released funds, and each such releases are referred to herein as the “Closing.”

 

2.Series
B Preferred Stock and Series B Warrant.

 

(a)Series
B Preferred Stock. On the Closing Date, each Subscriber shall purchase and the Company shall sell to each such Subscriber,
the number of shares of Preferred Stock designated on such Subscriber’s signature page hereto for such Subscriber’s
Purchase Price indicated thereon in cash.

 

    	 

    	 

    
 

(b)Series
B Warrants. On the Closing Date, the Company shall issue and deliver the Warrants to the Subscribers as follows: (i) one Warrant
to purchase one hundred (100) shares of common Stock shall be issued for each one hundred seventy-five ($175.00) dollars of Purchase
Price paid by a Subscriber on the Closing Date. The exercise price to acquire a Warrant Share upon exercise of a Warrant shall
be $2.62, subject to adjustment as described in the Warrants. The Warrants shall be exercisable
until five (5) years after the Closing Date.

 

3.Payment
and Allocation of Purchase Price. In consideration of the issuance of the Preferred Stock and Warrants on the Closing Date,
each Subscriber shall pay to or for the benefit of the Company such Subscriber’s Purchase Price, in cash, as
set forth on the signature pages hereto. The number of Warrant Shares eligible for purchase by each such Subscriber is set forth
on the signature pages hereto. 

 

4.Subscriber Representations and Warranties. Each of the Subscribers,
severally but not jointly, hereby represents and warrants to, and agrees with the Company that, with respect only to such Subscriber:

 

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

 

(b)No Conflicts. The execution,
delivery and performance of this Agreement and the other Transaction Documents and the consummation by such Subscriber of the
transactions contemplated hereby and thereby or relating hereto do not and will not (i) result in a violation of such Subscriber’s
charter documents, bylaws or other organizational documents, if applicable; (ii) conflict with nor constitute a default (or an
event which with notice or lapse of time or both would become a default) under any agreement to which such Subscriber is a party;
or (iii) result in a violation of any law, rule or regulation, or any order, judgment or decree of any court or governmental agency
applicable to such Subscriber or its properties (except for such conflicts, defaults and violations as would not, individually
or in the aggregate, have a material adverse effect on Subscriber). Such Subscriber is not required to obtain any consent, authorization
or order of, or make any filing or registration with, any court or governmental agency in order for such Subscriber to execute,
deliver or perform any of such Subscriber’s obligations under this Agreement and the other Transaction Documents, nor to
purchase the Securities in accordance with the terms hereof, provided that for purposes of the representation made in this
sentence, such Subscriber is assuming and relying upon the accuracy of the relevant representations and agreements of the Company
herein.

 

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(c)Disclosure
Information on Company. Such Subscriber acknowledges that it has been furnished with, either by the Company or through the
EDGAR Website of the Commission, copies of the Company’s filings made with the Commission through the tenth (10th)
business day preceding the Closing Date (hereinafter collectively referred to as the “Reports”). Such Subscriber
is not deemed to have any knowledge of any information not included in the Reports or the Transaction Documents, unless such information
is delivered in the manner described in the next sentence. In addition, such Subscriber may have received in writing from the
Company such other information concerning its operations, financial condition and other matters as such Subscriber has requested
in writing, identified thereon as OTHER WRITTEN INFORMATION (such other information is collectively, the “Other Written
Information”), and considered all factors such Subscriber deems material in deciding on the advisability of investing
in the Securities. In addition to the foregoing, such Subscriber acknowledges that it has been afforded: (i) the opportunity to
ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms
and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information
about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient
to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses
or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to
the investment. Neither such inquiries nor any other investigation conducted by or on behalf of such Subscriber or its representatives
or counsel shall modify, amend or affect such Subscriber’s right to rely on the truth, accuracy and completeness of the
Reports, Other Written Information and the Company’s representations and warranties contained
in the Transaction Documents.

 

(d)Information
on Subscriber. Such Subscriber is, and will be at the time of the conversion of the Preferred Stock and exercise of the Warrants,
an “accredited investor,” as such term is defined in Rule 501 of Regulation D promulgated by the Commission under
the 1933 Act and as set forth on the Accredited Investor Certification, is experienced in investments and business matters, has
made investments of a speculative nature and has purchased securities of United States publicly-owned companies in the development
stage in private placements in the past and, with its representatives, if any, has such knowledge and experience in financial,
tax and other business matters as to enable such Subscriber to utilize the information made available by the Company to evaluate
the merits and risks of, and to make an informed investment decision with respect to, the proposed purchase, which such Subscriber
hereby agrees represents a speculative investment. Such Subscriber has the authority and is duly and legally qualified to purchase
and own the Securities. Such Subscriber is and acknowledges that it is able to fend for itself, able
to bear the risk of such investment for an indefinite period and to afford a complete loss thereof.

 

(e)Purchase
of Preferred Stock and Warrants. On the Closing Date, such Subscriber will purchase the Preferred Stock and Warrants as principal
for its own account for investment only and not with a view toward, or for resale in connection with, the public sale or any distribution
thereof and such Subscriber has no present intention of selling, granting any participation in, or otherwise distributing the
same. Such Subscriber does not have any contract, undertaking, agreement, or arrangement with any person to sell, transfer, or
grant participation to any person with respect to any of the Securities. 

 

(f)Restricted
Securities. Such Subscriber understands that the Securities have not been registered under the 1933 Act, are characterized
as “Restricted Securities” under federal securities laws inasmuch as they are being acquired from the Company in a
transaction not involving a public offering, and such Subscriber shall not sell, offer to sell, assign, pledge, hypothecate or
otherwise transfer any of the Securities unless pursuant to an effective registration statement under the 1933 Act, or unless
an exemption from registration is available. Notwithstanding anything to the contrary contained in this Agreement, such Subscriber
may transfer (without restriction and without the need for an opinion of counsel) the Securities to its Affiliates (as defined
below), provided that each such Affiliate is an “accredited investor,” as such term is defined under Regulation
D, and such Affiliate agrees in writing to be bound by the terms and conditions of this Agreement. For the purposes of this Agreement,
an “Affiliate” of any person or entity means any other person or entity directly or indirectly controlling, controlled
by or under direct or indirect common control with such person or entity. Without limiting the foregoing, each Subsidiary (as
defined herein) is an Affiliate of the Company. For purposes of this definition, “control” means the power to direct
the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise. Other than consummating the transactions contemplated hereunder, such Subscriber has not, nor has any person acting
on behalf of or pursuant to any understanding with such Subscriber, directly or indirectly executed any purchases or sales, including
short sales, of the securities of the Company during the period commencing from the time that such Subscriber first received
a term sheet (written or oral) from the Company or any other person representing the Company setting forth the material terms
of the transactions contemplated hereunder. Other than to other persons party to this Agreement, such Subscriber has maintained
the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this
transaction). Subscriber represents that it is familiar with SEC Rule 144, as presently in effect, and understands the resale
limitations imposed thereby and by the 1933 Act.

 

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(g)High Risk and Speculative Investment. Subscriber recognizes that
the purchase of the Securities involves a high degree of risk including, but not limited to, the risk factors set forth in
the Reports and the following: (a) the Company requires funds in addition to the proceeds of the Offering; (b) an investment in
the Company is highly speculative, and only investors who can afford the loss of their entire investment should consider investing
in the Company and the Securities; (c) the Subscriber may not be able to liquidate its investment; (d) transferability of the
Securities is extremely limited; (e) the Company may issue additional securities in the future which have rights and preferences
that are senior to those of the Preferred Stock; and (f) that the Common Stock issuable upon conversion of the Preferred Stock
and exercise of the Warrants may not successfully become actively traded. 

 

(h)Conversion
Shares and Warrant Shares Legend. The Conversion Shares and Warrant Shares shall bear the following or similar legend:

 

“THE
ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, NOR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN
THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B)
AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER AND REASONABLY APPROVED BY THE COMPANY), IN A GENERALLY ACCEPTABLE
FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.”

 

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(i)Preferred
Stock and Warrants Legend. The Preferred Stock and Warrants shall bear the following legend:

 

“NEITHER THE ISSUANCE AND SALE
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE [CONVERTIBLE -OR- EXERCISABLE]
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER AND REASONABLY
APPROVED BY THE COMPANY), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD
PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH
A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

(j)Communication
of Offer. The offer to sell the Securities was directly communicated to such Subscriber by the Company. At no time was such
Subscriber presented with or solicited by any leaflet, newspaper or magazine article, radio, internet or television advertisement,
or any other form of general advertising or solicited or invited to attend a promotional meeting otherwise than in connection and
concurrently with such communicated offer.

 

(k)No Governmental
Review. Such Subscriber understands that no United States federal or state agency or any other governmental or state agency
has passed on or made recommendations or endorsement of the Securities or the suitability of the investment in the Securities,
nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(l)Independent
Decision. The decision of such Subscriber to purchase Securities has been made by such Subscriber independently of any
other Subscriber and independently of any information, materials, statements or opinions as to the business, affairs, operations,
assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of the Company which may
have been made or given by any other Subscriber or by any agent or employee of any other Subscriber, and no Subscriber or any of
its agents or employees shall have any liability to any other Subscriber (or any other Person) relating to or arising from any
such information, materials, statements or opinions. 

 

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

 

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

 

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

 

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

 

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

________________________

 

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

 

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

 

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

 

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

 

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(r)Correctness
of Representations. Subscriber represents that the foregoing representations and warranties are true and correct as of the
date hereof and, unless Subscriber otherwise notifies the Company in writing prior to the Closing Date, shall be true and correct
as of the Closing Date.

 

(s)Survival.
The foregoing representations and warranties shall survive the Closing Date.

 

5.Company Representations
and Warranties. Except as set forth in the Schedules hereto, the Company represents and warrants to and agrees with each Subscriber
as follows:

 

(a)Due Incorporation.
The Company and each Subsidiary is a corporation duly incorporated, validly existing and in good standing under the laws of the
jurisdiction of its incorporation, with all requisite corporate power to own its properties and to carry on its business as presently
conducted. The Company is duly qualified as a foreign corporation to do business and is in good standing in each jurisdiction where
the nature of the business conducted or property owned by it makes such qualification necessary, other than those jurisdictions
in which the failure to so qualify would not have a Material Adverse Effect (as defined herein). For purposes of this Agreement,
a “Material Adverse Effect” shall mean a material adverse effect on the financial condition, results of operations,
prospects, properties or business of the Company and its Subsidiaries taken as a whole. For purposes of this Agreement, “Subsidiary”
means, with respect to any entity at any date, any direct or indirect corporation, limited or general partnership, limited liability
company, trust, estate, association, joint venture or other business entity of which (A) more than 30% of (i) the outstanding
capital stock having (in the absence of contingencies) ordinary voting power to elect a majority of the board of directors or other
managing body of such entity, (ii) in the case of a partnership or limited liability company, the interest in the capital
or profits of such partnership or limited liability company or (iii) in the case of a trust, estate, association, joint venture
or other entity, the beneficial interest in such trust, estate, association or other entity business is, at the time of determination,
owned or controlled directly or indirectly through one or more intermediaries, by such entity, or (B) is under the actual control
of the Company. As of the Closing Date, all of the Company’s Subsidiaries and the Company’s other ownership interests
therein are set forth on Schedule 5(a). The Company represents that it owns all of the equity of the Subsidiaries
and rights to receive equity of the Subsidiaries set forth on Schedule 5(a), free and clear of all liens, encumbrances
and claims, except as set forth on Schedule 5(a). No person or entity other than the Company has the right to receive
any equity interest in the Subsidiaries. Other than as set forth on Schedule 5(a), the Company further represents
that neither the Company nor the Subsidiaries have been known by any other names for the five (5) years preceding the date of this
Agreement.

 

(b)Outstanding
Stock. All issued and outstanding shares of capital stock and equity interests in the Company have been duly authorized and
validly issued and are fully paid and non-assessable.

 

(c)Authority;
Enforceability. This Agreement, the Preferred Stock, Warrants, and any other agreements delivered or required to be delivered
together with or pursuant to this Agreement or in connection herewith (collectively, the “Transaction Documents”)
have been duly authorized, executed and delivered by the Company and/or the Subsidiaries, as the case may be, and are valid and
binding agreements of the Company and/or the Subsidiaries, as the case may be, enforceable in accordance with their terms, subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to
or affecting creditors’ rights generally and to general principles of equity. The Company and/or the Subsidiaries, as the
case may be, have full corporate power and authority necessary to enter into and deliver the Transaction Documents and to perform
their obligations thereunder.

 

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(d)Capitalization
and Additional Issuances. The authorized and outstanding capital stock of the Company and the Subsidiaries on a fully diluted
basis and all outstanding rights to acquire or receive, directly or indirectly, any equity of the Company and/or the Subsidiaries
as of the date of this Agreement and the Closing Date (not including the Securities) are set forth on Schedule 5(d).
Except as set forth on Schedule 5(d), there are no options, warrants or rights to subscribe to securities, rights,
understandings or obligations convertible into or exchangeable for or granting any right to subscribe for any shares of capital
stock or other equity interest of the Company or any of the Subsidiaries. Except as set forth on Schedule 5(d), there
are no outstanding agreements or preemptive or similar rights affecting the Company’s Common Stock or equity.

 

(e)Consents.
No consent, approval, authorization or order of any court, governmental agency or body or arbitrator
having jurisdiction over the Company, the Subsidiaries or any of their Affiliates, any Principal Market (as defined in Section
9(b)) or the Company’s stockholders is required for the execution by the Company of the Transaction Documents and compliance
and performance by the Company and the Subsidiaries of their respective obligations under the Transaction Documents, including,
without limitation, the issuance and sale of the Securities, other than (i) the filings required pursuant to this Agreement,
and (ii) the filing of Form D with the Commission and such filings as are required to be made under applicable state securities
laws. The Transaction Documents and the Company’s performance of its obligations thereunder have
been unanimously approved by the Company’s board of directors in accordance with the Company’s articles of incorporation
and applicable law. Any such qualifications and filings will, in the case of qualifications, be effective upon Closing, and will,
in the case of filings, be made within the time prescribed by law.

 

(f)No Violation
or Conflict. Conditioned upon the representations and warranties of Subscriber in Section 4 hereof being materially true and
correct, neither the issuance nor the sale of the Securities nor the performance of the Company’s obligations under this
Agreement and the other Transaction Documents by the Company, will:

 

(i)violate, conflict
with, result in a breach of, or constitute a default (or an event which with the giving of notice or the lapse of time or both
would be reasonably likely to constitute a default) under (A) the articles of incorporation or bylaws of the Company, (B) to the
Company’s knowledge, any decree, judgment, order, law, treaty, rule, regulation or determination applicable to the Company
of any court, governmental agency or body, or arbitrator having jurisdiction over the Company or over the properties or assets
of the Company or any of its Affiliates, (C) the terms of any bond, debenture, note or any other evidence of indebtedness, or any
agreement, stock option or other similar plan, indenture, lease, mortgage, deed of trust or other instrument to which the Company
or any of its Affiliates is a party, by which the Company or any of its Affiliates is bound, or to which any of the properties
of the Company or any of its Affiliates is subject or (D) the terms of any “lock-up” or similar provision of any underwriting
or similar agreement to which the Company, or any of its Affiliates is a party, except the violation, conflict, breach or default
of which would not have a Material Adverse Effect; or

 

(ii)result in the
creation or imposition of any lien, charge or encumbrance upon the Securities or any of the assets of the Company or any of its
Affiliates, except in favor of each Subscriber as described herein; or

 

(iii)except as set
forth in Schedule 5(f) hereto, result in the activation of any rights of first refusal, participation rights, preemptive
rights, anti-dilution rights or a reset or repricing of any debt, equity or security instrument of any creditor or equity holder
of the Company, or the holder of the right to receive any debt, equity or security instrument of the Company, nor result in the
acceleration of the due date of any obligation of the Company; or

 

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(iv)except
as set forth in Schedule 5(f) hereto, result in the triggering of any piggy-back or other registration rights of
any person or entity holding securities of the Company or having the right to receive securities of the Company.

 

(g)The Securities.
The Securities upon issuance:

 

(i)are, or will be,
free and clear of any security interests, liens, claims or other encumbrances, subject only to restrictions upon transfer under
the 1933 Act and any applicable state securities laws;

 

(ii)have been, or
will be, duly and validly authorized and on the dates of issuance of the Preferred Stock and Warrants, the Conversion Shares upon
conversion of the Preferred Stock, and the Warrant Shares upon exercise of the Warrants, such Preferred Stock, Warrants, Conversion
Shares and Warrant Shares will be duly and validly issued, fully paid and non-assessable;

 

(iii)will not have
been issued or sold in violation of any preemptive or other similar rights of the holders of any securities of the Company or rights
to acquire securities or debt of the Company;

 

(iv)will not subject
the holders thereof to personal liability by reason of being such holders; and

 

(v)conditioned
upon the representations and warranties of the Subscribers as set forth in Section 4 hereof being materially true and correct,
will not result in a violation of Section 5 under the 1933 Act.

 

(h)Litigation.
There is no pending or, to the best knowledge of the Company, threatened action, suit, proceeding or investigation before any court,
governmental agency or body, or arbitrator having jurisdiction over the Company, or any of its Affiliates that would adversely
affect the execution by the Company or the complete and timely performance by the Company of its obligations under the Transaction
Documents. Except as disclosed in the Reports, there is no pending or, to the best knowledge of the Company, basis for or threatened
action, suit, proceeding or investigation before any court, governmental agency or body, or arbitrator having jurisdiction over
the Company, or any of its Affiliates which litigation if adversely determined would have a Material Adverse Effect.

 

(i)No Market
Manipulation. The Company and its Affiliates have not taken, and will not take, directly or indirectly, any action designed
to, or that might reasonably be expected to, cause or result in stabilization or manipulation of the price of the Common Stock
to facilitate the sale or resale of the Securities or affect the price at which the Securities may be issued or resold.

 

(j)Information
Concerning Company. As of the date of this Agreement and the Closing Date, the Reports and Other Written Information contain
and will contain all material information relating to the Company and its operations and financial condition as of their respective
dates which information is required to be disclosed therein. Since December 31, 2011, and except as disclosed in the Reports or
modified in the Reports and Other Written Information or in the Schedules hereto, there has been no Material Adverse Effect relating
to the Company’s business, financial condition or affairs. The Reports and Other Written Information including the financial
statements included therein do not contain any untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, taken as a whole, not misleading in light of the circumstances and
when made.

 

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(k)Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the
Company of the proceeds from the sale of the Securities hereunder, (i) the Company’s fair saleable value of its assets exceeds
the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including
known contingent liabilities) as they mature; (ii) the Company’s assets do not constitute unreasonably small capital to carry
on its business for the current fiscal year as now conducted and as proposed to be conducted, including its capital needs taking
into account the particular capital requirements of the business conducted by the Company, and projected capital requirements and
capital availability thereof; and (iii) the current cash flow of the Company, together with the proceeds the Company would receive,
were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay
all amounts on or in respect of its debt when such amounts are required to be paid. The Company does not intend to incur debts
beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in
respect of its debt).

 

(l)Defaults.
The Company is not in violation of its articles of incorporation or bylaws. The Company is (i) not in default under or in violation
of any other material agreement or instrument to which it is a party or by which it or any of its properties are bound or affected,
which default or violation would have a Material Adverse Effect, (ii) not in default with respect to any order of any court, arbitrator
or governmental body or subject to or party to any order of any court or governmental authority arising out of any action, suit
or proceeding under any statute or other law respecting antitrust, monopoly, restraint of trade, unfair competition or similar
matters which default would have a Material Adverse Effect, or (iii) not in violation of any statute, rule or regulation of any
governmental authority which violation would have a Material Adverse Effect.

 

(m)No Integrated
Offering. Neither the Company, nor any of its Affiliates, nor any person acting on its or their behalf, has directly or indirectly
made any offers or sales of any security of the Company nor solicited any offers to buy any security of the Company under circumstances
that would cause the offer of the Securities pursuant to this Agreement to be integrated with prior offerings by the Company for
purposes of the 1933 Act or any applicable stockholder approval provisions, including, without limitation, under the rules and
regulations of the OTC Market. No prior offering will impair the exemptions relied upon in this Offering or the Company’s
ability to timely comply with its obligations hereunder. Neither the Company nor any of its Affiliates will take any action or
suffer any inaction or conduct any offering other than the transactions contemplated hereby that may be integrated with the offer
or issuance of the Securities or that would impair the exemptions relied upon in this Offering or the Company’s ability to
timely comply with its obligations hereunder.

 

(n)No General
Solicitation. Neither the Company, nor any of its Affiliates, nor to its knowledge, any person acting on its or their behalf,
has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the 1933 Act)
in connection with the offer or sale of the Securities.

 

(o)No Undisclosed
Liabilities. The Company has no liabilities or obligations which are material, individually or in the aggregate, other than
those incurred in the ordinary course of the Company’s business since December 31, 2011, and which, individually or in the
aggregate, would reasonably be expected to have a Material Adverse Effect, except as disclosed in the Reports or in Schedule
5(o).

 

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(p)No Undisclosed
Events or Circumstances. Since December 31, 2011, except as disclosed in the Reports, no event or circumstance has occurred
or exists with respect to the Company or its businesses, properties, operations or financial condition, that, under applicable
law, rule or regulation, requires public disclosure or announcement prior to the date hereof by the Company but which has not been
so publicly announced or disclosed in the Reports.

 

(q)Dilution.
The Company’s executive officers and directors understand the nature of the Securities being sold hereby and recognize that
the issuance of the Securities will have a potential dilutive effect on the equity holdings of other holders of the Company’s
equity or rights to receive equity of the Company. The board of directors of the Company has concluded, in its good faith business
judgment, that the issuance of the Securities is in the best interests of the Company. The Company specifically acknowledges that
its obligation to issue the Conversion Shares upon conversion of the Preferred Stock and the Warrant Shares upon exercise of the
Warrants is binding upon the Company and enforceable regardless of the dilution such issuance may have on the ownership interests
of other stockholders of the Company or parties entitled to receive equity of the Company.

 

(r)No Disagreements
with Accountants and Lawyers. There are no material disagreements of any kind presently existing, or reasonably anticipated
by the Company to arise, between the Company and the accountants and lawyers previously and presently employed by the Company,
including, but not limited to, disputes or conflicts over payment owed to such accountants and lawyers, nor have there been any
such disagreements during the two years prior to the Closing Date.

 

(s)Investment
Company. Neither the Company nor any Affiliate of the Company is an “investment company” within the meaning of
the Investment Company Act of 1940, as amended.

 

(t)Foreign Corrupt
Practices. Neither the Company, nor to the knowledge of the Company, any Subsidiary, any agent or other person acting on behalf
of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment
or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic
government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed
to disclose fully any contribution made by the Company (or made by any person acting on its behalf of which the Company is aware)
which is in violation of law, or (iv) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977,
as amended.

 

(u)Reporting
Company/Shell Company. The Company is a publicly-held company subject to reporting obligations pursuant to Section 13 of the
1934 Act and has a class of Common Stock registered pursuant to Section 12(g) of the 1934 Act. Pursuant to the provisions of the
1934 Act, the Company has timely filed all reports and other materials required to be filed thereunder with the Commission during
the preceding twelve months. As of the Closing Date, the Company is not a “shell company” but is a “former shell
company” as those terms are employed in Rule 144 under the 1933 Act.

 

(v)Listing.
The Company’s Common Stock is quoted on the over-the-counter market maintained by the OTC Markets Group, Inc. (the “OTC
Market”) under the symbol “BEES”. The Company has not received any pending oral or written notice that its
Common Stock is not eligible nor will become ineligible for quotation on the OTC Market nor that its Common Stock does not meet
all requirements for the continuation of such quotation.

 

(w)DTC Status.
The Company’s transfer agent is a participant in, and the Common Stock is or shall be eligible for transfer pursuant to,
the Depository Trust Company Automated Securities Transfer Program. The name, address, telephone number, fax number, contact person
and email address of the Company transfer agent is set forth on Schedule 5(w) hereto.

 

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(x)Company Predecessor
and Subsidiaries. The Company makes each of the representations contained in Sections 5(a), (b), (c), (d), (e), (f), (h), (j),
(k), (l), (o), (p), (r), (s) and (t) of this Agreement, as same relate or could be applicable to each Subsidiary. All representations
made by or relating to the Company of a historical or prospective nature and all undertakings described in Section 9 shall relate,
apply and refer to the Company and the Subsidiaries and their predecessors and successors.

 

(y)Correctness
of Representations. The Company represents that the foregoing representations and warranties are true and correct as of the
date hereof in all material respects, and, unless the Company otherwise notifies the Subscribers prior to the Closing Date, shall
be true and correct in all material respects as of the Closing Date; provided that if such representation or warranty is
made as of a different date, such representation or warranty shall be true as of such date.

 

(z)Survival.
The foregoing representations and warranties shall survive the Closing Date.

 

6.Regulation D
Offering. The offer and issuance of the Securities to the Subscribers is being made pursuant to an exemption from the registration
provisions of the 1933 Act afforded by Section 4(a)(2) or Section 4(a)(5) of the 1933 Act and/or Rule 506 of Regulation D promulgated
thereunder. The Company will provide, at the Company’s expense, to the Subscribers such legal opinions, if any, as are necessary
in each Subscriber’s opinion for the issuance and resale of the Conversion Shares and Warrant Shares pursuant to an exemption
from registration such as Rule 144 under the 1933 Act.

 

7.Broker’s
Commission/Finder’s Fee. The Company on the one hand, and each Subscriber (for such Subscriber only) on the other
hand, agrees to indemnify the other against and hold the other harmless from any and all liabilities to any persons claiming brokerage
commissions or similar fees on account of services purported to have been rendered on behalf of the indemnifying party in connection
with this Agreement or the transactions contemplated hereby and arising out of such party’s actions, other than as listed
on Schedule 7 hereto. Other than as set forth on Schedule
7 hereto, the Company represents that to the best of its knowledge, there are no parties entitled to receive fees,
commissions, finder’s fees, due diligence fees or similar payments in connection with the Offering. Anything in this Agreement
to the contrary notwithstanding, each Subscriber is providing indemnification only for such Subscriber’s own actions and
not for any action of any other Subscriber. The liability of the Company and each Subscriber’s liability hereunder is several
and not joint.

 

8.Fees and Expenses.
Each party shall pay the fees and expenses of its advisors, counsel, accountants and other experts, if any, and all other expenses,
incurred by such party incident to the negotiation, preparation, execution, delivery and performance of the Transaction Documents.

 

9.Covenants of
the Company. The Company covenants and agrees with the Subscribers as follows:

 

(a)Stop Orders.
Subject to the prior notice requirement described in Section 9(n) hereof, the Company will advise the Subscribers, within twenty-four
(24) hours after it receives notice of issuance by the Commission, any state securities commission or any other regulatory authority
of any stop order or of any order preventing or suspending any offering of any securities of the Company, or of the suspension
of the qualification of the Common Stock of the Company for offering or sale in any jurisdiction, or the initiation of any proceeding
for any such purpose. The Company will not issue any stop transfer order or other order impeding the sale, resale or delivery of
any of the Securities, except as may be required by any applicable federal or state securities laws, provided at least five
(5) business days prior notice of such instruction, to the extent practicable, is given to the Subscribers so long as the Subscribers
hold at least 100,000 shares of Preferred Stock.

 

    	12

    	 

    
 

(b)Listing/Quotation.
The Company shall promptly secure the quotation or listing of the Conversion Shares and Warrant Shares upon each national securities
exchange, or automated quotation system upon which the Company’s Common Stock is quoted or listed and upon which such Conversion
Shares and Warrant Shares are or become eligible for quotation or listing (subject to official notice of issuance) and shall maintain
same so long as any Preferred Stock and Warrants are outstanding. The Company will maintain the quotation or listing of its Common
Stock on the NYSE Amex Equities, Nasdaq Capital Market, Nasdaq Global Market, Nasdaq Global Select Market, OTC Market, Bulletin
Board, or New York Stock Exchange (whichever of the foregoing is at the time the principal trading exchange or market for the Common
Stock) (the “Principal Market”), and will comply in all respects with the Company’s reporting, filing
and other obligations under the bylaws or rules of the Principal Market, as applicable. Subject to the limitation set forth in
Section 9(n) hereof, the Company will provide the Subscribers with copies of all notices it receives notifying the Company of the
threatened and actual delisting of the Common Stock from any Principal Market. As of the date of this Agreement and the Closing
Date, the OTC Market is the Principal Market.

 

(c)Market Regulations.
If required, the Company shall notify the Commission, the Principal Market and applicable state authorities, in accordance with
their requirements, of the transactions contemplated by this Agreement, and shall take all other necessary action and proceedings
as may be required and permitted by applicable law, rule and regulation, for the legal and valid issuance of the Securities to
the Subscribers and promptly provide copies thereof to the Subscribers.

 

(d)Filing
Requirements. From the date of this Agreement and until the earlier to occur of (i) all the Conversion Shares and Warrant
Shares have been resold or transferred by the Subscribers, (ii) none of the Preferred Stock and Warrants are outstanding and (iii)
the five year anniversary of the date hereof (the date of such first occurrence being the “End Date”), the Company
will (A) comply in all respects with its reporting and filing obligations under the 1934 Act, (B) voluntarily comply with all reporting
requirements that are applicable to an issuer with a class of shares registered pursuant to Section 12(g) of the 1934 Act even
if the Company is not subject to such reporting requirements sufficient to permit the Subscribers to be able to resell the Conversion
Shares and Warrant Shares pursuant to Rule 144(b)(i) and (C) comply with all requirements related to any registration statement
filed pursuant to this Agreement. The Company will use its commercially reasonable best efforts not to take any action or file
any document (whether or not permitted by the 1933 Act or the 1934 Act or the rules thereunder) to terminate or suspend such registration
or to terminate or suspend its reporting and filing obligations under said acts until the End Date. Until the End Date, the Company
will continue the listing or quotation of the Common Stock on a Principal Market and will comply in all respects with the Company’s
reporting, filing and other obligations under the bylaws or rules of the Principal Market. The Company agrees to timely file a
Form D with respect to the Securities if required under Regulation D and to provide a copy thereof to each Subscriber promptly
after such filing.

 

(e)Use of Proceeds.
The proceeds of the Offering will be substantially employed by the Company for the purposes set forth on Schedule 9(e)
hereto. Except as described on Schedule 9(e), the Purchase Price may not and will not be used for accrued and unpaid
officer and director salaries, nor payment of financing related debt nor redemption of outstanding notes or equity instruments
of the Company nor non-trade payables outstanding on the Closing Date.

 

    	13

    	 

    
 

(f)Reservation.
Prior to the Closing, the Company undertakes to reserve on behalf of the Subscribers from its authorized but unissued Common Stock,
a number of shares of Common Stock equal to 125% of the amount of Common Stock necessary to allow the Subscribers to be able to
convert all of the Preferred Stock and dividends and 100% of the amount of Warrant Shares issuable upon exercise of the Warrants
(“Required Reservation”). Failure to have sufficient shares reserved pursuant to this Section 9(f) at any time
prior to the End Date shall be a material default of the Company’s obligations under this Agreement and an Event of Default
as employed in the Certificate of Designation. Without waiving the foregoing requirement, if at any time the Preferred Stock and
Warrants are outstanding the Company has reserved on behalf of the Subscribers less than the Required Reservation, the Company
will promptly take all action necessary, if required, to increase its authorized capital to be able to fully satisfy its reservation
requirements hereunder, including the filing of a preliminary proxy with the Commission not later than fifteen (15) days after
the first day the Company has reserved less than the Required Reservation. The Company agrees to provide notice to the Subscribers
not later than five days after the date the Company has less than the Required Reservation reserved on behalf of the Subscribers.

 

(g) DTC Program.
At all times that Preferred Stock or Warrants are outstanding, the Company will employ as the transfer agent for the Common Stock,
Conversion Shares and Warrant Shares a participant in the Depository Trust Company Automated Securities Transfer Program and the
Company shall use commercially reasonable efforts to cause such Common Stock, Conversion Shares and Warrant Shares to be eligible
for transfer pursuant to the Depository Trust Company Automated Securities Transfer Program.

 

(h)Taxes.
From the date of this Agreement and until the End Date, the Company will promptly pay and discharge, or cause to be paid and discharged,
when due and payable, all lawful taxes, assessments and governmental charges or levies imposed upon the income, profits, property
or business of the Company; provided, however, that any such tax, assessment, charge or levy need not be paid if the validity
thereof shall currently be contested in good faith by appropriate proceedings and if the Company shall have set aside on its books
adequate reserves with respect thereto, and provided, further, that the Company will pay all such taxes, assessments, charges or
levies forthwith upon the commencement of proceedings to foreclose any lien which may have attached as security therefore.

 

(i)Insurance.
As reasonably necessary as determined by the Company, from the date of this Agreement and until the End Date, the Company will
keep its assets which are of an insurable character insured by financially sound and reputable insurers against loss or damage
by fire, explosion and other risks customarily insured against by companies in the Company’s line of business and location,
in amounts and to the extent and in the manner customary for companies in similar businesses similarly situated and located and
to the extent available on commercially reasonable terms.

 

(j)Books and
Records. From the date of this Agreement and until the End Date, the Company will keep true records and books of account in
which full, true and correct entries in all material respects will be made of all dealings or transactions in relation to its business
and affairs in accordance with United States generally accepted accounting principles (“GAAP”) applied on a
consistent basis.

 

(k)Governmental
Authorities. From the date of this Agreement and until the End Date, the Company shall duly observe and conform in all material
respects to all valid requirements of governmental authorities relating to the conduct of its business or to its properties or
assets.

 

(l)Intellectual
Property. From the date of this Agreement and until the End Date, the Company shall maintain in full force and effect its corporate
existence, rights and franchises and all licenses and other rights to use intellectual property owned or possessed by it and reasonably
deemed to be necessary to the conduct of its business, unless it is sold for value. Schedule 9(l) hereto identifies
all of the intellectual property owned by the Company and the Subsidiaries, which schedule includes, but is not limited to, patents,
patents pending, patent applications, trademarks, tradenames, service marks and copyrights.

 

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(m)Properties.
From the date of this Agreement and until the End Date, the Company will keep its properties in good repair, working order and
condition, reasonable wear and tear excepted, and from time to time make all necessary and proper repairs, renewals, replacements,
additions and improvements thereto as the Company shall reasonably determine; and the Company will at all times comply with each
provision of all leases and claims to which it is a party or under which it occupies or has rights to property if the breach of
such provision could reasonably be expected to have a Material Adverse Effect. The Company will not abandon any of its assets,
except for those assets which have negligible or marginal value are obsolete or for which it is prudent to do so under the circumstances
as reasonably determined by the Company.

 

(n)Non-Public
Information. The Company covenants and agrees that except for the Reports, Other Written Information and schedules and exhibits
to this Agreement and the Transaction Documents, which information the Company undertakes to publicly disclose on a Current Report
on Form 8-K, neither it nor any other person acting on its behalf will at any time provide any Subscriber or its agents or counsel
with any information that the Company believes constitutes material non-public information, unless prior thereto such Subscriber,
its agent or counsel shall have agreed in writing to accept such information as described in Section 9(n) above. The Company understands
and confirms that the Subscribers shall be relying on the foregoing representations in effecting transactions in securities of
the Company. The Company agrees that any information known to Subscriber required to be make public by the Company but not made
public by the Company, not already made public by the Company may be made public and disclosed by the Subscriber. Nothing contained
herein shall prohibit the purchase or sale of the Company’s securities by Subscribers following such time as the Company
publicly discloses the transactions contemplated hereby; provided that such Subscriber is not then in possession of material non-public
information regarding the Company.

 

(o)Offering
Restrictions.   Subject to the consent of the Subscribers which shall be required as long as any shares of Preferred
Stock are issued and outstanding, the Company will not enter into or exercise any Equity Line of Credit (as defined herein) or
similar agreement, nor issue nor agree to issue any floating or Variable Priced Equity Linked Instruments (as defined herein)
nor any of the foregoing or equity with price reset rights (collectively, the “Variable Rate Restrictions”).  
For purposes hereof, “Equity Line of Credit” shall include any transaction involving a written agreement
between the Company and an investor or underwriter whereby the Company has the right to “put” its securities to the
investor or underwriter over an agreed period of time and at a price formula, and “Variable Priced Equity Linked Instruments”
shall include: (A) any debt or equity securities which are convertible into, exercisable or exchangeable for, or carry the right
to receive additional shares of Common Stock either (1) at any conversion, exercise or exchange rate or other price that is based
upon and/or varies with the trading prices of or quotations for Common Stock at any time after the initial issuance of such debt
or equity security or (2) with a fixed conversion, exercise or exchange price that is subject to being reset at some future date
at any time after the initial issuance of such debt or equity security due to a change in the market price of the Company’s
Common Stock since date of initial issuance, and (B) any amortizing convertible security which amortizes prior to its maturity
date, where the Company is required or has the option to (or any investor in such transaction has the option to require the Company
to) make such amortization payments in shares of Common Stock which are valued at a price that is based upon and/or varies with
the trading prices of or quotations for Common Stock at any time after the initial issuance of such debt or equity security (whether
or not such payments in stock are subject to certain equity conditions).

 

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(p)Notices.
For so long as the Subscribers hold any Preferred Stock or Warrants, the Company will maintain a United States address and United
States fax number for notice purposes under the Transaction Documents.

 

(q)Notice of
Event of Default. The Company agrees to notify Subscriber of the occurrence of an Event of Default (as defined and employed
in the Transaction Documents) not later than five (5) business days after any of the Company’s officers or directors becomes
aware of such Event of Default.

 

(r)Further Registration Statements. Except for a registration
statement filed on behalf of the Subscribers or the holders of the Company’s Series A Cumulative Convertible Preferred Stock,
the Company will not, without the consent of the Subscribers, file with the Commission or with state regulatory authorities any
registration statement, other that a registration statement on Form S-4 or Form S-8, or amend any already filed registration statement
to increase the amount of Common Stock registered therein, or reduce the price of which securities of the Company are registered
therein, until the expiration of the Covenant Period. The Covenant Period under this Section 9(r) will be tolled during the pendency
of an Event of Default, as defined in the Certificate of Designation. For purposes of this Agreement, the
term “Covenant Period” means the period beginning on the date hereof and continuing until the
earlier of 90 days following such date that all of the Registrable Securities (as defined below) are either included for resale
in an effective registration statement or are eligible for resale without restriction pursuant to Rule 144(b)(1)(i) of the Securities
Act, or a combination thereof.

 

10.Covenants of the Company
Regarding Indemnification.

 

(a)The Company
agrees to indemnify, hold harmless, reimburse and defend the Subscribers, the Subscribers’ officers, directors, agents, counsel,
Affiliates, members, managers, control persons, and principal shareholders, against any claim, cost, expense, liability, obligation,
loss or damage (including reasonable legal fees) of any nature, incurred by or imposed upon the Subscribers or any such person
which results, arises out of or is based upon (i) any material misrepresentation by the Company or breach of any representation
or warranty by the Company in this Agreement or in any Exhibits or Schedules attached hereto in any Transaction Document, or other
agreement delivered pursuant hereto or in connection herewith, now or after the date hereof; or (ii) after any applicable notice
and/or cure periods, any breach or default in performance by the Company of any covenant or undertaking to be performed by the
Company hereunder, or any other agreement entered into by the Company and Subscribers relating hereto.

 

(b)In no event
shall the liability of the Subscribers or permitted successor hereunder or under any Transaction Document or other agreement delivered
in connection herewith be greater in amount than the dollar amount of the net proceeds actually received by such Subscriber or
successor upon the sale of Registrable Securities (as defined herein).

 

11.1.Registration
Rights. The Company hereby grants the following registration rights to holders of the Securities.

 

(i)On one
occasion, commencing ninety one (91) days after the Closing Date, but not later than two years after the Closing Date, upon a
written request therefor from any Subscriber or Subscribers of more than 50% of the Conversion Shares issued and issuable upon
conversion of the outstanding Preferred Stock and outstanding Warrant Shares, the Company shall prepare and not later than sixty
(60) days after such request (“Filing Date”) file, subject to Section 11.1(iv) hereof, with the Commission
a registration statement under the 1933 Act registering the Registrable Securities (as defined below) which are the subject of
such request, subject to applicable Commission rules and regulations, for unrestricted public resale by the holder thereof. For
purposes of Sections 11.1(i) and 11.1(ii) hereof, the definition of Registrable Securities shall not include Securities (A) which
are registered for resale in an effective registration statement, (B) which are included for registration in a pending registration
statement, (C) which have been issued without further transfer restrictions after a sale or transfer pursuant to Rule 144 under
the 1933 Act or (D) which may be resold under Rule 144 without volume limitations. Upon the receipt of such written request, the
Company shall promptly give written notice to all other Subscribers (as of the date of delivery of such written notice) of the
Registrable Securities that such registration statement is to be filed and shall include in such registration statement Registrable
Securities for which it has received written requests within ten (10) days after the Company gives such written notice. Such other
requesting Subscribers shall be deemed to have exercised their demand registration right under this Section 11.1(i). “Registrable
Securities” shall mean 120% of the Conversion Shares and 100% of the Warrant Shares issuable upon complete conversion
of the Preferred Stock and Warrants issued in the Offering.

 

    	16

    	 

    
 

(ii)If the Company at any time proposes to register any of its
securities under the 1933 Act for sale to the public, whether for its own account or for the account of other security holders
or both, except with respect to registration statements on Forms S-4, S-8 or another form not available for registering the Registrable
Securities for sale to the public, provided the Registrable Securities are not otherwise registered for resale by the Subscribers
pursuant to an effective registration statement, each such time it will give at least ten (10) days’ prior written notice
to the Subscribers (as of the date of delivery of such written notice) of its intention so to do. Upon the written request of
any Subscriber that is received by the Company within ten (10) days after the giving of any such notice by the Company to register
any of the Registrable Securities held by such Subscriber not previously registered, the Company will cause such Registrable Securities
as to which registration shall have been so requested to be included with the securities to be covered by the registration statement
proposed to be filed by the Company, all to the extent required to permit the sale or other disposition of the Registrable Securities
so registered by such Subscriber (each, a “Seller” and together, the “Sellers”). In the
event that any registration pursuant to this Section 11.1(ii) shall be, in whole or in part, an underwritten public offering of
common stock of the Company, the number of shares of Registrable Securities to be included in such an underwriting may be reduced
on a pro rata basis among the Subscribers so requesting registration by the managing underwriter if and to the extent that the
Company and the underwriter shall reasonably be of the opinion that such inclusion would adversely affect the marketing of the
securities to be sold by the Company therein; provided, however, that the Company shall notify the Seller in writing of
any such reduction. Unless the Subscriber notifies the Company in writing that it elects to deem the registration statement filed
or to be filed pursuant to this Section 11.1(ii) as a registration statement filed or to be filed pursuant to Section 11.1(ii),
the Company may withdraw or delay or suffer a delay of any registration statement referred to in this Section 11.1(ii) without
thereby incurring any liability to the Sellers.

 

(iii) If, at
the time any written request for registration is received by the Company pursuant to Section 11.1(i) hereof, the Company has determined
to proceed with the actual preparation and filing of a registration statement under the 1933 Act in connection with the proposed
offer and sale for cash of any of its securities for the Company’s own account and the Company actually does file such other
registration statement, such written request shall be deemed to have been given pursuant to Section 11.1(ii) rather than Section
11.1(i), and the rights of the holders of Registrable Securities covered by such written request shall be governed by Section 11.1(ii).

 

(iv) Notwithstanding
any other provision of this Section 11.1, if any SEC Guidance (as defined herein) sets forth a limitation on the number of Registrable
Securities to be registered in a registration statement (and the Company has made a commercially reasonable effort to advocate
with the SEC for the registration of all or a greater number of Registrable Securities), the number of Registrable Securities to
be registered on such Registration Statement will be reduced on a pro rata basis among the Subscribers and any other holders of
registration rights on parity with the Subscribers (the “Other Holders”) based on the total number of unregistered
Registrable Securities held by the Subscribers and Other Holders, respectively, on a fully diluted basis. The Company shall file
a new registration statement as soon as reasonably practicable covering the resale by the Subscribers and Other Holders of not
less than the number of such Registrable Securities that are not registered in the registration statement. The Company shall not
be liable for liquidated damages under Section 11.4 as to any Registrable Securities which are not permitted by the SEC
to be included in a Registration Statement due solely to SEC Guidance from time to time. In such case, any liquidated damages payable
under Section 11.4 shall be calculated to apply only the percentage of Registrable Securities which are permitted in accordance
with SEC Guidance to be included in such Registration Statement. For the purpose of this Section, the holders of the Company Series
A Preferred Stock shall be considered to have registration rights on parity with the Subscribers and all shares of common stock
underlying the Series A Preferred Stock shall be considered Registrable Securities hereunder. “SEC Guidance”
means (i) any publicly-available written guidance, or rule of general applicability of the SEC staff, or (ii) oral or
written comments, requirements or requests of the SEC staff to the Company in connection with the review of a registration statement,
including, but not limited to, such guidance as may effect a reduction in the number of Registrable Securities that may be registered
by the Company.

 

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11.2.Registration
Procedures. If and whenever the Company is required by the provisions of Section 11.1 to effect the registration of any Registrable
Securities under the 1933 Act, the Company will, as expeditiously as possible:

 

(a)subject to the
timelines provided in this Agreement, (i) prepare and file with the Commission a registration statement required by Section 11.1
with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to
become and remain effective for the period of the distribution contemplated thereby (determined as herein provided), (ii) promptly
provide to the holders of the Registrable Securities copies of all filings and Commission letters of comment and notify the Sellers
(by telecopier and by e-mail addresses provided by the Subscribers) on or before the second (2nd) business days thereafter
that the Company receives notice that (A) the Commission has no comments or no further comments on the registration statement,
and (B) the registration statement has been declared effective (failure to timely provide notice as required by this Section 11.2(a)
shall be a material breach of the Company’s obligation and an Event of Default as defined in the Preferred Stock and a Non-Registration
Event as defined in Section 11.4 of this Agreement);

 

(b)prepare and
file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith
as may be necessary to keep such registration statement effective until such registration statement has been effective for a period
of one (1) year, and comply with the provisions of the 1933 Act with respect to the disposition of all of the Registrable Securities
covered by such registration statement in accordance with the Sellers’ intended method of disposition set forth in such registration
statement for such period;

 

(c)furnish to the
Sellers, at the Company’s expense, such number of copies of the registration statement and the prospectus included therein
(including each preliminary prospectus) as such persons reasonably may request in order to facilitate the public sale or their
disposition of the securities covered by such registration statement, or make them electronically available;

 

(d)use its commercially
reasonable efforts to register or qualify the Registrable Securities covered by such registration statement under the securities
or “blue sky” laws of New York and such jurisdictions as the Sellers shall reasonably request in writing, provided,
however, that the Company shall not for any such purpose be required to qualify generally to transact business as a foreign
corporation in any jurisdiction where it is not so qualified or to consent to general service of process in any such jurisdiction;

 

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(e)as applicable,
list or make available for quotation the Registrable Securities covered by such registration statement with any securities exchange
or quotation system on which the Common Stock of the Company is then listed or quoted;

 

(f)notify the Sellers
within two (2) business days of the happening of any event of which the Company has knowledge as a result of which the prospectus
contained in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state
a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing, or which becomes subject to a Commission, state or other governmental order suspending the effectiveness of the
registration statement covering any of the Registrable Securities; and

 

(g)provide to the
Sellers copies of the registration statement and amendments thereto at least two (2) days prior to the filing thereof with the
Commission. A Seller’s failure to comment on any registration statement or other document provided to a Subscriber or its
counsel shall be construed to constitute approval thereof nor the accuracy thereof.

 

11.3.Provision
of Documents. In connection with each registration described in this Section 11, each Seller will furnish to the Company in
writing such information and representation letters with respect to itself and the proposed distribution by it as reasonably shall
be necessary in order to assure compliance with federal and applicable state securities laws.

 

11.4.Non-Registration
Events. The Company agrees that the Sellers will suffer damages if any registration statement required under Section 11.1(i)
or 11.1(ii) is not filed within sixty (60) days after written request and declared effective by the Commission within one hundred
eighty (180) days after such request, and maintained in the manner and within the time periods contemplated by Section 11 hereof,
and it would not be feasible to ascertain the extent of such damages with precision. Accordingly, if (A) if the registration statement
described in Section 11.1(i) or 11.1(ii) is not filed within sixty (60) days after such written request, or is not declared effective
within one hundred eighty (180) days after such written request, or (B) any registration statement described in Sections 11.1(i)
or 11.1(ii) is filed and declared effective but shall thereafter cease to be effective without being succeeded within thirty (30)
business days by an effective replacement or amended registration statement or for a period of time which shall exceed sixty (60)
days in the aggregate per year (defined as every rolling period of 365 consecutive days commencing on the actual effective date
of such registration statement) (each such event referred to in clauses A and B of this Section 11.4 is referred to herein as a
“Non-Registration Event”), then the Company shall pay to the holder of Registrable Securities, as “Liquidated
Damages”, an amount equal to one percent (1%) for each thirty (30) days (or such lesser pro-rata amount for any period
of less than thirty (30) days) of the (i) purchase price of the outstanding Preferred Stock and (ii) purchase price of the Conversion
Shares and Warrant Shares issued upon conversion of Preferred Stock and exercise of Warrants held by Subscribers which are subject
to such Non-Registration Event; provided, however that the Company shall not be required to pay any Liquidated Damages to any Subscriber
pursuant to this Section 11.4 in excess of four percent (4%) of a Subscriber’s aggregate Purchase Price hereunder. The Company
must pay the Liquidated Damages in cash. The Liquidated Damages must be paid within ten (10) business days after the end of each
thirty (30) day period or shorter part thereof for which Liquidated Damages are payable. In the event a registration statement
but is withdrawn prior to being declared effective by the Commission, then such Registration Statement will be deemed to have not
been filed and Liquidated Damages will be calculated accordingly. Liquidated Damages shall not be payable pursuant to this Section
11.4 in connection with Registrable Securities for such times as such Registrable Securities may be sold by the holder thereof
without volume limitations or other restrictions pursuant to Section 144(b)(1)(i) of the 1933 Act. The Company may require,
from time to time, information from a holder of the Securities that is necessary to complete the registration statement in accordance
with the requirements of the 1933.  In the event of the failure by such holder to comply with the Company’s request
within fifteen (15) business days from the date of such request, the Company shall be permitted to exclude such holder from a registration
statement without being subject to the payment of any amount of Liquidated Damages to such holder. At such time that such holder
complies with the Company’s request, the Company shall use its reasonable best efforts to include such holder in the registration
statement. 

 

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11.5.Expenses.
All expenses incurred by the Company in complying with Section 11, including, without limitation, all registration and filing fees,
printing expenses (if required), fees and disbursements of Company counsel and independent public accountants for the Company,
fees and expenses (including reasonable counsel fees) incurred in connection with complying with state securities or “blue
sky” laws, fees of FINRA, and fees of transfer agents and registrars are herein called “Registration Expenses.”
All underwriting discounts, selling commissions and transfer applicable to the sale of Registrable Securities are herein called
“Selling Expenses.” The Company will pay all Registration Expenses in connection with any registration statement
described in Section 11. Selling Expenses in connection with each such registration statement shall be borne by the Seller and
may be apportioned among the Sellers in proportion to the number of shares included on behalf of the Seller relative to the aggregate
number of shares included under such registration statement for all Sellers, or as all Sellers thereunder may agree.

 

11.6.Indemnification
and Contribution.

 

(a)In the event
of a registration of any Registrable Securities under the 1933 Act pursuant to Section 11, the Company will, to the extent permitted
by law, indemnify and hold harmless the Seller and each of the officers, directors, agents, Affiliates, members, managers, control
persons, and principal shareholders of the Seller, each underwriter of such Registrable Securities thereunder and each other person,
if any, who controls such Seller or underwriter within the meaning of the 1933 Act, against any losses, claims, damages or liabilities
to which such Seller or person may become subject under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon any untrue statement of any material fact contained in any registration
statement under which such Registrable Securities was registered under the 1933 Act pursuant to Section 11, any preliminary prospectus
or final prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances when made, and will, subject to the provisions of Section 11.6(c), reimburse such Seller
for any reasonable legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action; provided, however, that the Company shall not be liable to the Seller to the extent
that any such damages arise out of or are based upon an untrue statement or omission made in any preliminary prospectus if (i)
the Seller failed to send or deliver a copy of the final prospectus delivered by the Company to the Seller with or prior to the
delivery of written confirmation of the sale by the Seller to the person asserting the claim from which such damages arise, (ii)
the final prospectus would have corrected such untrue statement or alleged untrue statement or such omission or alleged omission,
or (iii) to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged
untrue statement or omission or alleged omission so made in conformity with information furnished by any such Seller in writing
specifically for use in such registration statement or prospectus.

 

(b)In the event
of a registration of any of the Registrable Securities under the 1933 Act pursuant to Section 11, each Seller, severally but not
jointly, will, to the extent permitted by law, indemnify and hold harmless the Company, and each person, if any, who controls the
Company within the meaning of the 1933 Act, each officer of the Company who signs the registration statement, each director of
the Company, each underwriter and each person who controls any underwriter within the meaning of the 1933 Act, against all losses,
claims, damages or liabilities, joint or several, to which the Company or such officer, director, underwriter or controlling person
may become subject under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the
registration statement under which such Registrable Securities were registered under the 1933 Act pursuant to Section 11, any preliminary
prospectus or final prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, and will reimburse the Company and each such officer, director, underwriter and controlling person for
any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the Seller will be liable hereunder in any such case if and only to the extent that
any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission
or alleged omission made in reliance upon and in conformity with information pertaining to such Seller, as such, furnished in writing
to the Company by such Seller specifically for use in such registration statement or prospectus, and provided, further, however,
that the liability of the Seller hereunder shall be limited to the net proceeds actually received by the Seller from the sale of
Registrable Securities pursuant to such registration statement.

 

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(c)Promptly
after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if
a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof,
but the omission to so notify the indemnifying party shall not relieve the indemnifying party from any liability which it may
have to such indemnified party other than under this Section 11.6(c), and shall only relieve it from any liability which it may
have to such indemnified party under this Section 11.6(c), except and only if and to the extent the indemnifying party is materially
prejudiced by such omission. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying
party of the commencement thereof, the indemnifying party shall be entitled to participate in and, to the extent it shall wish,
to assume and undertake the defense thereof with counsel satisfactory to such indemnified party, and, after notice from the indemnifying
party to such indemnified party of its election to so assume and undertake the defense thereof, the indemnifying party shall not
be liable to such indemnified party under this Section 11.6(c) for any legal expenses subsequently incurred by such indemnified
party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected,
provided, however, that, if the defendants in any such action include both the indemnified party and the indemnifying party
and the indemnified party shall have reasonably concluded that there may be reasonable defenses available to indemnified party
which are different from or additional to those available to the indemnifying party or if the interests of the indemnified party
reasonably may be deemed to conflict with the interests of the indemnifying party, the indemnified parties, as a group, shall
have the right to select one separate counsel, reasonably satisfactory to the indemnified and indemnifying party, and to assume
such legal defenses and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such
separate counsel and other expenses related to such participation to be reimbursed by the indemnifying party as incurred.

 

(d)In
order to provide for just and equitable contribution in the event of joint liability under the 1933 Act in any case in which either
(i) a Seller, or any controlling person of a Seller, makes a claim for indemnification pursuant to this Section 11.6 but it is
judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time
to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding
the fact that this Section 11.6 provides for indemnification in such case, or (ii) contribution under the 1933 Act may be required
on the part of the Seller or controlling person of the Seller in circumstances for which indemnification is not provided under
this Section 11.6, then, and in each such case, the Company and the Seller will contribute to the aggregate losses, claims, damages
or liabilities to which they may be subject (after contribution from others) in such proportion so that the Seller is responsible
only for the portion represented by the percentage that the public offering price of its securities offered by the registration
statement bears to the public offering price of all securities offered by such registration statement, provided, however,
that, in any such case, (y) the Seller will not be required to contribute any amount in excess of the public offering price of
all such securities sold by it pursuant to such registration statement; and (z) no person or entity guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the 1933 Act) will be entitled to contribution from any person or entity who was not guilty
of such fraudulent misrepresentation; and provided, further, however, that the liability of the Seller hereunder shall
be limited to the net proceeds actually received by the Seller from the sale of Registrable Securities pursuant to such registration
statement.

 

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11.7.Unlegended Shares and 144
Sales.

 

(a)Delivery
of Unlegended Shares. Within five (5) days (such fifth (5th) day being the “Unlegended Shares Delivery
Date”) after the day on which the Company has received (i) a notice that Conversion Shares, Warrant Shares or any other
Common Stock held by Subscriber has been sold pursuant to a registration statement or Rule 144 under the 1933 Act, (ii) a representation
that the prospectus delivery requirements, or the requirements of Rule 144, as applicable and if required, have been satisfied,
(iii) the original share certificates representing the shares of Common Stock that have been sold, and (iv) in the case of sales
under Rule 144, customary representation letters of Subscriber and, if required, Subscriber’s broker regarding compliance
with the requirements of Rule 144, the Company, at its expense, (y) shall deliver, and shall cause legal counsel selected by the
Company to deliver to its transfer agent (with copies to Subscriber) an appropriate instruction directing the delivery of shares
of Common Stock without any legends including the legend set forth in Section 4(h) above (the “Unlegended Shares”);
and (z) cause the transmission of the certificates representing the Unlegended Shares, together with a legended certificate representing
the balance of the submitted Common Stock certificate, if any, to Subscriber at the address specified in the notice of sale, via
express courier, by electronic transfer or otherwise on or before the Unlegended Shares Delivery Date.

 

(b)DWAC.
In lieu of delivering physical certificates representing the Unlegended Shares, upon request of the Subscribers, so long as the
certificates therefor do not bear a legend, the Common Stock is eligible for electronic transfer through the Depository Trust
Company, and the Subscriber is not obligated to return such certificate for the placement of a legend thereon, the Company shall
cause its transfer agent to electronically transmit the Unlegended Shares by crediting the account of Subscriber’s prime
broker with the Depository Trust Company through its Deposit Withdrawal Agent Commission system. Such delivery must be made on
or before the Unlegended Shares Delivery Date.

 

(c)Late Delivery of Unlegended Shares. The Company understands that a
delay in the delivery of the Unlegended Shares pursuant to Section 11.7 hereof later than the Unlegended Shares Delivery Date
could result in economic loss to a Subscriber. As compensation to a Subscriber for such loss, the Company agrees to pay late payment
fees (as liquidated damages and not as a penalty) to Subscriber for late delivery of Unlegended Shares in the amount of $100 per
business day after the Unlegended Shares Delivery Date for each $10,000 of purchase price of the Unlegended Shares, subject to
the delivery default; provided that such delay is not the direct or indirect result of Subscriber’s actions or omissions.
If during any three hundred sixty (360) day period, the Company fails to deliver Unlegended Shares as required by this Section
11.7 for an aggregate of thirty (30) days, then each Subscriber or assignee holding Securities subject to such default may, at
its option, require the Company to redeem all or any portion of the Unlegended Shares subject to such default at a price per share
equal to the greater of (i) 120% of the Purchase Price paid by Subscriber for the Unlegended Shares that were not timely delivered,
or (ii) a fraction in which the numerator is the highest closing price of the Common Stock during the aforedescribed thirty day
period and the denominator of which is the lowest conversion price or exercise price, as the case may be, during such thirty (30)
day period, multiplied by the price paid by Subscriber for such Common Stock (“Unlegended Redemption Amount”).
The Company shall promptly pay any payments incurred under this Section in immediately available funds upon demand.

 

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(d)Buy-In.
In addition to any other rights available to Subscriber, if the Company fails to deliver to Subscriber Unlegended Shares as required
pursuant to this Agreement and after the Unlegended Shares Delivery Date Subscriber, or a broker on Subscriber’s behalf,
purchases (in an open market transaction or otherwise) shares of common stock to deliver in satisfaction of a sale by such Subscriber
of the shares of Common Stock which Subscriber was entitled to receive from the Company (a “Buy-In”), then
the Company shall promptly pay in cash to Subscriber (in addition to any remedies available to or elected by Subscriber) the amount
by which (A) Subscriber’s total purchase price (including brokerage commissions, if any) for the shares of common stock
so purchased exceeds (B) the aggregate purchase price of the shares of Common Stock delivered to the Company for reissuance as
Unlegended Shares together with interest thereon at a rate of 15% per annum accruing until such amount and any accrued
interest thereon is paid in full (which amount shall be paid as liquidated damages and not as a penalty). For
purposes of illustration only, if Subscriber purchases shares of Common Stock having a total purchase price of $11,000 to cover
a Buy-In with respect to $10,000 of purchase price of shares of Common Stock delivered to the Company for reissuance as Unlegended
Shares, the Company shall be required to pay the Subscriber $1,000, plus interest. Subscriber shall promptly provide the Company
written notice indicating the amounts payable to Subscriber in respect of the Buy-In, including, evidence regarding the purchase
of common stock for which the Buy-In is implemented.

 

(e)144 Default. At any time commencing twelve (12) months
after the Closing Date, in the event Subscriber is not permitted to sell any of the Conversion Shares or Warrant Shares without
any restrictive legend, or if such sales are permitted but subject to volume limitations or further restrictions on resale as
a result of the unavailability to Subscriber of Rule 144(b)(1)(i) under the 1933 Act or any successor rule (a “144 Default”),
for any reason, including, but not limited to, failure by the Company to file quarterly, annual or any other filings required
to be made by the Company by the required filing dates (provided that any filing made within the time for a valid extension shall
be deemed to have been timely filed), or the Company’s failure to make information publicly available which would allow
Subscriber’s reliance on Rule 144 in connection with sales of Conversion Shares or Warrant Shares, except due to a change
in current applicable securities laws or because Subscriber is an Affiliate (as defined under Rule 144) of the Company, then the
Company shall pay such Subscriber as liquidated damages and not as a penalty for each thirty (30) days (or such lesser pro-rata
amount for any period less than thirty (30) days) an amount equal to one percent (1.0%) of the purchase price of the Conversion
Shares and Warrant Shares (which could be issued on a cashless basis pursuant to Section 2 of the Warrant) which is subject to
such 144 Default; provided, however, that the Company shall not be required to pay any liquidated damages to any Subscriber pursuant
to this Section 11.7(f) in excess of 4% of such Subscriber’s aggregate Purchase Price hereunder. Liquidated damages shall
not be payable pursuant to this Section 11.7(f) in connection with Conversion Shares or Warrant Shares for such times as such
shares may be sold by the holder thereof without any legend or volume or other restrictions pursuant to Section 144(b)(1)(i) of
the 1933 Act or pursuant to an effective registration statement.

 

12.(a)Favored
Nations Provision. Other than in connection with (i) full or partial consideration in connection with a strategic merger, acquisition,
consolidation or purchase of substantially all of the securities or assets of a corporation or other entity, so long as such issuances
are not for the purpose of raising capital and which holders of such securities or debt are not at any time granted registration
rights, (ii) the Company’s issuance of securities in connection with strategic license agreements and other partnering arrangements,
so long as such issuances are not for the purpose of raising capital and which holders of such securities or debt are not at any
time granted registration rights, (iii) the Company’s issuance of Common Stock or the issuances or grants of options to purchase
Common Stock to employees, directors, and consultants, (iv) securities upon the exercise or exchange of or conversion of any securities
exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement
on the terms disclosed in the Reports and which securities are also described on Schedule 12(a), and (v) as
a result of the exercise of Warrants or conversion of Preferred Stock which are granted or issued pursuant to this Agreement on
the unamended terms in effect on the Closing Date, (collectively, the foregoing (i) through (v) are “Excepted Issuances”),
if at any time the Preferred Stock or Warrants are outstanding, the Company shall agree to or issue (the “Lower Price
Issuance”) any Common Stock or securities convertible into or exercisable for shares of Common Stock (or modify any of
the foregoing which may be outstanding) to any Person at a price per share or conversion or exercise price per share which shall
be less than the Conversion Price in effect at such time or the Warrant exercise price in effect at such time, as applicable, without
the consent of the Subscribers, then the Conversion Price and Warrant exercise price, as applicable, shall automatically be reduced
to such other lower price. The average Conversion Price of the Conversion Shares and average exercise price in relation to the
Warrant Shares shall be calculated separately for the Conversion Shares and Warrant Shares. Common Stock issued or issuable by
the Company for no consideration or for consideration that cannot be determined at the time of issue will be deemed issuable or
to have been issued for $0.001 per share of Common Stock. For purposes of the issuance and adjustments described in this paragraph,
the issuance of any security of the Company carrying the right to convert such security into shares of Common Stock or any warrant,
right or option to purchase Common Stock shall result in the issuance of the additional shares of Common Stock upon the sooner
of (A) the agreement to or (B) actual issuance of such convertible security, warrant, right or options and again at any time upon
any subsequent issuances of shares of Common Stock upon exercise of such conversion or purchase rights if such issuance is at a
price lower than the Conversion Price or Warrant exercise price, as applicable, in effect upon such issuance. A convertible instrument
(including a right to purchase equity of the Company) issued, subject to an original issue or similar discount or which principal
amount is directly or indirectly increased after issuance will be deemed to have been issued for the actual cash amount received
by the Company in consideration of such convertible instrument. The rights of the Subscribers set forth in this Section 12 are
in addition to any other rights the Subscribers have pursuant to this Agreement, the Preferred Stock, Warrants or any other Transaction
Document. The provisions of this Section 12(a) shall no longer apply following the Covenant Period.

 

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(b)Right
of Participation. Until one (1) year following the Closing Date, the Subscribers shall be given not less than fifteen (15)
days prior written notice of any proposed sale by the Company of its Common Stock or other securities or equity linked debt obligations
(“Other Offering”), except in connection with the Excepted Issuances. If the Subscribers elect to exercise
their rights pursuant to this Section 12(b), the Subscribers shall have the right during the fifteen
(15) days following receipt of the notice, to purchase in the aggregate up to one-half (1/2) of such offered Common Stock, debt
or other securities in accordance with the terms and conditions set forth in the notice of sale, relative to each other in proportion
to the amount of Preferred Stock issued to them on the Closing Date. Subscribers who participate in such Other Offering shall be
entitled at their option to purchase, in proportion to each other, the amount of such Other Offering that could have been purchased
by Subscribers who do not exercise their rights hereunder until up to one-half (1/2) of the Other Offering is purchased by the
Subscribers. In the event such terms and conditions are modified during the notice period, Subscribers shall be given prompt notice
of such modification and shall have the right during the fifteen (15) days following the notice of modification to exercise such
right.

 

13.Miscellaneous.

 

(a)Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile addressed as set forth below or to such other address as such party shall have specified
most recently by written notice in accordance with this Section 13(a). Any notice or other communication required or permitted
to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile with accurate confirmation generated
by the transmitting facsimile machine at the address or number designated below (if delivered on a business day during normal business
hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business
day during normal business hours where such notice is to be received, or (b) on the second business day following the date of mailing
by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first
occur. The addresses for such communications shall be: (i) if to the Company, to: BEESFREE, Inc., 2101 Vista Parkway, Suite 4033,
West Palm Bach, Florida 33411, Fax: (561) 623-5465, and (ii) if to a Subscriber, to: the addresses and fax numbers indicated
on Schedule 1 hereto.

 

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(b)Entire Agreement;
Assignment. This Agreement and other documents delivered in connection herewith represent the entire agreement between the
parties hereto with respect to the subject matter hereof and may be amended only by a writing with the consent of the Subscribers
and Company. Neither the Company nor the Subscribers has relied on any representations not contained or referred to in this Agreement
or the other Transaction Documents. No right or obligation of the Company shall be assigned without prior notice to and the written
consent of the Subscribers.

 

(c)Counterparts/Execution.
This Agreement may be executed in any number of counterparts and by the different signatories hereto on separate counterparts,
each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument.
This Agreement may be executed by facsimile transmission, PDF, electronic signature or other similar electronic means with the
same force and effect as if such signature page were an original thereof.

 

(d)Law
Governing this Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State
of New York without regard to principles of conflicts of laws thereof or any other State. Any action brought by any party hereto
against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of New York
or in the federal courts located in the state and county of New York. The parties to this Agreement hereby irrevocably waive any
objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction
or venue or based upon forum non conveniens. The parties executing this Agreement and other agreements referred to herein
or delivered in connection herewith on behalf of the Company agree to submit to the in personam jurisdiction of such courts and
hereby irrevocably waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable
attorney’s fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection
herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative
to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such
provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision
of any agreement. Each party hereto hereby irrevocably waives personal service of process and consents to process being served
in any suit, action or proceeding in connection with this Agreement or any other Transaction Document by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

(e)Specific
Enforcement, Consent to Jurisdiction. The Company and each Subscriber hereby irrevocably waives, and agrees not to assert
in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction in New York of such court,
that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is
improper. Nothing in this Section shall affect or limit any right to serve process in any other manner permitted by law. Subject
to Section 13(d) hereof, the Company and the Subscribers acknowledge and agree that irreparable damage would occur in the
event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that the parties hereto shall be entitled to seek an injunction or injunctions to prevent or
cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition
to any other remedy to which any of them may be entitled by law or equity.

 

    	25

    	 

    
 

(f)Damages.
In the event the Subscriber is entitled to receive any liquidated or other damages pursuant to the Transactions Documents, the
Subscriber may elect to receive the greater of actual damages or such liquidated damages. In the event the Subscriber is granted
rights under different sections of the Transaction Documents relating to the same subject matter or which may be exercised contemporaneously,
or pursuant to which damages or remedies are different, Subscriber is granted the right in Subscriber’s absolute discretion
to proceed under such section as Subscriber elects.

 

(g)Maximum Payments.
Nothing contained herein or in any document referred to herein or delivered in connection herewith shall
be deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum permitted by applicable
law. In the event that the rate of interest or dividends required to be paid or other charges hereunder exceed the maximum permitted
by such law, any payments in excess of such maximum shall be credited against amounts owed by the Company to the Subscribers and
thus refunded to the Company. The Company agrees that it may not and actually waives any right to challenge the effectiveness or
applicability of this Section 13(g).

 

(h)Calendar
Days. All references to “days” in the Transaction Documents shall mean calendar days unless otherwise stated. The
terms “business days” and “trading days” shall mean days that the New York Stock Exchange is open for trading
for three or more hours. Time periods shall be determined as if the relevant action, calculation or time period were occurring
in New York City. Any deadline that falls on a non-business day in any of the Transaction Documents shall be automatically extended
to the next business day and interest, if any, shall be calculated and payable through such extended period.

 

(i)Captions;
Certain Definitions. The captions of the various sections and paragraphs of this Agreement have been inserted only for the
purposes of convenience; such captions are not a part of this Agreement and shall not be deemed in any manner to modify, explain,
enlarge or restrict any of the provisions of this Agreement. As used in this Agreement the term “person” shall
mean and include an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an unincorporated
organization and a government or any department or agency thereof.

 

(j)Consent.
As used in this Agreement and the other Transaction Documents and any other agreement delivered in connection herewith, “Consent
of the Subscribers” or similar language means the consent of holders of a majority of the affected Preferred Stock or
Warrants, as the case may be, purchased in the Offering, outstanding on the date consent is granted. The Subscribers may consent
to take or forebear from any action permitted under or in connection with the Transaction Documents, modify any Transaction Documents
or waive any default or requirement applicable to the Company, the Subsidiaries or the Subscribers under the Transaction Documents.

 

(k)Severability.
In the event that any term or provision of this Agreement shall be finally determined to be superseded, invalid, illegal or otherwise
unenforceable pursuant to applicable law by an authority having jurisdiction and venue, that determination shall not impair or
otherwise affect the validity, legality or enforceability: (i) by or before that authority of the remaining terms and provisions
of this Agreement, which shall be enforced as if the unenforceable term or provision were deleted, or (ii) by or before any other
authority of any of the terms and provisions of this Agreement.

 

    	26

    	 

    
 

(l)Successor Laws. References
in the Transaction Documents to laws, rules, regulations and forms shall also include successors to and functionally equivalent
replacements of such laws, rules, regulations and forms. A successor rule to Rule 144(b)(1)(i) shall include any rule that would
be available to a non-Affiliate of the Company for the sale of Common Stock not subject to volume restrictions and after a six
month holding period.

 

(m)Maximum Liability. In
no event shall the liability of the Subscribers or permitted assign hereunder or under any Transaction Document or other agreement
delivered in connection herewith be greater in amount than the dollar amount of the net proceeds actually received by such Subscriber
or successor upon the sale of Conversion Shares.

 

(n)Independent
Nature of Subscribers.     The Company acknowledges that the obligations of each Subscriber under the Transaction
Documents are several and not joint with the obligations of any other Subscriber, and no Subscriber shall be responsible in any
way for the performance of the obligations of any other Subscriber under the Transaction Documents. The Company acknowledges
that each Subscriber has represented that the decision of each Subscriber to purchase Securities has been made by such Subscriber
independently of any other Subscriber and independently of any information, materials, statements or opinions as to the business,
affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of
the Company which may have been made or given by any other Subscriber or by any agent or employee of any other Subscriber, and
no Subscriber or any of its agents or employees shall have any liability to any other Subscriber (or any other person) relating
to or arising from any such information, materials, statements or opinions. The Company acknowledges
that nothing contained in any Transaction Document, and no action taken by any Subscriber pursuant hereto or thereto shall be deemed
to constitute the Subscribers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Subscribers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by the Transaction Documents.  The Company acknowledges that it has elected to provide all Subscribers with the same terms
and Transaction Documents for the convenience of the Company and not because Company was required or requested to do so by the
Subscribers.  The Company acknowledges that such procedure with respect to the Transaction Documents in no way creates a presumption
that the Subscribers are in any way acting in concert or as a group with respect to the Transaction Documents or the transactions
contemplated thereby.

 

(o)Equal Treatment.
No consideration shall be offered or paid to any person to amend or consent to a waiver or modification of any provision of the
Transaction Documents unless the same consideration is also offered and paid to all the Subscribers and their permitted successors
and assigns.

 

(p)Adjustments.
The conversion price, Warrant exercise price, amount of Conversion Shares and Warrant Shares, trading volume amounts, price/volume
amounts and similar figures in the Transaction Documents shall be equitably adjusted and as otherwise described in this Agreement,
the Certificate of Designation and Warrants.

 

[-SIGNATURE PAGES FOLLOW-]

 

    	27

    	 

    
 

SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT

 

Please acknowledge your acceptance
of the foregoing Subscription Agreement by signing and returning a copy to the undersigned whereupon it shall become a binding
agreement between us.

 

BEESFREE, INC.

a Nevada corporation

 

 

 

 

By: ____________________________

Name: David W. Todhunter

Title: Chief Executive Officer

 

Dated: October 10, 2012

 

 

 

 

 

	SUBSCRIBER	
        PURCHASE

        PRICE
	
        SHARES OF

        SERIES B

        PREFERRED

        STOCK
	SERIES B WARRANTS
	
        Name of Subscriber:

         

        __________________________________________________

         

        Address:

         

__________________________________________________

 

__________________________________________________

          

         

         

        Fax No.: ___________________________________________

         

        Taxpayer ID# (if applicable): ____________________________

        or Social Security #

         

        __________________________________________________ 

        (Signature)

        By:

         
	 	 	 

  

 

    	28NEITHER THE ISSUANCE AND SALE OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE
FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.

 

	 	Right to Purchase _____________ shares of Common Stock of BeesFree, Inc. (subject to adjustment as provided herein)

 

SERIES B COMMON STOCK PURCHASE WARRANT

  

	No. 2012-B-00_	Issue Date: September __, 2012

 

BEESFREE, INC., a corporation
organized under the laws of the State of Nevada (the “Company”), hereby certifies that, for value received,
________________________________ (the “Holder”), address at _________________________________________________,
or its assigns, is entitled, subject to the terms set forth below, to purchase from the Company at any time after the Issue Date
until 5:00 p.m., Eastern Time on the five year anniversary of the Issue Date (the “Expiration Date”), up to
_____________ fully paid and non-assessable shares of Common Stock at a per share purchase price of $2.62. The aforedescribed
purchase price per share, as adjusted from time to time as herein provided, is referred to herein as the “Purchase Price.”
The number and character of such shares of Common Stock and the Purchase Price are subject to adjustment as provided herein. The
Company may reduce the Purchase Price for some or all of the Warrants, temporarily or permanently, provided such reduction applies
equally to all Holders of such Warrants. Capitalized terms used and not otherwise defined herein shall have the meanings set forth
in that certain Subscription Agreement (the “Subscription Agreement”), dated as of September __, 2012, entered
into by the Company, the Holder and the other signatories thereto.

 

As used herein the
following terms, unless the context otherwise requires, have the following respective meanings:

 

(a)The term “Company”
shall mean BeesFree, Inc., a Nevada corporation, and any corporation which shall succeed or assume the obligations of BeesFree,
Inc. hereunder.

 

(b)The term “Common
Stock” includes (i) the Company’s Common Stock, $0.001 par value per share, as authorized on the date of the
Subscription Agreement, and (ii) any other securities into which or for which any of the securities described in (i) may be
converted or exchanged pursuant to a plan of recapitalization, reorganization, merger, sale of assets or otherwise.

 

(c)The term “Other
Securities” refers to any stock (other than Common Stock) and other securities of the Company or any other person (corporate
or otherwise) which the holder of the Warrant at any time shall be entitled to receive, or shall have received, on the exercise
of the Warrant, in lieu of or in addition to Common Stock, or which at any time shall be issuable or shall have been issued in
exchange for or in replacement of Common Stock or Other Securities pursuant to Section 4 or otherwise.

 

    	1

    	 

    
 

(d)The term “Warrant
Shares” shall mean the Common Stock issuable upon exercise of this Warrant.

 

1.Exercise of Warrant.

 

1.1.Number of
Shares Issuable upon Exercise. From and after the Issue Date through and including the Expiration Date, the Holder hereof shall
be entitled to receive, upon exercise of this Warrant in whole in accordance with the terms of Section 1.2 or upon
exercise of this Warrant in part in accordance with Section 1.3, shares of Common Stock of the Company, subject to
adjustment pursuant to Section 4 below and Section 12(b) of the Subscription Agreement.

 

1.2.Full Exercise.
This Warrant may be exercised in full by the Holder hereof by delivery to the Company of an original or facsimile copy of the form
of subscription attached as Exhibit A hereto (the “Subscription Form”) duly executed by such Holder,
and delivery within two days thereafter of payment, in cash, wire transfer or by certified or official bank check payable to the
order of the Company, in the amount obtained by multiplying the number of shares of Common Stock for which this Warrant is then
exercisable by the Purchase Price then in effect.

 

1.3.Partial Exercise.
This Warrant may be exercised in part (but not for a fractional share) by delivery of a Subscription Form in the manner and at
the place provided in Section 1.2, except that the amount payable by the Holder on such partial exercise shall be the
amount obtained by multiplying (a) the number of whole shares of Common Stock designated by the Holder in the Subscription
Form by (b) the Purchase Price then in effect. On any such partial exercise, provided the Holder has surrendered the original
Warrant, the Company, at its expense, will forthwith issue and deliver to or upon the order of the Holder hereof a new Warrant
of like tenor, in the name of the Holder hereof or as such Holder (upon payment by such Holder of any applicable transfer taxes)
may request, the whole number of shares of Common Stock for which such Warrant may still be exercised. The original Warrant is
not required to be surrendered to the Company until it has been fully exercised.

 

1.4.Fair Market
Value. For purposes of this Warrant, the Fair Market Value of a share of Common Stock as of a particular date (the “Determination
Date”) shall mean:

 

(a)If the Company’s
Common Stock is quoted on the NASDAQ Global Market, NASDAQ Global Select Market, the NASDAQ Capital Market, the New York Stock
Exchange or the NYSE AMEX Equities, then the average of the closing sale prices of the Common Stock
for the five (5) trading days immediately prior to (but not including) the Determination Date;

 

(b)If the Company’s
Common Stock is not traded on an exchange or on the NASDAQ Global Market, NASDAQ Global Select Market, the NASDAQ Capital Market,
the New York Stock Exchange or the NYSE AMEX Equities, but is traded on the OTC Bulletin Board or in any over-the-counter market
maintained by the OTC Markets Group, Inc., then the average of the closing bid and ask prices reported for the
five (5) trading days immediately prior to (but not including) the Determination Date;

 

(c)Except as provided
in clause (d) below and Section 3.1, if the Company’s Common Stock is not publicly traded, then as the Holder
and the Company agree, or in the absence of such an agreement, by arbitration in accordance with the rules then standing of the
American Arbitration Association, before a single arbitrator to be chosen from a panel of persons qualified by education and training
to pass on the matter to be decided; or

 

    	2

    	 

    
 

(d)If the Determination
Date is the date of a liquidation, dissolution or winding up, or any event deemed to be a liquidation, dissolution or winding up
pursuant to the Company’s charter, then all amounts to be payable per share to holders of the Common Stock pursuant to the
charter in the event of such liquidation, dissolution or winding up, plus all other amounts to be payable per share in respect
of the Common Stock in liquidation under the charter, shall assume for the purposes of this clause (d) that all of the shares
of Common Stock then issuable upon exercise of all of the Warrants are issued and outstanding at the Determination Date.

 

1.5.Company Acknowledgment.
The Company will, at the time of the exercise of the Warrant, upon the request of the Holder hereof, acknowledge in writing its
continuing obligation to afford to such Holder any rights to which such Holder shall continue to be entitled after such exercise
in accordance with the provisions of this Warrant. If the Holder shall fail to make any such request, such failure shall not affect
the continuing obligation of the Company to afford to such Holder any such rights.

 

1.6.Delivery
of Stock Certificates, etc. on Exercise. The Company agrees that, provided the purchase price listed in the Subscription Form
is received as specified in Section 2, the shares of Common Stock purchased upon exercise of this Warrant shall be deemed
to be issued to the Holder hereof as the record owner of such shares as of the close of business on the date on which delivery
of a Subscription Form shall have occurred and payment made for such shares as aforesaid. As soon as practicable after the exercise
of this Warrant in full or in part, and in any event within five (5) business days thereafter (“Warrant Share Delivery
Date”), the Company at its expense (including the payment by it of any applicable issue taxes) will cause to be issued
in the name of and delivered to the Holder hereof, or as such Holder (upon payment by such Holder of any applicable transfer taxes)
may direct in compliance with applicable securities laws, a certificate or certificates for the number of duly and validly issued,
fully paid and non-assessable shares of Common Stock (or Other Securities) to which such Holder shall be entitled on such exercise,
together with any other stock or other securities and property (including cash, where applicable) to which such Holder is entitled
upon such exercise pursuant to Section 1 or otherwise. No fractional shares of Common Stock will be issued in connection
with any exercise hereof, but in lieu of such fractional shares, the Company shall round the number of shares to be issued upon
exercise up to the nearest whole number of shares. The Company understands that a delay in the delivery of the Warrant Shares after
the Warrant Share Delivery Date could result in economic loss to the Holder. As compensation to the Holder for such loss, the Company
agrees to pay (as liquidated damages and not as a penalty) to the Holder for late issuance of Warrant Shares upon exercise of this
Warrant the proportionate amount of $100 per business day after the Warrant Share Delivery Date for each $10,000 of Purchase Price
of Warrant Shares for which this Warrant is exercised which are not timely delivered. The Company shall pay any payments incurred
under this Section in immediately available funds upon demand. Furthermore, in addition to any other remedies which may be available
to the Holder, in the event that the Company fails for any reason to effect delivery of the Warrant Shares by the Warrant Share
Delivery Date, the Holder may revoke all or part of the relevant Warrant exercise by delivery of a notice to such effect to the
Company, whereupon the Company and the Holder shall each be restored to their respective positions immediately prior to the exercise
of the relevant portion of this Warrant, except that the liquidated damages described above shall be payable through the date notice
of revocation or rescission is given to the Company. 

 

1.7.Buy-In.
In addition to any other rights available to the Holder, if the Company fails to deliver to a Holder the Warrant Shares as required
pursuant to this Warrant, and the Holder or a broker on the Holder’s behalf, purchases (in an open market transaction or
otherwise) shares of common stock to deliver in satisfaction of a sale by such Holder of the Warrant Shares which the Holder was
entitled to receive from the Company (a “Buy-In”), then the Company shall pay in cash to the Holder (in addition
to any remedies available to or elected by the Holder) the amount by which (A) the Holder’s total purchase price (including
brokerage commissions, if any) for the shares of common stock so purchased exceeds (B) the aggregate Purchase Price of the Warrant
Shares required to have been delivered together with interest thereon at a rate of 15% per annum, accruing until such amount
and any accrued interest thereon is paid in full (which amount shall be paid as liquidated damages and not as a penalty). For
example, if a Holder purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to
$10,000 of Purchase Price of Warrant Shares to have been received upon exercise of this Warrant, the Company shall be required
to pay the Holder $1,000, plus interest. The Holder shall provide the Company written notice indicating the amounts payable to
the Holder in respect of the Buy-In.

 

    	3

    	 

    
 

1.8.Mandatory
Exercise. Notwithstanding anything to the contrary contained herein, the Company may, at any time, or from time to time, require
the Holder, upon not less than fifteen (15) trading days prior written notice, to exercise this Warrant in whole or in part in
the event (i) the Company’s Common Stock shall be listed for trading on a Principal Market, (ii) the volume weighted average
price of the Common Stock as reported by Bloomberg L.P. for the Principal Market for twenty (20) consecutive trading days was at
least $7.50, (iii) the average daily trading volume of the Common Stock on the Principal Market, as reported by Bloomberg L.P.,
was not less than 50,000 shares for each of such twenty (20) consecutive trading days, (iv) either there is an effective registration
statement covering the resale of the Warrant Shares or the Warrant Shares may be sold without restriction under Rule 144, and (v)
an Event of Default has not occurred and is continuing. In the event that the Holder does not exercise this Warrant prior to the
date prescribed by the Company (the “Mandatory Exercise Date”), this Warrant shall expire immediately and the
Mandatory Exercise Date shall be deemed to be the “Expiration Date” hereunder.

 

2.Cashless Exercise.

 

(a)Payment upon exercise
may be made at the option of the Holder either in (i) cash, wire transfer or by certified or official bank check payable to the
order of the Company equal to the applicable aggregate Purchase Price, (ii) by delivery of Common Stock issuable upon exercise
of the Warrants in accordance with Section (b) below or (iii) by a combination of any of the foregoing methods,
for the number of shares of Common Stock specified in such form (as such exercise number shall be adjusted to reflect any adjustment
in the total number of shares of Common Stock issuable to the holder per the terms of this Warrant) and the holder shall thereupon
be entitled to receive the number of duly authorized, validly issued, fully-paid and non-assessable shares of Common Stock (or
Other Securities) determined as provided herein. Notwithstanding the immediately preceding sentence, payment upon exercise may
be made in the manner described in Section 2(b) below, commencing on the date hereof, but only with respect to Warrant Shares not
included for unrestricted public resale in an effective Registration Statement on the date notice of exercise is given by the Holder.

 

(b)If the Fair Market
Value of one share of Common Stock is greater than the Purchase Price (at the date of calculation as set forth below), in lieu
of exercising this Warrant for cash, the holder may elect to receive shares equal to the value (as determined below) of this Warrant
(or the portion thereof being cancelled) by delivery of a properly endorsed Subscription Form delivered to the Company by any means
described in Section 13, in which event the Company shall issue to the holder a number of shares of Common Stock computed
using the following formula:

 

    	4

    	 

    
 

X=Y (A-B)

A

 

WhereX=the number of shares of
Common Stock to be issued to the Holder

 

		Y=	the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the
Warrant is being exercised, the portion of the Warrant being exercised (at the date of such calculation)

 

		A=	Fair Market Value

 

		B=	Purchase Price (as adjusted to the date of such calculation)

 

For purposes of Rule
144 promulgated under the 1933 Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise
transaction in the manner described above shall be deemed to have been acquired by the Holder, and the holding period for the Warrant
Shares shall be deemed to have commenced, on the date this Warrant was originally issued pursuant to the Subscription Agreement.

 

3.Adjustment for
Reorganization, Consolidation, Merger, etc.

 

3.1.Fundamental Transaction. 
If, at any time while this Warrant is outstanding, (A) the Company  effects any merger or  consolidation  of
the Company with or into another entity, other than a merger or consolidation that does not result in
a Change of Control of the Company, (B) the Company effects any sale of all or substantially all of its assets in
one or a series of related transactions to an unrelated third party or parties,  (C) any tender offer
or exchange offer (whether by the Company or another entity) is completed pursuant to which holders of Common Stock are permitted to tender or exchange
their shares for other securities, cash or property, (D) the Company consummates a stock purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, or spin-off) with one or more persons
or entities whereby such other persons or entities acquire more than the 50% of the outstanding shares of Common Stock (not including
any shares of Common Stock held by such other persons or entities making or party to, or associated or affiliated with the other
persons or entities making or party to, such stock purchase agreement or other business combination), (E) any “person”
or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act) is or shall become the
“beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate Common
Stock of the Company, or (F) the Company effects any reclassification 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 (in any such case, 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,  upon 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 upon or as a result of
such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such event. For purposes of
any such exercise, the determination of the Purchase 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 Purchase 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.  To the extent necessary to effectuate the foregoing provisions, any
successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with
the foregoing provisions and evidencing the Holder’s right to exercise such warrant into Alternate
Consideration.  The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms
requiring any such successor or surviving entity to comply with the provisions of this Section 3.1 and
insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a
Fundamental Transaction. For the purpose of this Section 3.1, a “Change of Control”
is defined as business transaction or reorganization as a result of which the shareholders of the Company immediately prior to
the transaction or reorganization hold less than a majority of the voting interests of the surviving corporation or other entity
after the transaction or reorganization, or any similar corporate or other reorganization on or after the Issue Date.

 

    	5

    	 

    
 

3.2.Continuation
of Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following any transfer) referred
to in this Section 3, this Warrant shall continue in full force and effect and the terms hereof shall be applicable
to the Other Securities and property receivable on the exercise of this Warrant after the consummation of such reorganization,
consolidation or merger or the effective date of dissolution following any such transfer, as the case may be, and shall be binding
upon the issuer of any Other Securities, including, in the case of any such transfer, the person acquiring all or substantially
all of the properties or assets of the Company, whether or not such person shall have expressly assumed the terms of this Warrant
as provided in Section 4.

 

3.3Share Issuance.
Until the Expiration Date, if the Company agrees to issue or issues any Common Stock except for the Excepted Issuances (as defined
in the Subscription Agreement), prior to the complete exercise of this Warrant for a consideration less than the Purchase Price
that would be in effect at the time of such issuance, then, and thereafter successively upon each such issuance, the Purchase Price
shall be reduced to such other lower price for then outstanding Warrants. For purposes of this adjustment, the issuance of any
security or debt instrument of the Company carrying the right to convert such security or debt instrument into Common Stock or
of any warrant, right or option to purchase Common Stock shall result in an adjustment to the Purchase Price upon the issuance
of the above-described security, debt instrument, warrant, right, or option if such issuance is at a price lower than the Purchase
Price in effect upon such issuance and again at any time upon any actual, permitted, optional, or allowed issuances of shares of
Common Stock upon any actual, permitted, optional, or allowed exercise of such conversion or purchase rights if such issuance is
at a price lower than the Purchase Price in effect upon any actual, permitted, optional, or allowed such issuance. Common Stock
issued or issuable by the Company for no consideration will be deemed issuable or to have been issued for $0.001 per share of Common
Stock. A convertible instrument (including a right to purchase equity of the Company) issued, subject to an original issue or similar
discount or which principal amount is directly or indirectly increased after issuance will be deemed to have been issued for the
actual cash amount received by the Company in consideration of such convertible instrument. The reduction of the Purchase Price
described in this Section 3.3 is in addition to the other rights of the Holder described in the Subscription Agreement. The provisions
of this Section 3.3 shall no longer apply ninety (90) days following such date that all of the Registrable Securities are either
included for resale in an effective registration statement or are eligible for resale without restriction pursuant to Rule 144(b)(1)(i)
of the 1933 Act, or a combination thereof.

 

4.Extraordinary
Events Regarding Common Stock. In the event that the Company shall (a) issue additional shares of Common Stock as a dividend
or other distribution on outstanding Common Stock, (b) subdivide its outstanding shares of Common Stock, or (c) combine
its outstanding shares of the Common Stock into a smaller number of shares of Common Stock, then, in each such event, the Purchase
Price shall, simultaneously with the happening of such event, be adjusted by multiplying the then Purchase Price by a fraction,
the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such event and the denominator
of which shall be the number of shares of Common Stock outstanding immediately after such event, and the product so obtained shall
thereafter be the Purchase Price then in effect. The Purchase Price, as so adjusted, shall be readjusted in the same manner upon
the happening of any successive event or events described herein in this Section 4. The number of shares of Common
Stock that the Holder of this Warrant shall thereafter, on the exercise hereof, be entitled to receive shall be adjusted to a number
determined by multiplying the number of shares of Common Stock that would otherwise (but for the provisions of this Section
4) be issuable on such exercise by a fraction of which (a) the numerator is the Purchase Price that would otherwise (but for
the provisions of this Section 4) be in effect, and (b) the denominator is the Purchase Price in effect on the date of such
exercise.

 

    	6

    	 

    
 

5.Certificate
as to Adjustments. In each case of any adjustment or readjustment in the shares of Common Stock (or Other Securities) issuable
on the exercise of the Warrants or the Purchase Price, the Company at its expense will promptly cause its Chief Financial Officer
or other appropriate designee to compute such adjustment or readjustment in accordance with the terms of the Warrant and prepare
a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment
is based, including a statement of (a) the consideration received or receivable by the Company for any additional shares of
Common Stock (or Other Securities) issued or sold or deemed to have been issued or sold, (b) the number of shares of Common
Stock (or Other Securities) outstanding or deemed to be outstanding, and (c) the Purchase Price and the number of shares of
Common Stock to be received upon exercise of this Warrant, in effect immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate to the Holder
of the Warrant and any Warrant Agent of the Company (appointed pursuant to Section 9 hereof). Holder will be entitled
to the benefit of the adjustment regardless of the giving of such notice. The timely giving of such notice to Holder is a material
obligation of the Company.

 

6.Reservation
of Stock, etc. Issuable on Exercise of Warrant; Financial Statements. The Company will at all times reserve and keep available,
solely for issuance and delivery on the exercise of the Warrants, all shares of Common Stock (or Other Securities) from time to
time issuable on the exercise of the Warrant. This Warrant entitles the Holder hereof, upon written request, to receive copies
of all financial and other information distributed or required to be distributed to the holders of the Company’s Common Stock.

 

7.Assignment;
Exchange of Warrant. Subject to compliance with applicable securities laws, this Warrant, and the rights evidenced hereby,
may be transferred by any registered holder hereof (a “Transferor”). On the surrender for exchange of this Warrant,
with the Transferor’s endorsement in the form of Exhibit B attached hereto (the “Transferor Endorsement
Form”) and together with an opinion of counsel reasonably satisfactory to the Company that the transfer of this Warrant
will be in compliance with applicable securities laws, the Company will issue and deliver to or on the order of the Transferor
thereof a new Warrant or Warrants of like tenor, in the name of the Transferor and/or the transferee(s) specified in such Transferor
Endorsement Form (each a “Transferee”), calling in the aggregate on the face or faces thereof for the number
of shares of Common Stock called for on the face or faces of the Warrant so surrendered by the Transferor.

 

8.Replacement
of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement or
security reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender and cancellation
of this Warrant, the Company at its expense, twice only, will execute and deliver, in lieu thereof, a new Warrant of like tenor.

 

    	7

    	 

    
 

9.Warrant Agent.
The Company may, by written notice to the Holder of the Warrant, appoint an agent (a “Warrant Agent”) for the
purpose of issuing Common Stock (or Other Securities) on the exercise of this Warrant pursuant to Section 1, exchanging
this Warrant pursuant to Section 7, and replacing this Warrant pursuant to Section 8, or any of the foregoing,
and thereafter any such issuance, exchange or replacement, as the case may be, shall be made at such office by such Warrant Agent.

 

10.Transfer
on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company may treat the registered
holder hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary.

 

11.Registration
Rights. The Holder of this Warrant has been granted certain registration rights by the Company. These registration rights are
set forth in the Subscription Agreement. The terms of the Subscription Agreement and such registration rights are incorporated
herein by this reference.

 

12.Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine,
at the address or number designated below (if delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered other than on a business day during normal business
hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service,
fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be: if to the Company, to: BeesFree, Inc., 2101 Vista Parkway, Suite 4033,
West Palm Beach, Florida 33411, Fax: (561) 623-5465, and (ii) if to the Holder, to the address and facsimile number listed
on the first paragraph of this Warrant.

 

13.Law Governing
This Warrant. This Warrant shall be governed by and construed in accordance with the laws of the State of New York without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Warrant shall be brought only in the state courts of New York or in the federal courts located in the state and county
of New York. The parties to this Warrant hereby irrevocably waive any objection to jurisdiction and venue of any action instituted
hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The
Company and Holder waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable
attorney’s fees and costs. In the event that any provision of this Warrant or any other agreement delivered in connection
herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative
to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such
provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision
of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any
suit, action or proceeding in connection with this Agreement or any other Transaction Document by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

[-Signature Page Follows-]

 

    	8

    	 

    
 

IN WITNESS WHEREOF,
the Company has executed this Warrant as of the date first written above.

 

	 	
        BEESFREE, INC. 

         

         

         

        By: _____________________________________

        Name: David W. Todhunter

        Title: Chief Executive Officer

         

         

         

         

	 	 	 

 

    	9

    	 

    
 

EXHIBIT A

 

FORM OF SUBSCRIPTION

(to be signed only on exercise of Warrant)

TO: BEESFREE, INC.

The undersigned, pursuant to the provisions
set forth in Warrant (No.____________), hereby irrevocably elects to purchase (check applicable box):

 

___________ shares of the Common Stock
covered by such Warrant; or

		___	shares of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set
forth in Section 2(b) of the Warrant.

 

The undersigned herewith makes payment
of the full purchase price for such shares at the price per share provided for in such Warrant, which is $___________. Such payment
takes the form of (check applicable box or boxes):

 

___$__________ in lawful money of the
United States; and/or

		___	the cancellation of such number of shares of Common Stock as is necessary, in accordance with the
formula set forth in Section 2 of the Warrant, to exercise this Warrant with respect to the maximum number of shares of Common
Stock purchasable pursuant to the cashless exercise procedure set forth in Section 2.

 

After application of the cashless exercise
feature as described above, _____________ shares of Common Stock are required to be delivered pursuant to the instructions below.

 

The undersigned requests that the certificates
for such shares be issued in the name of, and delivered to __________________________________________ whose address is ___________________________
__________________ .

 

The undersigned represents and warrants
that all offers and sales by the undersigned of the securities issuable upon exercise of the within Warrant shall be made pursuant
to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities Act”), or pursuant
to an exemption from registration under the Securities Act.

 

	Dated:___________________	
        _______________________________________________________

        (Signature must conform to name of holder as specified on the
        face of the Warrant)

         

________________________________________________________

________________________________________________________ 

        (Address)

 

    	10

    	 

    
 

EXHIBIT B

 

 

FORM OF TRANSFEROR ENDORSEMENT

(To be signed only on transfer of Warrant)

 

For value received, the
undersigned hereby sells, assigns, and transfers unto the person(s) named below under the heading “Transferees” the
right represented by the within Warrant to purchase the percentage and number of shares of Common Stock of BEESFREE, INC. to which
the within Warrant relates specified under the headings “Percentage Transferred” and “Number Transferred,”
respectively, opposite the name(s) of such person(s) and appoints each such person Attorney to transfer its respective right on
the books of BEESFREE, INC. with full power of substitution in the premises.

 

 

	Transferees	Percentage Transferred	Number Transferred
	 	 	 
	 	 	 
	 	 	 

 

 

	
        Dated: __________________, _______

         

         

         

        Signed in the presence of:

        _________________________________________

_________________________________________ 

        (Name)

         

         

        ACCEPTED AND AGREED:

        [TRANSFEREE]

         

_________________________________________ 

        (Name)

         
	
        ______________________________________________________________

        (Signature must conform to name of holder as specified on the
        face of the warrant)

         

         

 

        ______________________________________________________________

______________________________________________________________ 

        (address)

         

 

 

______________________________________________________________

______________________________________________________________

        (address)

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