Document:

THIS CONVERTIBLE
PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT
IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR
THE HOLDER REASONABLY SATISFACTORY TO THE PAYOR THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION
LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

 

Convertible
Promissory Note

 

	$1,750,000	May 21, 2012

 

For value received, Innolog
Holdings Corporation, a Nevada corporation (“Payor” or the “Company”)
promises to pay, and Innovative Logistics
Techniques, Inc., a Virginia corporation and indirect subsidiary of the Company (“Guarantor”),
promises to guaranty the obligations of the Company hereunder to Glen Hill Investments
LLC or its assigns (“Holder”) the principal sum of One Million Seven Hundred Fifty Thousand
Dollars ($1,750,000.00) with simple interest on the outstanding principal amount at the rate of 6% per annum. This note is issued
as part of a series of substantially similar convertible promissory notes (each a “Note” and, collectively,
the “Notes”) issued or to be issued pursuant to the terms of that certain Note Purchase Agreement dated
as of May 21, 2012 (the “Agreement”) to the persons listed on the Schedule of Purchasers to the Agreement
or their assigns (collectively, the “Holders”). Capitalized terms used but not defined in this Note will
have the meaning given such terms in the Agreement.

 

1.          Payments.
All payments of interest and principal will be in lawful money of the United States of America and will be made pro rata among
all Holders in accordance with the amounts due under the Notes. All payments will be applied first to accrued interest, and thereafter
to principal. Except as otherwise expressly provided herein, interest shall not be payable until the Maturity Date.

 

2.          Conversion.
At the election of Holder, this Note will be convertible in whole or in part into Series B Convertible Preferred Stock of the
Company, par value $0.001 (“Series B Preferred Stock”), for so long as this Note is outstanding; provided,
however, the conversion rights set forth in this Section 2 will expire upon the listing of the Common Stock of the Company
on the NASDAQ or American Stock Exchange. The effective conversion rate for this Note shall be one share of Series B Preferred
Stock for each $1.00 of outstanding principal plus accrued but unpaid interest through the date of conversion. This conversion
rate will be appropriately adjusted upon the occurrence of any split, combination or other similar recapitalization
with respect to the Company’s Series B Preferred Stock.

 

    	1.

    	 

    

 

3.          Maturity
Date. Unless this Note has been converted in accordance with the terms of Section 2 above, the entire outstanding principal
balance and all unpaid accrued interest will become fully due and payable on the earlier of (a) May 30, 2017 (the “Maturity
Date”); (b) an Event of Default (as defined in Section 7 below) or (c) immediately prior to the consummation of a
Change of Control unless otherwise determined by the election of the Majority in Interest (as defined below). The Company hereby
agrees to provide at least ten (10) days prior written notice to the Holder prior to consummating a Change of Control transaction.
A “Change of Control” shall mean (i) the acquisition of the Company or its subsidiaries by another
entity by means of any transaction or series of related transactions to which the Company or its subsidiaries is party (including,
without limitation, any stock acquisition, reorganization, merger or consolidation but excluding any sale of stock for capital
raising purposes) other than a transaction or series of related transactions in which the holders of the voting securities of the
Company or its subsidiaries, respectively, outstanding immediately prior to such transaction or series of related transactions
retain, immediately after such transaction or series of related transactions, as a result of shares in the Company or its subsidiaries,
respectively, held by such holders prior to such transaction or series of related transactions, at least a majority of the total
voting power represented by the outstanding voting securities of the Company or its subsidiaries, respectively, or such other surviving
or resulting entity (or if the Company or its subsidiaries, respectively, or such other surviving or resulting entity is a wholly-owned
subsidiary immediately following such acquisition, its parent); or (ii) a sale, lease or other disposition of all or substantially
all of the assets of the Company or its subsidiaries taken as a whole by means of any transaction or series of related transactions

 

4.          Costs.
In the event of any default under this Note, Payor will pay all reasonable attorneys’ fees and court costs incurred by Holder
in enforcing and collecting this Note.

 

5.          Prepayment.
Payor may not prepay this Note prior to the Maturity Date without the written consent of the Payor and the Majority in Interest
and by providing at least 10 days prior written notice to Holder of such prepayment.

 

6.          Security
and Guaranty. This Note is secured in accordance with the terms of the Security Agreement.

 

7.          Default.
If there is any Event of Default under this Note, at the option and upon the declaration by Holder and written notice to the Payor
(which election and notice will not be required in the case of an Event of Default under Sections 7(c) or 7(d)), this Note will
accelerate and all principal and unpaid accrued interest will become immediately due and payable. The occurrence of any one or
more of the following will constitute an event of default (“Event of Default”):

 

(a)          Payor
fails to pay any of the principal amount or interest due under this Note or any of the other Notes on the date the same becomes
due and payable, and such failure continues for 10 days after written notice thereof to Payor;

 

(b)          Payor
defaults in its performance of any covenant or breaches any provision under the Loan Documents or under the 2009 Note (after any
required notice and cure period or if not so provided, if such default or breach shall continue for 30 days after delivery of written
notice to the Payor);

 

(c)          Payor
or Guarantor files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any
other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors
or takes any corporate action in furtherance of any of the foregoing;

 

    	2.

    	 

    

 

(d)          An
involuntary petition is filed against Payor or Guarantor (unless such petition is dismissed or discharged within sixty (60) days
under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors
(or other similar official) is appointed to take possession, custody or control of any property of Payor or Guarantor; or

 

(e)          A
final judgment or order for the payment of money in excess of $300,000 (exclusive of amounts covered by insurance) shall be rendered
against the Company or Guarantor and the same shall remain undischarged for a period of 30 days during which execution shall not
be effectively stayed, or any judgment, writ, warrant of attachment, or execution or similar process shall be issued or levied
against a substantial part of the property of the Company and its subsidiaries taken as a whole, if any and such judgment, writ,
or similar process shall not be released, stayed, vacated or otherwise dismissed within 30 days after issue or levy.

 

8.          Guaranty
of Obligations. The Guarantor hereby unconditionally, absolutely and irrevocably guarantees to Holder the prompt payment and
performance of all of the obligations of the Company under this Note (including all interest and costs of enforcement which may
at any time accrue with respect to the obligations or which would accrue but for the operation of any provision or doctrine with
respect to applicable law, and whether or not an allowed claim) (the “Guaranteed Obligations”). The Guarantor
agrees that this Guaranty is a guaranty of payment and performance and not of collection, and that its obligations under this Guaranty
shall be unaffected by any fact or circumstance which might otherwise constitute a defense available to, or a discharge of, a surety
or guarantor. The Guarantor expressly waives all rights it may have now or in the future under any statute, or at common law, or
at law or in equity, or otherwise, to compel Holder to proceed in respect of the Guaranteed Obligations against the Company or
any other party before proceeding against, or as a condition to proceeding against, the Guarantor. This Guaranty shall not be discharged
until all of the Guaranteed Obligations have been fully paid and performed.

 

9.          Waiver.
Payor hereby waives default, demand for payment, notice, presentment, protest and notice of nonpayment or dishonor and all other
notices or demands relative to this instrument.

 

10.         Maximum
Rate of Interest. Notwithstanding any provision of this Note or the Loan Documents to the contrary, Payor shall not be obligated
to pay interest pursuant to this Note in excess of the maximum rate of interest permitted by the laws of any state determined to
govern this Note or the laws of the United States applicable to loans in such state. If any provisions of this Note shall ever
be construed to require the payment of any amount of interest in excess of that permitted by applicable law, then the interest
to be paid pursuant to this Note shall be held subject to reduction to the amount allowed under applicable law and any sums paid
in excess of the interest rate allowed by law shall be applied in reduction of the principal balance outstanding pursuant to this
Note. Holder acknowledges that it has been contemplated at all times by Payor that the laws of the Commonwealth of Virginia will
govern the maximum rate of interest that it is permissible for Holder to charge Payor pursuant to this Note.. 

 

    	3.

    	 

    

 

11.         Modification;
Waiver. No modification or waiver of any provision of this Note or consent to departure therefrom will be effective unless
in writing and approved by (i) the Company (ii) the Holders holding Notes representing at least fifty one percent (51%) of the
outstanding aggregate principal under the Notes and (iii) each Holder, which together with its Affiliates, holds Notes representing
in the aggregate at least one million dollars ($1,000,000) of the outstanding principal under the Notes (the Holders described
in clauses (ii) and (iii) being referred to as a “Majority in Interest”). Any provision of the Notes
may be amended or waived by the written consent of the Company and the Majority in Interest, wherein such amendment or waiver shall
be binding upon all Holders of Notes. Notwithstanding the foregoing, the written consent of Holder shall be required to reduce
the principal amount of this Note, or reduce the rate of interest of this Note. “Affiliate” shall mean, with respect
to a specified Person, an individual, firm, corporation, partnership, association, limited liability company, trust or any other
entity (collectively, a “Person”) who, directly or indirectly, controls, is controlled by or is under
common control with such Person, including, without limitation, any general partner, managing member, officer or director of such
Person or any venture capital or investment fund now or hereafter existing that is controlled by one or more general partners or
managing members of, or shares the same management company with, such Person.

 

12.         Severability.
If any provision of this Note becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void,
portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Note, and such
court will replace such illegal, void or unenforceable provision of this Note with a valid and enforceable provision that will
achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision.
The balance of this Note shall be enforceable in accordance with its terms.

 

13.         Choice
of Law; Forum Selection; Consent to Jurisdiction. This Note shall be governed by, construed and interpreted in accordance with
the laws of the Commonwealth of Virginia (excluding the choice of law rules thereof). All disputes and matters whatsoever arising
under, in connection with, or incident to this Note shall be litigated, if at all, in and before a court located in the Commonwealth
of Virginia to the exclusion of the courts of any other state or country, and (b) Payor irrevocably submits to the exclusive jurisdiction
of any Virginia court or federal court sitting in the Commonwealth of Virginia in any action or proceeding arising out of or relating
to this Note, and hereby irrevocably waives any objection to the laying of venue of any such action or proceeding in any such court
and any claim that any such action or proceeding has been brought in an inconvenient forum. A final judgment in any such action
or proceeding shall be conclusive and may be enforced in any other jurisdiction by suit on the judgment or in any other manner
provided by law.

 

14.         Miscellaneous.
This Note may be transferred only upon its surrender by Holder to the Payor for registration of transfer, duly endorsed, or accompanied
by a duly executed written instrument of transfer in form reasonably satisfactory to the Payor. In such event, this Note will be
reissued to, and registered in the name of, the transferee, or a new Note for like principal amount and interest will be issued
to, and registered in the name of, the transferee. Interest and principal will be paid solely to the registered holder of this
Note. Such payment will be full discharge of Payor’s obligation to pay such interest and principal.

 

[Signature
Page Follows]

 

    	4.

    	 

    

 

In
Witness Whereof, the Payor and Guarantor have executed this Convertible Promissory Note as of the date first above written.

 

	 	Innolog Holdings Corporation
	 	 	 
	 	By:	/s/ William P. Danielczyk 
	 	 	William P. Danielczyk
	 	 	Executive Chairman
	 	 
	 	Innovative Logistics Techniques, Inc.
	 	 	 
	 	By:	/s/ Richard E. Stewart
	 	Name:	 Richard E. Stewart 
	 	Title:	PresidentTHE SECURITIES EVIDENCED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER APPLICABLE
STATE AND FOREIGN SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED,
TRANSFERRED, ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

	Warrant No.  [____]	May 21, 2012

 

WARRANT TO PURCHASE SHARES OF COMMON
STOCK

 

OF

 

INNOLOG HOLDINGS CORPORATION

 

THIS CERTIFIES
that, for value received, Glen Hill Investments LLC or its assigns is entitled to purchase from INNOLOG HOLDINGS
CORPORATION, a Nevada corporation (the “Corporation”), subject to the terms and conditions hereof,
8,750,000 shares (the “Warrant Shares”) of common stock of the Company, $0.001 par value (the
“Common Stock”). This warrant, together with all warrants hereafter issued in exchange or substitution for
this warrant is referred to as the “Warrant” and the holder of this Warrant is referred to as the
“Holder.” The number of Warrant Shares is subject to adjustment as hereinafter provided. Notwithstanding
anything to the contrary contained herein, this Warrant shall expire at 5:00 pm Eastern Time on May 31, 2017, (the
“Warrant Termination Date”).

 

This Warrant is being
issued in connection with the purchase by the initial Holder of this Warrant of a convertible promissory note of the Company dated
as of the date hereof in the original principal amount of $1,750,000 (the "Note") pursuant to the Note Purchase
Agreement dated as of May 31, 2012 (the "Note Purchase Agreement") by and among the Company, the initial Holder
and the other persons named therein.

 

1.  Exercise
of Warrant.

 

(a)          The
Holder may, at any time prior to the Warrant Termination Date exercise this Warrant in whole or in part. The exercise price shall
be at a price per share equal to $0.069 (“Exercise Price”). This Holder may exercise this Warrant by (1)
surrendering this Warrant (properly endorsed) at the principal office of the Corporation, or at such other agency or office of
the Corporation in the United States of America as the Corporation may designate, (2) providing written notice stating the Holder
elects to exercise the Warrant and specifying the number of Warrants being exercised and the name or names in which the Holder
wishes the Certificate for shares of Common Stock to be issued, and (3) paying to the Corporation the Exercise Price in lawful
money of the United States by check or wire transfer for each share of Common Stock being purchased. Upon any partial exercise
of this Warrant, there shall be executed and issued to the Holder a new Warrant in respect of the shares of Common Stock as to
which this Warrant shall not have been exercised. In the event of the exercise of the rights represented by this Warrant, a certificate
or certificates for the Warrant Shares so purchased, as applicable, registered in the name of the Holder, shall be delivered to
the Holder hereof as soon as practicable after the rights represented by this Warrant shall have been so exercised.

  

    	 

    	 

    

 

(b)          In
lieu of exercising this Warrant pursuant to Section 1(a), if the fair market value of one share of Common Stock is greater than
the Exercise Price (at the date of calculation as set forth below), the Holder may elect to receive a number of Warrant Shares
equal to the value of this Warrant (or of any portion of this Warrant being canceled) by surrender of this Warrant at the principal
office of the Company (or such other office or agency as the Company may designate) together with a properly completed and executed
Notice of Exercise reflecting such election, in which event the Company shall issue to the Holder that number of Shares computed
using the following formula:

 

	X	=	Y (A – B)
	A

 

Where:

 

	 	X	=	The number of shares of Common Stock to be issued to the Holder
	 	 	 	 
	 	Y	=	The number of shares of Common Stock purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation)
	 	 	 	 
	 	A	=	The fair market value of one share of Common Stock (at the date of such calculation)
	 	 	 	 
	 	B	=	The Exercise Price (as adjusted to the date of such calculation)

 

For purposes of the
calculation above, the fair market value of one Share shall be determined by the Board of Directors of the Company, acting in good
faith; provided, however, that where a public market exists for the Company’s Common Stock at the time of such exercise,
the fair market value per share of Common Stock shall be the average market closing price for the Company’s
Common Stock as determined for the thirty-day period ending two business days  prior to the date of determination of fair
market value.

 

2. Reservation of
Warrant Shares. The Corporation agrees that, prior to the expiration of this Warrant, it will at all times have authorized
and in reserve, and will keep available, solely for issuance or delivery upon the exercise of this Warrant, the number of Warrant
Shares as from time to time shall be issuable by the Corporation upon the exercise of this Warrant.

 

3. No Stockholder
Rights. Prior to the exercise of this Warrant, Holder shall not have any voting rights or other rights as a stockholder of
the Corporation with respect to the Warrant Shares.

 

4. Transferability
of Warrant. Prior to the Warrant Termination Date and subject to compliance with applicable laws, this Warrant and all rights
hereunder are transferable, in whole or in part, at the office or agency of the Corporation by the Holder in person or by duly
authorized attorney, upon surrender of this Warrant together with the Assignment Form annexed hereto properly endorsed for transfer.
Any registration rights to which this Warrant may then be subject shall be transferred together with the Warrant to the subsequent
purchaser. PLEASE NOTE, HOWEVER, the Warrants and any shares of our Common Stock will be subject to certain restrictions on transferability
and may not be resold or otherwise transferred except pursuant to registrations under or exemptions from the registration requirements
of the Securities Act and applicable state and foreign securities laws.

 

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5. Certain Adjustments.
With respect to any rights that Holder has to exercise this Warrant and convert into shares of Common Stock, Holder shall be entitled
to the following adjustments:

 

(a)          Merger,
Consolidation or Reorganization. If at any time there shall be a merger, consolidation or reorganization of the Corporation
with or into another corporation when the Corporation is not the surviving corporation, then, as part of such merger, consolidation
or reorganization, lawful provision shall be made so that the holder hereof shall thereafter be entitled to receive upon exercise
of this Warrant, during the period specified herein and upon payment of the aggregate Exercise Price then in effect, the number
of shares of stock or other securities or property (including cash) of the successor corporation resulting from such merger, consolidation
or reorganization, to which the holder hereof as the holder of the stock deliverable upon exercise of this Warrant would have been
entitled in such merger, consolidation or reorganization if this Warrant had been exercised immediately before such merger, consolidation
or reorganization. In any such case, appropriate adjustment shall be made in the application of the provisions of this Warrant
with respect to the rights and interests of the holder hereof as the holder of this Warrant after the merger, consolidation or
reorganization.

 

(b)          Reclassification,
Recapitalization, etc. If the Corporation at any time shall, by subdivision, combination or reclassification of securities,
recapitalization, automatic conversion, or other similar event affecting the number or character of outstanding shares of Common
Stock, or otherwise, change any of the securities as to which purchase rights under this Warrant exist into the same or a different
number of securities of any other class or classes, this Warrant shall thereafter represent the right to acquire such number and
kind of securities as would have been issuable as the result of such change with respect to the securities that were subject to
the purchase rights under this Warrant immediately prior to such subdivision, combination, reclassification or other change. In
any such case, appropriate adjustment shall be made in the application of the provisions of this Warrant with respect to the rights
and interests of the holder hereof as the holder of this Warrant after the merger, consolidation or reorganization.

 

(c)          Split
or Combination of Common Stock and Stock Dividend. In case the Corporation shall at any time subdivide, recapitalize, split
forward or change its outstanding shares of Common Stock into a greater number of shares or declare a dividend upon its Common
Stock payable solely in shares of Common Stock, the Exercise Price shall be proportionately reduced and the number of Warrant Shares
proportionately increased. Conversely, in case the outstanding shares of Common Stock of the Corporation shall be combined or reverse
split into a smaller number of shares, the Exercise Price shall be proportionately increased and the number of Warrant Shares proportionately
reduced.

 

(d)          Notice
of Adjustments. Upon any adjustment in accordance with this Section 5, the Company shall give notice thereof to the Holder,
which notice shall state the event giving rise to the adjustment, the Exercise Price as adjusted and the number of securities or
other property purchasable upon the exercise of the rights under this Warrant, setting forth in reasonable detail the method of
calculation of each. The Company shall, upon the written request of any Holder, furnish or cause to be furnished to such Holder
a certificate setting forth (i) such adjustments, (ii) the Exercise Price at the time in effect and (iii) the number of securities
and the amount, if any, of other property that at the time would be received upon exercise of this Warrant.

 

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6. Legend and Stop
Transfer Orders. Unless the Warrant Shares have been registered under the Securities Act, and then in that case subject to
the Holders’ compliance with the prospectus delivery requirements of Section 5 of the Securities Act, upon exercise of any
part of the Warrant, the Corporation shall instruct its transfer agent to enter stop transfer orders with respect to such Warrant
Shares, and all certificates or instruments representing the Warrant Shares shall bear on the face thereof substantially the following
legend:

 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER APPLICABLE
STATE OR FOREIGN SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED,
ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION
OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

 

7. Miscellaneous.
This Warrant shall be governed by and construed in accordance with the laws of the State of Nevada. All the covenants and provisions
of this Warrant by or for the benefit of the Corporation shall bind and inure to the benefit of its successors and assigns hereunder.
Nothing in this Warrant shall be construed to give to any person or corporation other than the Corporation and the holder of this
Warrant any legal or equitable right, remedy or claim under this Warrant. This Warrant shall be for the sole and exclusive benefit
of the Corporation and the holder of this Warrant. The section headings herein are for convenience only and are not part of this
Warrant and shall not affect the interpretation hereof. Upon receipt of customary and reasonable indemnity and evidence satisfactory
to the Corporation of the loss, theft, destruction or mutilation of this Warrant, and of indemnity reasonably satisfactory to the
Corporation, if lost, stolen or destroyed, and upon surrender and cancellation of this Warrant, if mutilated, the Corporation shall
execute and deliver to the Holder a new Warrant of like date, tenor and denomination. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant, but in lieu of such fractional shares the Company shall make
a cash payment for such fractional shares on the basis of the Exercise Price then in effect. No provision of this Warrant, in the
absence of affirmative action by the Holder to purchase the Warrant Shares, and no mere enumeration in this Warrant of the rights
or privileges of the Holder, shall give rise to any liability of such Holder for the Exercise Price, whether such liability is
asserted by the Company or by creditors of the Company.

*****

 

[Signature Page Follows]

 

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

 

	 	INNOLOG HOLDINGS CORPORATION
	 	 
	 	By:	/s/ William P.
    Danielczyk 
	 	Name: William P. Danielczyk
	 	Title: Executive Chairman

 

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WARRANT EXERCISE FORM

 

To Be Executed by the Holder in Order
to Exercise Warrant

 

	To:	INNOLOG HOLDINGS CORPORATION
	 	Dated:_________________________
	 	4000 Legato Road, Suite 830
	 	Fairfax, VA 22033

 

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

 

		 ̈	____________ Shares of the Common Stock of INNOLOG HOLDINGS CORPORATION covered by such Warrant; or 

 

		 ̈	The maximum number of shares of Common Stock covered by such Warrant.

 

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

 

		 ̈	$__________ in lawful money of the United States

 

		 ̈	Net exercise pursuant to Section 1(b) of the Warrant

 

The undersigned hereby requests that certificates
for the Warrant Shares purchased hereby be issued in the name of:

 

	 	 
	 	 
	 	 
	(please print or type name and address)	 
	 	 
	 	 
	(please insert social security or other identifying number)	 
	 	 
	and be delivered as follows:	 
	 	 
	 	 
	 	 
	 	 
	(please print or type name and address)	 
	 	 
	 	 
	(please insert social security or other identifying number)	 

 

and if such number of shares of Common
Stock shall not be all the shares evidenced by this Warrant Certificate, that a new Warrant for the balance of such shares be registered
in the name of, and delivered to, Holder.

 

	 	 
	 	Signature of Holder

 

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ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form. Do not use this form to exercise
the warrant.)

 

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

 

	 	whose address is
	 	 
	 	 
	 	 
	 	 

 

	 	Dated: _________________________ , _______

 

	 	Holder's Signature:	 
	 	 	 
	 	Holder's Address:	 
	 	 	 
	 	 	 

 

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank or trust corporation. Officers of corporations and those acting in a fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing Warrant.

 

    	7

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