Document:

EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT AND GENERAL RELEASE 

This Separation Agreement and General Release (“Agreement”) is between Edgewater Technology, Inc. (together with its
subsidiaries, the “Company”) and Robin Ranzal-Knowles (“Executive”). The Company and Executive are sometimes referred to in this Agreement individually as a “Party” and collectively as the
“Parties.” 
 RECITALS 

A.    The Company has employed Executive as President of its wholly-owned subsidiary, Edgewater Technology – Ranzal,
LLC; 
 B.     On August 23, 2017, the Company notified Executive that her employment with Company was terminated
effective immediately on August 23, 2017; and 
 C.    Executive and the Company wish to amicably resolve any
disputes between them by providing for certain consideration to Executive and for Executive providing her waiver, release, and discharge of any and all claims Executive may have against the Company. 

Based on the Recitals above and in consideration of and in reliance upon the representations and promises in this Agreement, Executive and
Company agree as follows: 
 1.     Termination of Employment. 

a.    Executive’s employment with the Company ended effective August 23, 2017 (“Termination Date).
Effective on the Termination Date, Executive’s status as an officer or director of the Company and any of its subsidiaries will end. 

b.    The Company has paid Executive her regular base salary through August 23, 2017 and has also paid Executive for
accrued but unused vacation time as of the Termination Date. Executive acknowledges and agrees that she has received all wages, compensation, benefits and other payments to which she is entitled as an employee of the Company. Executive’s rights
under the Edgewater Technology, Inc. 2000 Employee Stock Option Plan, the Edgewater Technology, Inc. 2012 Omnibus Incentive Plan and any qualified retirement plans shall continue to be as provided in the relevant plan documents. 

2.    Consideration. In consideration of the promises in this Agreement, the Company will pay Executive
severance pay and benefits as follows: 
 a.     Severance Pay. The Company will pay Executive severance pay
equal to twelve (12) months of Executive’s regular base salary, which is the total amount of Four Hundred Twenty-Five Thousand Dollars and 00/100 ($425,000.00), less withholdings as required by law. The severance payments will be paid on
the Company’s regular payroll dates over a twelve (12) month period and will begin after Executive has returned a signed copy of this Agreement and the revocation period described in Section 15 hereof has expired without
Executive’s revocation of the Agreement. 
 b.    Payment of COBRA Continuation Coverage. As additional
consideration, if Executive signs this Agreement, does not revoke it, and timely elects COBRA continuation coverage for medical, dental and vision insurance coverage, the Company will pay the monthly cost of Executive’s medical, dental, and
vision COBRA premiums for the current level of such coverage for a period of twelve (12) months, which is from August 24, 2017 through August 23, 2018. Executive may elect COBRA continuation coverage even if she does not sign this
Agreement, but the monthly premiums will be solely at Executive’s own expense beginning August 24, 2017. 

  
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 c.    Bonus Payment. The Company will pay Executive an amount equal to
50% of the annual bonus payment paid by the Company to Executive in the preceding bonus year, which is the amount of Eighty-Five Thousand Seven Hundred Eleven Dollars and 00/100 ($85,711.00), less withholdings as required by law. This payment will
be made in a single lump sum within ten (10) business days after Executive has returned a signed copy of this Agreement and the revocation period described in Section 15 hereof has expired without Executive’s revocation of the
Agreement. 
 d.    Unvested Options and Restricted Stock Units. The parties hereto acknowledge and agree that
Executive was granted (i) 25,000 Non-qualified Stock Options (the “Executive Options”) under the Edgewater Technology, Inc. 2000 Employee Stock Option Plan (the “2000 Plan”) pursuant to a Non-qualified Stock Option Award Agreement (the “Option Award Agreement”), 8,333 of which are unvested as of the date hereof (the “Unvested Options”) and (ii) 12,500 shares of Restricted Stock
(the “Executive Restricted Stock”) under the Edgewater Technology, Inc. 2012 Omnibus Incentive Plan (the “2012 Plan”) pursuant to a Restricted Stock Award Agreement (the “Restricted Stock Aware Agreement”), 4,167 of
which are unvested as of the date hereof (the “Unvested Restricted Stock”). Subject to Executive having returned a signed copy of this Agreement and the revocation period described in Section 15 hereof having expired without
Executive’s revocation of the Agreement, all Unvested Options and Unvested Restricted Stock shall immediately become fully vested effective as of the Termination Date. Executive hereby acknowledges and agrees that the Executive Options and
Executive Restricted Stock shall remain subject to all of the terms, covenants and conditions set forth in the respective Plans, the Option Award Agreement and the Restricted Stock Award Agreement, respectively, including, without limitation, the
post-termination exercise periods set forth therein and all restrictive covenant provisions set forth, referenced or incorporated in the respective Plans, the Option Award Agreement, and/or the Restricted Stock Award. Except for the Executive
Options and Executive Restricted Stock, Executive hereby acknowledges and agrees that Executive has no rights with respect to any compensatory equity award or other stock or equity ownership interest in the Company or its Affiliates. Capitalized
terms used in this subparagraph but not otherwise defined shall have the meanings ascribed thereto in the respective Plans. 
 e.
    Additional Consideration. The Company will pay Executive Two Hundred Fifty Thousand Dollars and 00/100 ($250,000.00), less withholdings as required by law. This payment will be prorated over a twelve (12) month
period in accordance with the Company’s regular payroll dates, provided Executive has returned a signed copy of this Agreement and the revocation period described in Section 15 below has expired without Executive’s revocation of the
Agreement. 
 f.    Consideration in Exchange for Executive’s Promises. The consideration set forth in this
Section 2 is not otherwise due or owing to Executive. The Company will provide that consideration to Executive in exchange for Executive’s promises in this Agreement. Further, as a condition to receiving the consideration set forth in this
Section 2, Executive must be in continued compliance with the terms of this Agreement, including, without limitation, Sections 4 through 10 hereof. This Agreement will not be effective and Executive will not receive the consideration until
Executive signs this Agreement, returns it to the Company, and does not revoke the Agreement during the period described in Section 15 hereof. 

3.    Release. 

a.    General Release. In return for the consideration provided in this Agreement, Executive waives, releases, and
forever discharges Edgewater Technology, Inc., its subsidiaries, and its and their current and former directors, officers, stockholders, employees, insurers, agents, attorneys, related and affiliated entities, predecessors, successors and assigns
and all persons acting by, through, under or in concert with any of them (hereinafter individually and generically termed a “Released Party” and collectively termed the “Released Parties”) jointly and severally, from any and all
claims and any and all causes of action, demands for arbitration, damages, attorney fees, and any other liabilities or claims of any kind, whether in law or in equity, known or unknown, that Executive has, may have, or may have had against the
Released Parties. Executive’s releases include without limitation, those which arise out of any rights of Executive as an employee, director or officer of the Company, any federal or state statutes or regulations, and under the common law. 

  
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 Executive’s release further includes, without limitation: (i) any claim of
discrimination on any basis, including race, color, national origin, age, religion, sex, disability, or sexual orientation arising under any federal, state, or local statute, ordinance, order or law, through the effective date of this Agreement;
(ii) any claim under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, the Equal Pay Act, the Americans with Disabilities Act, the Family and
Medical Leave Act, and any applicable federal, state or local civil rights statute, ordinance or common law, through the effective date of this Agreement; (iii) any claim that the Company or any other Released Party, jointly or severally,
breached any contract or promise, express or implied, written or oral, or any term or condition of Executive’s employment with the Company or any term or condition of Executive’s status as a holder of stock in the Company; (iv) any
claim for, or on the basis of, retaliation, violation of public policy, whistleblower status, invasion of privacy, or defamation arising out of Executive’s employment with the Company or Executive’s status as an officer, director or a
stockholder of the Company, as applicable; (v) any other statutory or common law claims arising out of Executive’s employment with the Company; (vi) any claim for wages, additional compensation, vacation pay, sick days, commissions,
bonuses, severance, equity interests, or other payments of any kind under any policy, plan, or practice; and (vii) any claim for attorneys’ fees, costs, or disbursements. This release will remain effective in all respects if Executive
discovers facts that are different from or in addition to those that Executive knows or believes to be true as of the date when this Agreement becomes effective. 

Executive and the Company intend that these waivers, releases, and discharges will constitute a general release, will fully extinguish any and
all claims, and will preclude any lawsuits, demands for arbitration, or any other legal claims of any nature and in any forum by Executive against the Released Parties about anything that occurred on or before the date of this Agreement. This
Agreement does not preclude the filing of a federal or state agency civil rights’ charges, but does include a release of Executive’s right to file a lawsuit or to seek or receive individual remedies or damages in any state agency or
federal-filed court action. The only claims and causes of action that Executive is not waiving, releasing, and discharging are for (i) the consideration that Executive will receive under Section 2 hereof if this Agreement is signed and not
revoked; (ii) any vested benefits to which Executive may be entitled under the Company’s applicable written plans; and (iii) any claims and causes of action that, as a matter of law, cannot be waived, released, and discharged. 

b.    No Pending or Future Lawsuits. Executive represents that there are no lawsuits, claims or actions pending in
Executive’s name, or brought by Executive on behalf of any other person or entity, against any of the Released Parties. Executive also represents that Executive does not intend to bring any claims on her own behalf, or on behalf of any other
person or entity, against any of the Released Parties. 
 c.    Future Affiliation. Executive agrees that, as a
condition of receiving the consideration, Executive will not apply for or seek employment, engagement or reinstatement with the Company at any point in the future, and expressly and forever releases and discharges the Company from any obligation to
employ or engage Executive in any capacity. If Executive does seek to become affiliated or employed with the Company, this Agreement constitutes just and proper cause to deny Executive such affiliation or employment or to immediately terminate such
work or employment. This provision may be waived in writing by the Company. Notwithstanding the foregoing, nothing in this Agreement shall prohibit Executive from applying for or seeking employment, or becoming employed by, any successor or assign
of the Company. 
 d.     Accord and Satisfaction. The consideration set forth in this Agreement is in full
accord and satisfaction of any and all claims and causes of action that Executive has, may have, or may have had against Released Parties and any and all claims arising in the course of or out of Executive’s employment with the Company and the
end of Executive’s employment with the Company. 

  
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 4.    Non-Disparagement.
From the date of receiving this Agreement forward, Executive shall not in any way, to any person or entity or by any means, disparage, verbally or in writing, the Company, its management, employees, and professional services. The obligations in this
Section are material to this Agreement. Members of the Company’s Board of Directors, as well as Chris Churchill, agree that they will not disparage Executive. The foregoing shall not be violated by truthful statements in response to legal
process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings). A statement shall be deemed disparaging if it adversely affects the
regard or esteem in which such Party is held by the business community. 

5.    Non-Disclosure. Executive will not disclose the terms of this
Agreement to any third party, except as required by law, to Executive’s immediate family members, and as necessary for the purpose of receiving counsel from Executive’s attorneys and/or financial advisers. Executive’s professional
advisors and immediate family members will have the same responsibility as Executive to maintain the confidentiality of the terms of this Agreement. Notwithstanding the foregoing, Executive shall be permitted to disclose the terms of the restrictive
covenants set forth in this Paragraph 8 of this Agreement to any prospective employer or other third party who has a reason to know of such covenants. 

6.    Cooperation. Executive agrees to cooperate with the Company and its counsel in connection with any
investigation, administrative proceeding of litigation related to any matter that occurred during Executive’s employment in which Executive was involved or has knowledge of. The obligation under this Section shall exist regardless of whether or
not the Company is named as a party or as a subject or target of any action, proceeding, investigation, arbitration, or litigation. Executive will perform all acts and execute and deliver all documents that may be reasonably necessary to fulfill the
obligations under this Section. The Company will promptly reimburse Executive for any reasonable out-of-pocket and travel expenses incurred by Executive in connection
with fulfillment of the obligations under this Section, provided that such expenses have been approved by the Company, in writing, prior to Executive incurring the expense. 

7.    Confidentiality. 

a.    During the course of Executive’s employment, Executive had access to information of the Company that is
considered Confidential Information. For purposes of this Agreement, “Confidential Information” means all data, information, ideas, concepts, discoveries, trade secrets, inventions (whether or not patentable or reduced to practice),
innovations, improvements, know-how, developments, techniques, methods, processes, treatments, drawings, sketches, specifications, designs, plans, patterns, models, plans and strategies, and all other
confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or
potential business, activities and/or operations of the Company (or any of their respective predecessors, successors or permitted assigns), including, without limitation, any such information relating to or concerning a sale event, finances, sales,
marketing, advertising, transition, promotions, pricing, personnel, customers, prospective customers, suppliers, vendors, partners and/or competitors. 

b.    Executive agrees that Executive shall not, directly or indirectly, use, make available, sell, disclose or otherwise
communicate to any person, any Confidential Information. The restrictions on the disclosure of Confidential Information set forth in this Section shall apply for the five (5) year period following the Termination Date; provided to the extent
that such information is a “trade secret” as that term is defined under a state or federal law, this subparagraph is not intended to, and does not, limit the Company’s rights or remedies thereunder, and the time period for prohibition
on disclosure or use of such information is until such information becomes generally known to the public through the act of one who has the right to disclose such information without violating any legal right or privilege of the Company.
Notwithstanding the foregoing, any alleged violation of Executive’s confidentiality obligations on or prior to August 25, 2017 (which Executive expressly denies) shall not be deemed a violation of this Agreement, and shall not be cause to
deny Executive the consideration set forth in this Agreement. 

  
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 c.     Nothing in this Agreement shall prohibit or impede Executive from
communicating, cooperating or filing a complaint with any federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”) with respect to possible violations of any federal, state or
local law or regulation, or otherwise making disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation, provided that in each case such communications and disclosures
are consistent with applicable law. Executive understands and acknowledges that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in
confidence to a federal, state or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if
such filing is made under seal. Executive understands and acknowledges further that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the
individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order. Notwithstanding the
foregoing, under no circumstance will Executive be authorized to disclose any information covered by attorney-client privilege or attorney work product of the Company without prior written consent of the Company’s Chief Executive Officer or
other officer designated by the Company. 
 8.     Restrictive Covenants. Executive agrees that to preserve the
confidentiality of the Confidential Information, to prevent the theft or misuse of the Confidential Information, to protect the Company’s relationships with both its potential and existing customers, to protect the Company’s goodwill, and
to protect the Company from improper or unfair competition, Executive will not, directly or indirectly: 
 a.     Non-Competition. For a period of twelve (12) months following the Termination Date, participate in the ownership or control of, act as an employee, agent, or contractor of, or provide any services to, or
for, any business that is engaged in the Restricted Business within the United States. The “Restricted Business” shall mean the business of selling, marketing or providing business or information technology consulting services which are
competitive with the services provided by the Company, i.e., the implementation of Oracle EPM, OneStream or Prophix corporate performance management software. For the avoidance of doubt, nothing in this Agreement shall prohibit Executive from
participating in the ownership or control of, acting as an employee, agent, or contractor of, or providing any services to, or for, any business that produces, sells or markets software, except for Oracle EPM, OneStream or Prophix. Furthermore, and
notwithstanding anything to the contrary contained in this Agreement, the Company agrees that Executive may own up to 2% of the outstanding shares of the capital stock of a company whose securities are registered under Section 12 of the
Securities Exchange Act of 1934. 
 b.     Non-Solicitation of Employees.
For a period of twelve (12) months following the Termination Date, solicit, divert, or attempt to solicit or divert, from the Company any employee or any person providing services to, or on behalf of, the Company, or influence any such person
to no longer serve as an employee or provide services to, or for, the Company. 
 c.    Non-Solicitation of Customers or Specific Prospective Customers. For a period of twelve (12) months following the Termination Date, solicit, divert, or attempt to solicit or divert from the Company, any
work or business that is competitive with the Company, from any customer or specific prospective customer of the Company for either the Executive or any other entity that may employ, engage or associate with the Executive in any fashion. 

d.     Non-Work with Customers or Specific Prospective Customers. For a
period of twelve (12) months following the Termination Date, manage, operate, be engaged by, employed by, sell goods to, or perform services for, or on behalf of, in any manner, any customer or specific prospective customer,

  
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of the Company, for any work or business that is competitive with the Company, either on Executive’s behalf or on behalf of any other entity that may employ, engage or associate with the
Executive in any fashion. 
 e.    Non-Interference with Vendors. For a
period of twelve (12) months following the Termination Date, interfere, or seek to interfere, with the continuance of supplies or services to the Company (or the terms relating to such supplies or services) from any vendors which supplied goods
or services to the Company. 
 9.    Inventions. Executive acknowledges and agrees that all ideas, methods,
inventions, discoveries, improvements, work products, developments or works of authorship (“Inventions”) and all underlying rights therein in all forms of media now known or later devised, whether or not patentable or copyrightable,
(a) that relate to Executive’s work with the Company, made or conceived by Executive, solely or jointly with others, during the period of Executive’s employment and service with the Company, or (b) suggested by any work that
Executive performed in connection with the Company, either while performing Executive’s duties with the Company or on Executive’s own time, shall belong exclusively to the Company (or its designee), whether or not patent or copyright
applications are filed thereon. Executive hereby irrevocably conveys, transfers and assigns to the Company the Inventions and all patents and copyrights (and all renewals, revivals and extensions thereof) that may issue thereon in any and all
countries, whether during or subsequent to the period of Executive’s employment and service with the Company, together with the right to file, in Executive’s name or in the name of the Company (or its designee), applications for patents,
copyrights, and equivalent rights (the “Applications”). The Inventions shall also be deemed Works for Hire, as that term is defined under the copyright laws of the United States, on behalf of the Company. Executive will, at any time
subsequent to the period of Executive’s employment and service with the Company, and at the Company’s expense, make such applications, sign such papers, take all rightful oaths, and perform all acts as may be reasonably requested from time
to time by the Company with respect to the Inventions. Executive will also execute assignments to the Company (or its designee) of the Applications, and give the Company and its attorneys all reasonable assistance (including the giving of testimony)
to obtain the Inventions for the Company’s benefit, all without additional compensation to Executive from the Company. If the Company is unable for any other reason to secure Executive’s signature on any document for this purpose, then
Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Executive’s agent and attorney in fact, to act for and in Executive’s behalf and stead to execute any documents and to do all
other lawfully permitted acts in connection with the foregoing. In addition, Executive hereby waives any so-called “moral rights” with respect to the Inventions. The provisions of this Section shall
not apply to an Invention for which no equipment, supplies, facility, or trade secret information of the Company was used and which was developed entirely on Executive’s own time, unless (i) the Invention relates (A) to the business
of the Company, or (B) to the Company’s actual or demonstrably anticipated research or development, or (ii) the Invention results from any work performed by Executive for the Company. 

10.    Return of Property. Executive shall immediately return (and as applicable disclose) all Confidential
Information, material, equipment, or other property belonging to the Company including, but not limited to, any Company provided laptops, computers, cell phones, wireless electronic mail devices, access codes, passwords, or other equipment,
information, documents and property belonging to the Company. Executive further agrees that Executive will not take any actions to download, delete, remove, wipe, transmit from the premise, or otherwise destroy any information stored on any Company
electronic communication system or device. Executive acknowledges that she has removed from any social media accounts Executive maintains reference to purport that employment with the Company is current. The Company agrees to return to Executive her
personal and professional contacts within ten (10) days following the expiration of the Revocation Period provided for in section 15 and delete any personal documents from Executive’s computer that was returned to Company on 8/23/17. 

  
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 11.    Reasonableness and Enforcement. 

a.    Executive agrees that the restrictive provisions in this Agreement are necessary for the reasonable and proper
protection of the Company and its trade secrets and Confidential Information and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area, and that these restraints, individually or in
the aggregate, will not prevent Executive from obtaining other suitable employment during the period in which Executive is bound by the restraints. Executive acknowledges that each of the covenants has a unique, very substantial and immeasurable
value to the Company and that Executive has sufficient assets and skills to provide a livelihood while such covenants remain in force. Executive hereby covenants that Executive will not challenge the reasonableness or enforceability of any of the
covenants set forth in this Agreement. 
 b.    Executive acknowledges that a breach of her restrictive covenants
contained in this Agreement may cause irreparable damage to the Company, the exact amount of which would be difficult to ascertain, and that the remedies at law for any such breach or threatened breach would be inadequate. Accordingly, if Executive
breaches or threatens to breach any of the covenants contained in this Agreement, in addition to any other remedy which may be available at law or in equity, the Company shall be entitled to injunctive relief to prevent the breach or any threatened
breach thereof without a showing that monetary damages will not provide an adequate remedy. The prevailing party will be entitled to reimbursement from the other party for all costs (including, without limitation, reasonable attorneys’ fees)
incurred in connection with any action to enforce any of the provisions of this Agreement, including through any appeals and bankruptcy proceedings, if any. Executive acknowledges and agrees that the restrictive covenants set forth in this Agreement
are independent covenants and shall be in addition to, and shall not supersede or be deemed to be in lieu of, any restrictive covenants set forth in any other agreement between Executive and the Company. Without limiting the remaining provisions of
this Agreement, the “Company” shall include the respective predecessors and successors of each member of the Company, including, without limitation, a successor subsidiary or division in connection with a divestiture or sale event. 

12.    [Deleted]. 

13.    Advice of Counsel. By this Agreement, the Company has advised Executive to consult with an attorney of
Executive’s choice, at Executive’s expense, before signing this Agreement. 
 14.    Consideration
Period. Executive acknowledges that she has had a period of no less than twenty-one (21) days to consider the terms of this Agreement and to decide whether to accept and sign it. Executive
may return this Agreement before the end of the twenty-one (21) day period but is not required to do so. In signing this Agreement, Executive acknowledges that she has carefully read this Agreement,
understands it, and is entering it knowingly and voluntarily, which means no one is forcing or pressuring Executive to sign it. Executive has not relied upon any representations or statements about the subject matter of this Agreement that are not
set forth in this Agreement. No changes to this Agreement, whether material or immaterial, will re-start the twenty-one (21) day consideration period. 

15.     Revocation Period. Executive may revoke this Agreement within seven (7) calendar days after
signing it. The Agreement shall not become effective or enforceable until this revocation period has expired without Executive’s revocation. The payment of consideration described in Section 3 hereof will not begin until after the time to
revoke has expired and no revocation has occurred. If Executive revokes this Agreement during the seven (7) day revocation period, the Agreement will not be effective or enforceable and Executive will not receive the consideration set forth in
Section 3 hereof. 
 To be effective, a revocation must be in writing and both postmarked and addressed to Jeffrey L. Rutherford,
Interim President and Chief Executive Officer, Edgewater Technology, Inc., 200 Harvard Mill Square, Suite 210, Wakefield, MA 01880 or hand-delivered to Jeffrey L. Rutherford, Interim President and Chief Executive Officer, at the address indicated
above within seven (7) calendar days after Executive signed this Agreement. If revocation is made by mail, mailing by certified mail return receipt requested is recommended to show proof of mailing. 

  
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 16.    Code Section 409A. 

a.    This Agreement is intended to comply with or be exempt from Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”), and will be interpreted accordingly. Any provision that would cause this Agreement or any payment hereof to fail to satisfy Section 409A of the Code shall have no force or effect until amended to the minimum
extent required to comply with Section 409A, which amendment may be retroactive to the extent permitted by Section 409A. 

b.    If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this
Agreement on account of termination of Executive’s employment shall be made unless and until Executive incurs a “separation from service”, within the meaning of Section 409A. 

c.    To the extent any reimbursements or in-kind benefits due to Executive under
this Agreement constitute “deferred compensation” under Code Section 409A (after taking into account all exclusions applicable to such payments or benefits under Section 409A), any such reimbursements or in-kind benefits shall be paid to Executive in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Each payment made under this Agreement (including each
installment payment) shall be designated as a “separate payment” within the meaning of Section 409A of the Code. 

d.    Executive and the Company agree to work together in good faith to consider amendments to this Agreement and to take
such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A. In no event whatsoever shall the Company be liable
for any additional tax, interest or penalty that may be imposed on Executive by Code Section 409A or damages for failing to comply with Code Section 409A. 

17.    Code Section 280G. In the event that any payment that is either
received by Executive or paid by the Company on Executive’s behalf or any property, or any other benefit provided to Executive under this Agreement or under any other plan, arrangement or agreement with the Company or any other person whose
payments or benefits are treated as contingent on a change of ownership or control of the Company (or in the ownership of a substantial portion of the assets of the Company) or any person affiliated with the Company or such person (collectively the
“Company Payments”), would be (as determined by the Company) subject to the tax imposed by Section 4999 of the Code (and any similar tax that may hereafter be imposed by any taxing authority) (the “Excise Tax”), then
Executive will be entitled to receive a portion of the Company Payments having a value equal to $1 less than three (3) times the Executive’s “base amount” (as such term is defined in Section 280G(b)(3)(A) of the
Code). Any reduction of the Company Payments pursuant to the foregoing shall occur in the following order: (a) any cash severance payable by reference to the Executive’s base salary or annual bonus; (b) any other cash amount
payable to the Executive; (iii) any benefit valued as a “parachute payment;” and (c) acceleration of vesting of any equity award. 

18.    Entire Agreement. This Agreement constitutes the entire agreement between the parties regarding the
subject matter of this Agreement. No other agreements or representation, whether oral or written, exist modifying this Agreement. This Agreement can only be modified by a written document signed by the parties that specifically refers to and
expressly changes this Agreement. 
 19.    Non-admission of Liability.
This Agreement shall not be used or construed as an admission of liability or wrongdoing by either Company or Executive. The Company denies that it acted unlawfully, tortiously, or in violation of any employment contract toward Executive. Likewise,
Executive denies that she acted unlawfully, tortiously, or in violation of any contractual duty owed to the Company. 

20.    Modification and Severability. In the event that any provision of this Agreement becomes, or is declared by a
court of competent jurisdiction to be, illegal, unenforceable or void, such provision will be 

  
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modified to render it enforceable to the fullest extent permitted by law. If the provision cannot be modified, this Agreement will continue in full force and effect without said provision, so
long as the remaining provisions remain intelligible and continue to reflect the original intent of the parties. 

21.    Amendment and Waiver. Except as otherwise expressly provided herein, any provision of this Agreement may be
amended and the observation of any provision hereof may be waived (either generally or any particular instance and either retroactively or prospectively) only with the written consent of the Company. The failure of the Company to insist upon the
performance of any of the terms and conditions in this Agreement, or the failure to prosecute any breach of any of the terms and conditions of this Agreement, will not be construed thereafter as a waiver of any such terms or conditions.  

22.    Applicable Law. The laws of the State of Florida shall govern all questions concerning the
construction, validity, interpretation and enforceability of this Agreement, and the performance of the obligations imposed by this Agreement, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of
Florida or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Florida.    Any dispute between the Parties arising out of this Agreement shall be brought exclusively in
the state court of Florida with applicable jurisdiction, or the federal district court in Florida with applicable jurisdiction. The Parties affirmatively waive any objections to, and submit to, the jurisdiction of these courts and stipulate to their
convenience for purposes of venue. 
 23.    Successors and Assigns. Executive may not assign or transfer to
any other person, firm, corporation, limited liability company or other person or entity this Agreement or any of its rights or obligations hereunder. Subject to the foregoing, this Agreement is binding and shall take effect for the benefit of
(i) the Company and its subsidiaries, and its and their respective directors, officers, agents, employees, agents, representatives, and successors in interest of the Company and any subsidiaries; and (ii) Executive and Executive’s
heirs and permitted assigns. 
 24.     Headings and Counterparts. The headings contained in this Agreement
are for reference purposes only and have no effect on the meaning or interpretation of any provision of this Agreement. This Agreement may be executed in counterparts, and each such counterpart shall be deemed to be an original instrument, but all
such counterparts together shall constitute one and the same agreement. The execution of a counterpart of the signature page to this Agreement shall be deemed the execution of a counterpart of this Agreement. The delivery of this Agreement may be
made by facsimile or portable document format (pdf), and such signatures shall be treated as original signatures for all applicable purposes.  

Each of the Parties below has signed this Separation Agreement and General Release knowingly and voluntarily intending to be bound. 

 

							
	Edgewater Technology, Inc.	 		 	
				
	By:	 	 /s/ Jeffrey L. Rutherford
	 		 	 /s/ Robin Ranzal-Knowles

	 Jeffrey L. Rutherford, Interim President 

and Chief Executive Officer
	 		 	Robin Ranzal-Knowles
			
	Date: September 22, 2017	 		 	Date: September 22, 2017

  
 Page 9 of 9Exhibit 4.1

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

 

COMMON STOCK PURCHASE WARRANT

DYNATRONICS CORPORATION

No. ____

	 Warrant Shares: _______	
Issuance Date: ________, 2017

THIS COMMON STOCK PURCHASE WARRANT (this "Warrant") certifies that, for value received, _____________ (the "Holder") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date Shareholder Approval is received and on or prior to 5:00 p.m. (New York City time) on the six‐year anniversary of the date this Warrant was originally issued (the "Termination Date") but not thereafter, to subscribe for and purchase from Dynatronics Corporation, a Utah corporation (the "Company"), up to ______ shares (as subject to adjustment hereunder, the "Warrant Shares") of Common Stock. The date on which the Warrant may first be exercised as provided above shall be the "Initial Exercise Date."  The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 1(b).

Section 1.  Definitions.  Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the "Purchase Agreement"), dated September _____, 2017, among the Company and the purchasers signatory thereto.

Section 2.  Exercise.

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

(b) Exercise Price.  The exercise price per share of the Common Stock under this Warrant shall be $2.75, subject to adjustment hereunder (the "Exercise Price").

 

(c) Cashless Exercise.  If at any time there is no effective Registration Statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder's execution of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of "regular trading hours" on such Trading Day;

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

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

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

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

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

(d)  Mechanics of Exercise.

(i) Delivery of Warrant Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder's or its designee's balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system ("DWAC") if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder pursuant to Rule 144, and otherwise by physical delivery of a certificate, registered in the Company's share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) the earlier of (A) two (2) Trading Days after the delivery to the Company of the Notice of Exercise and (B) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the "Warrant Share Delivery Date").   Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided  that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise.  The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, "Standard Settlement Period" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

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

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

(iv)  Charges, Taxes and Expenses.  Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto as Exhibit B, duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

(v)  Rescission Rights.  If the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

(vi)  Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise.  In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "Buy-In"), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.  For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.  Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

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

(e)  [Holder's Exercise Limitations.  [TO BE REPLACED WITH "INTENTIONALLY OMITTED" IF AN INVESTOR ELECTS NOT TO HAVE A BLOCKER]  The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder's Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates (such Persons, "Attribution Parties")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other  Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.   To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder's determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.   In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company's most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.  The "Beneficial Ownership Limitation" shall be [4.99%] [9.99%] of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant.  The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.  Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.  The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.]

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Section 3.  Certain Adjustments.

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

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(b)  Subsequent Rights Offerings.  In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the "Purchase Rights"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

(c)  Pro Rata Distributions.  During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "Distribution"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).  

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(d)  Fundamental Transaction.

(i)  If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a "Fundamental Transaction"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "Alternate Consideration") receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).

(ii)  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.

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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.

(iii)  Notwithstanding anything to the contrary, in the event of a Fundamental Transaction that is (1) an all cash transaction, (2) a "Rule 13e-3 transaction" as defined in Rule 13e-3 under the Exchange Act, or (3) a Fundamental Transaction involving a person or entity not traded on a national securities exchange, the Company or any Successor Entity (as defined below) shall, at the Holder's option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder a "Warrant Settlement Payment" (defined in subsection (v) below), equal in value to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction (referred to herein as the "Warrant Settlement Right").  "Black Scholes Value" means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the "OV" function on Bloomberg, L.P. ("Bloomberg") determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date.

(iv)  The Warrant Settlement Payment shall be paid using the same type or form of consideration that is being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock, or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction.  By way of example only, if the holders of Common Stock are to receive cash only in connection with the Fundamental Transaction, the holders of this Warrant shall also receive cash only in payment of the Warrant Settlement Payment.  If the holders of Common Stock are to receive shares of stock only in connection the Fundamental Transaction, the holders of this Warrant shall be paid the Warrant Settlement Payment with shares of the same stock.  Likewise, if the holders of Common Stock are given the right and option to choose from among alternative forms of consideration as payment for their shares in connection with the Fundamental Transaction, the holders of this Warrant shall be given the same right to choose from among the same alternative forms of consideration as payment for their Warrant Settlement Payment.  In no case shall the holders of this Warrant receive cash only for their Warrant Settlement Payment, if the holders of the Common Stock of the Company are not also receiving cash only for their shares of Common Stock in connection with the Fundamental Transaction.

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The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "Successor Entity") to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the "Company" shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

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

(f)  Notice to Holder.

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

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

Section 4.  Transfer of Warrant.

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

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

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

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

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

Section 5.  Miscellaneous.

(a)  No Rights as Shareholder Until Exercise.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.

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

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(c)  Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

(d)  Authorized Shares.

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

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

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

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

(f)  Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered or exercised via cashless exercise by a non-Affiliate of the Company, will have restrictions upon resale imposed by state and federal securities laws.

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

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

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

(j)  Remedies.  The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant.  The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

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

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(l)  Amendment.  This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

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

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

(Signature Page Follows)

  

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

	
DYNATRONICS CORPORATION

 

 

	
By:__________________________________________

     Name: Kelvyn Cullimore, Jr.

     Title: Chief Executive Officer

 

16

 

[Signature Page to Warrant Agreement]

 

EXHIBIT A

NOTICE OF EXERCISE

TO: DYNATRONICS CORPORATION

	
(1)

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

	
(2)

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

[  ] in lawful money of the United States; or

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

	
(3)

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

_______________________________

	
(4)

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

_______________________________

_______________________________

_______________________________

	
(5)

	
Accredited Investor.  The undersigned is an "accredited investor" as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

[SIGNATURE OF HOLDER]

Name of Investing Entity: _____________________________________________________________

Signature of Authorized Signatory of Investing Entity: _______________________________________

Name of Authorized Signatory: _________________________________________________________

Title of Authorized Signatory: __________________________________________________________

Date: _____________________________________________________________________________

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EXHIBIT B

ASSIGNMENT FORM

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

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

	
Name:

 

	 
	 	
(Please Print)

 

	
Address:

	 
	 	
(Please Print)

	
Dated: _______________ __, ______

 

	 
	
Holder's Signature: 

 

	 
	
Holder's Address: 

	 

18

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