Document:

EXHIBIT 4.4

 

WARRANT

 

 

 

	Holder:	 	 	Warrant Number:  	 

 

NEITHER
THE SECURITIES
REPRESENTED BY THIS
CERTIFICATE NOR THE
SECURITIES
ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF
1933, AS
AMENDED (THE “ACT”),
OR ANY
STATE SECURITIES
LAWS, AND NEITHER
SUCH SECURITIES
NOR ANY
INTEREST THEREIN MAY
BE OFFERED,
SOLD, ASSIGNED  OR
 OTHERWISE 
TRANSFERRED  UNLESS
 (1)  A REGISTRATION
 STATEMENT WITH
RESPECT THERETO IS EFFECTIVE
UNDER THE
ACT AND
ANY APPLICABLE
STATE SECURITIES
LAWS, OR
(2) AN
EXEMPTION FROM
SUCH REGISTRATION
EXISTS AND THE COMPANY
RECEIVES AN
OPINION OF COUNSEL
TO THE HOLDER
OF SUCH
SECURITIES,
WHICH COUNSEL AND OPINION
ARE SATISFACTORY TO
THE COMPANY,
THAT SUCH SECURITIES
MAY BE
OFFERED, SOLD,
PLEDGED, ASSIGNED
OR TRANSFERRED
IN THE MANNER
CONTEMPLATED WITHOUT AN
EFFECTIVE REGISTRATION
STATEMENT UNDER THE
ACT OR APPLICABLE
STATE SECURITIES
LAWS.

 

	Issuance Date:	 	 	Number of Shares:  	 
	Term:		 	Exercise Price:	

 

 

 

VERTICAL HEALTH
SOLUTIONS, INC. d/b/a ONPOINT MEDICAL DIAGNOSTICS

 

WARRANT TO PURCHASE
COMMON STOCK

 

Vertical
Health Solutions, Inc. d/b/a OnPoint Medical Diagnostics, a Florida corporation (the “Company”), for value received,
hereby issues to the Holder this Warrant (the “Warrant”) to purchase shares (each such share as from time to time adjusted
as hereinafter provided being a “Warrant Share” and all such shares being the “Warrant Shares”) of the
Company’s Common Stock (as defined below), at the Exercise Price (as defined below), as adjusted from time to time as provided
herein, on or before the ten year anniversary of the issuance date (the “Expiration Date”), all subject to the following
terms and conditions. This Warrant is one of a series of Warrants issued to certain investors (this Warrant, together with such
other Warrants, shall be collectively referenced herein as the “Warrants”).

 

As
used in this Warrant, (i) “Business Day” means any day other than Saturday, Sunday or any other day on which commercial
banks in the City of Minneapolis, Minnesota, are authorized or required by law or executive order to close; (ii) “Common
Stock” means the common stock of the Company, par value $0.001 per share, including any securities issued or issuable with
respect thereto or into which or for which such shares may be exchanged for, or converted into, pursuant to any stock dividend,
stock split, stock combination, recapitalization, reclassification, reorganization or other similar event; (iii) “Exercise
Price” means $0.50 per share of Common Stock, subject to adjustment as provided herein; and (iv) “Affiliate”
means any Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common
control with, a Person, as such terms are used and construed in Rule 144 promulgated under the Securities Act of 1933, as amended
(the “Act”).

 

    	 

    	 

    

 

1.DURATION AND EXERCISE OF WARRANTS

 

(a)
Exercise Period. The Holder may exercise this Warrant in whole or in part on any Business Day on or before 5:00 P.M., Central
Time, on the Expiration Date, at which time this Warrant shall become void and of no value.

 

(b)Exercise Procedures.

 

(i) While
this Warrant remains outstanding and exercisable in accordance with Section 1(a), the Holder may exercise this Warrant in whole
or in part at any time and from time to time by:

 

(A) surrender
of this Warrant, with a duly executed copy of the notice of exercise attached as Exhibit A (the “Notice of Exercise”),
to the secretary of the Company at the Company’s principal offices or at such other office or agency as the Company may specify
in writing to the Holder; and

 

(B)
payment of the then applicable Exercise Price per share multiplied by the number of Warrant Shares being purchased upon exercise
of the Warrant (such amount, the “Aggregate Exercise Price”) made in the form of cash, or by certified check, bank
draft or money order payable in lawful money of the United States of America.

 

(ii)
Exercise of this Warrant is subject to satisfaction of either of the two following conditions at the time of exercise:

 

(A)
the Company shall have in effect a Registration Statement with the Securities and Exchange Commission with respect to its issuance
of shares upon the exercise of this Warrant; or

 

(B)
the exercise of this Warrant shall qualify for an exemption from the registration requirements under applicable federal and state
laws and regulations with respect to the issuance of securities and the Holder shall execute and deliver such documentation as
shall be necessary to qualify the issuance of the Warrant Shares from such registration requirements.

 

(iii) Upon
the exercise of this Warrant in compliance with the provisions of this Section 1(b), the Company shall promptly issue and cause
to be delivered to the Holder a certificate for the Warrant Shares purchased by the Holder. Each exercise of this Warrant shall
be effected immediately prior to the close of business on the date (the “Date of Exercise”) which the conditions set
forth in Section 1(b) have been satisfied. On or before the first Business Day following the date on which the Company has received
each of the Notice of Exercise and the Aggregate Exercise Price (the “Exercise Delivery Documents”), the Company shall
transmit to the Company’s transfer agent (the “Transfer Agent”) a direction to issue the Warrant Shares due the
Holder. Upon delivery of the Exercise Notice and Aggregate Exercise Price referred to in Section 1(b)(i)(A) above, 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 certificates evidencing such Warrant Shares. If this Warrant is
submitted in connection with any exercise pursuant to this Section 1(b) and the number of Warrant Shares represented by this Warrant
submitted for exercise is greater than the actual number of Warrant Shares being acquired upon such an exercise, then the Company
shall as soon as practicable and in no event later than three (3) Business Days after any exercise and at its own expense, issue
a new Warrant (in accordance with Section 1(c)) of like tenor representing the right to purchase the number of Warrant Shares purchasable
immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is
exercised. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares
of Common Stock to be issued shall be rounded up to the nearest whole number. The Company shall pay any and all transfer taxes
which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant.

 

(c)
Partial Exercise. This Warrant shall be exercisable, either as an entirety or, from time to time, for part only of the number
of Warrant Shares referenced by this Warrant. If this Warrant is exercised in part, the Company shall issue, at its expense, a
new Warrant, in substantially the form of this Warrant, referencing such reduced number of Warrant Shares which remain subject
to this Warrant.

 

(d)
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute
in accordance with Section 15.

 

2. ISSUANCE OF WARRANT
SHARES

 

(a) The
Company covenants that all Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be (i) duly authorized,
fully paid and non-assessable, and (ii) free from all liens, charges and security interests, with the exception of claims arising
through the acts or omissions of the Holder and except as arising from applicable Federal and state securities laws.

 

(b)
The Company shall register this Warrant upon records to be maintained by the Company for that purpose in the name of the record
holder of such Warrant from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute
owner thereof for the purpose of any exercise thereof, any distribution to the Holder thereof and for all other purposes.

 

(c) The
Company will not, by amendment of its certificate of incorporation, by-laws 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 to be observed or performed hereunder by the Company, but will at all times in good faith assist
in the carrying out of all the provisions of this Warrant and in the taking of all the action as may be necessary or appropriate
in order to protect the rights of the Holder to exercise this Warrant, or against impairment of such rights.

 

3.ADJUSTMENTS OF EXERCISE PRICE, NUMBER AND
TYPE OF WARRANT SHARES

 

(a)
The Exercise Price and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time
to time upon the occurrence of certain events described in this Section 3(a).

 

(i) Subdivision
or Combination of Stock. In case the Company shall at any time subdivide (whether by way of stock dividend, stock split or
otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior
to such subdivision shall be proportionately reduced and the Warrant Shares shall be proportionately increased, and conversely,
in case the outstanding shares of Common Stock of the Company shall be combined (whether by way of stock combination, reverse stock
split or otherwise) into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall be
proportionately increased and the number of Warrant Shares shall be proportionately decreased. The Exercise Price and the Warrant
Shares, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described in
this Section 3(a)(i).

 

(ii) Dividends
in Stock, Property, Reclassification. If at any time, or from time to time, the Holders of Common Stock (or any shares of stock
or other securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled to receive,
without payment therefore:

 

(A)
any shares of stock or other securities which are at any time directly or indirectly convertible into or exchangeable for Common
Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other
distribution, or

 

(B)
additional stock or other securities or property (including cash) by way of spin-off, split-up, reclassification, combination of
shares or similar corporate rearrangement, (other than shares of Common Stock issued as a stock split or adjustments in respect
of which shall be covered by the terms of Section 3(a)(i) above),

 

then
and in each such case, the Exercise Price and the number of Warrant Shares to be obtained upon exercise of this Warrant shall be
adjusted proportionately, and the Holder hereof shall, upon the exercise of this Warrant, be entitled to receive, in addition to
the number of shares of Common Stock receivable thereupon, and without payment of any additional consideration therefor, the amount
of stock and other securities and property (including cash in the cases referred to in clause (ii) above) which such Holder would
hold on the date of such exercise had he been the holder of record of such Common Stock as of the date on which holders of Common
Stock received or became entitled to receive such shares or all other additional stock and other securities and property. The Exercise
Price and the Warrant Shares, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event
or events described in this Section 3(a)(ii).

 

(iii)
Reorganization, Reclassification, Consolidation, Merger or Sale. If any recapitalization, reclassification or reorganization
of the capital stock of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all
or substantially all of its assets or other transaction shall be effected in such a way that holders of Common Stock shall be entitled
to receive stock, securities, or other assets or property (an “Organic Change”), then, as a condition of such Organic
Change, lawful and adequate provisions shall be made by the Company whereby the Holder hereof shall thereafter have the right to
purchase and receive (in lieu of the shares of the Common Stock of the Company immediately theretofore purchasable and receivable
upon the exercise of the rights represented by this Warrant) such shares of stock, securities or other assets or property as may
be issued or payable with respect to or in exchange for a number of outstanding shares of such Common Stock equal to the number
of shares of such stock immediately theretofore purchasable and receivable assuming the full exercise of the rights represented
by this Warrant. In the event of any Organic Change, appropriate provision shall be made by the Company with respect to the rights
and interests of the Holder of this Warrant to the end that the provisions hereof (including, without limitation, provisions for
adjustments of the Exercise Price and of the number of shares purchasable and receivable upon the exercise of this Warrant) shall
thereafter be applicable, in relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof.
The Company will not effect any such consolidation, merger or sale unless, prior to the consummation thereof, the successor corporation
(if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall assume
by written instrument reasonably satisfactory in form and substance to the Holders executed and mailed or delivered to the registered
Holder hereof at the last address of such Holder appearing on the books of the Company, the obligation to deliver to such Holder
such shares of stock, securities or assets as, in accordance with the foregoing provisions, such Holder may be entitled to purchase.
In any event, the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation
purchasing such assets shall be deemed to assume such obligation to deliver to such Holder such shares of stock, securities or
assets even in the absence of a written instrument assuming such obligation to the extent such assumption occurs by operation of
law.

 

(b) Certificate
as to Adjustments. Upon the occurrence of each adjustment or readjustment pursuant to this Section 3, the Company at its expense
shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to each Holder of this Warrant
a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment
is based. The Company shall promptly furnish or cause to be furnished to such Holder a like certificate setting forth: (i) such
adjustments and readjustments; and (ii) the number of shares and the amount, if any, of other property which at the time would
be received upon the exercise of the Warrant.

 

4.TRANSFERS AND EXCHANGES OF WARRANT AND WARRANT
SHARES

 

(a)
Registration of Transfers and Exchanges. Subject to Section 4(c), upon the Holder’s surrender of this Warrant, with
a duly executed copy of the Assignment Notice attached as Exhibit B, to the secretary of the Company at its principal offices
or at such other office or agency as the Company may specify in writing to the Holder, the Company shall register the transfer
of all or any portion of this Warrant. Upon such registration of transfer the Company shall issue a new Warrant, in substantially
the form of this Warrant, evidencing the acquisition rights transferred to the transferee and a new Warrant, in similar form, evidencing
the remaining acquisition rights not transferred, to the Holder requesting the transfer.

 

(b)
Warrant Exchangeable for Different Denominations. The Holder may exchange this Warrant for a new Warrant or Warrants, in
substantially the form of this Warrant, evidencing in the aggregate the right to purchase the number of Warrant Shares which may
then be purchased hereunder, each of such new Warrants to be dated the date of such exchange and to represent the right to purchase
such number of Warrant Shares as shall be designated by the Holder. The Holder shall surrender this Warrant with duly executed
instructions regarding such re-certification of this Warrant to the Secretary of the Company at its principal offices or at such
other office or agency as the Company may specify in writing to the Holder.

 

(c)
Restrictions on Transfers. This Warrant may not be transferred at any time without (i) registration under the Act or (ii)
an exemption from such registration and a written opinion of legal counsel addressed to the Company that the proposed transfer
of the Warrant may be effected without registration under the Act, which opinion will be in form and from counsel reasonably satisfactory
to the Company.

 

(d)
Permitted Transfers and Assignments. Notwithstanding any provision to the contrary in this Section 4, the Holder may transfer,
with or without consideration, this Warrant or any of the Warrant Shares (or a portion thereof) to any Affiliate of the Holder
without obtaining the opinion from counsel that may be required by Section 4(c)(ii), provided that the Holder delivers to the Company
and its counsel (i) a written opinion of counsel (which opinion will be in form, substance and scope customary for opinions of
counsel in comparable transactions) to the effect that such transfer may be made without registration under the Securities Act
and under applicable state securities or blue sky laws; (ii) that the holder or transferee execute and deliver to the Company and
investment letter in form and substance acceptable to the Company and (iii) that the transferee be an “accredited investor”
as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or as a “qualified institutional
buyer” as defined in Rule 144A(a) under the Securities Act in a transaction pursuant to Rule 144A.

 

5. MUTILATED OR MISSING
WARRANT

 

If
this Warrant is mutilated, lost, stolen or destroyed, upon request by the Holder, the Company will, at its expense, issue, in exchange
for and upon cancellation of the mutilated Warrant, or in substitution for the lost, stolen or destroyed Warrant, a new Warrant,
in substantially the form of this Warrant, representing the right to acquire the equivalent number of Warrant Shares, provided
however, as a prerequisite to the issuance of a substitute Warrant, the Company may require satisfactory evidence of loss, theft
or destruction as well as an indemnity from the Holder of a lost, stolen or destroyed Warrant.

 

6. PAYMENT OF TAXES

 

The
Company will pay all transfer and stock issuance taxes attributable to the preparation, issuance and delivery of this Warrant and
the Warrant Shares (and replacement Warrants) including, without limitation, all documentary and stamp taxes; provided, however,
that the Company shall not be required to pay any tax in respect of the transfer of this Warrant, or the issuance or delivery of
certificates for Warrant Shares or other securities in respect of the Warrant Shares to any person or entity other than to the
Holder or its transferee.

 

7. FRACTIONAL WARRANT
SHARES

 

No
fractional Warrant Shares shall be issued upon exercise of this Warrant. The Company, in lieu of issuing any fractional Warrant
Share, shall round up the number of Warrant Shares issuable to nearest whole share.

 

8. NO STOCK RIGHTS
AND LEGEND

 

No holder
of this Warrant, as such, shall be entitled to vote or be deemed the holder of any other securities of the Company which may at
any time be issuable on the exercise hereof, nor shall anything contained herein be construed to confer upon the holder of this
Warrant, as such, the rights of a stockholder of the Company or the right to vote for the election of directors or upon any matter
submitted to stockholders at any meeting thereof, or give or withhold consent to any corporate action or to receive notice of meetings
or other actions affecting stockholders (except as provided herein), or to receive dividends or subscription rights or otherwise
(except as provide herein).

 

Each
certificate for Warrant Shares initially issued upon the exercise of this Warrant, and each certificate for Warrant Shares issued
to any subsequent transferee of any such certificate, shall be stamped or otherwise imprinted with a legend in substantially the
following form:

 

"THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE
SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED
UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR
(2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES,
WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED
OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES
LAWS.”

 

9. NOTICES

 

All
notices, consents, waivers, and other communications under this Warrant must be in writing and will be deemed given to a party
when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b)
sent by facsimile or e-mail with confirmation of transmission by the transmitting equipment; (c) received or rejected by the addressee,
if sent by certified mail, return receipt requested, if to the registered Holder hereof; or (d) seven days after the placement
of the notice into the mails (first class postage prepaid), to the Holder at the address, facsimile number, or e-mail address furnished
by the registered Holder to the Company (whether per the Agency Agreement or otherwise), or if to the Company, to it at 7760 France
Avenue South, 11th Floor, Minneapolis, MN 55435, Attn: William Cavanaugh, Facsimile: (888) 370-2819 (or to such other address,
facsimile number, or e-mail address as the Holder or the Company as a party may designate by notice the other party) with a copy
(which shall not constitute notice) to Morgan, Lewis & Bockius LLP, 502 Carnegie Center, Princeton, NJ 08540, Attn: Emilio
Ragosa, Esq., Facsimile: (609) 919-6701.

 

10. AMENDMENT AND WAIVER

 

This
Warrant (and the other Warrants) may be amended, modified or waived with the written consent of the Company and the holders of
Warrants representing a majority of the number of shares of Common Stock then subject to such outstanding Warrants. Notwithstanding
the foregoing, no amendment or waiver of any provision of any Warrants (i) shall be affected unless all Warrants are treated similarly
and not disproportionately, and (ii) shall not be binding on the Company (unless consented to in writing by the Company) if such
amendment or waiver would increase the financial obligations of the Company under this Warrant (regardless of whether such amendment
or waiver applies identically to all other Warrants).

 

11. SEVERABILITY

 

If
a court of competent jurisdiction holds any provision of this Warrant invalid or unenforceable, the other provisions of this Warrant
will remain in full force and effect. Any provision of this Warrant held invalid or unenforceable only in part or degree will remain
in full force and effect to the extent not held invalid or unenforceable.

 

12.BINDING EFFECT

 

This
Warrant shall be binding upon and inure to the sole and exclusive benefit of the Company, its successors and assigns, the registered
Holder or Holders from time to time of this Warrant and the Warrant Shares.

 

13.SURVIVAL OF RIGHTS AND DUTIES

 

This
Warrant shall terminate and be of no further force and effect on the earlier of 5:00 P.M., Central Time, on the Expiration Date
or the date on which this Warrant has been exercised.

 

14.GOVERNING LAW

 

This
Warrant will be governed by and construed under the laws of the State of Minnesota without regard to conflicts of laws principles
that would require the application of any other law.

 

15.DISPUTE RESOLUTION

 

In the
case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company
shall submit the disputed determinations or arithmetic calculations via facsimile within two Business Days of receipt of the Notice
of Exercise giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon
such determination or calculation of the Exercise Price or the Warrant Shares within three Business Days of such disputed determination
or arithmetic calculation being submitted to the Holder, then the Company shall, within two Business Days submit via facsimile
(a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved
by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant.
The Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations
or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives
the disputed determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as
the case may be, shall be binding upon all parties absent demonstrable error.

 

 

16.NOTICES OF RECORD DATE

 

Upon
(a) any establishment by the Company of a record date of the holders of any class of securities for the purpose of determining
the holders thereof who are entitled to receive any dividend or other distribution, or right or option to acquire securities of
the Company, or any other right, or (b) any capital reorganization, reclassification, recapitalization, merger or consolidation
of the Company with or into any other corporation, any transfer of all or substantially all the assets of the Company, or any voluntary
or involuntary dissolution, liquidation or winding up of the Company, or the sale, in a single transaction, of a majority of the
Company’s voting stock (whether newly issued, or from treasury, or previously issued and then outstanding, or any combination
thereof), the Company shall mail to the Holder at least ten (10) Business Days, or such longer period as may be required by law,
prior to the record date specified therein, a notice specifying (i) the date established as the record date for the purpose of
such dividend, distribution, option or right and a description of such dividend, option or right, (ii) the date on which any such
reorganization, reclassification, transfer, consolidation, merger, dissolution, liquidation or winding up, or sale is expected
to become effective and (iii) the date, if any, fixed as to when the holders of record of Common Stock shall be entitled to exchange
their shares of Common Stock for securities or other property deliverable upon such reorganization, reclassification, transfer,
consolation, merger, dissolution, liquidation or winding up.

 

17. RESERVATION OF SHARES

 

The
Company shall reserve and keep available out of its authorized but unissued shares of Common Stock for issuance upon the exercise
of this Warrant, free from preemptive rights, such number of shares of Common Stock for which this Warrant shall from time to time
be exercisable.

 

18. NO THIRD PARTY RIGHTS

 

This
Warrant is not intended, and will not be construed, to create any rights in any parties other than the Company and the Holder,
and no person or entity may assert any rights as third-party beneficiary hereunder.

 

 

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

 

 

	VERTICAL HEALTH SOLUTIONS, INC. 
	 
	Signature
	
	Printed Name
	
	Title

    	 

    	 

    

 

EXHIBIT A

 

EXERCISE FORM

 

(To be executed by the Holder of Warrant if
such Holder

desires to exercise Warrant)

 

To Vertical Health Solutions, Inc. d/b/a OnPoint
Medical Diagnostics (“VHS”):

 

The undersigned hereby
irrevocably elects to exercise this Warrant and to purchase thereunder, ___________________ full shares of VHS common stock issuable
upon exercise of the Warrant and delivery of:

 

$_______________ (in cash
as provided for in the foregoing Warrant) and any applicable taxes payable by the undersigned pursuant to such Warrant.

 

The undersigned requests
that certificates for such shares be issued in the name of the registered Holder, printed below:

 

 

_________________________________________

(name)

 

 

_________________________________________

(address)

 

 

_________________________________________

(social security or federal employer identification
number)

 

 

The undersigned hereby
agrees to execute and deliver to the Company such additional documents as the Company may reasonably request to qualify the issuance
of the shares subject to this notice under an effective registration of such issuance under applicable federal and state laws regulating
the issuance of securities or for an exemption from such requirements.

 

(Signature): ___________________________________

 

(Dated:) _________________________

    	 

    	 

    

 

 

 

EXHIBIT B

 

FORM OF ASSIGNMENT

 

FOR VALUE RECEIVED,
___________________________________ hereby sells, assigns and transfers to each assignee set forth below all of the rights of the
undersigned under the Warrant (as defined in and evidenced by the attached Warrant) to acquire the number of Warrant Shares set
opposite the name of such assignee below and in and to the foregoing Warrant with respect to said acquisition rights and the shares
of VHS issuable upon exercise of the Warrant:

 

 

	Name of Assignee	Address	Number of Shares
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

If
the total of the Warrant Shares are not all of the Warrant Shares evidenced by the foregoing Warrant, the undersigned requests
that a new Warrant evidencing the right to acquire the Warrant Shares not so assigned be issued in the name of and delivered to
the undersigned.

 

 

 

Name of Holder (print): 

 

(Signature):  

 

(By:)  

 

(Title:)  

 

(Dated):exhibit_10-2.htm

	
 Exhibit 10.2

 

finance agreement

 

Dated May __, 2013

 

By and between the Borrower, and the Lender (as defined herein)

 

	
1.

	
Type of Finance

	
Senior term loan ("Loan"); The entire outstanding balance of the Loan (principal and interest) shall be paid by Borrower to the Lender upon Maturity.

	 	 	 
	
2.

	
Loan

Amount

	
360,000 NIS.

	 	 	 
	
3.

	
Currency

	
New Israeli Shekel ("NIS").

	 	 	 
	
4.

	
Borrower

	
Win Global Markets Inc., a corporation incorporated under the laws of the State of Nevada. And/or Win Global Markets Inc (Israel) Ltd.

	 	 	 
	
5.

	
Lender

	
Activa   Red   Green   Ltd                                         a   company   registered   under   the    laws of Israel.                                       ("Lender").

	 	 	 
	
6.

	
Seniority

	
Borrower's undertakings with respect to the Loan shall rank superior to, and precede, any monetary or other undertaking of Borrower to any person and/or entity, other than Borrower's undertakings pursuant to and/or with respect the loans extended to the Borrower pursuant to those certain Finance Agreements dated 16 August 2012 (as amended) and January 27th, 2013 (as amended) (the Previous Loans"); all Loans and Previous Loans shall rank pari passu and pro rata among themselves, provided that all Previous Loans other than the Previous Loan extended by Mr. Cannelo Digrandi shall be subordinated in priority and payment to such loan extended Mr. Carmelo Digrandi; Subject to applicable law: (i) the proceeds of the next equity funding round of WGM (if and when completed), and (ii) WGM's positive cash flow, shall first be applied to the repayment of the Loan and Previous Loans.

	
7.

	
Maturity Date

	
May 11th, 2014.

	 	 	 
	
8.

	
Repayment

	
The outstanding balance of the Loan (principal) shall become due and payable by Borrower to Lender upon the Maturity Date save where a mandatory prepayment obligation applies pursuant to Paragraph "Events of Default" herein.

 

Interest payments pursuant to Section 10 herein shall become due and payable upon each Interest Date (as defined herein) (herein, "Interest Coupons"); Interest Coupons shall be payable pursuant to Annex Interest hereto.

 

It is agreed that in order to facilitate the timely repayment of the Loan and the Interest Coupons, concurrently with the execution of this Agreement, Borrower shall provide Lender with twelve (12) checks in the amount of 6,000 NIS plus VAT each, drawn for the 11th day of each month commencing as of the date hereof. In addition, the Borrower shall provide Lender with an additional check in the amount of the Loan Amount drawn for the Maturity Date.

 

In case of conversion of the Loan by Lender pursuant to Section 14 herein and\or Prepayment by the Borrower pursuant to Section 15 herein, all unpaid checks provided to the Lender pursuant to this Section 8 above shall be returned immediately to the Borrower as a precondition for such conversion.

	 	 	 

 

  

  

  

	
9.

	
Closing

	
The Closing shall be held on May 11th, 2013, through a delivery by Lender, to Borrower, of proof of transfer of readily available funds at an amount equal to Lender's Loan amount to the Borrower's bank account.

	 	 	 
	
10.

	
Interest

	
The outstanding unpaid balance of the Loan (principal and interest) shall incur interest at a rate of 20% (twenty percent) per annum, compounded monthly, with respect of each calendar month on the first (1st) day of the following calendar month (an "Interest Date"); in case where full or partial repayment occurs other than on an Interest Date, Interest shall be incurred and compounded upon such actual repayment pro rata to the period commencing upon the first day of the relevant calendar month and terminating upon the actual date of such payment.

	 	 	 
	
11.

	
Penalty Interest

	
Any amount due to be paid pursuant to this Agreement, which amount shall have not been paid, in whole or part upon the payment date set forth herein, shall incur a penalty interest at a rate of Interest plus 4% per annum.

	 	 	 
	
12.

	
Covenants

	
Borrower undertakes that until the final and full discharge of all its obligations to the Lender pursuant to herein and hereunder: (i) Lender shall have, at reasonable times and upon reasonable prior notice, full access to all books and records of Borrower and any subsidiary thereof and shall be entitled to inspect the properties of each of them and consult with management of each of them; (ii) the proceeds of the Loan shall be used only in order to finance the Borrower's ongoing activities pursuant to the Borrower's business plan and budget as approved by the Borrower's board of directors from time to time. It is further acknowledged that the proceeds of the Loan shall not be used for the repayment of the Previous Loans extended by JKM Management Ltd. and\or Mr. Shimon Citron; (iii) no pledge, lien, mortgage, encumbrance, servitude and\or any other third party right of any kind, of any rank, and in any manner whatsoever shall be imposed on any of the rights and/or assets of the Borrower without the prior written approval of Lender ("Approval"); (iv) Borrower shall not sell, pledge, convey, hypothecate or grant any right in and/or with respect to any material assets or rights thereof without an Approval other than in Borrower's ordinary course of business as conducted as of the date hereof or as contemplated to be conducted ("Ordinary Course"); (v) Borrower's books of accounts will be adequately and consistently managed and maintained pursuant to applicable GAAP; (vi) without an Approval, Borrower shall not extend any loans to any of its existing shareholders and shall not repay any loans currently extended by any of them, if any, and\or future loans extended to or by any of them, to the extent such loans shall be extended; (vii) other than as applicable pursuant to agreement(s) entered into prior to the date of the Closing, or as Approved, no salary, management fee, consultation fee and\or other similar payment shall be paid to any of the existing shareholders; (viii) Borrower shall immediately notify Lender of any attachment, lien, confiscation, foreclosure or any other similar measure (including without limitation a request for the nomination of a receiver) that shall be imposed and\or taken with respect to the assets or rights of Borrower or any subsidiary thereof, or any part of them, and shall immediately and at its own expense take any and\all actions required for the removal, discharge and\or dismissal, as applicable, of any of the aforementioned; (ix) Borrower shall immediately notify Lender of any claim, demand, legal procedure, legal proceeding and\or cause of action against the Borrower or any subsidiary thereof; it is further acknowledged that the aforesaid in this Paragraph shall also apply to all direct and indirect subsidiaries of Borrower; (x) without an Approval, the Borrower shall neither consummate nor undertake or agree to consummate and/or to perform any transaction the direct or indirect result of which shall be the closing of an equity or debt finance to Borrower ; (xi) without an Approval, Borrower shall not receive any loan and/or credit facility from any person or entity; (xii) without an Approval, Borrower shall not assume any liability, other than in the Ordinary Course.

 

Borrower further undertakes to Lender, that it shall comply with all the provisions of this Agreement and all Annexes or other ancillary documents thereof in a precise, full and timely manner.

 

  

  

  

	
 13.

	
Events of

Default

	
All undertakings due or which may become due to Lender in accordance with the provisions of this Agreement, shall become immediately due and payable and, unless otherwise specifically stated herein, without presentment, demand or notice of any kind all of which are hereby waived, upon the occurrence of any one of the events described below or, to the extent any of the following provisions includes a grace period or a cure period, at the end of such grace period or cure period (each, an “Event of Default”): (a) The Borrower or any subsidiary thereof shall: (1) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, assets or rights, (2) be unable, or admit in writing as to its inability, to pay its debts generally as they mature, (3) make a general assignment for the benefit of all or any of its creditors, (4) commence any liquidation or dissolution process, (5) become insolvent (as such term may be defined or interpreted under any applicable law), (6) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar laws now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or any other proceedings commenced against it, (7) cease or terminate all or a substantial part of its business (except for cessation or termination which shall be Approved); or (8) take any action for the purpose of affecting any of the foregoing; (b) proceedings for the appointment of a receiver, trustee, liquidator, manager with respect to any proposed or actual arrangement with any creditors, or custodian or any other similar official of the Borrower or any subsidiary thereof or of all or a substantial part of the property or rights of any of them, the service of process seeking to attach, by trustee or similar process, any assets or rights of any of them, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to any of them or the debts thereof under any bankruptcy, insolvency or other similar Law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed within five (5) days of commencement; (c) Borrower or any subsidiary thereof shall fail to perform, violate or breach any of the terms, covenants, obligations or agreements contained in this Agreement, or any ancillary document related thereto, including, without limitation, failure to pay when due any principal, interest or other payment required under the terms of this Agreement on the date due, and does not cure such failure, violation or breach within three (3) days from the date on which the Lender has given a written notice of such failure, violation or breach; (d) any representation or warranty made or furnished now or later to Lender by Borrower or any subsidiary thereof herein or otherwise in connection with this Agreement, is false, incorrect, or misleading in any material respect when made or furnished; (e) any default or event of default shall occur under any indebtedness for borrowed money Borrower or any subsidiary thereof, or under the terms applicable to any other monetary obligation of any of them, and such default or event of default shall consist of the failure to pay such indebtedness or obligation at the maturity thereof (subject to any applicable grace period) or shall have continued unremedied for a period of time sufficient to permit acceleration of the maturity of such indebtedness or obligation; (f) (1) all or substantially all of the assets or rights of the Borrower or any subsidiary thereof is attached, seized, levied on, or comes into possession of a trustee or receiver; (2) Borrower or any subsidiary thereof is enjoined, restrained, or prevented by court order from conducting a material part of its business as now conducted or as contemplated to be conducted; or (3) a notice of lien, levy, or assessment is filed against Borrower's or any subsidiary thereof assets or rights by any person or entity; or (4) a lawsuit, claim, demand or order for the payment of money in excess of 100,000 USD shall be filed or rendered against or received by Borrower or any subsidiary thereof and the same shall remain in force for a period of 14 days thereafter; (g) Lenders representing a majority of the outstanding balance of all Loans and Previous Loans resolve, in writing, in their reasonable discretion, that any event or condition shall exist that has had or could be reasonably expected to have a Material Adverse Effect ("Material Adverse Effect" shall mean a material adverse effect on (i) the business, assets, operations, prospects or financial or other condition of Borrower or any subsidiary thereof and\or of an affiliate of any of them; (ii) the ability of any of the foregoing to pay and to perform their obligations in accordance with the terms of this Agreement and to avoid an Event of Default (as herein defined); or (iii) the rights and remedies of Lender under this Agreement, or any related document, instrument or agreement.).

 

Upon any undertaking becoming due and payable as a result of any Event of Default as aforesaid, Borrower will forthwith pay Lender all undertakings due to Lender under this Agreement. Neither any course of dealing on the part of Lender nor any delay or failure on the part of Lender to exercise any right shall operate as a waiver of such right or otherwise prejudice Lender’s rights, powers and remedies; The Borrower hereby irrevocably and unconditionally appoints Lender (and acting pursuant to the election of Lender's representing the majority of the outstanding balance of all Loans and Previous Loans) as its lawful attorney-in-fact, exercisable and to be effective upon the occurrence and during the continuance of any Event of Default, to: (i) endorse its name on any checks or other forms of payment or security; (ii) settle and adjust disputes and claims about the rights and/or assets of the Borrower directly with any third party, for amounts and on terms Lender determines reasonable; (iii) make, settle, and adjust all claims under any insurance policies of Borrower, as applicable.

 

  

  

  

	
14.

	
Conversion

	
Lender shall be entitled, not later than the earlier of: (i) the full repayment of the Loan (principle and interest), and (ii) the Maturity Date, by delivering a written notice to the Company, to convert the outstanding balance of the Loan to equity on an outstanding  $/ equity $ basis (based on a fixed USD\NIS exchange rate of 1 USD/3.6 NIS); provided, however, that if such conversion shall result in the issuance or transfer by the Borrower, or any subsidiary thereof, in one transaction or a series of transactions, of any shares of the Borrower or any subsidiary thereof that have an aggregate market value equal to 5% or more of the aggregate market value of all the outstanding voting shares of the Borrower to Lender or any affiliate or associate of Lender, then such conversion shall require the prior approval of the Company's stockholders in accordance with applicable law.

 

Each US Dollar of the outstanding Loan Amount (principle and interest) may be converted into shares of the Company based on the lower between: (i) 0.1 US$ per share with one (1) additional warrant to purchase one (1) share for 0.1 US$ per ten (10) shares purchased, and (ii) the price per share represented by the Company's next equity finance round.

	 	 	 
	
15.

	
Prepayment

	
Following the lapse of four (4) months following the date of this Agreement, the Borrower may elect to pre-pay the outstanding unpaid balance of the Loan (principal and interest) in whole or part, by delivering a fifteen (15) days prior written notice to the Lender to this effect, and in such case Borrower shall not be required to make any make-whole payments to Lender.

	 	 	 
	
16.

	
Confirmations

	
Each of the Parties hereby confirms to each other Party that: (i) it has the requisite corporate power and authority to enter into this Agreement, (ii) its board of directors has taken all actions required by any law to duly and validly authorize and approve the execution and performance by such Party of this Agreement, (iii) no other corporate proceedings on the part of such Party are, or will be, necessary under any law, to authorize this Agreement, (iv) neither the execution nor the performance by such Party of this Agreement (a) contravenes or conflicts with such Party’s memorandum of association or articles of association or any other governance document, or (b) contravenes or conflicts with or constitutes a violation of any provision of any law binding upon or applicable to such Party, (v) no agreement to which such Party is a party prohibits or imposes any constraints on such Party's power to execute or perform this Agreement or on such Party's power to become bound by the terms and provisions of this Agreement, and (vi) this Agreement has been duly and validly executed by such Party and assuming the due authorization, execution and delivery by the other Parties, constitutes the legal, valid and binding obligations of the Parties, enforceable against each of them in accordance with their respective terms, subject to laws of general application relating to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and rules of law governing specific performance, injunctive relief or other equitable remedies.

	 	 	 

 

  

  

  

	
17.

	
Confidentiality

	
Subject to any applicable law, each Party undertakes to keep in strict confidence any Confidential Information disclosed to any such Party during the negotiations, the delivery or the performance of this Agreement; "Confidential Information", herein: any information that relates to any of the Parties and/or to their businesses: (a) which as of the date hereof is not publicly known, and (b) (i) has not become publicly known after the date hereof, or (ii) has become publicly known as a consequence of any breach by any Party of this Agreement; The undertakings of each Party pursuant to this Paragraph shall: (i) survive the termination, in whole or part, of this Agreement, until the third (3rd) anniversary of such termination, (ii) be effective in case this Agreement, in whole or part, is declared null and void for any reason whatsoever.

	 	 	 
	
18.

	
Miscellaneous

	
The provisions of this Agreement may not be amended or restated other than pursuant to the written prior consent of all Parties; Each Party shall bear its own expenses, costs and taxes with respect to the negotiation, execution, deliver or performance of this Agreement; This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument; The laws of the State of Israel (without reference to its principles of conflicts of law) exclusively govern the construction, interpretation and other matters arising out of or in connection with this Agreement; Any dispute between the Parties or any of them with respect to the construction, interpretation and other matters arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts in Tel Aviv-Jaffa, Israel, and each Party hereby waives any contention with respect to the jurisdiction of such courts, including without limitation a contention that such courts constitute an inconvenient forum; Unless explicitly indicated herein, nothing herein shall be construed as amending, restating or otherwise changing the terms of any other agreement or other instrument that was entered into by and among the Parties and\or any of them; WGM hereby irrevocably appoints Mr. Guy Elhanani, only with respect to any matter under this Agreement and/or relating thereto, as an agent for service of court documents in the State of Israel, pursuant to Regulation 478 of the Israeli Civil Procedure Regulations 1984 and/or any other regulation, statute or law replacing, amending and/or restating the same; Each Party giving any notice required or permitted under this Agreement will give the notice in writing, and use one of the following methods of delivery to the Party to be notified, at the address set forth below or another address of which the sending Party has been notified in accordance with this Section‎11.10: (a) personal delivery; (b) facsimile or telecopy transmission with a reasonable method of confirming transmission; (c) commercial overnight courier with a reasonable method of confirming delivery; or (d) pre-paid, certified or registered mail, return receipt requested.  Notice to a Party is effective for purposes of this Agreement only if given as provided pursuant to this Section‎11.10 and if the intended addressee has actually received the notice or if by personal delivery or facsimile, within the same date, and if by registered mail, within 48 hours from delivery - (x) Notices to Borrower shall be delivered to 92 Vandam St., New York, NY 10012, USA or to Mr. Guy Elhanani (y) Notices to Lender – 12 Kpalan St. Tel Aviv.

  

  

  

IN WITNESS WHEREOF THE PARTIES HAVE CAUSED THIS AGREEMENT TO BE EXECUTED BY THEIR DULY AITHORIZED SIGNATORIES ON THE DATE FIRST ABOVE MENTIONED –

 

	

/s/ Shimon Citron

	  	

/s/ Roy Leshem    Tomer Kanfi

 

	
Win Global Markets Inc.

 

By: Shimon Citron

 

Title: Director

	  	
[Active Red Green Ltd.]

 

By: Roy Leshem    Tomer Kanfi 

 

Title:

Guarantee and Undertaking

 

The undersigned hereby undertakes to guarantee the full and timely payment of any and all amounts due to the Lender pursuant to the above Agreement.

 

______________

 

Win Global Markets Inc (Israel) Ltd.

 

By:

 

Confirmation

 

Each of the undersigned, severally, confirms its agreement with the above Agreement

 

_______________

 

Carmelo Digrandi

 

/s/ Roy Leshem    Tomer Kanfi

 

JKM Management Ltd.

 

By: Roy Leshem    Tomer Kanfi

 

/s/ Shimon Citron

Shimon Citron

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