Document:

Exhibit 10.2

 

CITIUS
PHARMACEUTICALS, INC.

2020
OMNIBUS STOCK INCENTIVE PLAN

NOTICE OF STOCK OPTION GRANT

 

 

 

 

 

 

(Grantee
name and address)

 

You
have been granted an option to purchase shares of the Common Stock of Citius Pharmaceuticals, Inc. (the “Company”)
as follows, subject to the terms of the Citius Pharmaceuticals, Inc. 2020 Omnibus Stock Incentive Plan and the attached Stock
Option Award Agreement.

 

	Date
    of Grant:	         	 
	 	 	 
	Vesting
    Commencement Date:	 	 
	 	 	 
	Exercise
    Price per Share:	 	 
	 	 	 
	Total
    Number of Shares Subject to Option:	 	 
	 	 	 
	Total
    Exercise Price:	 	 
	 	 	 
	Type
    of Option:	___________Incentive Stock Option (ISO)
	 	___________Non-Statutory Stock Option (NSO)
	 	 	 
		Note: If the Option is designated a Non-Statutory Stock Option above, or if the Option otherwise fails to qualify as an incentive stock option pursuant to Section 422 of the Code, then this Option will not be treated as an incentive stock option within the meaning of Section 422 of the Code. 
	 	 	 
	Term/Expiration
    Date:	10
    Years/ _________	 

 

	Vesting
    Schedule:	Subject
        to the Plan and the Stock Option Award Agreement, this Option may be exercised, in whole or in part, in accordance with
        the following schedule:

         

        [EXAMPLE
FOR EMPLOYEES: The Option will vest as to 1/36th of the shares subject to the Option on the last day of each month for a period
of thirty-six (36) months beginning with the month after the Vesting Commencement Date, provided that Grantee provides Continuous
Service to the Company or a Related Entity as of each such vesting date.]

 

     

     

    

 

	 	[DIRECTOR VESTING: The Option will vest as to on first anniversary of the Vesting Commencement Date, provided that Grantee provides Continuous Service to the Company or a Related Entity as of each such vesting date.]  

                                                                               

                                                                               [IF NOT USING STANDARD VESTING, PROVIDE CUSTOM LANGUAGE: _________ ]

	 	 
	Exercise
    Period:	The
    Option may be exercised for up to three (3) months after the termination of Continuous Service to the Company or a Related
    Entity, except as set out in Section 4 of the Stock Option Award Agreement (but in no event later than the Expiration Date);
    provided that upon a termination for Cause the Option will be immediately terminated.

 

[SIGNATURE
PAGE FOLLOWS]

 

     

     

    

 

By
your signature and the signature of the Company’s
representative below, you and the Company agree that this Option is granted under and governed by the terms and conditions of
the Citius Pharmaceuticals, Inc. 2020 Omnibus Stock Incentive Plan (the “Plan”)
and the Stock Option Agreement, all of which are attached and made a part of this document.

 

	
	COMPANY:
	 	 	 
	 	Citius
    Pharmaceuticals, Inc.
	 	 	 
	 	 	 
	 	By:	         
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	GRANTEE:
	 	 	 
	 	[GRANTEE
    NAME]
	 	 	 
	 	 
	 	 
	 	Address:	 
		 	 

 

     

     

    

 

CITIUS
PHARMACEUTICALS, INC.

2020
OMNIBUS STOCK INCENTIVE PLAN

STOCK OPTION Award Agreement

 

This
Stock Option Award Agreement (this “Agreement”) is made by and between Citius Pharmaceuticals, Inc. (the “Company”)
and _____________________ (“Grantee”) effective as of the Date of Grant shown on the accompanying Notice of
Stock Option Grant (the “Grant Notice”). Capitalized terms not explicitly defined in this Agreement but defined
in the Company’s 2020 Omnibus Stock Incentive Plan (the “Plan”) will have the same definition and meaning
as in the Plan.

 

1. Grant
of Option. The Company has granted to Grantee an option to purchase, on the terms and conditions set forth in the Plan and
this Agreement, all or any part of the number of Shares described in the Grant Notice, at the Exercise Price set forth in the
Grant Notice (the “Option”), subject to adjustment as set forth in Section 13 of the Plan.

 

2. Vesting.
Subject to the terms and conditions set forth in the Plan and this Agreement, the Option will vest as provided in the
Grant Notice, provided that vesting will cease upon the termination of Grantee’s Continuous Service.

 

3. Forfeiture;
Expiration. Any unvested portion of the Option will be forfeited immediately, automatically, and without consideration upon
a termination of Grantee’s Continuous Service for any reason. In the event Grantee’s Continuous Service is terminated
for Cause, the vested portion of the Option will also be forfeited immediately, automatically, and without consideration upon
that termination for Cause. Any unexercised vested portion of the Option will expire on the Expiration Date set forth in the Grant
Notice.

 

4. Period
of Exercise. Subject to the terms and conditions set forth in the Plan and this
Agreement, Grantee may exercise all or any part of the vested portion of the Option at any time prior to the earliest to occur
of:

 

(a) the
Expiration Date indicated in the Grant Notice;

 

(b) the
effective date of the termination of Grantee’s Continuous Service for Cause;

 

(c) the
date that is twelve (12) months after the termination of Grantee’s Continuous Service due to his or her death or Disability,
provided, however, that in the event Grantee dies within such twelve (12) month period after the termination of Grantee’s
Continuous Service due to his or her Disability, the period for exercise will be extended until the date twelve (12) months after
his or her death (but in no event later than the Expiration Date); or

 

(d) the
date that is three (3) months after the termination of Grantee’s Continuous Service for any reason other than Cause, Disability
or death; provided however, that in the event that Grantee dies within such three (3) month period, the period for exercise will
be extended until the date twelve (12) months after his or her death (but in no event later than the Expiration Date).

 

    1

     

    

 

5. Exercise
of Option. Grantee or, in the case of Grantee’s death or Disability, Grantee’s representative, may exercise all
or any part of the vested portion of the Option by delivering to the Company at its principal office a written notice of exercise
in the form attached as Exhibit A or any other form that the Administrator may permit (such notice, a “Notice
of Exercise”). The Notice of Exercise will be signed by the person exercising the Option. In the event that the Option
is being exercised by Grantee’s representative, the Notice of Exercise will be accompanied by proof (satisfactory to the
Administrator) of the representative’s right to exercise the Option. In addition, any exercise of the Option, whether in
whole or in part, is subject to the following conditions:

 

(a) Grantee
(or Grantee’s representative, if applicable) will deliver to the Company, at the time of giving the Notice of Exercise,
payment in a form permissible under Section 6 below for the full amount of the Purchase Price.

 

(b) Grantee
(or Grantee’s representative, if applicable) may exercise the Option only for whole Shares.

 

(c) Grantee
(or Grantee’s representative, if applicable) may not exercise the Option unless the tax withholding obligations of the Company
and/or any Related Entity, as described in Section 9 below, are satisfied.

 

(d) In
the event that Grantee is an employee eligible for overtime compensation under the Fair Labor Standards Act of 1938, as amended
(sometimes referred to as a “non-exempt employee”), then he or she may not exercise the Option until he or she has
completed at least six (6) months of Continuous Service measured from the Date of Grant specified in the Grant Notice, notwithstanding
any other provision of the Option.

 

6. Payment
for Shares. The “Purchase Price” will be the Exercise Price multiplied by the number of Shares with respect
to which the Option is being exercised. The Purchase Price may be paid as follows:

 

(a) in
cash;

 

(b) by
check or money order;

 

(c) by
surrender to the Company (either by actual delivery or attestation) of already-owned shares of Common Stock that are owned by
Grantee free and clear of any liens, claims, encumbrances or security interests, with a Fair Market Value on the date of surrender
or attestation equal to the Purchase Price (provided that Grantee may not exercise the Option by tender to the Company of Common
Stock to the extent such tender would violate the provisions of any law, regulation or agreement restricting the redemption of
the Company’s stock);

 

(d) through
a formal “net exercise” arrangement adopted by the Company pursuant to which the Grantee may exercise the Option and
receive the net number of Shares equal to (i) the number of Shares as to which the Option is being exercised, multiplied
by (ii) a fraction, the numerator of which is the Fair Market Value per Share (on such date as is determined by the Administrator)
less the Exercise Price per Share, and the denominator of which is such Fair Market Value per Share;

 

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(e) through
a broker-dealer sale and remittance procedure pursuant to which the Grantee (i) shall provide written instructions to a Company
designated brokerage firm to effect the immediate sale of some or all of the purchased Shares and remit to the Company sufficient
funds to cover the aggregate Exercise Price payable for the purchased Shares and (ii) shall provide written directives to
the Company to deliver the certificates (or other evidence satisfactory to the Company to the extent that the Shares are uncertificated)
for the purchased Shares directly to such brokerage firm in order to complete the sale transaction; or

 

(f) through
any combination of the foregoing methods of payment.

 

7. Securities
Law Compliance. No Shares will be issued pursuant to this Agreement unless and
until all then applicable requirements imposed by federal and state securities and other laws, rules and regulations and by any
regulatory agencies having jurisdiction, and by any exchanges upon which the Shares may be listed, have been fully met. The Company
may impose such conditions on any Shares issuable pursuant to this Agreement as it may deem advisable, including, without limitation,
restrictions under the Securities Act of 1933, as amended, under the requirements of any exchange upon which shares of the same
class are then listed and under any blue sky or other securities laws applicable to those Shares.

 

8. Tax
Consequences. Set forth below is a brief summary as of the date of this Option of some of the U.S. federal income tax consequences
of exercise of this Option and disposition of the Shares issued as a result of the exercise thereof. THIS SUMMARY IS NECESSARILY
INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THIS SUMMARY DOES NOT INCLUDE ANY DISCUSSION OF STATE, LOCAL,
OR FOREIGN TAX CONSEQUENCES OR ANY FEDERAL TAX CONSEQUENCES OTHER THAN INCOME TAX. BESIDES THE INCOME TAX ITEMS SUMMARIZED BELOW,
EMPLOYMENT OR SELF-EMPLOYMENT TAXES MAY ALSO APPLY WITH RESPECT TO THE OPTION. GRANTEE SHOULD CONSULT HIS OR HER PERSONA TAX ADVISOR
BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES.

 

(a) Exercise
of ISO. If this Option qualifies as an ISO, there will be no regular federal income tax liability upon the exercise of the
Option, although the excess, if any, of the fair market value of the Shares on the date of exercise over the Purchase Price will
be treated as an item of adjustment to the alternative minimum tax for federal tax purposes in the year of exercise and may subject
Grantee to the alternative minimum tax.

 

(b) Exercise
of Non-Statutory Stock Option. If this Option does not qualify as an ISO, there may be a regular federal income tax liability
upon the exercise of the Option. Grantee will be treated in such event as having received compensation income (taxable at ordinary
income tax rates) equal to the excess, if any, of the fair market value of the Shares on the date of exercise over the Purchase
Price. If Grantee is an employee, the Company will generally be required to withhold from Grantee’s compensation or collect
from Grantee and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income at the time
of exercise (see Section 9 below).

 

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(c) Disposition
of Shares. In the case of an NSO, if Shares are held for more than one year after the date of the taxable compensation event,
under current law any gain realized on disposition of the Shares will generally be treated as long-term capital gain for federal
income tax purposes. In the case of an ISO, if Shares transferred pursuant to the Option are held for more than one year after
exercise and are disposed of more than two years after the Date of Grant, any gain realized on disposition of the Shares will
generally also be treated as long-term capital gain for federal income tax purposes. If Shares purchased under an ISO are disposed
of within the later of (1) the date two years after the Date of Grant, or (2) the date one year after the date of exercise
(such disposition a “Disqualifying Disposition”), any gain realized on such disposition will be treated as
compensation income (taxable at ordinary income rates) in an amount equal to the excess of (1) the lesser of (A) the fair market
value of the Shares on the date of exercise, or (B) the sale price of the Shares over (2) the Purchase Price paid for those Shares.
The gain realized in excess of such amount, if any, will generally be eligible for capital gains treatment (either short-term
or long-term, depending upon the length of time the Shares were held prior to disposition).

 

(d) Notice
of Disqualifying Disposition of ISO Shares. If the Option is designated as an ISO, then in the event of a Disqualifying Disposition,
Grantee will immediately, and in any event not later than fifteen (15) days after such disposition, notify the Company in writing
of such disposition.

 

9. Withholding
Obligations. Grantee may incur Tax Obligations under federal, state, local, and/or foreign law, in connection with the grant,
vesting, or exercise of the Option, the ownership of the Shares, and other actions taken pursuant to this Agreement, and the Company
may be required to satisfy by withholding from Grantee’s compensation or otherwise collect from Grantee. Grantee agrees
that the Company (or a Related Entity) may condition the exercise of the Option upon the satisfaction of such withholding tax
obligations, and may satisfy such withholding obligations by any of the following means or by a combination of such means, in
the Committee’s discretion: (i) withholding from any compensation otherwise payable to Grantee by the Company; (ii) causing
Grantee to tender a cash payment; or (iii) withholding from the Shares otherwise issuable to Grantee upon exercise of the Option
the number of Shares with a Fair Market Value (measured as of the date the tax withholding obligations are to be determined) equal
to the amount of such tax withholding; provided, however, that the number of such Shares so withheld will not exceed the amount
necessary to satisfy the Company’s required tax withholding obligations using the statutory withholding rates for federal,
state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income (or such lesser
amount as may be necessary to avoid classification of the Shares as a liability for financial accounting purposes). Grantee understands
that all matters with respect to the total amount of taxes to be withheld in respect of such compensation income will be determined
by the Committee in its reasonable discretion. Grantee further understands that, although the Company will pay withheld amounts
to the applicable taxing authorities, Grantee remains responsible for payment of all taxes due as a result of income arising under
the Agreement.

 

    4

     

    

 

10. Rights
as a Stockholder. Neither Grantee nor anyone claiming through him/her will have any rights as a stockholder of the Company
with respect to any Shares subject to the Option until the Grantee has exercised the Option as described herein and the Shares
are delivered (as evidenced by delivery of a certificate for such Shares or the appropriate entry on the books of the Company
or of a duly authorized transfer agent of the Company).

 

11. Transferability.
The Option may not be sold, pledged, assigned, hypothecated, transferred, except by will or by the laws of descent
and distribution, and is exercisable during Grantee’s life only by Grantee. Notwithstanding the foregoing, by delivering
written notice to the Company, in a form satisfactory to the Committee, Grantee may designate a third party who, in the event
of Grantee’s death, will thereafter be entitled to exercise the Option.

 

12. Option
not a Service Contract. Neither the Option nor this Agreement is an employment
or service contract, and nothing in this Agreement or the Grant Notice creates or will be deemed to create in any way whatsoever
any obligation on Grantee’s part to continue in the service of the Company or a Related Entity, or of the Company or a Related
Entity to continue Grantee’s service.

 

13. Governing
Plan Document. This Option is subject to all the provisions of the Plan, the
provisions of which are hereby made a part of this Agreement, and is further subject to all interpretations, amendments, rules
and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. Grantee acknowledges receipt of
a copy of the Plan. In the event of any conflict between the provisions of this Agreement and those of the Plan, the provisions
of the Plan will control.

 

14. Miscellaneous.

 

(a) Notices.
Any notice, demand or request required or permitted to be given pursuant to the terms of this Agreement will be in writing and
will be deemed given when delivered personally, one day after deposit with a recognized international delivery service (such as
FedEx), or three days after deposit in the U.S. mail, first class, certified or registered, return receipt requested, with postage
prepaid, in each case addressed to the parties at the addresses of the parties set forth in the Grant Notice or such other address
as a party may designate by notifying the other in writing.

 

(b) Successors
and Assigns. The provisions of this Agreement will inure to the benefit of, and be binding upon, the Company and its successors
and assigns and upon the Grantee, Grantee’s executor, personal representative(s), distributees, administrators, permitted
transferees, permitted assignees, beneficiaries, and legatee(s), as applicable, whether or not any such person will have become
a party to this Agreement and have agreed in writing to be joined herein and be bound by the terms hereof.

 

(c) Severability.
The provisions of this Agreement are severable, and if any one or more provisions are determined to be illegal or otherwise unenforceable,
in whole or in part, then the remaining provisions will nevertheless be binding and enforceable.

 

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(d) Amendment.
Except as otherwise provided in the Plan, this Agreement will not be amended unless the amendment is agreed to in writing by both
Grantee and the Company.

 

(e) Choice
of Law. This Agreement will be construed and enforced in accordance with and governed by the laws of the State of Nevada,
without giving effect to the choice of law rules of any jurisdiction.

 

(f) Entire
Agreement. This Agreement, along with the Grant Notice and the Plan, constitutes the entire agreement between the parties
hereto with regard to the subject matter hereof, and supersedes any other agreements, representations or understandings (whether
oral or written and whether express or implied) that relate to such subject matter.

 

    6

     

    

 

EXHIBIT
A

 

Citius
Pharmaceuticals, INC.

2020
OMNIBUS STOCK INCENTIVE PLAN

NOTICE OF EXERCISE

 

Citius
Pharmaceuticals, Inc.

 

 

 

 

Attention:
President

 

Date
of Exercise: _________________

 

1. Exercise
of Option. This constitutes notice to Citius Pharmaceuticals, Inc. (the “Company”) that, pursuant to the
Citius Pharmaceuticals, Inc. 2020 Omnibus Stock Incentive Plan (the “Plan”) and the Stock Option Award Agreement,
dated ___________, 20__ (the “Award Agreement”), I elect to purchase the number of Shares set forth below for
the price set forth below.

 

	Number
    of Shares as to which Option is exercised (the “Optioned Shares”):	         
	Exercise
    Price per Share:	 
	Total
    Purchase Price:	 

 

2. Delivery
of Payment. With this notice, I hereby deliver to the Company the full Purchase Price for the Optioned Shares, in a form permitted
by the Award Agreement.

 

3. Representations.
By signing and delivering this notice to the Company, I acknowledge that I am the holder of the Option exercised by this notice
and have full power and authority to exercise the Option. I further represent that I have received, read, and understood the Plan
and the Award Agreement, and I confirm my agreement to abide by and be bound by their terms and conditions. Capitalized terms
used and not otherwise defined in this notice will have the meanings ascribed to those terms in the Award Agreement.

 

4. Compliance
with Securities Laws. Notwithstanding any other provision of the Award Agreement to the contrary, the exercise of any rights
to purchase any Optioned Shares is expressly conditioned upon compliance with the Securities Act of 1933, as amended (the “Securities
Act”), all applicable state securities laws and all applicable requirements of any stock exchange or over the counter
market on which the Company’s Common Stock may be listed or traded at the time of exercise and transfer. I agree to cooperate
with the Company to ensure compliance with such laws. I further understand that the Optioned Shares cannot be resold and must
be held indefinitely unless they are registered under the Securities Act or unless an exemption from such registration is
available and that the certificate(s) representing the Optioned Shares may bear a legend to that effect. I understand that the
Company is under no obligation to register the Optioned Shares and that an exemption may not be available or may not permit me
to transfer Optioned Shares in the amounts or at the times I may desire.

 

     

     

    

 

5. Tax
Withholding. I acknowledge that my exercise of the Option may result in Tax Obligations which require the Company to withhold
certain amounts to satisfy federal, state, local, and/or foreign taxes. I agree to satisfy such tax withholding obligations as
described in Section 9 of the Award Agreement.

 

6. Rights
as Stockholder. While the Company will endeavor to process this notice in a timely manner, I acknowledge that, until the issuance
of the Optioned Shares (or, in the Company’s discretion, in un-certificated form, upon the books of the Company’s
transfer agent) and my satisfaction of any other conditions imposed by the Company pursuant to the Plan or as set forth in the
Award Agreement, no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Optioned
Shares, notwithstanding the exercise of my Option. No adjustment will be made for a dividend or other right for which the record
date is prior to the date of issuance of the Optioned Shares.

 

7. Tax
Consultation. I understand that I may experience adverse tax consequences as a result of my exercise of the Option or my disposition
of the Optioned Shares. I represent that I have consulted with any tax consultants I deem advisable in connection with the exercise
of the Option and/or the disposition of the Optioned Shares and that I am not relying on the Company or its agents for any tax
advice.

 

8. Interpretation.
Any dispute regarding the interpretation of this notice will be resolved by the Committee in its discretion, and the Committee’s
determination will be final and binding on all parties.

 

9. Entire
Agreement. The Plan and the Award Agreement under which the Optioned Shares were granted are incorporated herein by reference
and, together with this notice, constitute the entire agreement of the parties with respect to the subject matter of this notice.

 

	 	GRANTEE:
	 	 	 
	 	 
	 	 	 
	 	Print
    Name:	          
	 	 	 
	 	Address:THIS
WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE
WITH THE TERMS HEREOF AND THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: (1)
REPRESENTS THAT IT IS, AND WILL BE AT THE TIME OF ANY EXERCISE OF THIS WARRANT, AN ACCREDITED INVESTOR WITHIN THE MEANING OF REGULATION
D AS PROMULGATED UNDER THE SECURITIES ACT, AND (2) AGREES FOR THE BENEFIT OF WIRELESS TELECOM GROUP, INC. (THE “COMPANY”)
THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS WARRANT OR ANY OF THE SHARES, IF ANY, ISSUABLE UPON EXERCISE OF
THIS WARRANT OR ANY BENEFICIAL INTEREST HEREIN OR THEREIN EXCEPT: (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR (B) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT.

 

Warrant
No. 1

Original
Issue Date – February 7, 2020

 

WARRANT

 

Wireless
Telecom Group, Inc., a New Jersey corporation

 

THIS
IS TO CERTIFY that Muzinich BDC, Inc. (“Muzinich”) or its registered assigns, for and in consideration
of its obligations under the Credit Agreement (defined below), is entitled, at any time on or after the Effective Date, to purchase
from the Company an aggregate number of Company Shares (defined below) equal to the Aggregate Number of Shares for a purchase
price equal to the Exercise Price Per Share (subject to adjustment as provided herein), all subject to the terms, conditions and
adjustments hereinafter set forth.

 

1.
DEFINITIONS

 

As
used in this Warrant, the following terms have the respective meanings set forth below:

 

“Additional
Common Stock” has the meaning set forth in Section 4.2(c).

 

“Aggregate
Number of Shares” as of any date of determination, the result of (a) $370,588 divided by (b) the Exercise Price
Per Share. For the avoidance of doubt, the Aggregate Number of Shares as of the Effective Date is 266,167.

 

“Aggregate
Exercise Price” means an amount equal to the product of (a) the Number of Shares multiplied by (b) the Exercise
Price Per Share.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close
under the Laws of, or are in fact closed in New York, NY.

 

“Change
of Control” means (a) the stockholders of the Company approve a merger or consolidation of the Company with any
other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities
of the surviving entity or its parent company) more than fifty percent (50%) of the total voting power represented by the voting
securities of the Company or such surviving entity, or its parent company, outstanding immediately after such merger or consolidation,
or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all the Company’s assets; (b) the acquisition by any person as the “beneficial
owner” (as defined in Rule 13d-3 of the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities
of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding
voting securities; (c) a change in the composition of the Board of Directors of the Company as a result of which fewer than a
majority of the directors are “Incumbent Directors”; or (d) the Company sells or disposes (in one or a series of related
sales or dispositions) of all or substantially all of its assets.

 

    	 

    	 

    

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company with a par value of $0.01 per share.

 

“Company”
has the meaning set forth in the introductory paragraph.

 

“Company
Parties” as the meaning set forth in Section 8.5

 

“Company
Shares” means shares of common stock of the Company, the terms thereof as constituted on the date of this Warrant.

 

“Credit
Agreement” means that certain Credit Agreement dated as of the February 7, 2020, by and between the Company, as
borrower, and Muzinich, as lender, as amended, modified or restated from time to time.

 

“Demand
Registration” shall have the meaning set forth in Section 8.1.

 

“Effective
Date” means February 7, 2020.

 

“Exercise
Date” means, with respect to any full or partial exercise of the rights granted pursuant to this Warrant, the date
on which the applicable Notice of Exercise is delivered to the Company pursuant to Section 2.1(a) hereof.

 

“Exercise
Price Per Share” means $1.3923.

 

“Excluded
Issuances” means any issuance or sale by the Company after the Effective Date of (a) shares of Common Stock (as
such number of shares is equitably adjusted for subsequent stock splits, stock combinations, stock dividends and recapitalizations)
issued directly or upon the exercise of options (including all such options and shares of Common Stock outstanding as of the Effective
Date) to directors, officers, employees, or consultants of the Company in connection with their service as directors of the Company,
their employment by the Company or their retention as consultants by the Company, in each case authorized by the Board of Directors
of the Company; (b) shares of Common Stock issued upon the conversion or exercise of options (other than options covered by clause
(a) above) or convertible securities issued on or prior to the Effective Date, provided that such securities are not amended
after the date hereof to increase the number of shares of Common Stock issuable thereunder or to lower the exercise or conversion
price thereof; and (c) shares of Common Stock, options or convertible securities issued in connection with a transaction in which
the Company, directly or indirectly, acquired another business or its tangible or intangible assets.

 

    	2

    	 

    

 

“Fair
Market Value Per Share” means, as of any particular date: (a) the volume weighted average of the closing sales prices
of the Company Shares for such day on all domestic securities exchanges on which the Company Shares may at the time be listed;
(b) if there have been no sales of the Company Shares on any such exchange on any such day, the average of the highest bid and
lowest asked prices for the Company Shares on all such exchanges at the end of such day; (c) if on any such day the Company Shares
are not listed on a domestic securities exchange, the closing sales price of the Company Shares as quoted on the OTC Bulletin
Board, the Pink OTC Markets or similar quotation system or association for such day; (d) if there have been no sales of the Company
Shares on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association on such day, the average of
the highest bid and lowest asked prices for the Company Shares quoted on the OTC Bulletin Board, the Pink OTC Markets or similar
quotation system or association at the end of such day; in each case, averaged over twenty (20) consecutive Business Days ending
on the Business Day immediately prior to the day as of which “Fair Market Value” is being determined; provided, that
if the Company Shares are listed on any domestic securities exchange, the term “Business Day” as used in this sentence
means Business Days on which such exchange is open for trading; or (e) if at any time the Company Shares are not listed on any
domestic securities exchange or quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association,
Holder and the Company shall negotiate in good faith to determine the “Fair Market Value” of the Company Shares. Where
the Company and Holder are not able to agree upon such value within ten (10) Business Days following the applicable valuation
date, then each of the Company and Holder shall, within such ten (10) Business Day period, designate a Qualified Broker to issue
an opinion of value within ten (10) Business Days of their respective engagement. To the extent the values designated by the two
opinions differ by three percent (3%) or less, then the average of the two valuations shall apply. To the extent the values designated
by the two opinions differ in excess of such percentage, then the higher valuation shall apply. The fees and expenses of the Qualified
Broker chosen by Holder shall be paid by Holder. The fees and expenses of the Qualified Broker chosen by the Company shall be
paid by the Company.

 

“Holder”
and “Holders” means the Person or Persons, as applicable, in whose name the Warrant set forth herein
and/or the Warrant Shares issued upon exercise of the Warrant is registered on the books of the Company maintained for such purpose.

 

“Holder
Parties has the meaning set forth in Section 8.4.

 

“Incumbent
Directors” shall mean directors who either (a) are directors of the Company as of the date hereof or (b) are elected,
or nominated for election, to the Board of Directors with the affirmative votes (either by a specific vote or by approval of the
proxy statement of the Company in which such person is named as a nominee for election as a director without objection to such
nomination) of at least three-quarters of such directors described in (a) above at the time of such election or nomination (but
shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating
to the election of directors of the Company).

 

“Inspectors”
has the meaning set forth in Section 8.3(h).

 

“Losses”
has the meaning set forth in Section 8.4.

 

“Muzinich”
has the meaning specified in the introductory paragraph.

 

“Notice
of Exercise” has the meaning set forth in Section 2.1(a).

 

“Number
of Shares” means, with respect to any Notice of Exercise, the number of Company Shares set forth in such Notice
of Exercise as the number of Company Shares to be purchased as of the applicable Exercise Date.

 

    	3

    	 

    

 

“OTC
Bulletin Board” means the Financial Industry Regulatory Authority OTC Bulletin Board electronic inter-dealer quotation
system.

 

“Per
Share Consideration” has the meaning set forth in Section 4.2(c).

 

“Person”
an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, Governmental Authority or other entity of whatever nature.

 

“Piggyback
Registration” has the meaning set forth in Section 8.2(a).

 

“Pink
OTC Markets” means the OTC Markets Group Inc. electronic inter-dealer quotation system, including OTCQX, OTCQB and
OTC Pink.

 

“Prospectus”
means the prospectus or prospectuses included in any registration statement as amended or supplement with respect to the terms
of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments
and supplements to the Prospectus including post-effective amendments and all material incorporated by reference in such prospectus
or prospectuses.

 

“Purchase
Rights” has the meaning set forth in Section 7.

 

“Registrable
Securities” means any Company Shares issued to the Holder (or its permitted assigns) upon exercise of this Warrant,
and any Company Shares issued or issuable with respect to any shares described in above by way of a stock dividend or stock split
or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization (it being understood
that for purposes of this Warrant, a Person shall be deemed to be a holder of Registrable Securities whenever such Person has
the right to then acquire or obtain from the Company any Registrable Securities, whether or not such acquisition has actually
been effected). As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i)
a Registration Statement covering such securities has been declared effective by the Commission and such securities have been
disposed of pursuant to such effective Registration Statement, (ii) such securities are sold under circumstances in which all
of the applicable conditions of Rule 144 (or any similar provisions then in force) under the Securities Act are met, (iii) such
securities become eligible for sale pursuant to Rule 144 without volume or manner-of-sale restrictions and without the requirement
for the Company to be in compliance with the current public information requirement under Rule 144(c)(1), (iv) such securities
are otherwise transferred and such securities may be resold without subsequent registration under the Securities Act, or (v) such
securities shall have ceased to be outstanding.

 

“Registration
Expenses” means any and all out-of-pocket registration expenses incident to the Company’s performance of or
compliance with its obligations under Section 8 of this Warrant, including (i) the fees, disbursements and expenses of the Company’s
counsel and accountants (including the expenses of any audit letters and “cold comfort” letters required or incidental
to the performance of such obligations), (ii) all expenses, including filing fees, in connection with the preparation, printing
and filing of the Registration Statement, any free writing, preliminary prospectus or final prospectus, any other offering document
and amendments and supplements thereto and the mailing and delivering of copies thereof to any underwriters and dealers, (iii)
the cost of printing or producing any agreements among underwriters, underwriting agreements, any selling agreements and any other
documents in connection with the offering, sale or delivery of the securities to be disposed of, (iv) all expenses in connection
with the qualification of the securities to be disposed of for offering and sale under state securities laws, (v) the filing fees
incident to securing any required review by FINRA of the terms of the sale of the securities to be disposed of, (vi) transfer
agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in connection
with such offering, (vii) all security engraving and security printing expenses, (viii) all fees and expenses payable in connection
with the listing of the securities on any securities exchange or interdealer quotation system, (ix) all rating agency fees (x)
all expenses incurred in connection with any road show, and (xi) the fees and expenses of one counsel to the Holder, which shall
not exceed $25,000 in the aggregate.

 

    	4

    	 

    

 

“Registration
Failure” means any of the following events or circumstances: (i) the Company fails to use its commercially reasonable
efforts to obtain effectiveness with the Commission of any Registration Statement filed pursuant to Section 8, or fails to use
commercially reasonable efforts to keep such Registration Statement current and effective as required in Section 8, (ii) the Company
fails to file any additional Registration Statements required to be filed pursuant to Section 8 or fails to use its commercially
reasonable efforts to cause such new Registration Statement to become effective as required in Section 8, (iii) the Company fails
to file any amendment to any Registration Statement, or any additional Registration Statement required to be filed pursuant to
Section 8, or fails to use its commercially reasonable efforts to cause such amendment or new Registration Statement to become
effective within ninety (90) days, and, if such effectiveness does not occur within such period, as soon as possible thereafter,
(iv) any Registration Statement filed pursuant to Section 8 lapses or becomes ineffective, or sales of Registrable Securities
cannot otherwise be made thereunder (each a “Registration Lapse”) solely by reason of the Company’s
failure to amend or supplement the prospectus included therein, the Company’s failure to file, and use commercially reasonable
efforts to obtain effectiveness with the Commission of, an additional Registration Statement or amended Registration Statement
pursuant to Section 8, or any other failure by the Company that is the primary cause of such Registration Lapse, or (v) the Company
fails to provide a written response to any comments to any Registration Statement submitted by the Commission within thirty (30)
days of the date that such Commission comments are received by the Company; provided that if any circumstance in (i) through (v)
hereof is caused by any Person other than the Company, including but not limited to a failure by the Holder or any other shareholder
of the Company to provide relevant information, (a “Third Party Failure”) there shall not be a Registration
Failure unless and until such Third Party Failure has been remedied and a circumstance in any of clauses (i) through (v) thereafter
arises.

 

“Registration
Statement” means any registration statement of the Company which covers any of the Registrable Securities pursuant
to the provisions of this Warrant, including the Prospectus, amendments and supplements to such Registration Statement, including
post- effective amendments, all exhibits and all materials incorporated by reference in such Registration Statement.

 

“Qualified
Broker” means a broker nationally recognized in the Company’s industry.

 

“Securities
Act” has the meaning set forth in the introductory paragraph.

 

“Transfer
Agent” has the meaning set forth in Section 2.1(e).

 

“Warrant”
has the meaning set forth in the legend at the top of the first page but shall also include any additional warrants issued pursuant
hereto.

 

“Warrant
Shares” means the Company Shares purchased by Holder of the Warrant upon the exercise thereof.

 

    	5

    	 

    

 

2.
EXERCISE OF WARRANT

 

2.1
Manner of Exercise.

 

(a)
From and after the Effective Date, Holder may exercise this Warrant, on any Business Day, for all or any part of the Aggregate
Number of Shares purchasable hereunder. In order to exercise this Warrant, in whole or in part, Holder shall deliver to the Company
at its principal office, (i) a written notice of Holder’s election to exercise its rights, in whole or in part, under this
Warrant substantially in the form of Exhibit A, duly executed by Holder (any such notice, a “Notice
of Exercise”), which notice shall specify the applicable Number of Shares, (ii) payment of the Aggregate Exercise
Price (provided, however, that in the case of payment of all or a portion of the Aggregate Exercise Price pursuant to Section
2.1(c), the direction by Holder to make a “Cashless Exercise” shall serve as accompanying payment for that
portion of the Aggregate Exercise Price), and (iii) this Warrant.

 

(b)
This Warrant shall be deemed to have been exercised and such certificate or certificates shall be deemed to have been issued,
and Holder or any other Person so designated to be named therein shall be deemed to have become a holder of record of such Company
Shares for all purposes, as of the date the Company receives the items in Section 2.1(a)(i)-(iii) above, and all
taxes required to be paid by Holder pursuant to Section 2.2 prior to the issuance of such Warrant Shares, if any,
have been paid.

 

(c)
Holder shall have the right to pay all or a portion of the Aggregate Exercise Price by making a “Cashless Exercise”,
in which case the portion of the Aggregate Exercise Price to be so paid shall be paid by reducing the Number of Shares requested
pursuant to the applicable Notice of Exercise, and in such event, the Company shall issue to Holder the number of Company Shares
computed using the following formula:

 

	 	X
    = (Y*(A-B))/A
	 	 
	 	where:
	 	 
	 	X
    = the number of Company Shares to be issued to Holder;
	 	 
	 	Y
    = the Number of Shares requested pursuant to the applicable Notice of Exercise;
	 	 
	 	A
    = the Fair Market Value Price Per Share; and
	 	 
	 	B
    = the Exercise Price Per Share

 

(d)
Upon receipt of a Notice of Exercise, surrender of this warrant and payment of the Aggregate Exercise Price, the Company shall,
as promptly as practicable, and in any event within five (5) Business Days thereafter, execute (or cause to be executed) and deliver
(or cause to be delivered) to the Holder a certificate or certificates representing the Warrant Shares issuable upon such exercise,
together with cash in lieu of any fraction of a share, as provided in Section 2.1(f) below. The stock certificate
or certificates so delivered shall be, to the extent possible, in such denomination or denominations as the exercising Holder
shall reasonably request in the Notice of Exercise and shall be registered in the name of the Holder or, subject to compliance
with Section 3.1 below, such other Person’s name as shall be designated in the Notice of Exercise. This Warrant
shall be deemed to have been exercised and such certificate or certificates of Warrant Shares shall be deemed to have been issued,
and the Holder or any other Person so designated to be named therein shall be deemed to have become a holder of record of such
Warrant Shares for all purposes, as of the Exercise Date.

 

    	6

    	 

    

 

(e)
In the event that, at the time of exercise of this Warrant, the Company has engaged a transfer agent (the “Transfer
Agent”) to manage the transfer of its Company Shares, then, upon the exercise of this Warrant in whole or in part,
the Company shall, at its own cost and expense, take all reasonably necessary action required to enable the Transfer Agent to
issue Warrant Shares in the name of the Holder (or its nominee) or such other Person(s) as designated by the Holder and in such
denominations to be specified in the applicable Notice of Exercise. The Company represents and warrants that no instructions other
than the foregoing instructions will be given to the Transfer Agent.

 

(f)
The Company shall not be required to issue a fractional Warrant Share upon exercise of any Warrant. As to any fraction of a Warrant
Share that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay to such Holder an amount
in cash (by delivery of a certified or official bank check or by wire transfer of immediately available funds) equal to the product
of (i) such fraction multiplied by (ii) the Fair Market Value of one Warrant Share on the Exercise Date.

 

(g)
Unless the purchase rights represented by this Warrant shall have expired or shall have been fully exercised, the Company shall,
at the time of delivery of the certificate or certificates representing the Warrant Shares being issued in accordance with Section
2.1(d) hereof, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unexpired and unexercised
Warrant Shares called for by this Warrant. Such new Warrant shall in all other respects be identical to this Warrant.

 

2.2
Payment of Taxes. All Company Shares issuable upon the exercise of this Warrant pursuant to the terms hereof shall be validly
issued and, upon payment of the Warrant Price, fully paid and non-assessable and not subject to any preemptive rights. The Company
shall pay all expenses in connection with, and all taxes and other similar governmental charges that may be imposed with respect
to, the issue or delivery of this Warrant and any such Company Shares; provided, that the Company shall not be required to pay
any tax or governmental charge that may be imposed with respect to any applicable withholding or the issuance or delivery of the
Warrant Shares to any Person other than the Holder, and no such issuance or delivery shall be made unless and until the Person
requesting such issuance has paid to the Company the amount of any such tax, or has established to the satisfaction of the Company
that such tax has been paid.

 

3.
TRANSFER, DIVISION AND COMBINATION

 

3.1
Transfer. Subject to the transfer conditions referred to in the legend endorsed hereon, any transfer of this Warrant and
all rights hereunder, in whole or in part, shall be registered on the books of the Company to be maintained for such purpose,
upon surrender of this Warrant at the principal office of the Company, together with a written assignment of this Warrant substantially
in the form of Exhibit B hereto duly executed by Holder and funds sufficient to pay any transfer taxes payable upon
the making of such transfer. Upon such compliance, surrender and, if required, such payment, the Company shall promptly execute
and deliver a new warrant or warrants each dated the same dates as the surrendered Warrant in the name of the assignee or assignees
and in the denomination 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 be cancelled. The Warrant, if properly assigned, may be exercised
by a new Holder for the purchase of Company Shares without having a new warrant issued. Notwithstanding the foregoing Holder shall
at no time transfer this Warrant or the Warrant Shares to a competitor without the prior written consent of the Company.

 

    	7

    	 

    

 

3.2
Division and Combination. Subject to compliance with the applicable provisions of this Warrant as to any transfer or other
assignment which may be involved in such division or combination, 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 Holder or its agent or attorney. Subject to compliance with Section 3.1,
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.

 

3.3
Expenses. The Company shall prepare, issue and deliver at its own expense the new warrant or warrants under this Section
3.

 

3.4
Maintenance of Books. The Company agrees to maintain, at its aforesaid office or agency, books for the registration and
the registration of transfer of the warrants. The Company may deem and treat the Person in whose name the Warrant is registered
on such register as the Holder thereof for all purposes, and the Company shall not be affected by any notice to the contrary,
except any assignment, division, combination or other transfer of the Warrant effected in accordance with the provisions of this
Warrant.

 

4.
ADDITIONAL UNITS/REORGANIZATION

 

4.1
Company Shares. The Company covenants that all Company Shares that may be issued upon the exercise of the rights represented
by this Warrant will, upon issuance pursuant to the terms and conditions herein, be validly issued, fully paid and nonassessable
and free from all taxes, liens and charges with respect to the issue thereof. The Company covenants and agrees that during the
period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized, and
reserved for the purpose of the issue upon exercise of the purchase rights evidenced by this Warrant, a sufficient number of Company
Shares to provide for the exercise of the rights represented by this Warrant. If and so long as the Company Shares issuable upon
the exercise of the rights represented by this Warrant is listed on any national securities exchange or quotation system, the
Company will, if permitted by the rules of such exchange or quotation system, use its best efforts to list and keep listed on
such exchange or quotation system, upon official notice of issuance, all shares of such capital stock.

 

4.2
Adjustment to the Aggregate Number of Shares; Reorganization, Reclassification, Change of Control.

 

(a)
Adjustment to Warrant Shares Upon Dividend, Subdivision or Combination of Company Shares. If the Company shall, at any
time or from time to time after the Original Issue Date, (i) pay a dividend or make any other distribution upon the Company Shares
or any other capital stock of the Company payable in Company Shares, or (ii) subdivide (by any stock split, recapitalization or
otherwise) its outstanding Company Shares into a greater number of shares, the number of Warrant Shares issuable upon exercise
of this Warrant immediately prior to any such dividend, distribution or subdivision shall be proportionately increased. If the
Company at any time combines (by combination, reverse stock split or otherwise) its outstanding Company Shares into a smaller
number of shares, the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to such combination shall
be proportionately decreased. Any adjustment under this Section 4.2(a) shall become effective at the close of business
on the date the dividend, subdivision or combination becomes effective.

 

    	8

    	 

    

 

(b)
Adjustment to Warrant Shares Upon Reorganization, Reclassification, Consolidation or Merger. In the event of any (i) capital
reorganization of the Company, (ii) reclassification of the stock of the Company (other than a change in par value or from par
value to no par value or from no par value to par value or as a result of a stock dividend or subdivision, split-up or combination
of shares), (iii) consolidation or merger of the Company with or into another Person, (iv) sale of all or substantially all of
the Company’s assets to another Person or (v) other similar transaction (other than any such transaction covered by Section
4(a)), in each case which entitles the holders of Company Shares to receive (either directly or upon subsequent liquidation) stock,
securities, assets or cash with respect to or in exchange for Company Shares, each Warrant shall, immediately after such reorganization,
reclassification, consolidation, merger, sale or similar transaction, remain outstanding and shall thereafter, in lieu of or in
addition to (as the case may be) the number of Warrant Shares then exercisable under this Warrant, be exercisable for the kind
and number of shares of stock or other securities, assets or cash of the Company or of the successor Person resulting from such
transaction to which the Holder would have been entitled upon such reorganization, reclassification, consolidation, merger, sale
or similar transaction if the Holder had exercised this Warrant in full immediately prior to the time of such reorganization,
reclassification, consolidation, merger, sale or similar transaction and acquired the applicable number of Warrant Shares then
issuable hereunder as a result of such exercise (without taking into account any limitations or restrictions on the exercisability
of this Warrant); and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder) shall be made with
respect to the Holder’s rights under this Warrant to insure that the provisions of this Section 4 shall thereafter
be applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or assets thereafter acquirable
upon exercise of this Warrant. The provisions of this Section 4.2(b) shall similarly apply to successive reorganizations,
reclassifications, consolidations, mergers, sales or similar transactions. The Company shall not effect any such reorganization,
reclassification, consolidation, merger, sale or similar transaction unless, prior to the consummation thereof, the successor
Person (if other than the Company) resulting from such reorganization, reclassification, consolidation, merger, sale or similar
transaction, shall assume, by written instrument substantially similar in form and substance to this Warrant and satisfactory
to the Holder, the obligation to deliver to the Holder such shares of stock, securities or assets which, in accordance with the
foregoing provisions, such Holder shall be entitled to receive upon exercise of this Warrant.

 

(c)
Other than Excluded Issuances, in the event the Company shall at any time after the date hereof issue or sell additional Common
Stock (“Additional Common Stock”), for consideration per share of Common Stock (“Per Share
Consideration”) less than the Fair Market Value and less than the Exercise Price Per Share, then the Exercise Price
Per Share shall be reduced, concurrently with such issuance or sale, to a price equal to the Exercise Price Per Share in effect
immediately prior to such issuance or sale of Additional Common Stock multiplied by a fraction of which (A) the numerator shall
be the number of shares of Common Stock outstanding immediately prior to such issuance or sale, plus the total amount of Additional
Common Stock that would have been issued had the issuance or sale been at the Exercise Price in effect immediately prior to such
sale or issuance, and of which (B) the denominator shall be the number of shares of Common Stock outstanding immediately prior
to such issuance or sale, plus the number of shares of Additional Common Stock issued at the Per Share Consideration (including,
in the case of (A) and (B), any shares issuable upon exercise of options or conversion of convertible securities).

 

(d)
Notice of Adjustment to the Holder. Whenever the number of Warrant Shares is adjusted pursuant to any provision of this
Section 4, the Company shall promptly deliver to each Holder a notice setting forth the number of Warrant Shares for which this
Warrant may be exercised after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

 

    	9

    	 

    

 

5.
NOTICES TO WARRANT HOLDERS

 

5.1
Notice of Action. If at any time

 

(a)
the Company shall take a record of the holders of its Company Shares for the purpose of entitling them to receive a dividend or
other distribution, or any right to subscribe for or purchase any evidences of its indebtedness, any Company Shares of any class
or any other securities or property, or to receive any other right, or

 

(b)
there shall be any Change of Control, capital reorganization of the Company, any reclassification or recapitalization of the Company
Shares of the Company or any consolidation or merger of the Company with, or any sale, transfer or other disposition of all or
substantially all the property, assets or business of the Company to, another entity, or

 

(c)
there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company; then, in any one or more of
such cases, the Company shall give to Holder (i) at least ten (10) Business Days’ prior written notice of the date on
which a record date shall be selected for such dividend, distribution or right or for determining rights to vote in respect
of any such Change of Control, reorganization, reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up, and (ii) in the case of any such Change of Control, reorganization, reclassification,
merger, consolidation, sale, transfer, disposition, dissolution, liquidation or winding up, at least ten (10) Business
Days’ prior written notice of the date when the same shall take place. Such notice in accordance with the foregoing
clause also shall specify (a) the date on which any such record is to be taken for the purpose of such dividend, distribution
or right, the date on which the holders of Company Shares shall be entitled to any such dividend, distribution or right, and
the amount and character thereof, and (b) the date on which any such Change of Control, reorganization, reclassification,
merger, consolidation, sale, transfer, disposition, dissolution, liquidation or winding up is to take place and the time, if
any such time is to be fixed, as of which the holders of Company Shares shall be entitled to exchange their Company Shares
for securities or other property deliverable upon such Change of Control, reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding up. Each such written notice shall be
sufficiently given if addressed to Holder at the last address of Holder appearing on the books of the Company.

 

5.2
Notice to Holder. Holder shall be entitled to the same rights to receive notice of corporate action as all holders of Company
Shares.

 

6.
NO IMPAIRMENT

 

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 against impairment. In accordance with, and not in limitation of, the foregoing, the Company will at no time close its
transfer books against transfer of this Warrant in any manner which interferes with the timely exercise of this Warrant.

 

    	10

    	 

    

 

 

7.
Purchase Rights

 

If
at any time the Company offers any Company Shares or rights to purchase securities or other assets to any Person (the “Purchase
Rights”), then Holder is entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase
Rights which Holder would have obtained if Holder had held the number of Company Shares for which this Warrant is then exercisable
immediately before the date on which a record is taken for the offering of such Purchase Rights, or, if no such record is taken,
the date as of which the record holders of Company Shares are to be determined for the offering of such Purchase Rights. Anything
herein to the contrary notwithstanding, the Holder shall not be entitled to the Purchase Rights granted herein with respect to
any Excluded Issuance.

 

8.
REGISTRATION RIGHTS

 

8.1
Demand Registration. The Holder shall have the right to cause the Company to file under the Securities Act a registration
statement with respect to all of the Warrant Shares issued pursuant to this Warrant or any other warrant issued pursuant to the
terms of the Credit Agreement (a “Demand Registration”) and to use reasonable best efforts to cause
such registration statement to become effective; provided, however, that (i) the Holder shall only be entitled to effect a Demand
Registration once and (ii) the Company shall not be required to file and cause to become effective more than one registration
statement in any twelve-month period. Any such Demand Registration shall be subject to the limitations and procedures described
in Section 8.3.

 

8.2
Piggyback Registration.

 

(a)
Whenever the Company proposes to register for sale any Company Shares under the Securities
Act (other than a registration effected solely to implement an employee benefit plan or a transaction to which Rule 145 of the
Securities Act is applicable, or a Registration Statement on Form S-4, S-8 or any successor form thereto or another form not available
for registering the Registrable Securities for sale to the public), whether for its own account or for the account of one or more
stockholders of the Company and the form of Registration Statement to be used may be used for any registration of Warrant Shares
(a “Piggyback Registration”), the Company shall give prompt written notice (in any event no later than
twenty (20) days prior to the filing of such Registration Statement) to the Holder of its intention to effect such a registration
and, subject to Sections 8.2(b) and (c), shall include in such registration all Warrant Shares with respect to which
the Company has received written requests for inclusion from the Holder within ten days after the Company’s notice has been
given to the Holder. If the Piggyback Registration relates to a registration statement filed by the Company for its own account,
the Company may withdraw or delay a Piggyback Registration at any time prior to the time it becomes effective to the same extent
that the Company withdraws or delays the related registration for the Company’s own account. 

 

(b)
If a Piggyback Registration is initiated as a primary underwritten offering on behalf of
the Company and the managing underwriter advises the Company and the Holder (if the Holder has elected to include Warrant Shares
in such Piggyback Registration) in writing that in its opinion the number of Company Shares proposed to be included in such registration,
including all Registrable Securities and all other Company Shares proposed to be included in such underwritten offering, exceeds
the number of Company Shares which can be sold in such offering and/or that the number of Company Shares proposed to be included
in any such registration would adversely affect the price per share of the Company Shares to be sold in such offering, the Company
shall include in such registration (A) first, the number of Company Shares that the Company proposes to sell; (B) second, the
number of Company Shares requested to be included therein by the Holder (and, to the extent that this Warrant has been subdivided,
such allocation shall be divided among the Holder and the other holders of Warrant Shares, pro rata based on the number of Warrant
Shares requested by them for inclusion in the registration); and (C) third, the number of Company Shares requested to be included
therein by holders of Company Shares (other than Warrant Shares held by the Holder).

 

    	11

    	 

    

 

(c)
If a Piggyback Registration is initiated as an underwritten offering on behalf of one or
more holders of Company Shares other than Warrant Shares, and the managing underwriter advises the Company in writing that in
its opinion the number of Company Shares proposed to be included in such registration, including all Warrant Shares and all other
Company Shares proposed to be included in such underwritten offering, exceeds the number of Company Shares which can be sold in
such offering and/or that the number of Company Shares proposed to be included in any such registration would adversely affect
the price per share of the Company Shares to be sold in such offering, the Company shall include in such registration (i) first,
the number of Company Shares requested to be included therein by the Holder (on a fully diluted, as converted basis); and (ii)
second, the number of Company Shares requested to be included therein by other holders of Company Shares, allocated among such
holders in such manner as they may agree. 

 

(d)
If any Piggyback Registration is initiated as a primary underwritten offering on behalf
of the Company, the Company shall select the investment banking firm or firms to act as the managing underwriter or underwriters
in connection with such offering. The Holder may not participate in any underwritten registration hereunder unless the Holder
(x) agrees to sell its Registrable Securities on the basis provided in any underwriting arrangements approved by the Company and
(y) completes and executes all indemnities, underwriting agreements and other documents reasonably required under the terms of
such underwriting arrangements and this Warrant; provided that (A) if the Holder participates in such registration, it will not
be required to make any representations or warranties except those which relate solely to itself and its intended plan of distribution
and (B) the liability of the Holder to any underwriter under such underwriting agreement will be limited to liability arising
from misstatements in, or omissions from, written information regarding the Holder provided by or on behalf of the Holder for
inclusion in the prospectus.

 

(e)
Notwithstanding anything herein to the contrary, the Company shall not be required to include
in any registration any of the Registrable Securities owned by the Holder if: (1) the Holder fails to furnish to the Company any
information required under applicable federal and state securities laws to be furnished by the Holder in connection with the registration
of the Registrable Securities or (2) if such registration involves an underwritten offering, such Registrable Securities are not
included in such underwritten offering on the same terms and conditions as shall be applicable to the other securities being sold
through underwriters in the registration. 

 

    	12

    	 

    

 

 

8.3
Registration Procedures. If and whenever the Holder requests that any Warrant Shares
be registered pursuant to the provisions of this Warrant, the Company shall use its commercially reasonable efforts to effect
the registration and the sale of such Warrant Shares in accordance with the intended method of disposition thereof, and pursuant
thereto the Company shall as soon as practicable: 

 

(a)
subject to Section 8.2(a), prepare and file with the Commission a Registration
Statement registering the resale of such Warrant Shares and use its commercially reasonable efforts to cause such Registration
Statement to become effective; 

 

(b)
prepare and file with the Commission such amendments, post-effective amendments and supplements
to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement
effective for a period of not less than thirty (30) days, or if earlier, until all of such Warrant Shares have been disposed of
and to comply with the provisions of the Securities Act with respect to the disposition of such Warrant Shares in accordance with
the intended methods of disposition set forth in such Registration Statement; 

 

(c)
at least five (5) Business Days before filing such Registration Statement, Prospectus or
amendments or supplements thereto, furnish to counsel of the Holder copies of such documents proposed to be filed, which documents
shall be subject to the review and comment of such counsel with respect to the Warrant Shares and information related to the Holder;

 

(d)
notify the Holder, promptly after the Company receives notice thereof, of the time when
such Registration Statement has been declared effective or a supplement to any Prospectus forming a part of such Registration
Statement has been filed; 

 

(e)
furnish to the Holder such number of copies of the Prospectus included in such Registration
Statement (including each preliminary Prospectus) and any supplement thereto (in each case including all exhibits and documents
incorporated by reference therein) and such other documents as the Holder may request in order to facilitate the disposition of
the Warrant Shares;

 

(f)
use its commercially reasonable efforts to register or qualify such Warrant Shares under
such other securities or “blue sky” laws of such jurisdictions as any selling holder requests and do any and all other
acts and things which may be reasonably necessary or advisable to enable the Holder to consummate the disposition; provided, that
the Company shall not be required to qualify generally to do business, subject itself to general taxation or consent to general
service of process in any jurisdiction where it would not otherwise be required to do so but for this Section 8.3(f);

 

(g)
notify the Holder, at any time when a Prospectus relating thereto is required to be delivered
under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement
contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and,
at the request of any such holder, the Company shall prepare a supplement or amendment to such Prospectus so that, as thereafter
delivered to the purchasers of such Warrant Shares, such Prospectus shall not contain an untrue statement of a material fact or
omit to state any fact necessary to make the statements therein not misleading; 

 

(h)
make available for inspection by the Holder, any underwriter participating in any disposition
pursuant to such Registration Statement and any attorney, accountant or other agent retained by the Holder or any such underwriter
(collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and
properties of the Company, and cause the Company’s officers, directors and employees to supply all information reasonably
requested by any such Inspector in connection with such Registration Statement; 

 

    	13

    	 

    

 

(i)
use its commercially reasonable efforts to cause such Warrant Shares to be listed on each
securities exchange on which the Company Shares are then listed; 

 

(j)
in connection with an underwritten offering, enter into such customary agreements (including
underwriting and lock-up agreements in customary form) and take all such other customary actions as may be reasonably required
to expedite or facilitate the disposition of such Warrant Shares (including, without limitation, making appropriate officers of
the Company available to participate in “road show” and other customary marketing activities (including one-on-one
meetings with prospective purchasers of the Warrant Shares); 

 

(k)
otherwise use its commercially reasonable efforts to comply with all applicable rules and
regulations of the Commission and make available to its stockholders an earnings statement (in a form that satisfies the provisions
of Section 11(a) of the Securities Act and Rule 158 thereunder) no later than thirty (30) days after the end of the 12-month period
beginning with the first day of the Company’s first full fiscal quarter after the effective date of such Registration Statement,
which earnings statement shall cover said 12-month period, and which requirement will be deemed to be satisfied if the Company
timely files complete and accurate information on Forms 10-Q, 10-K and 8-K under the Exchange Act and otherwise complies with
Rule 158 under the Securities Act; 

 

(l)
furnish to the Holder and each underwriter, if any, with (i) a legal opinion of the Company’s
outside counsel, dated the effective date of such Registration Statement (and, if such registration includes an underwritten public
offering, dated the date of the closing under the underwriting agreement), in form and substance as is customarily given in opinions
of the Company’s counsel to underwriters in underwritten public offerings; and (ii) a “comfort” letter signed
by the Company’s independent certified public accountants in form and substance as is customarily given in accountants’
letters to underwriters in underwritten public offerings; 

 

(m)
without limiting Section 8.3(f), use its commercially reasonable efforts to
cause such Warrant Shares to be registered with or approved by such other governmental agencies or authorities as may be necessary
by virtue of the business and operations of the Company to enable the Holder to consummate the disposition of such Warrant Shares
in accordance with their intended method of distribution thereof; 

 

(n)
notify the Holder promptly of any request by the Commission for the amending or supplementing
of such Registration Statement or Prospectus or for additional information;

 

(o)
advise the Holder, promptly after it shall receive notice or obtain knowledge thereof, of
the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation
or threatening of any proceeding for such purpose and promptly use its commercially reasonable efforts to prevent the issuance
of any stop order or to obtain its withdrawal at the earliest possible moment if such stop order should be issued; 

 

(p)
otherwise use its commercially reasonable efforts to take all other steps necessary to effect
the registration of such Warrant Shares contemplated hereby; and 

 

(q)
pay all Registration Expenses with respect to such registration or proposed registration
of the Registrable Securities, whether or not a Registration Statement becomes effective or the offering is consummated. 

 

    	14

    	 

    

 

8.4
Indemnification by the Company. To the extent permitted by law, the Company agrees
to indemnify and hold harmless the Holder, its members, shareholders, partners, officers, directors and agents, and the underwriters
and each person, if any, who controls the Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act (the “Holder Parties”) from and against any loss, claim, damage or liability and any action in respect
thereof to which the Holder Parties may become subject under the Securities Act or otherwise, to the extent such loss, claim,
damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement of a material fact
contained in any registration statement or prospectus relating to the Registrable Securities or any omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading. The
indemnity agreement contained in this clause (c) shall not apply to amounts paid in settlement of any such loss, claim, damage
or liability (collectively, “Losses”) and any action in respect thereof if such settlement is effected
without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any
such case (x) for any Losses and any action in respect thereof to the extent that it arises from or is based upon any untrue statement
or omission made in such registration statement or prospectus relating to the Registrable Securities, or any such amendment or
supplement, in reliance upon and in conformity with written information relating to the Holder furnished expressly for use in
connection with such registration by, or on behalf of, the Holder or (y) in the case of a sale directly by the Holder (including
a sale of such Registrable Securities through any underwriter retained by the Holder engaging in a distribution solely on behalf
of the Holder), such untrue statement or omission was contained in a preliminary prospectus and corrected in a final or amended
prospectus or supplement, and if, after the Company had provided written notice to the Holder that such prior prospectus contained
such untrue statement or omission and provided a copy of the final or amended prospectus or supplement, the Holder failed to deliver
a copy of the final or amended prospectus or supplement at or prior to the confirmation of the sale of the Registrable Securities
to the Person asserting any such loss, claim, damage or liability in any case in which such delivery is required by the Securities
Act. 

 

8.5
Indemnification by the Holder. The Holder agrees to indemnify and hold harmless the
Company, its members, shareholders, partners, officers, directors and agents and each person, if any, who controls the Company
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (the “Company Parties”)
from and against any Loss and any action in respect thereof to which the Company Parties may become subject under the Securities
Act or otherwise, to the extent such Loss or action arises out of, or is based upon any such untrue statements or omissions made
in reliance upon and in conformity with written information related to the Holder furnished in writing by the Holder or on the
Holder’s behalf expressly for use in any registration statement or prospectus relating to the Registrable Securities, or
any amendment or supplement thereto, or any preliminary prospectus. In no event shall any indemnity obligation under this clause
(d) exceed the net proceeds from the offering received by the Holder (after deducting all underwriter’s discounts and commissions
and all other expenses paid by the Holder in connection with the registration in question). 

 

9.
TAKING OF RECORD; UNIT AND WARRANT TRANSFER BOOKS

 

In
the case of all dividends or other distributions by the Company to the holders of its Company Shares with respect to which any
provision of Section 4 refers to the taking of a record of such holders, the Company will in each such case take
such a record and will take such record as of the close of business on a Business Day. The Company will not at any time, except
upon dissolution, liquidation or winding up of the Company, close its unit transfer books or Warrant transfer books so as to result
in preventing or delaying the exercise or transfer of any Warrant.

 

    	15

    	 

    

 

10.
LOSS OR MUTILATION

 

Upon
receipt by the Company from Holder of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction
or mutilation of this Warrant and indemnity reasonably satisfactory to it (it being understood that the written agreement of the
original Holder shall be sufficient indemnity) and in case of mutilation upon surrender and cancellation hereof, the Company will
execute and deliver in lieu hereof a new Warrant of like tenor to Holder; provided, however, that in the case of mutilation,
no indemnity shall be required if this Warrant in identifiable form is surrendered to the Company for cancellation.

 

11.
OFFICE OF THE COMPANY

 

As
long as this Warrant remains outstanding, the Company shall maintain an office where the Warrant may be presented for exercise,
registration of transfer, division or combination as provided herein.

 

12.
HOLDER NOT DEEMED A STOCKHOLDER; LIMITATION OF LIABILITY

 

Except
as otherwise specifically provided herein, prior to the issuance to the Holder of the Warrant Shares to which the Holder is then
entitled to receive upon the due exercise of this Warrant, the Holder shall not be entitled to vote or receive dividends or be
deemed the holder of shares of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be construed
to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent
to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance
or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise

 

No
provision hereof, in the absence of affirmative action by Holder to purchase Company Shares, and no enumeration herein of the
rights or privileges of Holder hereof, shall give rise to any liability of Holder for the purchase price of any Company Shares
or as a member of the Company, whether such liability is asserted by the Company or by creditors of the Company.

 

13.
CERTAIN AMENDMENTS

 

The
Certificate of Incorporation may not be amended if such amendment would adversely affect any of the rights of Holder under this
Warrant or would adversely affect the Warrant Shares in a manner different and disproportionate to the effect on all holders of
Company Shares, without the prior written consent of Holder.

 

14.
MISCELLANEOUS

 

14.1
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 Holder’s rights, powers or remedies. If the Company fails
to comply with any other provision of this Warrant, the Company shall pay to Holder such amounts as shall be sufficient to cover
the reasonable and documented out-of-pocket costs and expenses including, but not limited to, reasonable attorneys’ fees,
including those of appellate proceedings, actually incurred by Holder in collecting any amounts due pursuant hereto or in otherwise
enforcing any of its rights, powers or remedies hereunder.

 

    	16

    	 

    

 

14.2
Notice Generally. Any notice, demand, request, consent, approval, declaration, delivery or other communication hereunder
to be made pursuant to the provisions of this Warrant shall be sufficiently given or made if in writing and either delivered in
person with receipt acknowledged or sent by registered mail, return receipt requested, postage prepaid, or sent to the facsimile
number or email address, as follows:

 

i.
If to Holder or any Holder of Warrant Shares:

 

	 	Muzinich
    BDC, Inc.	 
	 	450
    Park Avenue, 18th Floor	 
	 	New
    York, NY 10022, USA	 
	 	Attention:
    Michael R. Smith	 
	 	Gary
    Klayn	 
	 	Email:
    USPDPortfolio@muzinich.com	 
	 	 	 
	 	with
    a copy to:	 
	 	 	 
	 	Moore
    & Van Allen PLLC	 
	 	100
    N Tryon Street, Suite 4700	 
	 	Charlotte,
    NC 28202-4003 	 
	 	Attention:
    Todd Ransom	 
	 	Telephone
    No: 704.331.1013	 
	 	Facsimile
    No: 704.378.2034	 

 

ii.
If to the Company at:

 

	 	Wireless
    Telecom Group, Inc.	 
	 	25
    Eastmans Road	 
	 	Parsippany,
    NJ 07054	 
	 	Attention:
    Michael Kandell, Chief Financial Officer	 
	 	Email:
    mkandell@wtcom.com	 
	 	 	 
	 	with
    a copy to:	 
	 	 	 
	 	Bryan
    Cave Leighton Paisner LLP	 
	 	1290
    Avenue of the Americas	 
	 	New
    York, NY 10104 	 
	 	Attention:
    Tara B. Newell	 
	 	Telephone
    No: 212.541.2084	 
	 	Email:
    Tara.Newell@bclplaw.com 	 

 

or
at such other address as may be substituted by notice given as herein provided. The giving of any notice required hereunder may
be waived in writing by the party entitled to receive such notice. Every notice, demand, request, consent, approval, declaration,
delivery or other communication hereunder shall be deemed to have been duly given or served on (a) the date on which personally
delivered, with receipt acknowledged, (b) three (3) Business Days after the same shall have been deposited in the United States
mail as provided in this Section 16.2, or (c) on the day it was sent, if sent by facsimile or email; provided, that,
in each case, if delivery is made on a day that is not a Business Day or after 6:00 p.m. Eastern Time on a Business Day, such
notice will be deemed received by a party at 9:00 a.m. Eastern Time on the Business Day after such actions are taken. Failure
or delay in delivering copies of any notice, demand, request, approval, declaration, delivery or other communication to the person
designated above to receive a copy shall in no way adversely affect the effectiveness of such notice, demand, request, approval,
declaration, delivery or other communication.

 

    	17

    	 

    

 

14.3
Successors and Assigns. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon
the successors of the Company and the successors and assigns of Holder. The provisions of this Warrant are intended to be for
the benefit of all Holders from time to time of this Warrant and shall be enforceable by any such Holder.

 

14.4
Amendment. This Warrant may only be modified or amended or the provisions of this Warrant waived with the written consent
of the Company and Holder.

 

14.5
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 provision
or the remaining provisions of this Warrant.

 

14.6
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.

 

14.7
Governing Law. This Warrant shall be governed by, and be construed and interpreted in accordance with, the law of the State
of New York without regard to its conflict of laws provisions.

 

14.8
Effective Date. This Warrant and any Warrant issued in exchange or substitution for or upon a transfer of this Warrant
shall be dated the Effective Date, and all adjustments provided for herein to the exercise price and number of Company Shares
for which this or such other Warrant is exercisable shall be made on the basis of transactions occurring from and after the Effective
Date.

 

14.9
WAIVER OF JURY TRIAL. EACH OF THE COMPANY AND HOLDER ACKNOWLEDGES THAT THE TIME AND EXPENSE REQUIRED FOR TRIAL BY JURY EXCEED
THE TIME AND EXPENSE FOR A BENCH TRIAL AND HEREBY WAIVES, TO THE EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS WARRANT.

 

15.
COMPLIANCE WITH THE SECURITIES ACT

 

15.1
Agreement to Comply with the Securities Act; Legend. The Holder, by acceptance of this Warrant, agrees to comply in all
respects with the provisions of this Section 15 and the restrictive legend requirements set forth on the face of this Warrant
and further agrees that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Warrant Shares to be issued
upon exercise hereof except under circumstances that will not result in a violation of the Securities Act. This Warrant and all
Warrant Shares issued upon exercise of this Warrant (unless registered under the Securities Act) shall be stamped or imprinted
with a legend in substantially the following form:

 

“NEITHER
THIS WARRANT NOR THE WARRANT SHARES FOR WHICH THIS WARRANT 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 WARRANT AND THE WARRANT SHARES INTO WHICH THIS WARRANT IS EXERCISABLE MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

    	18

    	 

    

 

15.2
Representations of the Holder. In connection with the issuance of this Warrant, the Holder specifically represents, as
of the date hereof, to the Company by acceptance of this Warrant as follows:

 

(a)
The Holder is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act. The Holder is acquiring this Warrant and the Warrant Shares to be issued upon exercise hereof for investment for its own
account and not with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the
Warrant Shares, except pursuant to sales registered or exempted under the Securities Act.

 

(b)
The Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof are “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not
involving a public offering and that, under such laws and applicable regulations, such securities may be resold without registration
under the Securities Act only in certain limited circumstances. In addition, the Holder represents that it is familiar with Rule
144 under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities
Act.

 

(c)
The Holder acknowledges that it can bear the economic and financial risk of its investment for an indefinite period, and has such
knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment
in the Warrant and the Warrant Shares. The Holder has had an opportunity to ask questions and receive answers from the Company
regarding the terms and conditions of the offering of the Warrant and the business, properties, prospects and financial condition
of the Company.

 

[Remainder
of Page Intentionally Left Blank]

 

    	19

    	 

    

 

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

 

	 	WIRELESS TELECOM GROUP, INC.
	 	 	 
	 	By:
    	/s/Michael
    Kandell
	 	Name:
    	Michael
    Kandell
	 	Title:	CFO

 

	Acknowledged:	 
	 	 	 
	MUZINICH BDC, INC.	 
	 	 	 
	By:	/s/Jeffrey
    J Youle	 
	Name:	Jeffrey
    J Youle	 
	Title:	Head
    of US Private Debt	 

 

    	 

    	 

    

 

EXHIBIT
A TO WARRANT OF WIRELESS TELECOM GROUP, INC.

 

SUBSCRIPTION
FORM

 

[To
be executed only upon exercise of Warrant]

 

The
undersigned registered Holder of this Warrant irrevocably exercises this Warrant for the purchase of [_________] Company Shares,
and herewith makes payment therefor, all at the price and on the terms and conditions specified in this Warrant and requests that
certificates for the Company Shares hereby purchased (and any securities or other property issuable upon such exercise) be issued
in the name of and delivered to whose address is                                       
and, if such Company Shares shall not include all of the Company Shares issuable as provided in this Warrant, that a new Warrant
of like tenor and date for the balance of the Company Shares issuable hereunder be delivered to the undersigned.

 

	 	
	 	(Name
    of Registered Holder)
	 	 
	 	
	 	(Signature
    of Registered Holder)
	 	 
	 	
	 	(Street
    Address)
	 	 
	 	
	 	(City)
    (State) (Zip Code)
	 	 
	 	
	 	DATE:

 

	NOTICE:	The signature on this subscription must correspond with the name as written upon the face of the Warrant in every particular, without alteration or enlargement or any change whatsoever.

 

    	 

    	 

    

 

EXHIBIT
B TO WARRANT OF WIRELESS TELECOM GROUP, INC.

 

ASSIGNMENT
FORM

 

FOR
VALUE RECEIVED the undersigned registered Holder of Warrant to purchase Company Shares (the “Warrant”)
hereby sells, assigns and transfers unto the Assignee named below all of the rights of the undersigned under the Warrant, with
respect to the number of Company Shares set forth below:

 

	Name
    and Address of Assignee	 	No.
    of Company Shares
	 	 	 
	___________________________________________	 	            ___________________
	 	 	 
	___________________________________________	 	 
	 	 	 
	___________________________________________	 	 

 

and
does hereby irrevocably constitute and appoint ____________________________________ attorney in fact to register such transfer
on the books of _____________, maintained for the purpose, with full power of substitution in the premises.

 

	Dated:	 __________________________________________	 	Print
    Name:	______________________________________
	 	 	 	 	 
	 	 	 	Signature:
	______________________________________

 

	NOTICE:	The signature on this assignment must correspond with the name as written upon the face of the Warrant in every particular, without alteration or enlargement or any change whatsoever.

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