Document:

Exhibit
10.3

 

PLACEMENT
AGENT WARRANT

 

INTELLINETICS,
INC.

Warrant
No. PA4-[00__]

WARRANT
TO PURCHASE COMMON STOCK

 

VOID
AFTER 5:00 P.M., EASTERN TIME,

ON THE EXPIRATION DATE

 

THIS
WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED, DONATED OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION FROM SUCH REGISTRATION.

 

FOR
VALUE RECEIVED, Intellinetics, Inc., a Nevada corporation (the “Company”), hereby agrees to sell
upon the terms and on the conditions hereinafter set forth, at any time commencing on the date hereof but no later than 5:00 p.m.,
Eastern Time, on [September 29, 2023] (the “Expiration Date”), to ________________, or its registered
assigns (the “Holder”), under the terms as hereinafter set forth, [___________ (_______)] fully paid
and non-assessable shares of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”),
at a purchase price per share of Eighteen cents ($0.18) (the “Warrant Price”), pursuant to the terms
and conditions set forth in this warrant (this “Warrant”). The number of shares of Common Stock issued
upon exercise of this Warrant (“Warrant Shares”) and the Warrant Price are subject to adjustment in
certain events as hereinafter set forth.

 

1.                  
Exercise of Warrant.

 

(a)                
The Holder may exercise this Warrant at any time after issuance according to the terms and conditions set forth herein by delivering
to the Company, at the address of the Company set forth in Section 10 prior to 5:00 p.m., Eastern Time, at any time prior to the
Expiration Date (such date of exercise, the “Exercise Date”) (i) this Warrant, (ii) the Subscription
Form attached hereto as Exhibit A (the “Subscription Form”) (having then been duly executed by
the Holder), (iii) unless the Warrant is being exercised pursuant to a Cashless Exercise (as defined below), cash, a certified
check or a bank draft in payment of the purchase price, in lawful money of the United States of America, for the number of Warrant
Shares specified in the Subscription Form.

 

(b)               
This Warrant may be exercised in whole or in part so long as any exercise in part hereof would not involve the issuance of fractional
Warrant Shares. If exercised in part, the Company shall deliver to the Holder a new Warrant, identical in form to this Warrant,
in the name of the Holder, evidencing the right to purchase the number of Warrant Shares as to which this Warrant has not been
exercised, which new Warrant shall be signed by the President or Chief Executive Officer of the Company. The term Warrant as used
herein shall include any subsequent Warrant issued as provided herein.

 

(c)                
Notwithstanding any provisions herein to the contrary, in lieu of exercising this Warrant in the manner set forth in Section 1(a),
the Holder may elect to exercise this Warrant, or a portion hereof, and to pay for the Warrant Shares by way of cashless exercise
(a “Cashless Exercise”). If the Holder wishes to effect a cashless exercise, the Holder shall deliver
the Exercise Notice duly executed by such Holder or by such Holder’s duly authorized attorney, at the principal office of
the Company, or at such other office or agency as the Company may designate in writing prior to the date of such exercise, in
which event the Company shall issue to the registered Holder the number of Warrant Shares computed according to the following
equation:

 

    	 	1	 

    	 

    

 

;
where

X
= the number of Warrant Shares to be issued to the registered Holder.

 

Y
= the Warrant Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the
Warrant Shares being exercised.

 

A
= the Fair Market Value (defined below) of one share of Common Stock on the Exercise Date.

 

B
= the Exercise Price (as adjusted pursuant to the provisions of this Warrant).

 

For
purposes of this Section 1(c), the “Fair Market Value” of one share of Common Stock on the Exercise Date shall have
one of the following meanings:

 

(1)       if
the Common Stock is traded on a national securities exchange, the Fair Market Value shall be deemed to be the Closing Price on
the trading day preceding the Exercise Date. For the purposes of this Warrant, “Closing Price” means the closing sale
price of one share of Common Stock, as reported by Bloomberg; or

 

(2)       if
the Common Stock is traded over-the-counter, the Fair Market Value shall be deemed to be the Closing Price on the trading day
immediately preceding the Exercise Date; or

 

(3)       if
neither (1) nor (2) is applicable, the Fair Market Value shall be at the commercially reasonable price per share which the Company
could obtain on the Exercise Date from a willing buyer (not a current employee or director) for shares of Common Stock sold by
the Company, from authorized but unissued shares, as determined in good faith by the Company’s Board of Directors.

 

For
illustration purposes only, if this Warrant entitles the Holder the right to purchase 100,000 Warrant Shares and the Holder were
to exercise this Warrant for 50,000 Warrant Shares at a time when the Exercise Price per share was $1.00 and the Fair Market Value
of each share of Common Stock was $2.00 on the Exercise Date, as applicable, the cashless exercise calculation would be as follows:

 

X
= 50,000 ($2.00-$1.00)

2.00

 

X
= 25,000

 

Therefore,
the number of Warrant Shares to be issued to the Holder after giving effect to the cashless exercise would be 25,000 Warrant Shares
and the Company would issue the Holder a new Warrant to purchase 50,000 Warrant Shares, reflecting the portion of this Warrant
not exercised by the Holder. For purposes of Rule 144 promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), it is intended, understood and acknowledged that the Warrant Shares issued in the cashless exercise transaction
described pursuant to Section 1(c) shall be deemed to have been acquired by the Holder, and the holding period for the shares
of Warrant Shares shall be deemed to have commenced, on the date of the Holder’s acquisition of the Warrant.

 

(d)               
No fractional Warrant Shares or scrip representing fractional Warrant Shares shall be issued upon the exercise of this Warrant.
The Company shall pay cash in lieu of such fractional Warrant Shares. The price of a fractional Warrant Share shall equal the
product of (i) the closing price of the Common Stock on the exchange or market on which the Common Stock is then traded (if the
Common Stock is not then publicly traded, then upon the fair market value per share of the Common Stock (as determined by the
Company’s Board of Directors)), and (ii) the applicable fraction.

 

(e)                
In the event of any exercise of the rights represented by this Warrant, a certificate or certificates for Warrant Shares so purchased,
registered in the name of the Holder on the stock transfer books of the Company, shall be delivered to the Holder within a reasonable
time after such rights shall have been so exercised. The person or entity in whose name any certificate for Warrant Shares is
issued upon exercise of the rights represented by this Warrant shall for all purposes be deemed to have become the holder of record
of such Warrant Shares immediately prior to the close of business on the date on which the Warrant was surrendered and payment
of the Warrant Price and any applicable taxes was made, irrespective of the date of delivery of such certificate, except that,
if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall
be deemed to have become the holder of such shares at the opening of business on the next succeeding date on which the Company’s
stock transfer books are open. Except as provided in Section 4 hereof, the Company shall pay any and all documentary stamp or
similar issue payable in respect of the issue or delivery of Warrant Shares on exercise of this Warrant.

 

    	 	2	 

    	 

    

 

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

 

2.                  
Disposition of Warrant Shares and Warrant.

 

(a)                
The Holder hereby acknowledges that: (i) this Warrant and any Warrant Shares purchased pursuant hereto are not being registered
(A) under the Securities Act of 1933 (the “Act”) on the ground that the issuance of this Warrant is
exempt from registration under Section 4(a)(2) of the Act as not involving any public offering, or (B) under any applicable state
securities law because the issuance of this Warrant does not involve any public offering; and (ii) that the Company’s reliance
on the registration exemption under Section 4(a)(2) of the Act and under applicable state securities laws is predicated in part
on the representations hereby made to the Company by the Holder. The Holder represents and warrants that he, she or it is acquiring
this Warrant and will acquire Warrant Shares for investment for his, her or its own account, with no present intention of dividing
his, her or its participation with others or reselling or otherwise distributing this Warrant or Warrant Shares.

 

(b)               
The Holder hereby agrees that he, she or it will not sell, transfer, pledge or otherwise dispose of (collectively, “Transfer”)
all or any part of this Warrant and/or Warrant Shares unless and until he, she or it shall have first have given notice to the
Company describing such Transfer and furnished to the Company (i) a statement from the transferee, whereby the transferee represents
and warrants that he, she, or it is acquiring this Warrant and will acquire Warrant Shares, as applicable, for investment for
his, her or its own account, with no present intention of dividing his, her or its participation with others or reselling or otherwise
distributing this Warrant or Warrant Shares, as applicable, and either (ii) an opinion, reasonably satisfactory to counsel for
the Company, of counsel (competent in securities matters, selected by the Holder and reasonably satisfactory to the Company) to
the effect that the proposed Transfer may be made without registration under the Act and without registration or qualification
under any state law, or (iii) an interpretative letter from the U.S. Securities and Exchange Commission to the effect that no
enforcement action will be recommended if the proposed sale or transfer is made without registration under the Act.

 

(c)                
If, at the time of issuance of Warrant Shares, no registration statement is in effect with respect to such shares under applicable
provisions of the Act, the Company may, at its election, require that (i) the Holder provide written reconfirmation of the Holder’s
investment intent to the Company, and (ii) any stock certificate evidencing Warrant Shares shall bear legends reading substantially
as follows:

 

“THE
SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THE SHARES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS SET
FORTH IN THE WARRANT PURSUANT TO WHICH THESE SHARES WERE PURCHASED FROM THE COMPANY. COPIES OF SUCH RESTRICTIONS ARE ON FILE AT
THE PRINCIPAL OFFICES OF THE COMPANY. NO TRANSFER OF SUCH SHARES OR OF THIS CERTIFICATE (OR OF ANY SHARES OR OTHER SECURITIES
(OR CERTIFICATES THEREFOR) ISSUED IN EXCHANGE FOR OR IN RESPECT OF SUCH SHARES) SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS
AND CONDITIONS SET FORTH IN THE WARRANT HAVE BEEN COMPLIED WITH.”

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND MAY NOT BE SOLD, TRANSFERRED,
PLEDGED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (THE “ACT”)
OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THIS CERTIFICATE THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT.”

 

    	 	3	 

    	 

    

 

In
addition, so long as the foregoing legend may remain on any stock certificate evidencing Warrant Shares, the Company may maintain
appropriate “stop transfer” orders with respect to such certificates and the shares represented thereby on its books
and records and with those to whom it may delegate registrar and transfer functions.

 

3.                  
Reservation of Shares. The Company hereby agrees that at all times there shall be reserved for issuance upon the exercise
of this Warrant such number of shares of the Common Stock as shall be required for issuance upon exercise of this Warrant. The
Company further agrees that all Warrant Shares will be duly authorized and will, upon issuance and payment of the exercise price
therefor, be validly issued, fully paid and non-assessable, free from all taxes, liens, charges and encumbrances with respect
to the issuance thereof, other than taxes, if any, in respect of any transfer occurring contemporaneously with such issuance and
other than transfer restrictions imposed by federal and state securities laws.

 

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

 

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

 

4.                  
Exchange, Transfer or Assignment of Warrant. Subject to Section 2, this Warrant is exchangeable, without expense, at
the option of the Holder, upon presentation and surrender hereof to the Company or at the office of its stock transfer agent,
if any, for other Warrants of the Company (“Warrants”) of different denominations, entitling the Holder
or Holders thereof to purchase in the aggregate the same number of Warrant Shares purchasable hereunder. Subject to Section 2,
upon surrender of this Warrant to the Company or at the office of its stock transfer agent, if any, together with (a) the Assignment
Form attached hereto as Exhibit B (the “Assignment Form”) duly executed, (b) an opinion of counsel
to the Holder (if required by the Company), in a form reasonably acceptable to the Company, that registration under the Securities
Act is not required, and (c) funds sufficient to pay any transfer tax, the Company shall, without charge, execute and deliver
a new Warrant in the name of the assignee named in the Assignment Form and this Warrant shall promptly be canceled. Subject to
Section 2, this Warrant may be divided or combined with other Warrants that carry the same rights upon presentation hereof at
the office of the Company or at the office of its stock transfer agent, if any, together with a written notice specifying the
names and denominations in which new Warrants are to be issued and signed by the Holder hereof.

 

5.                  
Capital Adjustments. This Warrant is subject to the following further provisions:

 

(a)                
Recapitalization, Reclassification and Succession. If any recapitalization of the Company or reclassification of its Common
Stock or any merger or consolidation of the Company into or with a corporation or other business entity, or the sale or transfer
of all or substantially all of the Company’s assets or of any successor corporation’s assets to any other corporation
or business entity (any such corporation or other business entity being included within the meaning of the term “successor
corporation”) shall be effected, at any time while this Warrant remains outstanding and unexpired, then, as a condition
of such recapitalization, reclassification, merger, consolidation, sale or transfer, lawful and adequate provision shall be made
whereby the Holder of this Warrant thereafter shall have the right to receive upon the exercise hereof as provided in Section
1 and in lieu of the Warrant Shares immediately theretofore issuable upon the exercise of this Warrant, such shares of capital
stock, securities or other property as may be issued or payable with respect to or in exchange for the number of outstanding shares
of Common Stock equal to the number of Warrant Shares immediately theretofore issuable upon the exercise of this Warrant had such
recapitalization, reclassification, merger, consolidation, sale or transfer not taken place, and in each such case, the terms
of this Warrant shall be applicable to the shares of stock or other securities or property receivable upon the exercise of this
Warrant after such consummation.

 

    	 	4	 

    	 

    

 

(b)               
Subdivision or Combination of Shares. If the Company at any time while this Warrant remains outstanding and unexpired shall
subdivide or combine its Common Stock, the number of Warrant Shares purchasable upon exercise of this Warrant shall be proportionately
adjusted.

 

(c)                
Stock Dividends and Distributions. If the Company at any time while this Warrant is outstanding and unexpired shall issue
or pay the holders of its Common Stock, or take a record of the holders of its Common Stock for the purpose of entitling them
to receive, a dividend payable in, or other distribution of, Common Stock, then the number of Warrant Shares purchasable upon
exercise of this Warrant shall be adjusted to the number of shares of Common Stock that Holder would have owned immediately following
such action had this Warrant been exercised immediately prior thereto.

 

(d)               
Price Adjustments. Whenever the number of Warrant Shares purchasable upon exercise of this Warrant is adjusted pursuant
to Sections 5(b), 5(c) or 5(d), the then applicable Warrant Price shall be proportionately adjusted.

 

(e)                
Certain Shares Excluded. The number of shares of Common Stock outstanding at any given time for purposes of the adjustments
set forth in this Section 5 shall exclude any shares then directly or indirectly held in the treasury of the Company.

 

(f)                 
Deferral and Cumulation of De Minimis Adjustments. The Company shall not be required to make any adjustment pursuant to
this Section 5 if the amount of such adjustment would be less than one percent (1%) of the Warrant Price in effect immediately
before the event that would otherwise have given rise to such adjustment. In such case, however, any adjustment that would otherwise
have been required to be made shall be made at the time of and together with the next subsequent adjustment which, together with
any adjustment or adjustments so carried forward, shall amount to not less than one percent (1%) of the Warrant Price in effect
immediately before the event giving rise to such next subsequent adjustment. All calculations under this Section 5 shall be made
to the nearest cent or to the nearest one-hundredth of a share, as the case may be, but in no event shall the Company be obligated
to issue fractional Warrant Shares or fractional portions of any securities upon the exercise of the Warrant.

 

(g)               
Duration of Adjustment. Following each computation or readjustment as provided in this Section 5, the new adjusted Warrant
Price and number of Warrant Shares purchasable upon exercise of this Warrant shall remain in effect until a further computation
or readjustment thereof is required.

 

(h)               
Notwithstanding any other provision, the Company shall have the right to increase the number of authorized shares and outstanding
shares without the Holder receiving any additional Warrant or Warrant Shares as a result thereof.

 

    	 	5	 

    	 

    

 

6.                  
Notice to Holders.

 

(a)                
Notice of Record Date. In case:

 

(i)                 
the Company shall take a record of the holders of its Common Stock (or other stock or securities at the time receivable upon the
exercise of this Warrant) for the purpose of entitling them to receive any dividend (other than a cash dividend payable out of
earned surplus of the Company) or other distribution, or any right to subscribe for or purchase any shares of stock of any class
or any other securities, or to receive any other right;

 

(ii)               
of any capital reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation with
or merger of the Company into another corporation, or any conveyance of all or substantially all of the assets of the Company
to another corporation; or

 

(iii)             
of any voluntary dissolution, liquidation or winding-up of the Company;

 

then,
and in each such case, the Company will mail or cause to be mailed to the Holder hereof at the time outstanding a notice specifying,
as the case may be, (i) the date on which a record is to be taken for the purpose of such dividend, distribution or right, and
stating the amount and character of such dividend, distribution or right, or (ii) the date on which such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation or winding-up is to take place, and the time, if any, is to be fixed,
as of which the holders of record of Common Stock (or such stock or securities at the time receivable upon the exercise of this
Warrant) shall be entitled to exchange their shares of Common Stock (or such other stock or securities) for securities or other
property deliverable upon such reorganization, reclassification, consolidation, merger, conveyance, dissolution or winding-up.
Such notice shall be mailed at least ten (10) calendar days prior to the record date therein specified, or if no record date shall
have been specified therein, at least ten (10) days prior to such specified date.

 

(b)               
Certificate of Adjustment. Whenever any adjustment shall be made pursuant to Section 5 hereof, the Company shall promptly
make a certificate signed by its Chairman, Chief Executive Officer, President, Vice President, Chief Financial Officer or Treasurer,
setting forth in reasonable detail the event requiring the adjustment, the amount of the adjustment, the method by which such
adjustment was calculated and the Warrant Price and number of Warrant Shares purchasable upon exercise of this Warrant after giving
effect to such adjustment, and shall promptly cause copies of such certificates to be mailed (by first class mail, postage prepaid)
to the Holder of this Warrant.

 

7.                  
Loss, Theft, Destruction or Mutilation. Upon receipt by the Company of evidence satisfactory to it, in the exercise
of its reasonable discretion, of the ownership and the loss, theft, destruction or mutilation of this Warrant and, in the case
of loss, theft or destruction, of indemnity reasonably satisfactory to the Company and, in the case of mutilation, upon surrender
and cancellation thereof, the Company will execute and deliver in lieu thereof, without expense to the Holder, a new Warrant of
like tenor dated the date hereof.

 

8.                  
Warrant Holder Not a Stockholder. The Holder of this Warrant, as such, shall not be entitled by reason of this Warrant
to any rights whatsoever as a stockholder of the Company, including but not limited to voting rights. No provision hereof, in
the absence of any affirmative action by Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein
of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or
as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

 

9.                  
Registration Rights. The Warrant Shares are entitled to limited piggyback registration rights pursuant to the Note
Purchase Agreement, dated September [  ], 2018, by and among the Company and the purchaser signatories thereto.

 

10.               
Notices. Any notice provided for in this Warrant must be in writing and must be either personally delivered, mailed
by first class mail (postage prepaid and return receipt requested), or sent by reputable overnight courier service (charges prepaid)
to the recipient at the address below indicated:

 

    	 	6	 

    	 

    

 

If
to the Company:

 

Intellinetics,
Inc.

2190
Dividend Drive,

Columbus,
OH 43228

Attention:
James F. DeSocio

President
and Chief Executive Officer

 

If
to the Holder:

 

To
the address of such Holder set forth on the books and records of the Company.

 

or
such other address or to the attention of such other person as the recipient party shall have specified by prior written notice
to the sending party. Any notice under this Warrant will be deemed to have been given (a) if personally delivered, upon such delivery,
(b) if mailed, five days after deposit in the U.S. mail, or (c) if sent by reputable overnight courier service, one business day
after such services acknowledges receipt of the notice.

 

11.               
Choice of Law. THIS WARRANT IS ISSUED UNDER AND SHALL FOR ALL PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF OHIO, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAW RULES.

 

12.               
Submission to Jurisdiction. EACH OF THE HOLDER AND THE COMPANY SUBMITS TO THE JURISDICTION OF ANY STATE OR FEDERAL
COURT SITTING IN THE COUNTY OF FRANKLIN, STATE OF OHIO, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS WARRANT
AND AGREES THAT ALL CLAIMS IN RESPECT OF THE ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. EACH OF THE HOLDER
AND THE COMPANY ALSO AGREE NOT TO BRING ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS WARRANT IN ANY OTHER COURT.
EACH OF THE PARTIES WAIVES ANY DEFENSE OF INCONVENIENT FORUM TO THE MAINTENANCE OF ANY ACTION OR PROCEEDING SO BROUGHT AND WAIVES
ANY BOND, SURETY, OR OTHER SECURITY THAT MIGHT BE REQUIRED OF ANY OTHER PARTY WITH RESPECT THERETO.

 

13.               
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may
deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

14.               
Miscellaneous.

 

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

 

(b)               
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted 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 or holder of Warrant Shares.

 

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

 

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

 

[signature
page follows]

 

    	 	7	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has duly caused this Warrant to be signed on its behalf, in its corporate name and by a duly authorized
officer, as of this [_____ day of _______________, 2018].

 

	 	INETLLINETICS,
    INC.
	 	 
	 	By:	 
	 	 	James
    F. DeSocio
	 	 	President
    and Chief Executive Officer

 

    	 	8	 

    	 

    

 

EXHIBIT
A

 

SUBSCRIPTION
FORM

 

Intellinetics,
Inc.

2190
Dividend Drive,

Columbus,
OH 43228

Attention:
President and Chief Executive Officer

 

	1)	The
                                         undersigned hereby elects to purchase ______________ Warrant Shares of Intellinetics,
                                         Inc., a Nevada corporation, pursuant to the terms of the attached Warrant to Purchase
                                         Common Stock, and tenders herewith payment of the exercise price in full, together with
                                         all applicable transfer taxes, if any.

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

 

[  ]       in
lawful money of the United States;

 

[  ]       the
cancellation of __________ Warrant Shares in order to exercise this Warrant with respect to ____________ Warrant Shares (using
a Fair Market Value of $______ for this calculation), in accordance with the formula and procedure set forth in Section 1(c) of
the Warrant; or

 

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

 

	3)	Please
                                         issue a certificate or certificates representing said Warrant Shares in the name of the
                                         undersigned or in such other name as is specified below:

 _______________________________________________________________________________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number, if permitted, or by physical delivery of a certificate
to:

 _______________________________________________________________________________________________

 

 _______________________________________________________________________________________________

 

_______________________________________________________________________________________________

 

		4)	If
                                         such number of Warrant Shares shall not be all the shares receivable upon exercise of
                                         the attached Warrant, the undersigned requests that a new Warrant for the balance of
                                         the shares covered by the attached Warrant be registered in the name of, and delivered
                                         to:

_______________________________________________________________________________________________

 

_______________________________________________________________________________________________

 

_______________________________________________________________________________________________

 

		5)	In
                                         lieu of receipt of a fractional share of Common Stock, the undersigned will receive a
                                         check representing payment therefor.

 

    	 	A-1	 

    	 

    

 

	Dated:__________________________________________	 	 
	 	 	PRINT
    WARRANT HOLDER NAME
	 	 	 
	 	 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Witness:	 	 
	 	 	 

 

    	 	A-2	 

    	 

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

Intellinetics,
Inc.

2190
Dividend Drive,

Columbus,
OH 43228

Attention:
President and Chief Executive Officer

 

FOR
VALUE RECEIVED, _______________________________________________hereby sells, assigns and transfers unto

 

(Please
print assignee’s name, address and Social Security/Tax Identification Number)

 

________________________________________________

 

________________________________________________

 

________________________________________________

 

the
right to purchase shares of common stock, par value $0.001 per share, of Intellinetics, Inc., a Nevada corporation (the “Company”),
represented by this Warrant to the extent of shares as to which such right is exercisable and does hereby irrevocably constitute
and appoint ____________________________, Attorney, to transfer the same on the books of the Company with full power of substitution
in the premises.

 

	Dated:__________________________________________	 	 
	 	 	PRINT
    WARRANT HOLDER NAME
	 	 	 
	 	 	
	 	 	Name:
	 	 	Title:
	 	 	 
	Witness:	 	 
	 	 	 

 

    	 	B-1EMPLOYMENT AGREEMENT BETWEEN

ZANDER THERAPEUTICS, INC.

AND

Harry M. Lander, Ph.D., M.B.A.

 

THIS EMPLOYMENT AGREEMENT (the "Agreement") dated
as of August 5, 2017 is entered into between Zanderr Therapeutics, Inc., a Nevada corporation, (the "Company") and
Harry M. Lander ("Employee").

 

WITNESSETH:

WHEREAS, Employee
and the Company desire to enter into an agreement providing for the employment by the Company of Employee upon the terms
provided herein.

REPRESENTATIONS AND WARRANTIES

A) Company hereby represents and warrants to Employee
as follows;

(i) Corporate Existence of Company.
Company:

(a) is a corporation duly formed, validly existing
and in good standing under the laws of the State of Nevada and

(b) has all requisite power and authority, and has
all governmental licenses, authorizations, consents and approvals necessary to execute and deliver this Agreement and to consummate
the transactions contemplated by this Agreement.

 

(ii) No Conflicts. None of the
execution, delivery and performance of this Agreement by Company, or the consummation or the transactions
contemplated hereby and thereby

 

(a) constitutes or will constitute a violation of the
organizational documents of Company,

(b) constitutes or will constitute
a breach or violation of, or a default (or an event which, with notice or lapse of time or
both, would constitute such a default) under, any indenture, mortgage, deed of Company, loan agreement, lease or
other agreement or instrument to which Company is a party or by which Company or any of its
properties may be bound,

(c) violates or will violate
any statute, law or regulation or any order, judgment, decree or injunction of any court or Governmental
Authority directed to Company or any of its properties in a proceeding to which its property
is or was a party.

 

(B) Employee hereby represents and warrant to Company
as follows:

(i) No Conflicts. None of the execution, delivery
and performance of this Agreement by Employee, or the consummation of the transactions contemplated hereby and thereby

(a) constitutes or will constitute a breach or violation
of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default) under, any indenture,
mortgage, deed of Trust, loan agreement, lease or other agreement or instrument to which Employee is a party or by which Employee
or any of its properties may be bound,

	 	1	 

    	 

    	 

    

 

(b) violates or will violate any statute, law or
regulation or any order, judgment, decree or injunction of any court or Governmental Authority directed to Employee or any of their
properties in a proceeding to which its property is or was a party.

AGREEMENT:

NOW, THEREFORE, in consideration of the foregoing and
the mutual promises and agreements set forth herein, the parties hereto, intending to be legally bound, hereby agree as follows:

1. Employment. During the Employment Period (as defined
in Section 2), the Company hereby employs Employee and Employee hereby accepts employment.

2. Term. The Term of this Agreement shall commence on
August 15, 2017 and shall expire on August 14, 2019 unless sooner terminated in accordance with the provisions of Section 6 hereof;
provided, however, that the term of this Agreement may be extended by mutual agreement. The period from the commencement of the
term of this Agreement to the date of its expiration or sooner termination shall be considered to be the “Employment Period"
hereunder. AT THE END OF THE EMPLOYMENT PERIOD, THIS AGREEMENT MAY BE EXTENDED FOR AN ADDITIONAL YEAR BY WRITTEN MUTUAL CONSENT
OF THE PARTIES HERETO.

3. Duties. Employee shall be granted the title of President
and Chief Scientific Officer of the Company subject to the authority of the Company's Chief Executive Officer (the “CEO”).
Employee shall perform such duties commensurate with his office and as directed the CEO such duties to include, but not be limited
to:

 

See Schedule 1.

 

During the Employment Period, Employee shall perform
his duties hereunder in a diligent manner, subject to the provisions of Schedule 1 of this Agreement; devoting such amount of his
business time, attention and efforts to the affairs of the Company within the scope of his employment as is necessary for the proper
rendition of such service and shall use his best efforts to promote the best interests of the Company. Employee's services shall
be rendered when and as required by the Board and in accordance with his instructions, direction and control.

It is agreed that Employee will only devote such time
as to effectively conduct duties and responsibilities associated with this position pursuant to this Agreement.

4. Compensation Salary. During
the Employment Period, Company shall pay Employee salary at the rate of:

 

	 	(i)	During that period commencing August 15, 2017 and ending on the sooner of (a) the expiration of the Employment Period or (b) the last day of any month during the Employment period in which the Company shall have sold equity or debt securities generating net cash proceeds to the Company of Two Million Dollars ($2,000,000) or more (“Capital Raise”) Employee shall receive from the Company 10,000 shares of the Company's Series M Preferred stock per month as compensation for Employee’s services pursuant to this Agreement .

 

	 	(ii)	During the period commencing the first day subsequent to the end of that month in which the successful completion by the Company of the Capital Raise shall have occurred and ending upon the expiration of the Employment Period, Company shall pay Employee salary at the rate of $16,667 per month prorated for any partial employment month ("Salary"). Salary shall be paid on a monthly basis (“Payday”). In the event that Payday falls on a Saturday, Sunday or holiday, Salary shall be paid on the next business day. Salary may be paid, at the Company’s sole discretion, either in:

 

	 	2	 

    	 

    	 

    

 

(a)        
cash, or

(b)        
10,000 shares of the Company’s Series M Preferred stock (“Stock Payment”)

(c)       Registered
shares of the Company's common stock (number of shares to be issued to employee =salary/previous day’s closing price prior
to submitting issuance documents to transfer agent)

 

 

 

Employee acknowledges that any Stock
Payments issued pursuant to this Agreement that are not registered pursuant to the Securities Act of 1933 shall constitute
“restricted securities” as that term is defined in Rule 144 promulgated under the Securities Act of 1933, and shall
contain the following restrictive legend:

 

THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE OFFERED, SOLD,
ASSIGNED, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT OR SUCH LAWS AND, IF REQUESTED
BY THE COMPANY, UPON DELIVERY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT THE PROPOSED TRANSFER IS EXEMPT
FROM THE ACT OR SUCH LAWS.

 

The Company may register any Stock Payment
pursuant to the Securities Act of 1933, but is not obligated to do so pursuant to this Agreement.

 

5. Benefits.

a. During the Employment Period,
Employee shall be entitled to participation in any profit sharing plan, retirement plan, group life insurance plan or other insurance
plan, medical expense plan, medical and dental insurance and other benefit arrangements maintained by the Company for its employees
generally and, if applicable, their family members. In addition, Employee shall be entitled to 15 days paid vacation (“Vacation”)
subject to having given fourteen days prior notice to the Company of Employee’s intent to Vacation.

b.        Stock
Compensation.  Employee acknowledges he has received 500,000 Series M Preferred shares that are fully vested and considered
compensation in full for service prior to the execution of this agreement .

Employee acknowledges that any
Series M Shares  issued prior to or pursuant to this Agreement will not be  registered pursuant to the Securities Act
of 1933 , shall constitute “restricted securities” as that term is defined in Rule 144 promulgated under the Securities
Act of 1933 and shall contain the following restrictive legend:

THESE SECURITIES HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE
OFFERED, SOLD, ASSIGNED, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT OR SUCH LAWS
AND, IF REQUESTED BY THE COMPANY, UPON DELIVERY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT THE PROPOSED
TRANSFER IS EXEMPT FROM THE ACT OR SUCH LAWS.

d.       Milestone
Shares. Employee shall receive another an aggregate of 10,000,000 newly issued Series M Preferred shares of the Company upon achievement
of milestones (“Milestone Shares”).  The shares shall be subject to a vesting schedule (See Schedule 2)

 

 

6. Termination.

	 	3	 

    	 

    	 

    

 

a. Employee's employment hereunder
shall terminate upon the earlier of:

(i) the expiration of the Employment
Period,

(ii) the death of Employee,

(iii) the expiration of a continuous
period of thirty (30) calendar days during which Employee is unable to perform his material duties due to physical or mental incapacity,

(iv) termination by the Company
due to “just cause,”

(v) termination by Employee
due to a material breach of this Agreement by the Company. The exercise of the right of the Company or Employee to terminate this
Agreement pursuant to clauses (iv) or (v) hereof, as the case may be, shall not abrogate the rights and remedies of the terminating
party in respect of the breach giving rise to such termination.

b. "Just
cause" hereunder shall be defined and limited to mean:

(i) Employee's failure or refusal,
as determined by the CEO in his sole discretion, to perform specific directives of the CEO which are consistent with the scope
and nature of Employee's duties and responsibilities as set forth herein (including the duties described in Section 3), which failure
or refusal continues after notice thereof and a reasonable time to cure; such reasonable time to be determined by the CEO.

(ii) Employee's conviction
for a felony or any crime involving moral turpitude, fraud, or misrepresentation, or the presentation of proof satisfactory to
the CEO in the exercise of his reasonable judgment of Employee's misappropriation or embezzlement of funds or assets from the Company;

(iii) any intentional act having
the purpose and effect of injuring the reputation, business or business relationships of the Company in any material respect; and

(iv) any breach by Employee
of any material provision of this Agreement, including, without limitation, the restrictive covenants contained in Section 7 hereof.

c. In the event of any dispute
regarding the existence of Employee's incapacity hereunder, the matter wil1 be resolved by the determination of a physician qualified
to practice medicine in California selected by the CEO. For this purpose, Employee will submit to appropriate medical examinations.

d. If Employee's employment
hereunder is terminated pursuant to Section 6, the Company shall have no further obligations or liabilities hereunder.

7. Restrictive Covenant.

a. Non-disclosure. Employee
has, and during the Employment Period will have, access to confidential information and trade secrets of the Company and its subsidiaries
(the "Confidential Information") that may include, among other things:

(i) Financial information

(ii) Supply and services information

(iii) Marketing information

	 	4	 

    	 

    	 

    

 

(iv) Personnel information

(v) Customer information

(vi) Product information

(vii) The Company’s procedures,
systems, policies and processes of operation.

 

Employee shall at all times
during his employment by the Company and thereafter hold in strictest confidence any and all Confidential Information that may
have come or may come into Employee's possession or within Employee's knowledge. Employee agrees that neither he nor any person
or entity, directly or indirectly, controlled by or under common control with the Employee (an "Affiliate")will for any
reason, except in the course of performing his duties hereunder, for himself or any other person, use or disclose to anyone, exclusive
of Company employees, agents, representatives, or independent consultants to the Company or any of its subsidiaries or Affiliates
of the Company, any Confidential Information; provided, however, that Employee may disclose Confidential Information which (i)
has become generally available to the public other than as a result of a breach of this Agreement by Employee or (ii) Employee
is compelled to disclose pursuant to subpoena or an order by a court competent jurisdiction; provided that, if Employee is so required
to disclose any Confidential Information pursuant to the foregoing clause (ii), Employee shall provide advance written notice to
the Company, to the extent possible, to allow the Company to seek an appropriate protective order therefore (iii) Potential advisors,
employees, or investors of the Company where there is a reasonable expectation of confidentiality. All Confidential Information
shall remain the Company's property and shall be returned (or, at the Company's option, destroyed) upon the Company's written request.

b. Non-Solicitation of Employees.
Employee agrees that from the date hereof and continuing for a period of three years following the termination of this Agreement
for whatever reason (the "Non-Compete Period"), neither Employee nor any Affiliate of Employee will solicit or hire for
employment any officer, director or employee of the Company who was employed by the Company at any time within twelve months prior
to the act of solicitation.

c. Non-Competition. Employee
agrees that, other than with the approval of the CEO, which approval shall not be unreasonably withheld, during the Employment
Period, neither Employee nor any Affiliate of Employee will, directly or indirectly, become a shareholder, director, officer, agent,
partner or employee of, or otherwise hold any ownership interest in, any person, firm or entity engaged in any Competitive Business
(as defined below), engage as a sole proprietor in any Competitive Business, act as a consultant to or assist any of the foregoing
or otherwise engage or participate in any Competitive Business; provided, however, that the foregoing shall not prohibit the ownership
by Employee of less than ten percent (10%) of the outstanding shares of the stock of any corporation engaged in any Competitive
Business, which shares are regularly traded on a national securities exchange or in any over-the-counter market. For the purpose
hereof, "Competitive Business" means the ownership, operation, development, marketing of the services related to, or
management of cellular therapeutics within the United States.

d. Consideration, Relief,
Reformation; Severability. The Company has specifically bargained for the covenants set forth in this Section 6 in consideration
for the compensation, experience, and information that Employee will gain or receive in connection with his employment by the Company.
Employee agrees that the covenants set forth herein will not preclude Employee from engaging in any lawful profession, trade or
business or from being gainfully employed necessary to provide Employee, his family members and dependents a standard of living
to which he and they have been accustomed and may expect. Employee

	 	5	 

    	 

    	 

    

 

acknowledges and agrees that
the restrictive covenants in this Section 6 have been specifically negotiated, are reasonable in all respects, including, without
limitation, their geographic scope and duration, and may be enforced by specific performance or otherwise. Employee shall not raise
any issue of reasonableness as a defense in any proceeding to enforce any of such covenants. Notwithstanding the foregoing, in
the event that a covenant included in this Agreement shall be deemed by any court to be unreasonably broad in any respect, it shall
be modified or limited in its geographic scope, duration or otherwise to the extent necessary to make it reasonable while preserving
its restrictive nature to the maximum degree possible and shall be enforced accordingly; provided however, that if, notwithstanding
the foregoing, a court of competent jurisdiction shall hold any of the covenants contained in Sections 7 (a), (b) or (c) to be
unenforceable (as so modified), then the unenforceable covenant shall be deemed eliminated from the provisions of this Agreement
for the purpose of those proceedings to the extent necessary to permit the remaining covenants to be enforced so that the validity,
legality or enforceability of the remaining provisions of this Agreement shall not be affected thereby.

8. Developments.

Employee hereby assigns to
the Company his entire right, title and interest in all know how, discoveries and improvements, customer lists,
trade secrets and ideas, writings and copyrightable material, which may be conceived by Employee
or developed or acquired by him during the term of this Agreement, which may pertain directly to the Company's business
and were developed with Company resources. Employee agrees to promptly and fully disclose in writing all such developments. Employee
will, upon the Company's request, execute, acknowledge and deliver to the Company all instruments
and do all other acts which are necessary or desirable to entitle the Company to all rights in the foregoing
and enable the Company to file and prosecute applications for, and to acquire, maintain and enforce all letters, trademark
registrations or copyrights with respect to the foregoing in all countries.

9. Remedies.

Employee acknowledges that
any material breach of this Agreement will cause irreparable harm to the Company, that such harm will be difficult if not impossible
to ascertain, and that the Company shall be entitled to equitable relief, including injunction, against any actual or threatened
breach hereof, without bond and without liability should such relief be denied, modified or vacated. Neither the right to
obtain such relief nor the obtaining of such relief shall be exclusive of or preclude the Company from any other
remedy.

10. Legal Counsel.

Employee acknowledges that
Employee has carefully read this Agreement and understands all of the terms hereof and that Employee has been given the opportunity to
discuss this Agreement with Employee's private legal counsel and has availed himself of that opportunity
to the extent Employee wishes to do so.

11. Notices.

All notices, requests and
other communications under this Agreement shall be in writing and shall be deemed to have been received five business days
after having been deposited in the United States Mail and enclosed in a registered or certified post-paid envelope; one day after
having been sent by overnight courier on a business day or otherwise at the open of business on the next
succeeding business day; when personally delivered or sent by facsimile communications equipment of the sending party
on a business day or otherwise at the open of business on the next succeeding business day; and, in each case, addressed
to the respective parties at the addresses stated below or to such other changed addresses that the parties may
have fixed by notice in accordance herewith.

	 	6	 

    	 

    	 

    

 

If to the Company:

Zander Therapeutics, Inc.

4700 Sprint Street, Suite 304

La Mesa, CA 91942

 

Attn: David Koos, CEO

 

 

 

If to Employee:

Harry M. Lander, Ph.D., M.B.A.

6653 Aranda Ave

La Jolla, CA 92037

+1(917) 696-1991

hazhml@aol.com

 

12. Waiver of Breach.

A waiver by the Company or Employee
of a breach of any provision of this Agreement by the other party shall not operate or be construed
as a waiver of any subsequent breach by the other party.

13. Entire Agreement.

This instrument contains the
entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements of
the parties with respect to the subject matter hereof. It may be changed only by an agreement in
writing signed by a party against whom enforcement of any waiver, change, modification, extension
or discharge is sought.

 14. Applicable Law.

 The terms and conditions
of this Agreement shall be governed by and construed in accordance with the laws of the State or
California. Any action to enforce this Agreement shall be brought in the state courts located in San Diego County, State
of California.

IN WHITNESS WHEREOF, the parties
hereto have executed this Agreement as of the day and year first above written.

By:/s/David Koos

________________________ 

David R. Koos

Chief Executive Officer

 

By: /s/Harry M. Lander

_________________________

Harry M. Lander, Ph.D., M.B.A.

 

	 	7	 

    	 

    	 

    

 

 

Schedule 1.

 

Employer: ZanderZander Therapeutics,
Inc.

 

Location: Company Headquarters and
any remote offices

 

Description:

 

Job Description – President

 

Job Summary

 

The President, reporting directly
to the CEO, will develop a robust strategic plan and vision for the advancement of Zander’s research into commercial products.
The President leads the growth of Zander’s technology, whether from in-house research or through corporate or academic partnerships,
business development, and commercialization initiatives to support Zander’s vision.

 

He/she leads the development of
the commercial innovation capability at Zander to execute a quantifiable business development strategy to catalyze the development
of new products and services. Zander expects to become a regional leader in moving innovation and research into the commercial
marketplace and will look to the incumbent to play a leading role in realizing that goal. The President ensures that the research
programs of Zander align with that of its vision and plays an important role in external relations.

 

Key Accountabilities

	 	•	The President, in concert with the CEO, will develop a robust strategic plan and vision for the advancement of ZanderZander’s research into commercial markets. The President leads the growth of ZanderZander’s technology, business development, and commercialization initiatives to support ZanderZander’s vision. 

 

	 	•	The President will devise an implementation plan that articulates how Zander will achieve its strategic plan. This will likely include milestones, a catalyst calendar and a plan for each product line.

 

	 	8	 

    	 

    	 

    

 

	 	•	In conjunction with the CFO, the President will identify strategies to raise capital to fund the enterprise. A use of funds document will be created and converted to a 1 and 2 year budget.

 

	 	•	The President will be responsible for adjusting and maintaining the ZanderZander Scientific Advisory Board. In addition to reviewing and revising membership, he/she will organize quarterly meetings of the SAB and ensure that the materials presented to the SAB are timely and that any actionable items resulting from the meetings are followed up on.

 

	 	•	He/she leads the development of the commercial innovation capability at Zander to execute a quantifiable business development strategy to catalyze the development of new products and services. Zander expects to become a regional leader in moving innovation and research to the commercial marketplace and will look to the incumbent to play a leading role in realizing that goal. 

 

	 	•	The incumbent provides expert intelligence on the biotechnology, pharmaceutical, medical device, software and intellectual property market dynamics, stays abreast of industry-wide changes and trends, proactively identifies opportunities for Zander. He/she assesses the technology transfer and business development needs within ZanderZander’s scientific & clinical communities, and develops strategies for addressing deficits and advancing commercialization potential.

 

	 	•	The President is responsible for developing and managing external business relationships with key industry partners (including pharmaceutical, biotechnology, CROs, medical device, and diagnostic companies), leading commercialization partnerships and new ventures with industry, including building sponsored research collaborations with industry and academia. He/she represents Zander at national meetings as needed to further business development goals. 

 

	 	•	The President leads the negotiation and structuring of complex license, collaborative research, and similar agreements to reflect complex business issues, assessing the protectability and commercial potential of new invention disclosures, obtaining and maintaining intellectual property protection through legal counsel, pursuing expanded relationships with the corporate sector, attracting venture capital (or other funding) for

 

	 	9	 

    	 

    	 

    

 

investment and facilitating
relationships among scientists, industry, research sponsors, patent counsel and university and industry administrators.

 

Schedule 2.

Vesting Schedule for Milestone
shares

	 	3.	Milestone Shares will be issued upon occurrence of any of the following events having occurred during the employment by the Company of the Employee. Milestone shares will vest immediately and are not subject to Transfer Restrictions.

a)                  
Two Million Milestone Shares will be issued upon the establishment of a Materials Transfer Agreement by and between the Company
and an unaffiliated third party engaged to a material degree in the development , commercialization and marketing of veterinary
pharmaceuticals and/or biologics and which has earned revenues related to sales and /o( licensing of veterinary pharmaceuticals
and/or biologics exceeding $10,000,000 per year during the past three fiscal years immediately prior to the establishment of a
Materials Transfer Agreement with the Company

b)       
Two Million Milestone Shares will be issued upon the granting of a license by the Company ( such license granting the licensee
the right to develop and commercialize intellectual property of the Company and which shall require the payment of royalties to
the Company) to an unaffiliated third party engaged to a material degree in the development , commercialization and marketing of
veterinary pharmaceuticals and/or biologics and which has earned revenues related to sales and /or licensing of veterinary pharmaceuticals
and/or biologics exceeding 10,000,000 per year during the past three fiscal years immediately prior to the granting of the aforementioned
license

c)                  
Two Million Milestone Shares will be issued upon In-licensing by the Company of any optimized compound for veterinary disease applications

d)                 
Two Million Milestone Shares will be issued upon creation by the Company of an optimized compound for NR2F6 Inhibition

e)                 
Two Million Milestone Shares will be issued upon creation by the Company an optimized compound for NR2F6 Activation

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