Document:

Exhibit 10.13

WARRANT

 

THIS WARRANT AND THE
SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE
TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SHARES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER
APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER
THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF THE CORPORATION REQUESTS, AN OPINION
SATISFACTORY TO THE CORPORATION TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL.

 

Warrant Certificate
No.: 38

 

Original Issue Date:
September 16, 2019

 

FOR VALUE RECEIVED,
EVO Transportation & Energy Services, Inc., a Delaware corporation (the “Company”), hereby certifies that
Corbin ERISA Opportunity Fund Ltd, any of its affiliates or its registered assigns (the “Holder”) is entitled
to purchase from the Company eighty-one thousand two hundred and three (81,203) duly authorized, validly issued, fully paid and
nonassessable shares of Common Stock at a purchase price per share of $2.50 (the “Exercise Price”), all subject
to the terms, conditions and adjustments set forth below in this Warrant. Certain capitalized terms used herein are defined in
Section 1 hereof.

 

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

 

“Aggregate
Exercise Price” means an amount equal to the product of (a) the number of Warrant Shares in respect of which this Warrant
is then being exercised pursuant to Section 4 hereof, multiplied by (b) the Exercise Price in effect as of the Exercise
Date in accordance with the terms of this Warrant.

 

“Board”
means the board of directors of the Company.

 

“Business
Day” means any day, except a Saturday, Sunday or legal holiday, on which banking institutions in New York are authorized
or obligated by law or executive order to close.

 

“Change
of Control” shall mean (i) a merger or consolidation of the Company with another entity, in which the Company is
not the survivor or the stockholders of the Company immediately prior to such merger or consolidation do not own, directly or
indirectly, at least 50% of the voting securities of the surviving entity, (ii) the sale, assignment, transfer, conveyance or
other disposal of all or substantially all of the properties or assets or all or a majority of the outstanding voting
securities of the Company, (iii) a purchase, tender or exchange offer accepted by the holders of a majority of the
outstanding voting shares of capital stock of the Company directly or indirectly, in one or more related transactions, (iv) a
“person” or “group” (as these terms are used for purposes of Section 13(d) and 14(d)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is or shall become the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of at least
a majority of the outstanding shares of Common Stock of the Company through a stock purchase agreement or other business
combination (including, without limitation, a reorganization, reclassification, spin off or scheme of arrangement) with
another person, or (v) the Company has elected to reorganize, recapitalize or reclassify its Common Stock (other than to
change domicile).

 

     

     

    

  

“Common Stock”
means the common stock, par value $0.0001 per share, of the Company, and any capital stock into which such Common Stock shall have
been converted, exchanged or reclassified following the date hereof.

 

“Common Stock
Deemed Outstanding” means, at any given time, the sum of (a) the number of shares of Common Stock actually outstanding
at such time, plus (b) the number of shares of Common Stock issuable upon exercise of Options actually outstanding at such time,
plus (c) the number of shares of Common Stock issuable upon conversion or exchange of Convertible Securities actually outstanding
at such time (treating as actually outstanding any Convertible Securities issuable upon exercise of Options actually outstanding
at such time), in each case, regardless of whether the Options or Convertible Securities are actually exercisable at such time;
provided, that Common Stock Deemed Outstanding at any given time shall not include shares owned or held by or for the account of
the Company or any of its wholly owned subsidiaries.

 

“Company”
has the meaning set forth in the preamble.

 

“Convertible
Securities” means any securities (directly or indirectly) convertible into or exchangeable for Common Stock, but excluding
Options.

 

“Excluded
Issuances” means any issuance or sale (or deemed issuance or sale in accordance with Section 4(c)) by the Company
after the Original Issue Date of: (a) shares of Common Stock issued upon the exercise of this Warrant; or (b) 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 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 and issued pursuant to the Company’s Amended and Restated 2018 Stock Incentive Plan
(including all such shares of Common Stock and Options outstanding prior to the Original Issue Date), so long as the exercise price
in respect of any Options is not less than the Fair Market Value of the Common Stock as of the date such Option is issued.

 

“Exercise
Date” means, for any given exercise of this Warrant, the date on which the conditions to such exercise as set forth in
Section 4 shall have been satisfied at or prior to 5:00 p.m., New York City time, on a Business Day, including, without
limitation, the receipt by the Company of the Exercise Form, the Warrant and the Aggregate Exercise Price.

 

“Exercise
Form” has the meaning set forth in Section 4(a)(i).

 

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“Exercise
Period” has the meaning set forth in Section 2.

 

“Exercise
Price” has the meaning set forth in the preamble.

 

“Fair Market
Value” of a Warrant Share shall mean the arithmetic average of the last trade price of the Common Stock (as reported
by Bloomberg Financial Markets) for the five (5) consecutive days on which the Nasdaq is open for trading, ending on the date immediately
preceding the Exercise Date, on the principal trading market on which the Common Stock is quoted or listed for trading. If the
Fair Market Value cannot be calculated on a particular date on the foregoing basis, the Fair Market Value shall be the average
of the highest bid and lowest asked prices for the Common Stock on the principal trading market at the end of such day. If at any
time the Common Stock is not listed on a domestic securities exchange or quoted on the Financial Industry Regulatory Authority
OTC Bulletin Board electronic inter-dealer quotation system, the OTC Markets Group Inc. electronic inter-dealer quotation system
or similar quotation system or association, the Fair Market Value of the Common Stock shall be the fair market value determined
jointly in good faith by the Board and the Holder; provided, that if the Board and the Holder are unable to agree on the Fair Market
Value of a Warrant Share within a reasonable period of time (not to exceed five (5) days from the Company’s receipt of the
Exercise Form), Fair Market Value shall be determined by a nationally recognized investment banking, accounting or valuation firm
jointly selected by the Holder and the Company and engaged by the Company. The determination of such firm shall be final and conclusive,
and the fees and expenses of such valuation firm shall be borne by the Company. The investment bank so engaged shall determine
the Fair Market Value of the Common Stock assuming an orderly sale transaction between a willing buyer and a willing seller, using
valuation techniques then prevailing in the securities industry without regard to the lack of liquidity of the Common Stock due
to any restrictions (contractual or otherwise) applicable thereto or any discount for minority interests and assuming full disclosure
of all relevant information and a reasonable period of time for effectuating such sale and assuming the sale of all of the issued
and outstanding Common Stock (including fractional interests) calculated on a fully diluted basis (except those securities, rights
and warrants (a) owned or held by or for the account of the Company or any of its subsidiaries, or (b) convertible or exchangeable
into Common Stock where the conversion, exchange or exercise price per share is greater than the Fair Market Value). All such determinations
shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the
applicable calculation period.

 

“Holder”
has the meaning set forth in the preamble.

 

“Nasdaq”
means The NASDAQ Stock Market LLC.

 

“New Securities”
shall mean any capital stock of the Company issued after the Date of Issuance, all rights, options or warrants to purchase such
capital stock, and any securities of any type whatsoever that shall be (or may become) exchangeable or exercisable for, or convertible
into, such capital stock.

 

“Options”
means any warrants or other rights or options to subscribe for or purchase Common Stock or Convertible Securities.

  

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“Original
Issue Date” means September 16, 2019.

 

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

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, corporation, joint venture, trust, incorporated
organization or government or department or agency thereof.

 

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

 

“Warrant”
means this Warrant and all warrants issued upon division or combination of, or in substitution for, this Warrant.

 

“Warrant Shares”
means the shares of Common Stock or other capital stock of the Company then purchasable upon exercise of this Warrant in accordance
with the terms of this Warrant.

 

2. Term of Warrant.
Subject to the terms and conditions hereof, at any time or from time to time after the date hereof and prior to 5:00 p.m., New
York City time, September 16, 2029 (the “Exercise Period”), the Holder of this Warrant may exercise this Warrant
for all or any part of the Warrant Shares purchasable hereunder (subject to adjustment as provided herein). The Company shall give
the Holder written notice of the expiration of the Exercise Period not less than 30 days but not more than 60 days prior to the
end of the Exercise Period.

 

3. Automatic Exercise.
If, at the end of the Exercise Period, the Holder has remaining Warrant Shares subject to this Warrant (excluding Warrant Shares
that the Holder has delivered a duly executed Exercise Form pursuant to Section 4(a)(i) hereof) and the Fair Market Value
of shares of Common Stock is greater than the Exercise Price, then such Warrant Shares shall be automatically deemed to be exercised
pursuant to a Cashless Exercise (as defined below) by the Holder immediately prior to the end of the Exercise Period. The Company
will promptly thereafter issue to the Holder a stock certificate representing the Warrant Shares the Holder is entitled to at such
time.

 

4. Exercise of Warrant.

 

(a) Exercise Procedure.
This Warrant may be exercised from time to time on any Business Day during the Exercise Period, for all or any part of the unexercised
Warrant Shares, upon:

 

(i) surrender of this
Warrant to the Company at its then principal executive offices (or an indemnification undertaking with respect to this Warrant
in the case of its loss, theft or destruction), together with an Exercise Form in the form attached hereto as Exhibit A (each,
an “Exercise Form”), duly completed (including specifying the number of Warrant Shares to be purchased) and
executed; and

 

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(ii) payment to the Company
of the Aggregate Exercise Price in accordance with Section 4(b).

 

(b) Payment of the
Aggregate Exercise Price. Payment of the Aggregate Exercise Price shall be made, at the option of the Holder as expressed in
the Exercise Form, by the following methods:

 

(i) by delivery to the
Company of a certified or official bank check payable to the order of the Company or by wire transfer of immediately available
funds to an account designated in writing by the Company, in the amount of such Aggregate Exercise Price;

 

(ii) by instructing the
Company to withhold a number of Warrant Shares then issuable upon exercise of this Warrant with an aggregate Fair Market Value
as of the Exercise Date equal to such Aggregate Exercise Price (a “Cashless Exercise”); or

 

(iii) any combination
of the foregoing.

 

In the event of any withholding of Warrant
Shares or surrender of other equity securities pursuant to clause (ii), (iii) or (iv) above where the number of shares whose value
is equal to the Aggregate Exercise Price is not a whole number, the number of shares withheld by or surrendered to the Company
shall be rounded up to the nearest whole share and the Company shall make a cash payment to the Holder (by delivery of a certified
or official bank check or by wire transfer of immediately available funds) based on the incremental fraction of a share being so
withheld by or surrendered to the Company in an amount equal to the product of (x) such incremental fraction of a share being so
withheld or surrendered multiplied by (y) in the case of Common Stock, the Fair Market Value per Warrant Share as of the Exercise
Date, and, in all other cases, the value thereof as of the Exercise Date determined in accordance with clause (iii)(y) above.

 

(c) Issuance of
Warrant Shares. Upon receipt by the Company of the Exercise Form, surrender of this Warrant and payment of the Aggregate Exercise
Price (in accordance with Section 4(a) hereof), the Company at its expense shall, as promptly as practicable, and in any
event within three (3) Business Days thereafter, cause to be issued via book-entry in the name of the Holder or as the Holder may
direct, the number of shares of Warrant Shares to which the Holder shall be entitled upon such exercise, together with cash in
lieu of any fraction of a share, as provided in Section 4(d) hereof. This Warrant shall be deemed to have been exercised
and such Warrant Shares shall be deemed to have been issued via book-entry, 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.

 

(d) Fractional Shares.
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.

 

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(e) Delivery of
New Warrant. 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 4(c) 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.

 

(f) Valid Issuance
of Warrant and Warrant Shares; Payment of Taxes. With respect to the exercise of this Warrant, the Company hereby represents, covenants
and agrees:

 

(i) This Warrant is,
and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized and validly
issued.

 

(ii) All Warrant Shares
issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon issuance, and the Company shall take all
such actions as may be necessary or appropriate in order that such Warrant Shares are, validly issued, fully paid and non-assessable,
issued without violation of any preemptive or similar rights of any stockholder of the Company and free and clear of all taxes,
liens and charges.

 

(iii) The Company shall
take all such actions as may be necessary to ensure that all such Warrant Shares are issued without violation by the Company of
any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which shares of Common
Stock or other securities constituting Warrant Shares may be listed at the time of such exercise (except for official notice of
issuance which shall be immediately delivered by the Company upon each such issuance).

 

(iv) The Company shall
use its best efforts to cause the Warrant Shares, immediately upon such exercise, to be listed on any domestic securities exchange
upon which shares of Common Stock or other securities constituting Warrant Shares are listed at the time of such exercise.

 

(v) The Company shall
pay all expenses in connection with, and all taxes and other governmental charges that may be imposed with respect to, the issuance
or delivery of Warrant Shares upon exercise of this Warrant; 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.

 

(g) Conditional
Exercise. Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made in connection
with a sale of the Company (pursuant to a merger, sale of stock, or otherwise), such exercise may at the election of the Holder
be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective until
immediately prior to the consummation of such transaction.

 

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(h) Exercise Upon
a Change of Control. Upon the occurrence of a Change of Control, the Holder may elect, by giving notice to the Company within
fifteen (15) days of such Change of Control, to receive in exchange for its Warrants the kind and amount of securities, cash or
other assets (the “Sale Consideration”) which the Holder would have received with respect to the Common Stock
issuable upon the exercise of such Warrants if the Holder had exercised such Warrants on a cashless basis immediately prior to
the occurrence of the Change of Control, with such number of shares of Common Stock which would have been so issuable to be determined
by (i) subtracting B from A, (ii) dividing the result by A, and (iii) multiplying the quotient by C as set forth in the following
equation:

 

X= (A - B) x C

   A

 

where:

 

		X=	the number of shares of Common Stock issuable upon exercise
pursuant to this paragraph 4(g).

 

		A=	the amount of Sale Consideration payable per share of Common
Stock in connection with the Change of Control, (i) with such amount expressed in U.S. dollars and, if applicable, rounded to
the nearest whole cent, and (ii) with any non-cash portion of such Sale Consideration valued at the value attributed thereto in
the Change of Control.

 

		B=	the Exercise Price.

 

		C=	the number of shares of Common Stock as to which the applicable
Warrants are exercisable (prior to payment of the Exercise Price).

 

(i) Reservation of
Shares. During the Exercise Period, the Company shall at all times reserve and keep available out of its authorized but unissued
Common Stock or other securities constituting Warrant Shares, solely for the purpose of issuance upon the exercise of this Warrant,
the maximum number of Warrant Shares issuable upon the exercise of this Warrant, and the par value per Warrant Share shall at all
times be less than or equal to the applicable Exercise Price. The Company shall not increase the par value of any Warrant Shares
receivable upon the exercise of this Warrant above the Exercise Price then in effect, and shall take all such actions as may be
necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common
Stock upon the exercise of this Warrant.

 

5. Adjustment to Exercise
Price and Number of Warrant Shares. In order to prevent dilution of the purchase rights granted under this Warrant, the Exercise
Price and the number of Warrant Shares issuable upon exercise of this Warrant shall be subject to adjustment from time to time
as provided in this Section 5 (in each case, after taking into consideration any prior adjustments pursuant to this Section
5).

 

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(a) Adjustment to
Exercise Price Upon Issuance of Common Stock. Except as provided in Section 5(c) and except in the case of an event
described in either Section 5(e) or Section 5(f), if the Company shall, at any time or from time to time after the
Original Issue Date, issue or sell, or in accordance with Section 5(d) is deemed to have issued or sold, any shares of Common
Stock without consideration or for consideration per share less than the Exercise Price in effect immediately prior to such issuance
or sale (or deemed issuance or sale), then immediately upon such issuance or sale (or deemed issuance or sale), the Exercise Price
in effect immediately prior to such issuance or sale (or deemed issuance or sale) shall be reduced (and in no event increased)
to an Exercise Price equal to the quotient obtained by dividing:

 

(i) the sum of (A) the
product obtained by multiplying the Common Stock Deemed Outstanding immediately prior to such issuance or sale (or deemed issuance
or sale) by the Exercise Price then in effect plus (B) the aggregate consideration, if any, received by the Company upon such issuance
or sale (or deemed issuance or sale); by

 

(ii) the sum of (A) the
Common Stock Deemed Outstanding immediately prior to such issuance or sale (or deemed issuance or sale) plus (B) the aggregate
number of shares of Common Stock issued or sold (or deemed issued or sold) by the Company in such issuance or sale (or deemed issuance
or sale).

 

(b) Adjustment to
Number of Warrant Shares Upon Adjustment to Exercise Price. Upon any and each adjustment of the Exercise Price as provided
in Section 5(a), the number of Warrant Shares issuable upon the exercise of this Warrant immediately prior to any such adjustment
shall be increased to a number of Warrant Shares equal to the quotient obtained by dividing:

 

(i) the product of (A)
the Exercise Price in effect immediately prior to any such adjustment multiplied by (B) the number of Warrant Shares issuable upon
exercise of this Warrant immediately prior to any such adjustment; by

 

(ii) (ii) the Exercise
Price resulting from such adjustment.

 

(c) Exceptions to
Adjustment Upon Issuance of Common Stock. Anything herein to the contrary notwithstanding, there shall be no adjustment to
the Exercise Price or the number of Warrant Shares issuable upon exercise of this Warrant with respect to any Excluded Issuance.

 

(d) Effect of Certain
Events on Adjustment to Exercise Price. For purposes of determining the adjusted Exercise Price under Section 5(a) hereof,
the following shall be applicable:

 

(i) Issuance of Options.
If the Company shall, at any time or from time to time after the Original Issue Date, in any manner grant or sell (whether directly
or by assumption in a merger or otherwise) any Options, whether or not such Options or the right to convert or exchange any Convertible
Securities issuable upon the exercise of such Options are immediately exercisable, and the price per share (determined as provided
in this paragraph and in Section 5(c)(v)) for which Common Stock is issuable upon the exercise of such Options or upon the
conversion or exchange of Convertible Securities issuable upon the exercise of such Options is less than the Exercise Price in
effect immediately prior to the time of the granting or sale of such Options, then the total maximum number of shares of Common
Stock issuable upon the exercise of such Options or upon conversion or exchange of the total maximum amount of Convertible Securities
issuable upon the exercise of such Options shall be deemed to have been issued as of the date of granting or sale of such Options
(and thereafter shall be deemed to be outstanding for purposes of adjusting the Exercise Price under Section 5(a)), at a
price per share equal to the quotient obtained by dividing (A) the sum (which sum shall constitute the applicable consideration
received for purposes of Section 5(a)) of (x) the total amount, if any, received or receivable by the Company as consideration
for the granting or sale of all such Options, plus (y) the minimum aggregate amount of additional consideration payable to the
Company upon the exercise of all such Options, plus (z), in the case of such Options which relate to Convertible Securities, the
minimum aggregate amount of additional consideration, if any, payable to the Company upon the issuance or sale of all such Convertible
Securities and the conversion or exchange of all such Convertible Securities, by (B) the total maximum number of shares of Common
Stock issuable upon the exercise of all such Options or upon the conversion or exchange of all Convertible Securities issuable
upon the exercise of all such Options. Except as otherwise provided in Section 5(c)(iii), no further adjustment of the Exercise
Price shall be made upon the actual issuance of Common Stock or of Convertible Securities upon exercise of such Options or upon
the actual issuance of Common Stock upon conversion or exchange of Convertible Securities issuable upon exercise of such Options.

 

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(ii) Issuance of Convertible
Securities. If the Company shall, at any time or from time to time after the Original Issue Date, in any manner grant or sell
(whether directly or by assumption in a merger or otherwise) any Convertible Securities, whether or not the right to convert or
exchange any such Convertible Securities is immediately exercisable, and the price per share (determined as provided in this paragraph
and in Section 5(d)(v)) for which Common Stock is issuable upon the conversion or exchange of such Convertible Securities
is less than the Exercise Price in effect immediately prior to the time of the granting or sale of such Convertible Securities,
then the total maximum number of shares of Common Stock issuable upon conversion or exchange of the total maximum amount of such
Convertible Securities shall be deemed to have been issued as of the date of granting or sale of such Convertible Securities (and
thereafter shall be deemed to be outstanding for purposes of adjusting the Exercise Price pursuant to Section 5(a)), at
a price per share equal to the quotient obtained by dividing (A) the sum (which sum shall constitute the applicable consideration
received for purposes of Section 5(a)) of (x) the total amount, if any, received or receivable by the Company as consideration
for the granting or sale of such Convertible Securities, plus (y) the minimum aggregate amount of additional consideration, if
any, payable to the Company upon the conversion or exchange of all such Convertible Securities, by (B) the total maximum number
of shares of Common Stock issuable upon the conversion or exchange of all such Convertible Securities. Except as otherwise provided
in Section 5(c)(iii), no further adjustment of the Exercise Price shall be made upon the actual issuance of Common Stock
upon conversion or exchange of such Convertible Securities or by reason of the issue or sale of Convertible Securities upon exercise
of any Options to purchase any such Convertible Securities for which adjustments of the Exercise Price have been made pursuant
to the other provisions of this Section 5(c).

 

(iii) Change in Terms
of Options or Convertible Securities. Upon any change in any of (A) the total amount received or receivable by the Company
as consideration for the granting or sale of any Options or Convertible Securities referred to in Section 5(d)(i) or Section
5(d)(ii) hereof, (B) the minimum aggregate amount of additional consideration, if any, payable to the Company upon the exercise
of any Options or upon the issuance, conversion or exchange of any Convertible Securities referred to in Section 5(d)(i)
or Section 5(d)(ii) hereof, (C) the rate at which Convertible Securities referred to in Section 5(d)(i) or Section
5(d)(ii) hereof are convertible into or exchangeable for Common Stock, or (D) the maximum number of shares of Common Stock
issuable in connection with any Options referred to in Section 5(d)(i) hereof or any Convertible Securities referred to
in Section 5(d)(ii) hereof (in each case, other than in connection with an Excluded Issuance), then (whether or not the
original issuance or sale of such Options or Convertible Securities resulted in an adjustment to the Exercise Price pursuant to
this Section 5) the Exercise Price in effect at the time of such change shall be adjusted or readjusted, as applicable,
to the Exercise Price which would have been in effect at such time pursuant to the provisions of this Section 5 had such
Options or Convertible Securities still outstanding provided for such changed consideration, conversion rate or maximum number
of shares, as the case may be, at the time initially granted, issued or sold, but only if as a result of such adjustment or readjustment
the Exercise Price then in effect is reduced, and the number of Warrant Shares issuable upon the exercise of this Warrant immediately
prior to any such adjustment or readjustment shall be correspondingly adjusted or readjusted pursuant to the provisions of Section
5(b).

 

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(iv) Treatment of
Expired or Terminated Options or Convertible Securities. Upon the expiration or termination of any unexercised Option (or portion
thereof) or any unconverted or unexchanged Convertible Security (or portion thereof) for which any adjustment (either upon its
original issuance or upon a revision of its terms) was made pursuant to this Section 5 (including without limitation upon
the redemption or purchase for consideration of all or any portion of such Option or Convertible Security by the Company), the
Exercise Price then in effect hereunder shall forthwith be changed pursuant to the provisions of this Section 5 to the Exercise
Price which would have been in effect at the time of such expiration or termination had such unexercised Option (or portion thereof)
or unconverted or unexchanged Convertible Security (or portion thereof), to the extent outstanding immediately prior to such expiration
or termination, never been issued.

 

(v) Calculation of
Consideration Received. If the Company shall, at any time or from time to time after the Original Issue Date, issue or sell,
or is deemed to have issued or sold in accordance with Section 5(c), any shares of Common Stock, Options or Convertible
Securities: (A) for cash, the consideration received therefor shall be deemed to be the net amount received by the Company therefor;
(B) for consideration other than cash, the amount of the consideration other than cash received by the Company shall be the fair
value of such consideration, except where such consideration consists of marketable securities, in which case the amount of consideration
received by the Company shall be the market price (as reflected on any securities exchange, quotation system or association or
similar pricing system covering such security) for such securities as of the end of business on the date of receipt of such securities;
(C) for no specifically allocated consideration in connection with an issuance or sale of other securities of the Company, together
comprising one integrated transaction, the amount of the consideration therefor shall be deemed to be the fair value of such portion
of the aggregate consideration received by the Company in such transaction as is attributable to such shares of Common Stock, Options
or Convertible Securities, as the case may be, issued in such transaction; or (D) to the owners of the non-surviving entity in
connection with any merger in which the Company is the surviving corporation, the amount of consideration therefor shall be deemed
to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares
of Common Stock, Options or Convertible Securities, as the case may be, issued to such owners. The fair value of any consideration
other than cash or marketable securities shall be determined in good faith jointly by the Board and the Holder; provided, that
if the Board and the Holder are unable to agree on the fair value of any consideration other than cash or marketable securities
within a reasonable period of time (not to exceed five (5) days from the Holder’s receipt of a certificate of adjustment
pursuant to Section 5(h)(i) relating to the applicable issuance), such fair value shall be determined by a nationally recognized
investment banking, accounting or valuation firm jointly selected by the Board and the Holder. The determination of such firm shall
be final and conclusive, and the fees and expenses of such valuation firm shall be borne by the Company.

 

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(vi) Record Date.
For purposes of any adjustment to the Exercise Price or the number of Warrant Shares in accordance with this Section 5,
in case the Company shall take a record of the holders of its Common Stock for the purpose of entitling them (A) to receive a dividend
or other distribution payable in Common Stock, Options or Convertible Securities or (B) to subscribe for or purchase Common Stock,
Options or Convertible Securities, then such record date shall be deemed to be the date of the issue or sale of the shares of Common
Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the
date of the granting of such right of subscription or purchase, as the case may be.

 

(vii) Treasury Shares.
The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account
of the Company or any of its wholly-owned subsidiaries, and the disposition of any such shares (other than the cancellation or
retirement thereof or the transfer of such shares among the Company and its wholly-owned subsidiaries) shall be considered an issue
or sale of Common Stock for the purpose of this Section 5.

 

(viii) Other Dividends
and Distributions. Subject to the provisions of this Section 5(d), if the Company shall, at any time or from time to
time after the Original Issue Date, make or declare, or fix a record date for the determination of holders of Common Stock entitled
to receive, a dividend or any other distribution payable in securities of the Company (other than a dividend or distribution of
shares of Common Stock, Options or Convertible Securities in respect of outstanding shares of Common Stock), cash or other property,
then, and in each such event, provision shall be made so that the Holder shall receive upon exercise of the Warrant, in addition
to the number of Warrant Shares receivable thereupon, the kind and amount of securities of the Company, cash or other property
which the Holder would have been entitled to receive had the Warrant been exercised in full into Warrant Shares on the date of
such event and had the Holder thereafter, during the period from the date of such event to and including the Exercise Date, retained
such securities, cash or other property receivable by them as aforesaid during such period, giving application to all adjustments
called for during such period under this Section 5 with respect to the rights of the Holder; provided, that no such provision
shall be made if the Holder receives, simultaneously with the distribution to the holders of Common Stock, a dividend or other
distribution of such securities, cash or other property in an amount equal to the amount of such securities, cash or other property
as the Holder would have received if the Warrant had been exercised in full into Warrant Shares on the date of such event.

 

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(e) Adjustment to
Exercise Price and Warrant Shares Upon Dividend, Subdivision or Combination of Common Stock. 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 Common Stock or
any other capital stock of the Company payable in shares of Common Stock or in Options or Convertible Securities, or (ii) subdivide
(by any stock split, recapitalization or otherwise) its outstanding shares of Common Stock into a greater number of shares, the
Exercise Price in effect immediately prior to any such dividend, distribution or subdivision shall be proportionately reduced and
the number of Warrant Shares issuable upon exercise of this Warrant shall be proportionately increased. If the Company at any time
combines (by combination, reverse stock split or otherwise) its outstanding shares of Common Stock into a smaller number of shares,
the Exercise Price in effect immediately prior to such combination shall be proportionately increased and the number of Warrant
Shares issuable upon exercise of this Warrant shall be proportionately decreased. Any adjustment under this Section 5(e)
shall become effective at the close of business on the date the dividend, subdivision or combination becomes effective.

 

(f) Adjustment to
Exercise Price and Warrant Shares Upon Reorganization, Reclassification, Consolidation or Merger. To the extent the Holder
does not exercise its applicable rights under Section 4(h) hereof, if there is a (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) Change of Control or (v) other similar transaction (other than any such
transaction covered by Section 5(d)), in each case which entitles the holders of Common Stock to receive (either directly
or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Stock, 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 or assets 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 5
hereof 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 (including, in the case of any consolidation, merger, sale or similar
transaction in which the successor or purchasing Person is other than the Company, an immediate adjustment in the Exercise Price
to the value per share for the Common Stock reflected by the terms of such consolidation, merger, sale or similar transaction,
and a corresponding immediate adjustment to the number of Warrant Shares acquirable upon exercise of this Warrant without regard
to any limitations or restrictions on exercise, if the value so reflected is less than the Exercise Price in effect immediately
prior to such consolidation, merger, sale or similar transaction). The provisions of this Section 5(e) 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. Notwithstanding anything
to the contrary contained herein, with respect to any corporate event or other transaction contemplated by the provisions of this
Section 5(e), the Holder shall have the right to elect prior to the consummation of such event or transaction, to give effect
to the exercise rights contained in Section 2 instead of giving effect to the provisions contained in this Section 5(e)
with respect to this Warrant.

 

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(g) Certain Events.
If any event of the type contemplated by the provisions of this Section 5 but not expressly provided for by such provisions (including,
without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features) occurs,
then the Board shall make an appropriate adjustment in the Exercise Price and the number of Warrant Shares issuable upon exercise
of this Warrant so as to protect the rights of the Holder in a manner consistent with the provisions of this Section 5;
provided, that no such adjustment pursuant to this Section 5(g) shall increase the Exercise Price or decrease the number
of Warrant Shares issuable as otherwise determined pursuant to this Section 5.

 

(h) Certificate
as to Adjustment.

 

(i) As promptly as reasonably practicable
following any adjustment of the Exercise Price pursuant to the provisions of this Section 5, but in any event not later
than five (5) Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer setting forth
in reasonable detail such adjustment and the facts upon which it is based and certifying the calculation thereof.

 

(i) As promptly as reasonably
practicable following the receipt by the Company of a written request by the Holder, but in any event not later than five (5) Business
Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer certifying the Exercise Price then
in effect and the number of Warrant Shares or the amount, if any, of other shares of stock, securities or assets then issuable
upon exercise of the Warrant.

 

(i) Notices.
In the event:

 

(i) that the Company
shall take a record of the holders of its Common Stock (or other capital stock or securities at the time issuable upon exercise
of the Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, to vote at a meeting
(or by written consent), to receive any right to subscribe for or purchase any shares of capital stock of any class or any other
securities, or to receive any other security; or

 

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(ii) of any capital reorganization
of the Company, any reclassification of the Common Stock of the Company, any consolidation or merger of the Company with or into
another Person, or sale of all or substantially all of the Company’s assets to another Person; or

 

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

 

then, and in each such
case, the Company shall send or cause to be sent to the Holder at least ten (10) Business Days prior to the applicable record date
or the applicable expected effective date, as the case may be, for the event, a written notice specifying, as the case may be,
(A) the record date for such dividend, distribution, meeting or consent or other right or action, and a description of such dividend,
distribution or other right or action to be taken at such meeting or by written consent, or (B) the effective date on which such
reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up is proposed to take place,
and the date, if any is to be fixed, as of which the books of the Company shall close or a record shall be taken with respect to
which the holders of record of Common Stock (or such other capital stock or securities at the time issuable upon exercise of the
Warrant) shall be entitled to exchange their shares of Common Stock (or such other capital stock or securities) for securities
or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation
or winding-up, and the amount per share and character of such exchange applicable to the Warrant and the Warrant Shares.

 

6. Purchase Rights.
In addition to any adjustments pursuant to Section 5 above, if at any time the Company grants, issues or sells any shares
of Common Stock, Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to
the record holders of Common Stock (the “Purchase Rights”), then the Holder shall be entitled to acquire, upon
the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder would have acquired if the Holder
had held the number of Warrant Shares acquirable upon complete exercise of this Warrant immediately before the date on which a
record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the
record holders of Common Stock are to be determined for the grant, issue or sale 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.

 

7. Preemptive Rights.

 

(a) Preemptive Right
on New Securities. From and after the date hereof until the earlier of the expiration of the Exercise Period, the Company will
not issue or sell any Common Stock, Options or Convertible Securities, except in an Excluded Issuance, without first complying
with this Section 7. The Company hereby grants to the Holder the preemptive right to purchase its pro rata share of any
New Securities that the Company may, from time to time, propose to sell or issue. A Holder’s “pro rata share”
for purposes of this Section 7 is the number of shares of Common Stock held by the Holder or into which the Holder’s outstanding
Warrants are exercisable, in each case, as of the date the Company delivers the notice to the Holder contemplated by Section
7(b) divided by the number of outstanding shares of Common Stock Deemed Outstanding as of the date the Company delivers the
notice to the Holder contemplated by Section 7(b).

 

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(b) Notice to Holder.
Except in connection with an Excluded Issuance, if the Company proposes to issue or sell Common Stock, Options or Convertible Securities,
then it will give the Holder written notice of its intention, describing the type of Common Stock, Options or Convertible Securities
and the price and terms upon which the Company proposes to issue or sell the Common Stock, Options or Convertible Securities. The
Holder will have fifteen (15) Business Days from the date of receipt of any such notice to agree to purchase up to its pro rata
share of the Common Stock, Options or Convertible Securities for the price and upon the terms specified in the notice from the
Company described above by giving written notice to the Company stating the quantity of Common Stock, Options or Convertible Securities
agreed to be purchased.

 

(c) Alternate Issuance.
Notwithstanding the foregoing, if the Board determines in good faith that compliance with the time period described in Section
7(b) would not be in the best interests of the Company, then, in lieu of offering any Common Stock, Options or Convertible
Securities to the Holder at the time such Common Stock, Options or Convertible Securities are otherwise being issued or sold to
the Holder, the Company may comply with the provisions of this Section 7 by making an offer to sell to the Holder its pro
rata share of such Common Stock, Options or Convertible Securities (calculated before giving effect to the issuance of such Common
Stock, Options or Convertible Securities) promptly, and in no event later than thirty days, after such issuance or sale is consummated;
provided, that the Company may not consummate a Change of Control prior to complying with this section.

 

8. Transfer of Warrant.
This Warrant and all rights hereunder are transferable, in whole or in part, by the Holder without charge to the Holder, upon surrender
of this Warrant to the Company at its then principal executive offices with a properly completed and duly executed Assignment in
the form attached hereto as Exhibit B, together with funds sufficient to pay any transfer taxes described in Section 4(f)(v)
in connection with the making of such transfer. Upon such compliance, surrender and delivery and, if required, such payment, the
Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any,
not so assigned and this Warrant shall promptly be cancelled.

 

9. Holder Not Deemed
a Stockholder; Limitations on Liability. Except as otherwise specifically provided herein (including Section 5(c)(viii)),
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. In addition, nothing contained in this Warrant shall be construed as imposing
any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the
Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 9,
the Company shall provide the Holder with copies of the same notices and other information given to the stockholders of the Company
generally, contemporaneously with the giving thereof to the stockholders.

 

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10. Replacement on
Loss; Division and Combination.

 

(a) Replacement
of Warrant on Loss. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification
agreement or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such
Warrant for cancellation to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu hereof,
a new Warrant of like tenor and exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, mutilated
or destroyed; provided, that, in the case of mutilation, no indemnity shall be required if this Warrant in identifiable form is
surrendered to the Company for cancellation.

 

(b) Division and
Combination of Warrant. 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, following any such division of this Warrant,
subsequently combined with other Warrants, upon the surrender of this Warrant or Warrants to the Company at its then principal
executive offices, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the respective Holders or their agents or attorneys. Subject to compliance with the applicable provisions of this Warrant
as to any transfer or assignment which may be involved in such division or combination, the Company shall at its own expense execute
and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants so surrendered in accordance with such notice. Such
new Warrant or Warrants shall be of like tenor to the surrendered Warrant or Warrants and shall be exercisable in the aggregate
for an equivalent number of Warrant Shares as the Warrant or Warrants so surrendered in accordance with such notice.

 

11. No Impairment.
The Company shall not, by amendment of its Certificate of Incorporation or Bylaws, or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed by it hereunder, but shall at all times in good faith assist in
the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested by the
Holder in order to protect the exercise rights of the Holder against dilution or other impairment, consistent with the tenor and
purpose of this Warrant.

 

12. Compliance with
the Securities Act.

 

(a) 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 12 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 of 1933, as amended (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:

 

“THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE
TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SHARES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER
APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER
THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF THE CORPORATION REQUESTS, AN OPINION
SATISFACTORY TO THE CORPORATION TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL.”

 

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(b) 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:

 

(i) The Holder is an
“accredited investor” as defined in Rule 501 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.

 

(ii) 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.

 

(iii) 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.

 

13. Representations
and Warranties of the Company. The Company hereby represents and warrants to the Holder that (i) it has the corporate power
and authority to execute this Warrant and consummate the transactions contemplated by this Warrant, (ii) there are no statutory
or contractual stockholders’ preemptive rights or rights of refusal with respect to the issuance of any Warrants and (iii)
the execution and delivery by the Company of this Warrant and the issuance of the Common Stock upon exercise of any Warrant do
not and shall not (A) conflict with or result in a breach of the terms, conditions or provisions of, (B) constitute a default under,
(C) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s capital stock or assets
pursuant to, (D) result in a violation of, or (E) require any authorization, consent, approval, exemption or other action by or
notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to, the Company’s
certificate of incorporation or bylaws or any law in effect as of the date hereof to which the Company is subject, or any agreement,
instrument, order, judgment or decree to which the Company is subject as of the date hereof, except for any such authorization,
consent, approval, notice or exemption required under applicable securities laws.

 

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14. Warrant Register.
The Company shall keep and properly maintain at its principal executive offices books for the registration of the Warrant and any
transfers thereof. 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.

 

15. Notices. All
notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent
by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document
(with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent
after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return
receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses indicated below
(or at such other address for a party as shall be specified in a notice given in accordance with this Section 15).

 

	If to the Company:	
        EVO Transportation & Energy Services,
        Inc

        8285 West Lake Pleasant Parkway, Peoria,
        AZ, USA, 85382

        Facsimile: 623-777-1408

        E-mail: smays@evotransinc.com

        Attention: Shirley Mays, General Counsel

         

	If to the Holder:	
        Antara Capital LP

        500 Fifth Avenue, Suite 2320

        New York, New York 10110

         

	with a copy to:	
        Milbank LLP

        2029 Century Park East, 33rd Floor

        Los Angeles, CA 90067

        Attention: Adam Moses

        E-mail: amoses@milbank.com

         

 

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16. Cumulative Remedies.
Except to the extent expressly provided in Section 8 to the contrary, the rights and remedies provided in this Warrant are
cumulative and are not exclusive of, and are in addition to and not in substitution for, any other rights or remedies available
at law, in equity or otherwise.

 

17. Equitable Relief.
Each of the Company and the Holder acknowledges that a breach or threatened breach by such party of any of its obligations under
this Warrant would give rise to irreparable harm to the other party hereto for which monetary damages would not be an adequate
remedy and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, the other
party hereto shall, in addition to any and all other rights and remedies that may be available to it in respect of such breach,
be entitled to equitable relief, including a restraining order, an injunction, specific performance and any other relief that may
be available from a court of competent jurisdiction.

 

18. Entire Agreement.
This Warrant constitutes the sole and entire agreement of the parties to this Warrant with respect to the subject matter contained
herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such
subject matter.

 

19. Successor and
Assigns. This Warrant and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the parties hereto
and the successors of the Company and the successors and permitted assigns of the Holder. Such successors and/or permitted assigns
of the Holder shall be deemed to be a Holder for all purposes hereunder.

 

20. No Third-Party
Beneficiaries. This Warrant is for the sole benefit of the Company and the Holder and their respective successors and, in the
case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person
any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Warrant.

 

21. Headings.
The headings in this Warrant are for reference only and shall not affect the interpretation of this Warrant.

 

22. Amendment and
Modification; Waiver. Except as otherwise provided herein, this Warrant may only be amended, modified or supplemented by an
agreement in writing signed by each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall
be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or
be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether
of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising,
any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege.

 

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23. Severability.
If any term or provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term
or provision in any other jurisdiction.

 

24. Governing Law.
This Warrant shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect
to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause
the application of laws of any jurisdiction other than those of the State of New York.

 

25. Submission to
Jurisdiction. Any legal suit, action or proceeding arising out of or based upon this Warrant or the transactions contemplated
hereby may be instituted in the federal courts of the United States of America or the courts of the State of New York in each case
located in the city of New York and County of New York, and each party irrevocably submits to the exclusive jurisdiction of such
courts in any such suit, action or proceeding. Service of process, summons, notice or other document by certified or registered
mail to such party’s address set forth herein shall be effective service of process for any suit, action or other proceeding
brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit,
action or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit,
action or proceeding brought in any such court has been brought in an inconvenient forum.

 

26. Waiver of Jury
Trial. Each party acknowledges and agrees that any controversy which may arise under this Warrant is likely to involve complicated
and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by
jury in respect of any legal action arising out of or relating to this Warrant or the transactions contemplated hereby.

 

27. Counterparts.
This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.

 

28. No Strict Construction.
This Warrant shall be construed without regard to any presumption or rule requiring construction or interpretation against the
party drafting an instrument or causing any instrument to be drafted.

 

29. Investment Unit.
The parties hereto agree (i) to treat the Financing Agreement, dated as of the date hereof, by and among, Antara Capital Master
Fund LP (“Antara”), the Company, Cortland Capital Market Services LLC, as administrative agent and collateral
agent, and the banks, financial institutions and other entities from time to time party thereto (the “Loan”),
this Warrant and the other warrant issued by the Company to the Holder on the date hereof (the “Other Warrant”)
as having been issued as an “investment unit” within the meaning of Section 1273(c)(2) of the U.S. Internal
Revenue Code of 1986, as amended as of the date hereof (the “Code”), (ii) solely for purposes of Section
1273(c)(2) of the Code, to treat the portion of the amount advanced under the Loan on the date hereof that is paid for this
Warrant and the Other Warrant as equal to the amount determined by Antara and, correspondingly, the Loan as having been issued
with additional original issue discount for U.S. federal income tax purposes consistent with such allocation, and (iii) to not
take any tax position inconsistent with such tax characterization. Antara shall notify the Company of the amount allocated to this
Warrant and the Other Warrant pursuant to clause (ii) hereof within 60 days of the date hereof.

 

[SIGNATURE PAGE FOLLOWS]

 

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I WITNESS WHEREOF,
the Company has duly executed this Warrant on the Original

 

Issue Date.

 

	 	EVO TRANSPORTATION & ENERGY SERVICES, INC.
	 	 	 
	 	By:	/s/ Damon Cuzick
	 	Name:	Damon Cuzick
	 	Title:	President

 

[Signature Page to General Warrant]

 

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IN WITNESS WHEREOF,
the Company has duly executed this Warrant on the Original

 

Issue Date.

 

Accepted and agreed,

 

Corbin ERISA Opportunity Fund Ltd

 

By: ANTARA CAPITAL LP - in its
capacity as Investment Sub-Advisor;

Its: Himanshu Gulati, Managing
Member of Antara Capital LP

 

	By:	/s/ Himanshu Gulati	 
	Name:	ANTARA CAPITAL LP - in its capacity as Investment Sub-Advisor;	 
	Title:	Himanshu Gulati, Managing Member of Antara Capital LP	 
	Date:	 	 

 

[Remainder of page intentionally left blank]

 

    22

     

    

 

EXHIBIT
A

 

EXERCISE FORM

 

(To be executed upon exercise of Warrant(s))

 

The undersigned is the Holder of the attached
Warrant (the “Warrant”) dated [9], issued by EVO Transportation & Energy Services, Inc., a Delaware corporation
(the “Company”). Capitalized terms not otherwise defined in this Exercise Form shall have the meanings ascribed
to such terms in the Warrant.

 

The undersigned hereby irrevocably elects
to exercise the Warrant to purchase [9] shares of Common Stock for a purchase price of [9] per share.

 

If said number of Warrant Shares shall
not be all the Warrant Shares issuable upon exercise of the Warrant, the undersigned requests that a new Warrant representing the
balance of such Warrant shall be issued in the name of the undersigned Holder and delivered to the address of the Holder set forth
in Section 12 of the Warrant.

 

The Holder hereby instructs the Company
to deliver the shares to the following:

 

[details of account(s), names(s) and
address(es) of any person(s) into whose name the shares is to be registered and/or any bank, broker or agent to whom documents
evidencing the shares are to be delivered]

 

	Dated:	 	 

 

CORBIN ERISA OPPORTUNITY FUND LTD

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

[Remainder of page intentionally left blank]

 

    23

     

    

 

EXHIBIT
B

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the
undersigned registered owner of the attached warrant (the “Warrant”) dated [●], issued by EVO Transportation
& Energy Services, Inc., a Delaware corporation (the “Company”), hereby sells, assigns and transfers unto
the assignee named below (the “Assignee”) all of the rights of the undersigned under the Warrant, with respect
to the number of shares of Common Stock set forth below:

 

	
        Name of Assignee

        
	 	
        Address

        
	 	
        No. of Shares

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

and does hereby irrevocably constitute
and appoint ______________________ Attorney to make such transfer on the books of _____________________ maintained for the purpose,
with full power of substitution in the premises.

 

The undersigned also
represents that, by assignment hereof, the Assignee acknowledges that this Warrant and the shares of stock to be issued upon exercise
hereof or conversion thereof are being acquired for investment and that the Assignee will not offer, sell or otherwise dispose
of this Warrant or any shares of stock to be issued upon exercise hereof or conversion thereof except under circumstances which
will not result in a violation of applicable securities laws. Further, the Assignee has acknowledged that upon exercise of this
Warrant, the Assignee shall, if requested by the Company, confirm in writing, in a form satisfactory to the Company, that the shares
of stock so purchased are being acquired for investment and not with a view toward distribution or resale.

 

DATED: ______________________

 

	 	CORBIN ERISA OPPORTUNITY FUND LTD
	 	 	 
	 	By:	                       
	 	Name:
	 	Title:

 

 

24Exhibit
10.1

 

WAIVER
AGREEMENT

 

This
Waiver Agreement (this “Agreement”), dated as of January 31, 2020, is by and between Taronis Technologies,
Inc., a Delaware corporation (the “Company”), and the undersigned investor(s) (collectively, the “Holder”).

 

WHEREAS,
reference is made to that certain Exchange Agreement, dated as of December 23, 2019, by and between the Company and the Holder
(the “Exchange Agreement”), pursuant to which the Holder agreed to exchange all the issued and outstanding
shares of the Company’s Series G Convertible Preferred Stock and Series H-1 Preferred Shares and relinquish any and all
rights thereunder, for shares of the Company’s Series G-1 Convertible Preferred Stock, par value $0.001 per share (the “Series
G-1 Preferred Shares”) the terms of which are set forth in the certificate of designations for such series of preferred
stock (the “Series G-1 Certificate of Designations”);

 

WHEREAS,
the Company seeks a waiver from the Holder to delay the 2020 Redemption from January 31, 2020, as required pursuant to Section
2 of the Series G-1 Certificate of Designations, to March 31, 2020; and

 

WHEREAS,
the Company and the Holder wish to amend Section 4(c) of each of those certain warrants to purchase shares of Common Stock issued
by the Company to the Holder on November 15, 2019, December 13, 2019 and December 23, 2019 (collectively, the “Existing
Warrants”).

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for good and valuable consideration the
receipt and adequacy of which are hereby acknowledged, the Holder and the Company agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section
1.1 Definitions. Capitalized terms not defined in this Agreement shall have the meanings ascribed to such terms in the
Series G-1 Certificate of Designations.

 

ARTICLE
II

WAIVER
AND OTHER AGREEMENTS

 

Section
2.1 Waiver. The Holder hereby waives, effective as of the date hereof, the Company’s obligation to effect the 2020
Redemption on January 31, 2020 (the “2020 Redemption Waiver”) provided that:

 

	 	(a)	As
    more fully set forth in Section 2.2, the Company issues to the Holder warrants to purchase such number of shares of Common
    Stock, as set forth on Schedule I attached hereto in the form attached hereto as Exhibit A (the “Waiver
    Warrants”);

 

    	 	 	 

     

    

 

	 	(b)	On
                                         the last Business Day of any calendar week during which the Company raises capital through
                                         a sale of securities of the Company or any direct or indirect subsidiary thereof through
                                         an at-the-market offering (as defined in Rule 415 under the 1933 Act), the Company shall
                                         use fifty percent (50%) of the proceeds raised from such drawdown, net of commissions
                                         and reasonable fees and expenses incurred in connection with such drawdown (the “ATM
                                         Net Proceeds”), to redeem a number of Series G-1 Preferred Shares from the
                                         Holder corresponding to the Conversion Amount thereof obtained by calculating the Holder’s
                                         pro rata portion of the ATM Net Proceeds based on the number of Series G-1 Preferred
                                         Shares originally issued pursuant to the Exchange Agreement, rounded down to the
                                         nearest $1,000, by paying to the Holder such cash amount by wire transfer of immediately
                                         available funds pursuant to wire instructions provided by the Holders in writing to the
                                         Company;

	 	 	 
	 	(c)	Upon
                                         the consummation of any financing by the Company other than as contemplated by Section
                                         2.1(b) above, the Company shall use one hundred percent (100%) of the proceeds raised
                                         from such financing, net of reasonable fees and expenses incurred in connection with
                                         such financing (the “Financing Net Proceeds”), to redeem a number
                                         of Series G-1 Preferred Shares from the Holder corresponding to the Conversion Amount
                                         thereof obtained by calculating the Holder’s pro rata portion of the Financing
                                         Net Proceeds based on the number of Series G-1 Preferred Shares originally issued
                                         pursuant to the Exchange Agreement, rounded down to the nearest $1,000, by paying
                                         to the Holder such cash amount by wire transfer of immediately available funds pursuant
                                         to wire instructions provided by the Holder in writing to the Company; and

	 	 	 
	 	(d)	The
    Company effects the 2020 Redemption on or prior to March 31, 2020.

 

Notwithstanding anything to the contrary contained
in Section 2.1(b) and (c) above, once the Company has redeemed a number of Series G-1 Preferred Shares from the Holder pursuant
to Sections 2.1(b) and/or 2.1(c) above) equal to the Holder’s pro-rata portion of 2,000 Series G-1 Preferred Shares (based
on the number of Series G-1 Preferred Shares originally issued pursuant to the Exchange Agreement), the Company’s
obligations under Sections 2.1(b) and 2.1(c) will be deemed satisfied;

 

Section
2.2 Issuance of Warrants. In consideration for the Holder’s 2020 Redemption Waiver, the Company shall deliver to
the Holder, within two (2) Business Days of the date hereof, Waiver Warrants exercisable for a number of shares of Common Stock
as set forth on Schedule I attached hereto. Notwithstanding the foregoing, the Holder will be deemed to have been issued
the Waiver Warrants as of the date hereof, despite the fact that the Waiver Warrant is only required to be physically delivered
within two (2) Business Days of the date hereof.

 

    	 	2	 

     

    

 

Section
2.3 Legends; Restricted Securities. (a) The Holder understands that the Waiver Warrants and the shares of Common Stock
issuable upon exercise of thereof (the “Waiver Warrant Shares” and together with the Waiver Warrants, the “New
Securities”) are not, and may never be, registered under the 1933 Act, or the securities laws of any state and, accordingly,
each certificate, if any, representing such securities shall bear the following legend:

 

[NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN][THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE
OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION
OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO
BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

(b)
Certificates evidencing shares of Common Stock underlying the Waiver Warrants shall not contain any legend (including the legend
set forth in Section 2.3(a) hereof), (i) while a registration statement covering the resale of such Common Stock is effective
under the 1933 Act, (ii) following any sale of such Common Stock pursuant to Rule 144, (iii) if such Common Stock is eligible
for sale under Rule 144, without the requirement for the Company to be in compliance with the current public information required
under Rule 144 as to such Common Stock and without volume or manner-of-sale restrictions, (iv) if such Common Stock may be sold
under Rule 144 and the Company is then in compliance with the current public information required under Rule 144 (“Current
Public Information Requirement”) as to such Common Stock, or (v) if such legend is not required under applicable requirements
of the 1933 Act (including judicial interpretations and pronouncements issued by the staff of the SEC). The Company shall cause
its counsel to issue a legal opinion to the transfer agent promptly after the Delegend Date (as defined below) if required by
the Company and/or the transfer agent to effect the removal of the legend hereunder, which opinion shall be in form and substance
reasonably acceptable to the Holder. If such Common Stock may be sold under Rule 144 without the requirement for the Company to
be in compliance with the current public information required under Rule 144 or if such legend is not otherwise required under
applicable requirements of the 1933 Act (including judicial interpretations and pronouncements issued by the staff of the SEC)
then such Common Stock shall be issued free of all legends. The Company agrees that following the Delegend Date or at such time
as such legend is no longer required under this Section 2.3(b), it will, no later than two (2) Trading Days following the delivery
by the Holder to the Company or the transfer agent of a certificate representing the Common Stock underlying the Waiver Warrants
issued with a restrictive legend (such second Trading Day, the “Legend Removal Date”), deliver or cause to
be delivered to the Holder a certificate representing such shares that is free from all restrictive and other legends or, at the
request of the Holder shall credit the account of the Holder’s prime broker with the Depository Trust Company System as
directed by the Holder. The Company may not make any notation on its records or give instructions to the transfer agent that enlarge
the restrictions on transfer set forth in this Section 2.3(b). As used herein:

 

(i)
“Delegend Date” means the earliest of the date that (a) a registration statement with respect to the Common
Stock has been declared effective by the SEC or (b) all of the Common Stock has been sold pursuant to Rule 144 or may be sold
pursuant to Rule 144 without the requirement for the Company to be in compliance with the Current Public Information Requirement
and without volume or manner-of-sale restrictions or (c) following the six (6) month anniversary of (I) the date hereof if a Waiver
Warrant is exercised pursuant to a cashless exercise or (II) the date of the related cash exercise of the Waiver Warrants; provided,
in each case that the applicable holder of the Waiver Warrants or the Common Stock, as the case may be, is not an affiliate of
the Company, the Company is in compliance with the Current Public Information Requirement and all such Common Stock may be sold
pursuant to Rule 144 or an exemption from registration under Section 4(a)(1) of the 1933 Act without volume or manner-of-sale
restrictions

 

    	 	3	 

     

    

 

(ii)
“Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock on such day, then on the principal securities exchange or securities
market on which the Common Stock is then traded.

 

Section
2.4 Filing of Form 8-K. Prior to 8:30 a.m. ET on February 3, 2020, the Company shall issue a Current Report on Form 8-K,
reasonably acceptable to the Holder disclosing the material terms of the transactions contemplated hereby and pursuant to substantially
similar agreements with other Company warrant holders, which shall attach as exhibit thereto the form of this Agreement and the
form of the Waiver Warrant (collectively with all exhibits and schedules, the “8-K Filing”). From and after
the filing of the 8-K Filing, the Company represents to the Holder that it shall not be in possession of any material, nonpublic
information received from the Company, any of its Subsidiaries or any of their respective officers, directors, employees, affiliates
or agents, that is not disclosed in the 8-K Filing. In addition, effective upon the filing of the 8-K Filing, the Company acknowledges
and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company,
any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agents, on the one hand, and
the Holder or any of its affiliates, on the other hand, shall terminate and be of no further force or effect. The Company shall
not, and shall cause each of its Subsidiaries and its and each of their respective officers, directors, employees and agents,
not to, provide the Holder with any material, nonpublic information regarding the Company or any of its Subsidiaries from and
after the date hereof without the express prior written consent of the Holder. To the extent that the Company, its Subsidiaries
or any of its or their respective officers, directors, employees, affiliates or agents delivers
any material, nonpublic information to the Holder without the Holder’s prior written consent, the Company hereby covenants
and agrees that the Holder shall not have any duty of confidentiality to the Company, any of its Subsidiaries or any of their
respective officers, directors, employees, affiliates or agents with respect to, or a duty to the Company, any of its Subsidiaries
or any of their respective officers, directors, employees, affiliates or agents not to trade on the basis of, such material, nonpublic
information. The Company understands and confirms that the Holder will rely on the foregoing representation in effecting transactions
in securities of the Company.

 

    	 	4	 

     

    

 

Section
2.5 Amendments. Effective as of the date hereof, Section 4(c) of each of the Existing Warrant is hereby amended and restated
as follows:

 

“Notwithstanding
the foregoing, in the event of a Fundamental Transaction, at the request of the Holder delivered before the ninetieth (90th)
day after the occurrence or consummation of such Fundamental Transaction, the Company (or the Successor Entity) shall purchase
this Warrant from the Holder by paying to the Holder, within five (5) Business Days after such request (or, if later, on the effective
date of the Fundamental Transaction), cash in an amount equal to the Black Scholes Value of the remaining unexercised portion
of this Warrant on the effective date of such Fundamental Transaction; provided, however, that, if such Fundamental
Transaction is not within the Company’s control, including not approved by the Company’s Board of Directors, the Holder
shall only be entitled to receive from the Company or any Successor Entity, the same type or form of consideration (and in the
same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the
holders of Common Stock of the Company in connection with such Fundamental Transaction, whether that consideration be in the form
of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among alternative
forms of consideration in connection with such Fundamental Transaction; provided, further, that if holders of Common
Stock of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Stock will
be deemed to have received common stock of the Successor Entity (which Successor Entity may be the Company following such Fundamental
Transaction) in such Fundamental Transaction. The payment of the Black Scholes Value will be made by wire transfer of immediately
available funds (or such other consideration) within the later of (i) five (5) Business Days of the Holder’s election and
(ii) the date of consummation of the Fundamental Transaction.”

 

Section
2.6 Ratifications. Except as otherwise expressly provided herein, the Series G-1 Certificate of Designations, the Exchange
Agreement, the Existing Warrants, all other agreements between the Company and the Holder and all other securities issued by the
Company to the Holder, are, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects.

 

Section 2.7 No Short Selling. The Holder
covenants and agrees that from the date hereof through and including March 31, 2020 that neither the Holder nor any of
its Trading Affiliates will engage in or effect, in any manner whatsoever, directly or indirectly, any (i) “short sale”
(as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii) hedging transaction, which
establishes a net short position with respect to the Common Stock. As used herein, “Trading Affiliates” means any
affiliate of the Holder which (x) had or has knowledge of the transactions contemplated by this Agreement, (y) has or shares discretion
relating to the Holder’s investments or trading or information concerning the Holder’s investments, including in respect
of the Securities, or (z) is subject to the Holder’s review or input concerning such affiliate’s investments or trading.
Notwithstanding the foregoing, no "short sale" shall be deemed to occur or exist, as a result of any failure by the
Company (or its agents) to deliver shares of Common Stock upon conversion or exercise of any securities held by Holder.

 

    	 	5	 

     

    

 

ARTICLE
III

REPRESENTATIONS
AND WARRANTIES

 

Section
3.1 Representations and Warranties of the Company. The Company hereby makes the representations and warranties set forth
below to the Holder that as of the date of its execution of this Agreement:

 

(a)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution
and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly
authorized by all necessary action on the part of such Company and no further action is required by such Company, its board of
directors or its stockholders in connection therewith. This Agreement has been duly executed by the Company and, when delivered
in accordance with the terms hereof will constitute the valid and binding obligation of the Company enforceable against the Company
in accordance with its terms except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by applicable law.

 

(b)
Organization. The Company is a duly organized and validly existing corporation in good standing under the laws of the State
of Delaware.

 

(d)
No Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company
of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s
certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any
lien upon any of the properties or assets of the Company, or give to others any rights of termination, amendment, acceleration
or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material
instrument (evidencing Company debt or otherwise) or other material understanding to which the Company is a party or by which
any property or asset of the Company is bound or affected which have not been waived, or (iii) conflict with or result in a violation
of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority
to which the Company is subject (including federal and state securities laws and regulations), or by which any property or asset
of the Company is bound or affected.

 

(e)
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by this Agreement
and substantially similar agreements with the other holders of Series G-1 Preferred Shares, the Company confirms that neither
it nor any other Person acting on its behalf has provided the Holder or its agents or counsel with any information that it believes
constitutes or might constitute material, non-public information. The Company understands and confirms that the Holder will rely
on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or
on behalf of the Company to the Holder regarding the Company and its Subsidiaries, their respective businesses and the transactions
contemplated hereby, including but not limited to the disclosure set forth in the SEC Reports, is true and correct and does not
contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made
therein, in light of the circumstances under which they were made, not misleading. As used herein, “SEC Reports”
means all reports, schedules, forms, statements and other documents required to be filed by the Company with the SEC pursuant
to the reporting requirements of the Exchange Act, including all exhibits included therein and financial statements, notes and
schedules thereto and documents incorporated by reference therein.

 

    	 	6	 

     

    

 

(f)
Issuance of Securities. The issuance of the Waiver Warrants are duly authorized and, upon issuance in accordance with the
terms of this Agreement, the Waiver Warrants shall be validly issued and free from all preemptive or similar rights (except for
those which have been validly waived prior to the date hereof), taxes, liens and charges and other encumbrances with respect to
the issue thereof. As of the date hereof, a number of shares of Common Stock shall have been duly authorized and reserved for
issuance which equals or exceeds the maximum number of Waiver Warrant Shares issuable upon exercise of the Waiver Warrants (without
taking into account any limitations on the exercise of the Waiver Warrants set forth therein). Upon exercise of the Waiver Warrants
in accordance with the Waiver Warrants, the Waiver Warrant Shares when issued will be validly issued, fully paid and non-assessable
and free from all preemptive or similar rights, taxes, liens, charges and other encumbrances with respect to the issue thereof,
with the holders being entitled to all rights accorded to a holder of Common Stock. Assuming the accuracy of each of the representations
and warranties set forth in Section 3.2 of this Agreement, the offer and issuance by the Company of the Waiver Warrants is exempt
from registration under the 1933 Act.

 

(g)
No General Solicitation. Neither the Company, nor any of its Subsidiaries or affiliates, nor any Person acting on its or
their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection
with the offer or sale of the Waiver Warrants.

 

(h)
No Integrated Offering. None of the Company, its Subsidiaries or any of their affiliates, nor any Person acting on their
behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under
circumstances that would require registration of the issuance of any of the New Securities under the 1933 Act, whether through
integration with prior offerings or otherwise, or cause this offering of the New Securities to require approval of stockholders
of the Company for purposes of the 1933 Act or any applicable shareholder approval provisions, including, without limitation,
under the rules and regulations of any exchange or automated quotation system on which any of the securities of the Company are
listed or designated for quotation. None of the Company, its Subsidiaries, their affiliates nor any Person acting on their behalf
will take any action or steps that would require registration of the issuance of any of the New Securities under the 1933 Act
or cause the offering of any of the New Securities to be integrated with other offerings for purposes of any such applicable shareholder
approval provisions.

 

(i)
No Disqualification Events. With respect to New Securities to be offered and sold hereunder in reliance on Rule 506(b)
under the 1933 Act (“Regulation D Securities”), none of the Company, any of its predecessors, any affiliated
issuer, any director, executive officer, other officer of the Company participating in the offering hereunder, any beneficial
owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor
any promoter (as that term is defined in Rule 405 under the 1933 Act) connected with the Company in any capacity at the time of
sale (each, an “Issuer Covered Person” and, together, “Issuer Covered Persons”) is subject
to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the 1933 Act (a “Disqualification
Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable
care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent
applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Holder a copy of any disclosures provided
thereunder.

 

    	 	7	 

     

    

 

(j)
Shell Company Status. The Company is not, and has not been for a period of at least one year from the date hereof, an issuer
identified in Rule 144(i)(1) of the 1933 Act. The Company has filed current “Form 10 information” (as defined in Rule
144(i)(3)) with the SEC reflecting its status as an entity that was no longer an issuer described in Rule 144(i)(1)(i) more than
one year ago from the date hereof.

 

Section
3.2 Representations and Warranties of the Holder. The Holder hereby makes the representations and warranties set forth
below to the Company that as of the date of its execution of this Agreement.

 

(a)
Due Authorization. The Holder represents and warrants that (i) the execution and delivery of this Agreement by it and the
consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on its behalf and
(ii) this Agreement has been duly executed and delivered by the Holder and constitutes the valid and binding obligation of the
Holder, enforceable against it in accordance with its terms.

 

(b)
No Conflicts. The Holder represents and warrants that the execution, delivery and performance of this Agreement by the
Holder and the consummation by the Holder of the transactions contemplated hereby do not and will not: (i) conflict with or violate
any provision of the Holder’s organizational or charter documents, or (ii) conflict with or result in a violation of any
agreement, law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority
which would interfere with the ability of the Holder to perform its obligations under this Agreement.

 

(c)
Access to Information. The Holder acknowledges that it has had the opportunity to review this Agreement and the SEC Reports
and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives
of the Company concerning the merits and risks of investing in the New Securities; (ii) access to information about the Company
and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to
evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire
without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.

 

(d)
Holder Status. The Holder represents and warrants that is an “accredited investor” as defined in Rule 501 under
the 1933 Act.

 

(e)
Knowledge. The Holder, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the
New Securities, and has so evaluated the merits and risks of such investment. The Holder is able to bear the economic risk of
an investment in the New Securities and, at the present time, is able to afford a complete loss of such investment.

 

    	 	8	 

     

    

 

ARTICLE
IV

MISCELLANEOUS

 

Section
4.1 Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon
delivery, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on
file by the sending party) or by electronic mail; or (iii) one Business Day after deposit with an overnight courier service, in
each case properly addressed to the party to receive the same. The addresses, facsimile numbers and e-mail addresses for such
communications shall be:

 

If
to the Company:

 

Taronis
Technologies, Inc.

300
W. Clarendon Avenue, # 230

Phoenix,
Arizona 85013

	Telephone:	866-370-3835
	Attention:	Tyler B. Wilson, Esq.
	E-mail:	notices@taronistech.com

 

If
to the Transfer Agent:

 

Corporate
Stock Transfer, Inc.

3200
Cherry Creek Dr. South, Suite 430

Denver,
CO 80209

	Telephone:	(303) 282-4800
	Attention:	Michaelie Wingo
	E-mail:	mwingo@corporatestock.com

 

If
to the Holder, to its address, facsimile number and e-mail address set forth on Schedule I attached hereto, with copies
(for informational purposes only) to the Holder’s representatives as set forth on Schedule I attached hereto, or
to such other address, facsimile number and/or e-mail address and/or to the attention of such other Person as the recipient party
has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation
of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically
generated by the sender’s facsimile machine or e-mail containing the time, date, recipient facsimile number and an image
of the first page of such transmission or (C) provided by an overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above,
respectively.

 

Section
4.2 Survival; Successors and Assigns. All warranties and representations (as of the date such warranties and representations
were made) made herein or in any certificate or other instrument delivered by it or on its behalf under this Agreement shall be
considered to have been relied upon by the parties hereto and shall survive the issuance of the Waiver Warrants. This Agreement
shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties; provided however
that no party may assign this Agreement or the obligations and rights of such party hereunder without the prior written consent
of the other parties hereto.

 

    	 	9	 

     

    

 

Section
4.3 Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature
is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original
thereof.

 

Section
4.4 Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the
prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective
expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred
upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).

 

Section
4.5 Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law
or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any
such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

Section
4.6 Entire Agreement. The Agreement, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

    	 	10	 

     

    

 

Section
4.7 Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not
be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

Section
4.8 Fees and Expenses. Except as expressly set forth herein, each party shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement. The Company shall pay all transfer agent fees, stamp taxes and other taxes
and duties levied in connection with the delivery of any New Securities.

 

Section
4.9 Amendment. This Agreement may not be changed, amended, terminated, augmented, rescinded or discharged (other than in
accordance with its terms), in whole or in part, except by a writing executed by the parties hereto.

 

Section
4.10 Most Favored Nation. The Company hereby represents and warrants as of the date hereof and covenants and agrees from
and after the date hereof that none of the terms offered to any Person relating to the waiver of the 2020 Redemption and any subsequent
amendment thereto (or any amendment, modification, waiver or release thereof) (each a “Waiver Document”), is
or will be more favorable to such Person than those of the Holder and this Agreement (other than the reimbursement of legal fees).
If, and whenever on or after the date hereof, the Company enters into a Waiver Document with terms that are materially different
from this Agreement, then (i) the Company shall provide written notice thereof to the Holder promptly following the occurrence
thereof and (ii) the terms and conditions of this Agreement shall be, without any further action by the Holder or the Company,
automatically amended and modified in an economically and legally equivalent manner such that the Holder shall receive the benefit
of the more favorable terms and/or conditions (as the case may be) set forth in such Waiver Document, provided that upon written
notice to the Company at any time the Holder may elect not to accept the benefit of any such amended or modified term or condition,
in which event the term or condition contained in this Agreement shall apply to the Holder as it was in effect immediately prior
to such amendment or modification as if such amendment or modification never occurred with respect to the Holder. The provisions
of this paragraph shall apply similarly and equally to each Waiver Document.

 

    	 	11	 

     

    

 

IN
WITNESS WHEREOF, the Company and the Holder have each executed this Waiver Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	TARONIS
    TECHNOLOGIES, INC.
	 	 
	 	By:	
	 	Name:	Scott
    Mahoney
	 	Title:	Chief
    Executive Officer

 

    	 	12	 

     

    

 

IN
WITNESS WHEREOF, the Company and the Holder have each executed this Waiver Agreement as of the date first written above.

 

	 	HOLDER:
    
	 	 
	 	By:	                   

        

        

	 	Name:	 
	 	Title:	 

 

    	 	 	 

     

    

 

SCHEDULE
I

 

	(1)	 	(2)	 	(3)	 	(4)
	Holder	 	
        Address, 

        Facsimile Number and Email
	 	Number of Waiver Warrant Shares	 	Legal Representative’s Address, Facsimile Number and Email
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	TOTAL	 	 	 	 	 	 

 

    	 	 	 

     

    

 

EXHIBIT
A

 

Form
of Waiver Warrant

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