Document:

Exhibit 10.11

 

RIGHT OF FIRST REFUSAL AND

CORPORATE OPPORTUNITIES AGREEMENT

 

THIS RIGHT OF FIRST REFUSAL AND CORPORATE
OPPORTUNITIES AGREEMENT (this “Agreement”) is made as of [______], 2014 by and among 1347 Capital Corp., a Delaware
corporation (the “Company”), 1347 Investors LLC, a Delaware limited liability company (the “Sponsor”)
and Kingsway Financial Services, Inc., a corporation incorporated under the Business Corporations Act (Ontario) (“Kingsway”),
in connection with the Company’s proposed public offering of units consisting of shares of common stock, par value $0.0001
per share (the “Shares”), rights to receive one-tenth of one Share automatically on the consummation of an initial
business combination by the Company, and warrants to purchase one-half of one Share at a price of $11.50 per full Share, as more
fully described in a registration statement on Form S-1, filed by the Company with the Securities and Exchange Commission (as amended,
the “Registration Statement”).

 

RECITALS

 

WHEREAS, Kingsway is an affiliate of the
Sponsor;

 

WHEREAS, the Company will be attempting to
consummate a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar
business combination involving the Company and one or more businesses or entities (a “Business Transaction”);

 

WHEREAS, Kingsway may also be seeking investment
opportunities which may be a part of, in connection with or deemed a Business Transaction; and

 

WHEREAS, the Company and Kingsway each believes
it is in their best interests to clarify any potential Business Transaction and investment opportunities for which each party shall
have the right of first refusal.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

		1.	Right of First Refusal.

 

For the term specified in Section 2
of this Agreement and subject to subsections (b), (c) and (d) of this Section 1, Kingsway hereby grants to the Company a
right of first refusal as follows:

 

(a) Kingsway shall not enter into any agreement
to acquire 50% or more of the outstanding voting securities of any company or business in the insurance sector whose fair market
value is at least equal to 80% of the balance in the trust account that holds the proceeds of the Company’s initial public
offering (less the deferred underwriting fees and taxes payable) at such time, without first presenting such suitable opportunity
to a committee of the Company’s independent directors, and will not enter into any such agreement until a majority of the
Company’s independent directors determine, within the time frame and in the manner specified below, not to pursue such Business
Transaction opportunity.

 

(b) After review of any potential Business
Transaction or investment opportunity, the Company, upon direction from a majority of the Company’s independent directors,
may release the right of first refusal set forth in this Section 1(a) with respect to such Business Transaction or suitable opportunity.

 

(c) Kingsway shall provide written notice
to the Company of any such suitable opportunity brought to its attention by its current partners, principals, directors, officers
or employees within ten (10) business days of its identification of such suitable opportunity. Any right of first refusal granted
shall expire forty-five (45) days from the date of the written notice unless earlier released pursuant to Section 1(c), provided
that, during such forty-five (45)-day period, the Company has failed to commence discussions with any third party regarding
the specified Business Transaction or suitable opportunity.

 

 

    	 

    	 

    

 

		2.	Term. This Agreement shall become effective on its execution and shall remain in effect for a period to expire upon
the earlier of: (i) the consummation by the Company of a Business Transaction or (ii) 24 months from the closing of the Company's
initial public offering.

 

		3.	Notices. All notices or communications hereunder shall be addressed as follows:

 

To the Company:

 

1347 Capital Corp.

150 Pierce Road, 6th Floor

Itasca, IL 60143

Attn: Hassan R. Baqar, Chief Financial Officer and
Secretary

 

with copies to (which shall not constitute notice):

 

McDermott Will & Emery LLP

340 Madison Avenue

New York, New York 10173-1922

Attention: Joel L. Rubinstein

 

If to Kingsway:

Kingsway Financial Services, Inc.

150 Pierce Road, 6th Floor

Itasca, IL 60143

Attn: Hassan R. Baqar, Vice President

 

All notices, statements or other documents which
are required or contemplated by this Agreement shall be: (i) in writing and delivered personally or sent by first class registered
or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii)
by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing
by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic
mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to
have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation,
if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5)
days after mailing if sent by mail.

 

		4.	Severability. If any term or provision of this Agreement or the performance thereof shall be invalid or unenforceable
to any extent, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this
Agreement, and this Agreement shall be valid and enforced to the fullest extent permitted by law.

 

		5.	Entire Agreement. This Agreement, as the same may be amended from time to time in accordance with the terms hereof,
contains the entire agreement among the parties hereto relating to the subject matter hereof and supersedes in all respects any
prior or other agreement or understanding concerning the subject matter hereof between the Company and Kingsway.

 

		6.	Waiver.
                                         The failure of any of the parties hereto to at any time enforce any of the provisions
                                         of this Agreement shall not be deemed or construed to be a waiver of any such provision,
                                         nor to in any way affect the validity of this Agreement or any provision hereof or the
                                         right of any of the parties hereto to thereafter enforce each and every provision of
                                         this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of
                                         the provisions of this Agreement shall be effective unless set forth in a written instrument
                                         executed by the party or parties against whom or which enforcement of such waiver is
                                         sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be
                                         construed or deemed to be a waiver of any other or subsequent breach, non-compliance
                                         or non-fulfillment.

 

 

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		7.	Amendment.
                                         This Agreement may only be amended by written agreement of the parties hereto.

 

		8.	Survival.
                                         The respective rights and obligations of the parties hereunder shall survive any termination
                                         of this Agreement to the extent necessary to the intended preservation of such rights
                                         and obligations. The provisions of this Section 8 are in addition to the survivorship
                                         provisions of any other section of this Agreement.

 

		9.	Counterparts.
                                         This Agreement may be executed in any number of counterparts, each of which shall be
                                         deemed to be an original, but all such counterparts shall together constitute one and
                                         the same instrument. Delivery of a signed counterpart of this Agreement by facsimile
                                         or electronic transmission shall constitute valid and sufficient delivery thereof.

 

		10.	Headings.
                                         The headings herein are inserted for convenience of reference only and are not intended
                                         to be part of, or to affect the meaning or interpretation of, this Agreement.

 

		11.	Mutual
                                         Drafting. This Agreement is the joint product of the Company and Kingsway, and each
                                         provision hereof has been subject to the consultation, negotiation and agreement of such
                                         parties and shall not be construed for or against any party hereto.

 

		12.	Governing
                                         Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by and
                                         construed and enforced in accordance with the laws of New York, without giving effect
                                         to conflicts of law principles that would result in the application of the substantive
                                         laws of another jurisdiction. The parties hereby (i) agree that any action, proceeding
                                         or claim against it arising out of or relating in any way to this Agreement shall be
                                         brought and enforced first in the U.S. District Court for the Southern District of New
                                         York, then to such other federal or state courts located in the State of New York, and
                                         irrevocably submits to such jurisdiction in New York, which jurisdiction shall be exclusive
                                         and (ii) waive any objection to such exclusive jurisdiction and that such courts represent
                                         an inconvenient forum. THE PARTIES HERETO, TO THE FULLEST EXTENT PERMITTED
                                         BY LAW, WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED
                                         UPON, ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT.

 

		13.	Trust Waiver. Notwithstanding anything herein to the contrary, Kingsway hereby waives any and all right, title, interest
or claim of any kind, regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability
(“Claim”) in or to any distribution from the trust account in which the proceeds of the Company’s initial
public offering will be deposited and held for the benefit of the Company’s public shareholders (the “Trust Account”)
and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any
reason whatsoever.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties hereto have
executed this Right of First Refusal and Corporate Opportunities Agreement as of the date first specified above.

 

	 	1347 CAPITAL CORP. 
	 	 
	 	By:	 
	 	 	Name: Gordon G. Pratt
	 	 	Title: President, Chief Executive Officer and Director
	 	 
	 	1347 INVESTORS LLC
	 	 
	 	By:	 
	 	 	Name: Hassan R. Baqar
	 	 	Title: President 
	 	 	 
	 	Kingsway Financial Services, Inc.
	 	 
	 	By:	 
	 	 	Name: [__________]
	 	 	Title: [__________]

 

[Signature Page to Right of First Refusal
and Corporate Opportunities Agreement]NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE 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 TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM
REASONABLY ACCEPTABLE TO THE COMPANY, 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.

 

BARFRESH
FOOD GROUP Inc.

 

SERIES
B WARRANT TO PURCHASE COMMON STOCK

 

 

	Warrant
    No. 2012-_______	 	Issuance
    Date: December __, 2012 

 

Barfresh
Food Group Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, ____________________, the registered holder hereof or its
permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company,
at the Exercise Price (as defined below) then in effect, upon exercise of this Series B Warrant to Purchase Common Stock (including
any Series B Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”),
at any time or times on or after the Issuance Date set forth above (“Issuance Date”), but not after 11:59 p.m.,
New York time, on the Expiration Date (as defined below), ____________________ (subject to adjustment as provided herein)
fully paid and non-assessable shares of Common Stock (as defined below) (the “Warrant Shares”).

 

This
Warrant is issued pursuant to that certain Subscription Agreement, dated December __, 2012 by and among the Company and the Investors
signatory thereto identified therein (the “Subscription Agreement”). Except as otherwise defined herein, capitalized
terms in this Warrant shall have the meanings set forth in the Subscription Agreement.

 

1.
Exercise of Warrant.

 

(a)
Mechanics of Exercise.

 

(i)
Subject to the terms and conditions hereof (including, without limitation,
the limitations set forth in Section 1(e)), this Warrant may be exercised by the Holder on any day on or after the Issuance
Date (the “Exercise Date”), in whole or in part, by delivery (whether via facsimile or otherwise) of a written
notice, in the form attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election
to exercise this Warrant. Within one (1) Trading Day following an exercise of this Warrant as aforesaid, the Holder shall deliver
payment to the Company of an amount equal to the Exercise Price in effect on the date of such exercise multiplied by the number
of Warrant Shares as to which this Warrant was so exercised (the “Aggregate Exercise Price”) in cash or via
wire transfer of immediately available funds. The Holder shall not be required to deliver the original of this Warrant in order
to effect an exercise hereunder. Execution and delivery of an Exercise Notice with respect to less than all of the Warrant Shares
shall have the same effect as cancellation of the original of this Warrant and issuance of a new Warrant evidencing the right
to purchase the remaining number of Warrant Shares. Execution and delivery of an Exercise Notice for all of the then-remaining
Warrant Shares shall have the same effect as cancellation of the original of this Warrant after delivery of the Warrant Shares
in accordance with the terms hereof.

 

    	 

    	 

    

  

(ii)
On or before the first (1st) Trading Day following the date on which
the Company has received an Exercise Notice, the Company shall transmit by facsimile an acknowledgment of confirmation of receipt
of such Exercise Notice, in the form attached hereto as Exhibit B, to the Holder and the Company’s transfer agent
(the “Transfer Agent”). On or before the third (3rd) Trading Day following the date on which the Company has
received such Exercise Notice, the Company shall (i) provided that the Transfer Agent is participating in The Depository Trust
Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate
number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s
balance account with DTC through its Deposit/Withdrawal at Custodian system, or (ii) if the Transfer Agent is not participating
in the DTC Fast Automated Securities Transfer Program, issue and deliver to the Holder or, at the Holder’s instruction pursuant
to the Exercise Notice, the Holder’s agent or designee, in each case, sent by reputable overnight courier to the address
as specified in the applicable Exercise Notice, a certificate, registered in the Company’s share register in the name of
the Holder or its designee (as indicated in the applicable Exercise Notice), for the number of shares of Common Stock to which
the Holder is entitled pursuant to such exercise.

 

(iii)
If this Warrant is submitted in connection with any exercise pursuant
to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than
the number of Warrant Shares being acquired upon an exercise, then, at the request of the Holder, the Company shall as soon as
practicable and in no event later than three (3) Business Days after any exercise and at its own expense, issue and deliver to
the Holder (or its designee) a new Warrant (in accordance with Section 5(d)) representing the right to purchase the number
of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect
to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but
rather the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number. The Company shall pay
any and all taxes and fees which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this
Warrant. Notwithstanding the foregoing, the Company’s failure to deliver Warrant Shares to the Holder on or prior to the
second (2nd) Trading Day after the Company’s receipt of the Aggregate Exercise Price shall not be deemed to be a breach
of this Warrant.

 

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(b)
Exercise Price. For purposes of this Warrant, “Exercise
Price” means $1.00, subject to adjustment as provided herein.

 

(c)
Company’s Failure to Timely Deliver Securities. If
the Company shall fail, for any reason or for no reason, to issue to the Holder within the later of (i) three (3) Trading Days
after receipt of the applicable Exercise Notice (or four (4) Trading Days if the Exercise Notice is delivered after 5:00 P.M.,
New York City time, on the Exercise Date) and (ii) two (2) Trading Days after the Company’s receipt of the Aggregate Exercise
Price (or three (3) Trading Days if the Company receives the Aggregate Exercise Price after 5:00 P.M., New York City time, on
the Exercise Date) (such later date, the “Share Delivery Deadline”), a certificate for the number of shares
of Common Stock to which the Holder is entitled and register such shares of Common Stock on the Company’s share register
or to credit the Holder’s balance account with DTC for such number of shares of Common Stock to which the Holder is entitled
upon the Holder’s exercise of this Warrant (as the case may be), and if after such Share Delivery Deadline the Holder purchases
(in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of all
or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion
of the number of shares of Common Stock, issuable upon such exercise that the Holder so anticipated receiving from the Company,
then, in addition to all other remedies available to the Holder, the Company shall, within three (3) Business Days after the Holder’s
request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total
purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased
(including, without limitation, by any other Person in respect, or on behalf, of the Holder) (the “Buy-In Price”),
at which point the Company’s obligation to so issue and deliver such certificate or credit the Holder’s balance account
with DTC for the number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise hereunder (as
the case may be) (and to issue such shares of Common Stock) shall terminate, or (ii) promptly honor its obligation to so issue
and deliver to the Holder a certificate or certificates representing such shares of Common Stock or credit the Holder’s
balance account with DTC for the number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise
hereunder (as the case may be) and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the
product of (A) such number of shares of Common Stock multiplied by (B) the lowest Closing Sale Price of the Common Stock on any
Trading Day during the period commencing on the date of the applicable Exercise Notice and ending on the date of such issuance
and payment under this clause (ii).

 

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(d)
Disputes. In the case of a dispute as to the determination
of the Exercise Price or the arithmetic calculation of the number of Warrant Shares to be issued pursuant to the terms hereof,
the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in
accordance with Section 12.

 

(e)
Limitations on Exercises. Notwithstanding anything to the
contrary contained in this Warrant, this Warrant shall not be exercisable by the Holder hereof to the extent (but only to the
extent) that the Holder together with any of its affiliates would beneficially own in excess of 4.99% (the “Maximum Percentage”)
of the Common Stock after giving effect to such exercise. To the extent the above limitation applies, the determination of whether
this Warrant shall be exercisable (vis-à-vis other convertible, exercisable or exchangeable securities owned by the Holder
or any of its affiliates) and of which such securities shall be exercisable (as among all such securities owned by the Holder)
shall, subject to such Maximum Percentage limitation, be determined on the basis of the first submission to the Company for conversion,
exercise or exchange (as the case may be). No prior inability to exercise this Warrant pursuant to this paragraph shall have any
effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability.
For the purposes of this paragraph, beneficial ownership and all determinations and calculations (including, without limitation,
with respect to calculations of percentage ownership) shall be determined in accordance with Section 13(d) of the Exchange Act
and the rules and regulations promulgated thereunder. The provisions of this paragraph shall be implemented in a manner otherwise
than in strict conformity with the terms of this paragraph to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Maximum Percentage beneficial ownership limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such Maximum Percentage limitation. The limitations contained in this paragraph
shall apply to a successor Holder of this Warrant. For any reason at any time, upon the written or oral request of the Holder,
the Company shall within one (1) Business Day confirm orally and in writing to the Holder the number of shares of Common Stock
then outstanding, including by virtue of any prior conversion or exercise of convertible or exercisable securities into Common
Stock, including, without limitation, pursuant to this Warrant or securities issued pursuant to the Subscription Agreement. By
written notice to the Company, any Holder may increase or decrease the Maximum Percentage to any other percentage not in excess
of 9.99% specified in such notice; provided that (i) any such increase will not be effective until the 61st day after such notice
is delivered to the Company, and (ii) any such increase or decrease will apply only to the Holder sending such notice and not
to any other holder of the Warrants.

 

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(f)
Insufficient Authorized Shares. The Company shall at all
times keep reserved for issuance under this Warrant a number of shares of Common Stock as shall be necessary to satisfy the Company’s
obligation to issue shares of Common Stock hereunder (without regard to any limitation otherwise contained herein with respect
to the number of shares of Common Stock that may be acquirable upon exercise of this Warrant). If, notwithstanding the foregoing,
and not in limitation thereof, at any time while any of the Warrants remain outstanding the Company does not have a sufficient
number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise of
the Warrants at least a number of shares of Common Stock equal to the number of shares of Common Stock as shall from time to time
be necessary to effect the exercise of all of the Warrants then outstanding (the “Required Reserve Amount”)
(an “Authorized Share Failure”), then the Company shall promptly take all action necessary to increase the
Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve
Amount for all the Warrants then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable
after the date of the occurrence of an Authorized Share Failure, but in no event later than ninety (90) days after the occurrence
of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the
number of authorized shares of Common Stock. In connection with such meeting, the Company shall provide each stockholder with
a proxy statement or information statement and shall use its commercially reasonable efforts to solicit its stockholders’
approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders
that they approve such proposal.

 

2.
Adjustment of Exercise Price and Number of Warrant Shares.
If the Company, at any time on or after the Issuance Date, (i) pays a stock dividend on one or more classes of its then outstanding
shares of Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock,
(ii) subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its then outstanding
shares of Common Stock into a larger number of shares or (iii) combines (by combination, reverse stock split or otherwise) one
or more classes of its then outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise
Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately
before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such
event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for
the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii)
or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination. If
any event requiring an adjustment under this paragraph occurs during the period that an Exercise Price is calculated hereunder,
then the calculation of such Exercise Price shall be adjusted appropriately to reflect such event.

 

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3.
Noncircumvention. The Company hereby covenants and agrees
that the Company will not, by amendment of its Certificate of Incorporation, Bylaws or through any reorganization, transfer of
assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith
carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder. Without
limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable
upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock upon
the exercise of this Warrant, and (iii) shall, so long as any of the Warrants are outstanding, take all action necessary to reserve
and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise
of the Warrants, the maximum number of shares of Common Stock as shall from time to time be necessary to effect the exercise of
the Warrants then outstanding (without regard to any limitations on exercise).

 

4.
Holder Not Deemed a Stockholder. Except as otherwise specifically
provided herein, the Holder, solely in its capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends
or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed
to confer upon the Holder, solely in its capacity as the Holder of this Warrant, 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, prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise
of this Warrant. 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.

 

5.
Reissuance of Warrants.

 

(a)
Transfer of Warrant. If this Warrant is to be transferred,
the Holder shall surrender this Warrant to the Company, whereupon the Company will forthwith issue and deliver upon the order
of the Holder a new Warrant (in accordance with Section 5(d)), registered as the Holder may request, representing the right
to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant Shares
then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 5(d)) to the Holder representing
the right to purchase the number of Warrant Shares not being transferred.

 

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(b)
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company
of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant (as to which
a written certification and the indemnification contemplated below shall suffice as such evidence), and, in the case of loss,
theft or destruction, of any indemnification undertaking by the Holder to the Company in customary and reasonable form and, in
the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a
new Warrant (in accordance with Section 5(d)) representing the right to purchase the Warrant Shares then underlying this
Warrant.

 

(c)
Exchangeable for Multiple Warrants. This Warrant is exchangeable,
upon the surrender hereof by the Holder at the principal office of the Company, for a new Warrant or Warrants (in accordance with
Section 5(d)) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant,
and each such new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the Holder
at the time of such surrender; provided, however, no warrants for fractional shares of Common Stock shall be given.

 

(d)
Issuance of New Warrants. Whenever the Company is required
to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with this Warrant, (ii)
shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant
(or in the case of a new Warrant being issued pursuant to Section 5(a) or Section 5(c), the Warrant Shares designated
by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants issued in connection
with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date,
as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the same rights and conditions
as this Warrant.

 

6.
Registration Rights. The Holder is entitled to the benefit
of certain registration rights with respect to this Warrant and the Warrant Shares, pursuant to the Subscription Agreement.

 

7.
Notices. Whenever notice is required to be given under this
Warrant, unless otherwise provided herein, such notice shall be given in accordance with the Subscription Agreement. The Company
shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail
a description of such action and the reason therefor.

 

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8.
Amendment and Waiver. Except as otherwise provided herein,
the provisions of this Warrant may be amended and the Company may take any action herein prohibited, or omit to perform any act
herein required to be performed by it, only if the Company has obtained the written consent of the Holder. The Holder shall be
entitled, at its option, to the benefit of any amendment of any other similar warrant issued under the Subscription Agreement.
No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party.

 

9.
Severability. If any provision of this Warrant 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 Warrant
so long as this Warrant 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).

 

10.
Governing Law. This Warrant shall be governed by and construed
and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this
Warrant shall be governed by, the internal laws of the State of Delaware without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of Delaware. Each of the Parties submits to the jurisdiction of any state or federal
court sitting in the State of Delaware, in any action or proceeding arising out of or relating to this Agreement and agrees that
all claims in respect of the action or proceeding may be heard and determined in any such court. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed
or operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction
to collect on the Company’s obligations to the Holder or to enforce a judgment or other court ruling in favor of the Holder.
THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF
ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

11.
Construction; Headings. This Warrant shall be deemed to be
jointly drafted by the Company and the Holder and shall not be construed against any Person as the drafter hereof. The headings
of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant.

 

    	8

    	 

    

  

12.
Dispute Resolution. In the case of a dispute as to the determination
of the Exercise Price, the Closing Sale Price, the Bid Price or fair market value or the arithmetic calculation of the Warrant
Shares (as the case may be), the Company or the Holder (as the case may be) shall submit the disputed determinations or arithmetic
calculations (as the case may be) via facsimile (i) within two (2) Business Days after receipt of the applicable notice giving
rise to such dispute to the Company or the Holder (as the case may be) or (ii) if no notice gave rise to such dispute, at any
time after the Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to agree
upon such determination or calculation (as the case may be) of the Exercise Price, the Closing Sale Price, the Bid Price or fair
market value or the number of Warrant Shares (as the case may be) within three (3) Business Days of such disputed determination
or arithmetic calculation being submitted to the Company or the Holder (as the case may be), then the Company shall, within two
(2) Business Days submit via facsimile (a) the disputed determination of the Exercise Price, the Closing Sale Price, the Bid Price
or fair market value (as the case may be) to an independent, reputable investment bank selected by the Holder or (b) the disputed
arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at
its expense the investment bank or the accountant (as the case may be) to perform the determinations or calculations (as the case
may be) and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives such
disputed determinations or calculations (as the case may be). Such investment bank’s or accountant’s determination
or calculation (as the case may be) shall be binding upon all parties absent demonstrable error.

 

13.
Remedies, Characterization, Other Obligations, Breaches and Injunctive
Relief. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this
Warrant and the other Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive
relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply
with the terms of this Warrant. The Company covenants to the Holder that there shall be no characterization concerning this instrument
other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, exercises and the
like (and the computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided
herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach
by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may
be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant
shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity
of showing economic loss and without any bond or other security being required. The Company shall provide all information and
documentation to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s compliance with
the terms and conditions of this Warrant (including, without limitation, compliance with Section 2 hereof). The issuance
of shares and certificates for shares as contemplated hereby upon the exercise of this Warrant shall be made without charge to
the Holder or such shares for any issuance tax or other costs in respect thereof, provided that the Company shall not be required
to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name
other than the Holder or its agent on its behalf.

 

    	9

    	 

    

  

14.
Transfer. This Warrant may be offered for sale, sold, transferred
or assigned without the consent of the Company, except as may otherwise be required by the Subscription Agreement.

 

15.
Certain Definitions. For purposes of this Warrant, the following
terms shall have the following meanings:

 

(a)
“Common Stock” means the common stock, $0.000001
par value per share, of the Company.

 

(b)
“Convertible Securities” means any stock or other
security (other than Options) that is at any time and under any circumstances, directly or indirectly, convertible into, exercisable
or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common Stock.

 

(c)
“Expiration Date” means the date that is the
three (3) year anniversary of the Issuance Date or, if such date falls on a day other than a Business Day or on which trading
does not take place on the Principal Market (a “Holiday”), the next date that is not a Holiday.

 

(d)
“Options” means any rights, warrants or options
to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

(e)
“Per Share Market Value” means on any particular
date (a) the last closing bid price per share of the Common Stock on such date on the OTC Bulletin Board or any registered national
stock exchange on which the Common Stock is then listed, or if there is no such price on such date, then the closing bid price
on such exchange or quotation system on the date nearest preceding such date, or (b) if the Common Stock is not listed then on
the OTC Bulletin Board or any registered national stock exchange, the last closing bid price for a share of Common Stock in the
over-the-counter market, as reported by the OTC Bulletin Board or by Pink OTC Markets Inc. or similar organization or agency succeeding
to its functions of reporting prices) at the close of business on such date, or (c) if the Common Stock is not then reported by
the OTC Bulletin Board or by Pink OTC Markets Inc. (or similar organization or agency succeeding to its functions of reporting
prices), then the average of the “Pink Sheet” quotes for the five (5) Trading Days preceding such date of determination,
or (d) if the Common Stock is not then publicly traded the fair market value of a share of Common Stock as determined by the Board.

 

(f)
“Person” means an individual, a limited liability
company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity or a government
or any department or agency thereof.

 

    	10

    	 

    

 

(g)
“Principal Market” means the OTC Bulletin Board.

 

(h)
“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,
then on the principal securities exchange or securities market on which the Common Stock is then traded, provided that “Trading
Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than
4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market
(or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during
the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Holder.

 

[Signature
Page Follows]

 

    	11

    	 

    

  

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the Issuance Date set out above.

 

	 	BARFRESH
    FOOD GROUP Inc.
	 	 
	 	By:	 
	 	Name:	Riccardo
    Delle Coste
	 	Title:	Chief
    Executive Officer

 

    	 

    	 

    

  

EXHIBIT
A

 

EXERCISE
NOTICE

 

BARFRESH
FOOD GROUP Inc.

 

The
undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”)
of Barfresh Food Group Inc., a Delaware corporation (the “Company”), evidenced by Series A Warrant to Purchase
Common Stock No. _______ (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have
the respective meanings set forth in the Warrant.

 

1.
Payment of Exercise Price. The Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the
Company in accordance with the terms of the Warrant.

 

2.
Delivery of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________
Warrant Shares in accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, to the following
address:

 

_______________________

 

_______________________

 

_______________________

 

_______________________

  

	Date:	 	 	 
	 	 	 	Registered
    Holder
	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

    	 

    	 

    

 

 

EXHIBIT
B

 

ACKNOWLEDGMENT

 

The
Company hereby acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated number of shares
of Common Stock in accordance with the Transfer Agent Instructions dated ______________, from the Company and acknowledged and
agreed to by _______________.

 

	Date:	 	 	BARFRESH FOOD GROUP Inc.
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:

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