Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT TO MANAGEMENT INCENTIVE BONUS PLAN 

THIS AMENDMENT TO MANAGEMENT INCENTIVE BONUS PLAN (this “Amendment”) is effective as of June 13, 2017, and amends the
Management Incentive Bonus Plan (the “Plan”) of Boston Omaha Corporation, a Delaware corporation (the “Company”). 

WHEREAS, pursuant to Section 3(a) of the Plan, the Compensation Committee of the Board of Directors of the Company (the
“Committee”) administers the Plan; and 
 WHEREAS, pursuant to Section 7 of the Plan, the Committee may amend the Plan
in any respect. 
 NOW, THEREFORE, the Committee hereby amends the Plan as follows: 

1. Amendments. Effective upon the date hereof, the Plan shall be amended as follows: 

(a) Section 2(a) of the Plan shall be deleted in its entirety and replaced with the following: 

“(a) “Adjusted Stockholders’ Equity” shall mean the stockholders equity of the Company at the end of any fiscal year
as determined by the Company’s independent auditors determined in accordance with generally accepted accounting principles as adjusted by excluding from such calculation any increase or decrease in stockholders’ equity resulting from
issuances by the Company of its securities or securities of any subsidiary, purchases or redemptions of equity securities or other derivative securities or other changes in stockholders’ equity as a result of investing or financing activities.
For the avoidance of doubt, Adjusted Stockholders’ Equity will be determined based only on income or losses from operations and not from investing activities or financing activities.” 

2. Limitation. Except as expressly stated herein, all of the terms, covenants and provisions of the Plan shall otherwise remain
unmodified and shall continue to be, and shall remain, in full force and effect in accordance with their respective terms. This Amendment is only effective at the specific time, in the specific instance and for the specific purpose for which it is
given and shall not be effective for any other purpose, and shall not be deemed to be a waiver of, amendment of, or consent to or modifications of any other term or provision of the Plan. 

[Signature page to follow] 

 IN WITNESS WHEREOF, the member of the Compensation Committee of the Board of Directors of Boston
Omaha Corporation has executed this Amendment as of the date first written above. 
  

			
	
		
	By:	 	/s/ Bradford B. Briner
	Name: Bradford B. Briner

  
  

 
 [Signature Page to Amendment to Management Incentive Bonus Plan]Blue Sphere Corporation S-1

 

 Exhibit 10.60

 

AMENDMENT #7

TO THE SECURITIES PURCHASE AGREEMENT

TO THE $2,106,000 PROMISSORY NOTE

AND TO THE COMMON STOCK PURCHASE WARRANTS

 

This Amendment
#7, dated June 6, 2017 (this “Amendment”), is by and between Blue Sphere Corporation, a Nevada corporation (the “Issuer”)
and JMJ Financial (the “Investor”) (referred to collectively herein as the “Parties”)

 

WHEREAS, the
Issuer and the Investor entered into a Securities Purchase Agreement Document SPA-10212016 (the “SPA”) dated
as of October 24, 2016, pursuant to which the Issuer issued to the Investor a $1,053,000 Promissory Note (the “Note”),
a Warrant, and Origination Shares (All capitalized terms not otherwise defined herein shall have the meanings given such terms
in the SPA);

 

WHEREAS, the
Issuer issued additional common stock purchase warrants to the Investor on December 20, 2016, February 14, 2017, March 14, 2017,
April 13, 2017, and May 11, 2017 (such warrants, plus the Warrant, all as previously amended, the “Warrants”);

 

WHEREAS, the
Issuer and the Investor previously entered into Amendment #1 to the SPA dated February 15, 2017 adding an Origination Share beneficial
ownership limit;

 

WHEREAS, the
Issuer and the Investor previously entered into a Letter Agreement dated March 1, 2017 extending certain deadlines in the Note
and in the Warrants issued under the SPA;

 

WHEREAS, the
Issuer and the Investor previously entered into Amendment #2 to the SPA and the Note dated March 14, 2017 increasing the dollar
amount of the Note;

 

WHEREAS, the
Issuer and the Investor previously entered into a second Letter Agreement dated April 4, 2017 further extending certain deadlines
in the Note and in the Warrants issued under the SPA;

 

WHEREAS, the
Issuer and the Investor previously entered into Amendment #3 to the SPA and the Note dated April 13, 2017 extending the Maturity
Date of the Note and the date for delivery of the Origination Shares;

 

WHEREAS, the
Issuer and the Investor previously entered into Amendment #4 to the SPA, the Note, and the Warrants dated April 28, 2017 further
extending the Maturity Date of the Note and the date for delivery of the Origination Shares and further extending certain deadlines
in the Note and in the Warrants issued under the SPA;

 

WHEREAS, the
Issuer and the Investor previously entered into Amendment #5 to the SPA and the Note dated May 10, 2017 further increasing the
dollar amount of the Note; and

 

WHEREAS, the
Issuer and the Investor previously entered into Amendment #6 to the SPA, the Note, and the Warrants dated May 18, 2017 further
extending the Maturity Date of the Note and the date for delivery of the Origination Shares and further extending certain deadlines
in the Note and in the Warrants issued under the SPA.

 

NOW, THEREFORE,
the Issuer and the Investor agree to amend the SPA, the Note, and the Warrants as follows:

 

1.           Extension
of Maturity Date. In the sentence in the Note (as previously amended) that states “The Maturity Date is the earlier of
June 2, 2017 or the third business day after the closing of the Public Offering,” the date of June 2, 2017 shall be replaced
with the date of June 25, 2017.

 

     

     

    

 

2.           Extension
of Origination Shares Dates. The references to the date of June 2, 2017 in Sections 1.3.1 and 1.3.2 of the SPA (as previously
amended) shall be replaced with the date of June 25, 2017.

 

3.           Extension
of Nasdaq Approval Date Section 6(xxiii) of the Note and Section 1.11(xxiii) of the Warrants shall hereinafter be deleted and
replaced with the following text: “(xxiii) the Issuer fails to obtain from Nasdaq or NYSE by June 25, 2017 conditional approval
of the listing of the Issuer’s common stock on The Nasdaq Capital Market or NYSE-MKT subject only to completion of the Public
Offering pursuant to the Registration Statement and to the Issuer’s common stock maintaining the minimum price requirements
prior to uplisting;”.

 

4.           Conditional
Waiver of Default. The Investor conditionally waives the defaults for the Issuer’s failure to meet the previously amended Maturity
Date of the Note, delivery date for the Origination Shares, and Nasdaq approval deadlines, but the Investor does not waive any
damages, fees, penalties, liquidated damages, or other amounts or remedies otherwise resulting from such defaults (which damages,
fees, penalties, liquidated damages, or other amounts or remedies the Investor may choose in the future to assess, apply or pursue
in its sole discretion) and the Investor’s conditional waiver is conditioned on the Issuer’s not being in default of and not breaching
any term of the Note or the SPA or any other Transaction Documents at any time subsequent to the date of this Amendment (if the
Issuer triggers an event of default or breaches any term of the Note, the SPA, or the Transaction Documents at any time subsequent
to the date of this Amendment, the Investor may issue a notice of default for the Issuer’s failure to meet the original Maturity
Date of the Note, delivery date of the Origination Shares, or Nasdaq approval deadlines.

 

ALL OTHER TERMS AND CONDITIONS OF THE SPA, THE NOTE, AND THE
WARRANTS, AS PREVIOUSLY AMENDED, REMAIN IN FULL FORCE AND EFFECT.

 

Please indicate acceptance and approval of this Amendment by
signing below:

 

	/s/ Shlomi Palas	 	/s/ JMJ Financial	 
	Shlomi Palas	 	JMJ Financial	 
	Blue Sphere Corporation	 	Its Principal	 
	Chief Executive Officer	 	 	 

 

[Amendment #7 Signature Page]Blue Sphere Corporation S-1

 

Exhibit 10.61 

 

BLUE SPHERE CORPORATION

WARRANT

	WARRANT NUMBER:	[___]
	ISSUANCE DATE:	[___], 2017

FOR VALUE RECEIVED, BLUE SPHERE
CORPORATION, a Nevada corporation (the “Company”), as of [___], 2017 (the “Issuance Date”),
hereby certifies that [___], or its registered assigns (the “Warrant Holder”), is entitled, subject to the terms
set forth below, to purchase from the Company [___] shares (the “Warrant Shares”) of the Company’s common
stock, $0.001 par value per share (“Common Stock”), exercisable at the per share Exercise Price (as defined
in Section 5). This Warrant may be exercised any time after issuance through and including the fifth (5th) anniversary of the Issuance
Date (the “Expiration Date”), subject to the following terms and conditions set out in this Warrant.

1.       

Registration of Warrant.
The Company shall register this Warrant upon records to be maintained by the Company for that purpose (the “Warrant Register”),
in the name of the record Warrant Holder hereof from time to time. The Company may deem and treat the registered Warrant Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Warrant Holder,
and for all other purposes, and the Company shall not be affected by notice to the contrary.

2.       

Registration of Transfers and
Exchange of Warrants.

(a)       

The Company
or the transfer agent shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender of this
Warrant to the Company at the office specified in or pursuant to Section 11. Upon any such registration or transfer, a new warrant
to purchase Common Stock, in substantially the form of this Warrant (any such new warrant, a “New Warrant”),
evidencing the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining
portion of this Warrant not so transferred, if any, shall be issued to the transferring Warrant Holder. The acceptance of the New
Warrant by the transferee thereof shall be deemed the acceptance of such transferee of all of the rights and obligations of a Warrant
Holder of a Warrant.

(b)       

This Warrant
is exchangeable, upon the surrender hereof by the Warrant Holder to the office of the Company specified in or pursuant to Section
11 for one or more New Warrants, evidencing in the aggregate the right to purchase the number of Warrant Shares which may then
be purchased hereunder. Any such New Warrant will be dated the date of such exchange.

3.       

Exercise of Warrants.

(a)       

This Warrant
may be exercised at any time and from time to time from and after the Issuance Date and through and including the Expiration Date,
for such number of Warrant Shares as is indicated in the form of “Election to Purchase”, which is attached hereto
and incorporated herein as Exhibit A. If less than all of the Warrant Shares which may be purchased under this Warrant are
exercised at any time, the Company shall issue or cause to be issued, at its expense, a New Warrant evidencing the right to purchase
the remaining number of Warrant Shares for which no exercise has been evidenced by this Warrant. At 5:00 P.M., New York time on
the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value. The Company,
in its sole discretion, may extend the duration of the Warrants by delaying the Expiration Date, provided, that the Company shall
provide at least five (5) days prior written notice of any such extension to Warrant Holders, and provided further, that any such
extension shall be identical in duration among all identical warrants issued in connection with this Warrant.

    	 	1	 

    	 

    

(b)       

Exercise of
this Warrant shall be made upon surrender of this Warrant with an Election to Purchase in the form attached hereto (or attached
to such New Warrant), duly completed and signed to the Company, at its address set forth in Section 11.

(c)       

A “Date
of Exercise” means the date on which the Company shall have received (i) this Warrant (or any New Warrant, as applicable),
with an Election to Purchase in the form attached hereto (or attached to such New Warrant), appropriately completed and duly signed,
and (ii) payment of the Exercise Price for the number of Warrant Shares so indicated by the Warrant Holder to be purchased, as
set forth herein.

(d)       

Payment upon
exercise may be made at the written option of the Warrant Holder either by cashless exercise, as set forth in Section 4, or in
cash, wire transfer or by certified or official bank check payable to the order of the Company equal to the applicable aggregate
purchase price, for the number of Warrant Shares specified in the Election to Purchase (as such exercise number shall be adjusted
to reflect any adjustment in the total number of Warrant Shares issuable to the Warrant Holder per the terms of this Warrant) and
the Warrant Holder shall thereupon be entitled to receive the number of duly authorized, validly issued, fully-paid and non-assessable
Warrant Shares determined as provided herein.

(e)       

The Company
shall promptly, but in no event later than ten (10) business days after the Date of Exercise as defined herein, issue or cause
to be issued and cause to be delivered to or upon the written order of the Warrant Holder and in such name or names as the Warrant
Holder may designate, a certificate for the Warrant Shares issuable upon such exercise, free of restrictive legends unless (i)
a registration statement covering the resale of the Warrant Shares and naming the Holder as a selling stockholder thereunder is
not then effective or the Warrant Shares are not freely transferable without volume restrictions pursuant to Rule 144(k) promulgated
under the Securities Act of 1933, as amended (the “Securities Act”), then the Warrant Shares will bear a Securities
Act restrictive legend, or (ii) this Warrant shall have been issued pursuant to a written agreement between the original Warrant
Holder and the Company, as required by such agreement. If no such restrictive legend is applicable, upon request of the Warrant
Holder, the Warrant Shares will be recorded by book entry with the Company’s transfer agent. Any person so designated by
the Warrant Holder to receive Warrant Shares shall be deemed to have become holder of record of such Warrant Shares as of the Date
of Exercise of this Warrant.

4.       

Cashless Exercise.

(a)       

If at any time
following the Issuance Date and prior to the Expiration Date there is not an effective registration statement on file with the
U.S. Securities anrd Exchange Commission covering the resale of the Warrant Shares by the Warrant Holder, then at such time this
Warrant may also be exercised by means of a cashless exercise. In such event, the Warrant Holder shall surrender this Warrant to
the Company, together with a notice of cashless exercise, and the Company shall issue to the Warrant Holder the number of Warrant
Shares determined as follows:

X = (Y * (A-B)) / A

where:

X=

The
number of Warrant Shares to be issued to the Warrant Holder.

    	 	2	 

    	 

    

Y=

the
number of Warrant Shares that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise.

A=

The
VWAP on the trading day immediately prior to the Date of Exercise.

B=

The
Exercise Price of the Warrant, as adjusted as set forth herein.

(b)       

For purposes
of Rule 144 of the Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction
shall be deemed to have been acquired by the Warrant Holder, and the holding period for the Warrant Shares shall be deemed to have
been commenced, on the issue date.

(c)       

For purposes
of this Agreement, “VWAP” means, for any date, the price determined by the first of the following clauses that
applies: (a) if the Common Stock is then listed or quoted on a national U.S. trading market, the daily volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on such trading market on which the Common Stock is then
listed or quoted as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York
City time)), (b) the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC
Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the
Common Stock are then reported in the OTCQB maintained by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of Common Stock so reported, or (d) in all other cases,
the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Company,
the fees and expenses of which shall be paid by the Company.

(d)       

If the Warrant
Shares are issued in such a cashless exercise, the Company acknowledges and agrees that, in accordance with Section 3(a)(9) of
the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised and the Company
agrees not to take any position contrary thereto.

5.       

Exercise Price.
Subject to the provisions hereof, this Warrant shall entitle the Warrant Holder to purchase from the Company the number of shares
of Common Stock stated herein, at the price of USD $3.30 per share, subject to adjustment as provided herein.

6.       

Fractional Shares.
The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise of this Warrant. The
number of full Warrant Shares that shall be issuable upon the exercise of this Warrant shall be computed on the basis of the aggregate
number of Warrants Shares purchasable on exercise of this Warrant so presented. If any fraction of a Warrant Share would be issuable
on the exercise of this Warrant, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction
in an amount equal to such fraction multiplied by the Exercise Price or round up to the nearest whole number the number of shares
of Common Stock to be issued to the Warrant Holder.

    	 	3	 

    	 

    

7.       

Adjustments.

(a)       

Adjustment
upon Subdivisions or Combinations. If the Company at any time after the Issuance Date subdivides (by any stock split, stock
dividend, recapitalization, reorganization, scheme of arrangement or otherwise) its outstanding Common Stock into a greater number
of shares of Common Stock, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and
the number of Warrant Shares will be proportionately increased. If the Company at any time after the Issuance Date combines (by
any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) its outstanding Common Stock
into a smaller number of shares of Common Stock, the Exercise Price in effect immediately prior to such combination will be proportionately
increased and the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 7 shall become
effective at 5:00 p.m., New York City time on the date the subdivision or combination or ratio change becomes effective.

(b)       

Reclassification,
Consolidation, Purchase, Combination, Sale or Conveyance. If, at any time while the Warrant is outstanding, (i) the Company,
directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another
person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition
of all or substantially all of its assets in one or a series of related transactions, (iii) any direct or indirect purchase offer,
tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of Common Stock
are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders
of 50% or more of the outstanding Common Stock (not including any shares of Common Stock held by the other person or other persons
making or party to, or associated or affiliated with the other persons making, such purchase offer, tender offer or exchange offer),
(iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of Common Stock or any compulsory share exchange pursuant to which the shares of Common Stock are effectively converted into or
exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another person whereby such other person acquires more than 50% of the
outstanding Common Stock (not including any Common Stock held by the other person or other persons making or party to, or associated
or affiliated with the other persons making or party to, such stock or share purchase agreement or other business combination)
(each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Warrant Holder shall
have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction (without regard to any limitations on exercise of the Warrant, including without limitation, the
Beneficial Ownership Limitation), the number of shares, if any, of the successor or acquiring corporation or of the Company, if
it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable
as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitations on exercise of the Warrant, including without
limitation, the Beneficial Ownership Limitation). For purposes of any such exercise, the determination of the Exercise Price shall
be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect
of one share of Common Stock in such Fundamental Transaction and the Company shall apportion the Exercise Price among the Alternate
Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the Warrant Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this
Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which
the Company is not the survivor (the “Successor Entity”), to assume in writing all of the obligations of the
Company under this Agreement in accordance with the provisions of this Section 7 pursuant to a written agreement in customary form
and shall, upon the written request of the Warrant Holder, deliver to the Warrant Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant that is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity), if any, plus any Alternate
Consideration, receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which
this Warrant was exercisable immediately prior to such Fundamental Transaction, and with an exercise price which applies the exercise
price hereunder to such shares of capital stock, if any, plus any Alternate Consideration (but taking into account the relative
value of the shares of Common Stock prior to such Fundamental Transaction and the value of such shares of capital stock plus Alternative
Consideration after that Fundamental Transaction, for the purpose of protecting the economic value this Warrant had immediately
prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction the Successor
Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right
and power of the Company and shall assume all of the obligations of the Company under this Agreement and this Warrant with the
same effect as if such Successor Entity had been named as the Company herein.

    	 	4	 

    	 

    

Any supplemented
or amended agreement entered into by the successor corporation or transferee shall provide for adjustments, which shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Section 7. The provisions of this Section 7 shall similarly
apply to successive reclassifications, changes, consolidations, mergers, sales and conveyances of the kind described above.

(c)       

Other Events.
In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section
7 are strictly applicable, but which would require an adjustment to the terms of this Warrant in order to (i) avoid an adverse
impact on this Warrant and (ii) effectuate the clear intent and purpose of this Section 7, then, in each such case, the Company’s
Board of Directors shall make such adjustments in the application of such provisions, as shall be reasonably necessary, in the
good faith opinion of the Company’s Board of Directors, to effectuate the intent and purpose of this Section 7.

8.       

Other Rights.

(a)       

Purchase
Rights. If, during the Exercise Period, the Company grants, issues or sells any options, convertible securities or rights to
purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Stock (the “Purchase
Rights”), then, in each such case, the Warrant Holder shall be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which the Warrant Holder could have acquired if the Warrant Holder had held the
number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
of the Warrant, including without limitation, the Beneficial Ownership Limitation) 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 (provided, however, to the extent
that the Warrant Holder’s right to participate in any such Purchase Right would result in the Warrant Holder and its affiliates
exceeding the Beneficial Ownership Limitation, then the Warrant Holder shall not be entitled to participate in such Purchase Right
to such extent (and shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Purchase Right
(and beneficial ownership) to such extent) and such Purchase Right to such extent shall be held in abeyance for the benefit of
the Warrant Holder until such time or times, if ever, as its right thereto would not result in the Warrant Holder and its affiliates
exceeding the Beneficial Ownership Limitation, at which time or times the Warrant Holder shall be granted such right (and any Purchase
Right granted, issued or sold on such initial Purchase Right or on any subsequent Purchase Right held similarly in abeyance) to
the same extent as if there had been no such limitation).

    	 	5	 

    	 

    

(b)       

Rights Upon
Distribution of Assets. In addition to any adjustments pursuant to Section 7 above, if, during the Exercise Period, the Company
shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of
Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other
securities, property, options, evidence of indebtedness or any other assets by way of a dividend, spin off, reclassification, corporate
rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), then, in each such case,
the Warrant Holder shall be entitled to participate in such Distribution to the same extent that the Warrant Holder would have
participated therein if the Warrant Holder had held the number of shares of Common Stock acquirable upon complete exercise of this
Warrant (without regard to any limitations or restrictions on exercise of the Warrant, including without limitation, the Beneficial
Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken,
the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution
(provided, however, that to the extent that the Warrant Holder’s right to participate in any such Distribution would result
in the Warrant Holder and its affiliates exceeding the Beneficial Ownership Limitation, then the Warrant Holder shall not be entitled
to participate in such Distribution to such extent (and shall not be entitled to beneficial ownership of such shares of Common
Stock as a result of such Distribution (and beneficial ownership) to such extent) and such Distribution to such extent shall be
held in abeyance for the benefit of the Warrant Holder until such time or times, if ever, as its right thereto would not result
in the Warrant Holder and its affiliates exceeding the Beneficial Ownership Limitation, at which time or times the Warrant Holder
shall be granted such Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent Distribution
held similarly in abeyance) to the same extent as if there had been no such limitation).

    	 	6	 

    	 

    

9.       

Beneficial Ownership
Limitation. The Warrant Holder shall not have the right to exercise this Warrant to the extent that after giving effect to
the issuance of Warrant Shares after such exercise as set forth on the applicable Election to Purchase, the Warrant Holder or a
person holding through such Warrant Holder (together with the Warrant Holder’s or person’s affiliates (as defined in
Rule 405 under the Securities Act), and any other persons acting as a group together with that Warrant Holder or person or any
of that Warrant Holder’s or person’s affiliates), would beneficially own in excess of 4.99% (the “Beneficial
Ownership Limitation”) of the Company’s Common Stock. For purposes of the foregoing sentence, the number of shares
of Common Stock beneficially owned by a person shall include the number of Warrant Shares that would be owned by that person issuable
upon exercise of the Warrant with respect to which such determination is being made, but shall exclude the number of Warrant Shares
(a) which would be issuable upon exercise of the remaining, non-exercised Warrants beneficially owned by that person or any of
its affiliates and (b) underlying any other securities of the Company held by such Warrant Holder or its affiliates that are exercisable
or convertible into Common Stock and subject to a limitation on conversion or exercise that is analogous to the limitation contained
in this Section 9. Except as set forth in the preceding sentence, for purposes of this Section 9, beneficial ownership shall be
calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
and the rules and regulations promulgated thereunder, it being acknowledged by the Warrant Holder that the Company is not representing
to the Warrant Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Warrant Holder or beneficial
owner is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained
in this Section 9 applies, the determination of whether a Warrant is exercisable and of the number of Warrants that are exercisable
shall be in the sole discretion of the Warrant Holder, and the submission of an Election to Purchase shall be deemed to be the
Warrant Holder’s determination of whether such Warrant is exercisable and of the number of Warrants that are exercisable,
and the Company shall not have any obligation to verify or confirm the accuracy of such determination and shall not have any liability
for any error made by the Warrant Holder or any other person. In addition, a determination as to any group status as contemplated
above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this Section 9, in determining the number of outstanding shares of Common Stock, a Warrant Holder or other person
may rely on the number of outstanding shares of Common Stock as reflected in (i) the Company’s most recent periodic or annual
report filed with the U.S. Securities and Exchange Commission, as the case may be, (ii) a more recent public announcement by the
Company or (iii) a more recent written notice by the Company or its transfer agent setting forth the number of shares of Common
Stock outstanding. For any reason at any time, upon the written or oral request of a person that represents that it is or is acting
on behalf of a Warrant Holder, the Company shall, within two (2) trading days, confirm orally or in writing or by e-mail to that
person the number of shares of Common Stock then outstanding. Upon delivery of a written notice to the Company, the Warrant Holder
may from time to time increase or decrease the Beneficial Ownership Limitation to any other percentage not in excess of 9.99% as
specified in such notice, provided that any increase in the Beneficial Ownership Limitation will not be effective until the sixty-first
(61st) day after such notice is delivered to the Company and any such increase or decrease will apply only to the Warrant Holder
and its affiliates and not to any other holder of warrants. The provisions of this Section 9 shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 9 to correct this subsection (or any portion hereof)
which may be defective or inconsistent with the intended beneficial ownership limitation herein contained.

10.       

Warrant Agent.
The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Warrant Holder, the Company
may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation
resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the
Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be
a successor warrant agent under this Warrant without any further action. Any such successor warrant agent shall promptly cause
notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Warrant Holder at the Warrant
Holder’s last address as shown on the Warrant Register.

11.       

Notice. All
notices, requests, demands, claims and other communications hereunder shall be in writing and shall be delivered by certified or
registered mail (first class postage pre-paid), guaranteed overnight delivery, or email transmission if such transmission is confirmed,
by certified or registered mail (first class postage pre-paid) or guaranteed overnight delivery, to the following addresses (or
to such other addresses which such party shall subsequently designate in writing to the other party):

(a)       

If to the Company:

Blue Sphere Corporation

301 McCullough Drive, 4th Floor

Charlotte, North Carolina 28262

Attention: Shlomi Palas

Email: shlomi@bluespherecorporate.com

    	 	7	 

    	 

    

with a copy
to:

Thompson Hine LLP

335 Madison Avenue, 12th Floor

New York, NY 10017

Attention: Peter J. Gennuso, Esq.

Email: peter.gennuso@thompsonhine.com

(b)       

If to the Warrant
Holder:

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Attention:	 
	 	 	 
	 	Email: 	 

12.       

Miscellaneous.

(a)       

This Warrant
shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This
Warrant may be amended only in writing and signed by the Company and the Warrant Holder.

(b)       

Nothing in
this Warrant shall be construed to give to any person or corporation other than the Company and the Warrant Holder any legal or
equitable right, remedy or cause of action under this Warrant; this Warrant shall be for the sole and exclusive benefit of the
Company and the Warrant Holder.

(c)       

This Warrant
and the obligations of the Company hereunder shall not be assignable by the Company.

(d)       

The headings
herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the
provisions hereof.

(e)       

In case any
one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonably substitute therefore,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

(f)       

The Warrant
Holder shall not, by virtue hereof, be entitled to any voting or other rights of a shareholder of the Company, either at law or
equity, and the rights of the Warrant Holder are limited to those expressed in this Warrant.

(g)       

This Warrant
may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all of which
taken together shall constitute one and the same Warrant. In the event that any signature is delivered by facsimile or electronic
transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature
is executed) the same with the same force and effect as if such facsimile signature were the original thereof.

    	 	8	 

    	 

    

(h)       

This Warrant
shall be governed by and construed in accordance with the laws of the State of Nevada without regard to principles of conflicts
of laws.

(i)       

Each party
agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this
Warrant (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members,
employees or agents) shall be commenced exclusively in the state and federal courts sitting in the New York, New York. Each party
hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, New York
for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein (including with respect to the enforcement of this Warrant), and hereby irrevocably waives, and agrees not to assert in
any action, suit or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper or is an inconvenient venue for such proceeding. 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 via overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant 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 other manner permitted by law. If either party shall commence an action or
proceeding to enforce any provisions of this Warrant, then the prevailing party in such action, suit or proceeding shall be reimbursed
by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation
and prosecution of such action or proceeding.

    	 	9	 

    	 

    

 

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

	 	THE COMPANY:
	 	 
	 	blue sphere corporation 
	 	 
	 	By:	 
	 	Name:	Shlomi Palas
	 	Title: 	Chief Executive Officer
	 	 	 
	 	 	 

 

[Signature Page to Warrant]

    	 

    	 

    

FORM OF ELECTION TO PURCHASE

(To be executed by the Warrant
Holder to exercise the right to

purchase shares of Common Stock under the foregoing Warrant)

Blue Sphere Corporation

Re: Election to Purchase Shares of
Common Stock Under the Warrant

Gentlemen:

In accordance with the Warrant enclosed
with this Election to Purchase, the undersigned hereby irrevocably elects to purchase _____________ shares of Common Stock of Blue
Sphere Corporation at an original Exercise Price of USD $________ per share, subject to adjustment under the terms and conditions
of the Warrant, and encloses herewith $____________ in cash, certified or official bank check(s), which sum represents the aggregate
price for the number of shares of Common Stock to which this Election to Purchase relates, together with any applicable taxes payable
by the undersigned pursuant to the Warrant. Any capitalized terms used but not defined in this Election to Purchase shall have
the meaning ascribed to them in the accompanying Warrant.

The undersigned requests that certificates
for the shares of Common Stock issuable upon this exercise be issued in the name of:

	 	Name:	 
	 	 	 
	 	Taxpayer ID:	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

If the number of shares of Common Stock
issuable upon this exercise shall not be all of the shares of Common Stock which the undersigned is entitled to purchase in accordance
with the enclosed Warrant, the undersigned requests that a New Warrant evidencing the right to purchase the shares of Common Stock
not issuable pursuant to the exercise evidenced hereby be issued in the name of and delivered to:

	 	Name:	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

The undersigned represents and warrants
that all offers and sales by the undersigned of the securities issuable upon exercise of the within Warrant shall be made pursuant
to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities Act”), or pursuant
to an exemption from registration under the Securities Act.

WARRANT HOLDER:

	Name:	 
	 	 
	By:	 
	 	 
	Title:	 
	 	 
	Dated:	____________________, ______

 

(Signature must conform in all respects
to name of Warrant Holder as specified on the face of the Warrant)

    	 

    	 

    

NOTICE OF CASHLESS EXERCISE

TO: Blue Sphere Corporation

[Address]

Attn:  Secretary

The undersigned hereby elects to purchase
______________ shares (the “Shares”) of the Common Stock of Blue Sphere Corporation, at an original Exercise
Price of USD $______ per share, pursuant to the cashless exercise provision of Section 6 of the attached Warrant.

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

	 	Name:	 
	 	 	 
	 	Taxpayer ID:	 
	 	 	 
	 	Address:	 

The undersigned represents that the undersigned
is an “accredited investor,” and that the Shares are being acquired for the account of the undersigned for investment
and not with a view to, or for resale in connection with, the distribution thereof, and that the undersigned has no present intention
of distributing or reselling such shares.

WARRANT HOLDER:

	Name:	 
	 	 
	By:	 
	 	 
	Title:	 
	 	 
	Dated:	____________________, ______

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