Document:

EX-10.1

 Exhibit 10.1 

RETENTION AGREEMENT 

THIS AGREEMENT (the “Agreement”) is dated this 11th, day of July, 2016 between AMERICAN SOFTWARE,
INC., a Georgia corporation (“Company”), and H. Allan Dow (“Executive”). 

WHEREAS, Company has determined that it is appropriate to reinforce and encourage the continued attention and
dedication of members of Company’s management, including Executive, to their assigned duties without distraction in potentially disruptive circumstances arising from the possibility of a Change in Control (as hereinafter defined) of Company;
and 
 WHEREAS, the severance benefits payable by Company to Executive as provided herein are in part intended to
ensure that Executive receives reasonable compensation given the specific circumstances of Executive’s employment history with Company’s wholly owned subsidiary, Logility, Inc.; 

As used in this Agreement the term “Company” shall include the Company’s wholly owned subsidiary, Logility,
Inc., when referring to the Executive’s employment with the “Company”. For the avoidance of doubt, any reference herein to the Executive’s employment with Company or similar references shall include the Executive’s
employment with Logility, Inc. 
 NOW, THEREFORE, in consideration of their respective obligations to one another set
forth in this Agreement, and other good and valuable consideration, the receipt, sufficiency and adequacy of which the parties hereby acknowledge, the parties to this Agreement, intending to be legally bound, hereby agree as follows: 

 

	 	1.	 Term. This Agreement shall terminate, except to the extent that any obligation of Company
hereunder remains unpaid as of such time, upon the earliest of (i) the Date of Termination (as hereinafter defined) of Executive’s employment with Company as a result of Executive’s death, Disability (as defined in Section 3(b))
or Retirement (as defined in Section 3(c)), by Company for Cause (as defined in Section 3(d)) or by Executive other than for Good Reason (as defined in Section 3(e)); and (ii) three (3) years from the date of a Change in
Control if Executive’s employment with Company or Logility, Inc., has not terminated as of such time. 

  

	 	2.	 Change in Control. For purposes of this Agreement, “Change in Control” shall mean and
be deemed to have occurred on the earliest to occur of a change in the ownership of Company, a change in the effective control of Company, a change in ownership of a substantial portion of Company’s assets and a disposition of a substantial
portion of Company’s assets, all as defined below: 

  

	 	a.	 A change in the ownership of Company occurs on the date that any one person, or more than one person acting as
a group, acquires ownership of stock of Company which, together with stock held by such person or group, represents more than fifty percent (50%) of the total fair market value or total voting power of the stock of Company. An increase in the
percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which Company acquires its stock in exchange for property will be treated as an acquisition of stock. 

  
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	 	b.	 A change in the effective control of Company occurs on the date that either: any one person, or more than one
person acting as a group becomes the beneficial owner of stock of Company possessing more than fifty percent (50%) of the total voting power of the stock of Company; or a majority of members of Company’s board of directors is replaced
during any 24-month period by directors whose appointment or election is not endorsed by at least two-thirds (2/3) of the members of Company’s board of directors who were directors prior to the date of the appointment or election of the
first of such new directors. 

  

	 	c.	 A change in the ownership of a substantial portion of Company’s assets occurs on the date that any one
person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from Company that have a total fair market value equal to
seventy-five percent (75%) or more of the total fair market value of all of the assets of Company immediately prior to such acquisition or acquisitions. The transfer of assets by Company is not treated as a change in the ownership of such
assets if the assets are transferred to an entity more than fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by Company. 

 

	 	d.	 A disposition of a substantial portion of Company’s assets occurs on the date that Company transfers
assets by sale, lease, exchange, distribution to shareholders, assignment to creditors, foreclosure or otherwise, in a transaction or transactions not in the ordinary course of Company’s business (or has made such transfers during the 12-month
period ending on the date of the most recent transfer of assets) that have a total fair market value equal to seventy-five percent (75%) or more of the total fair market value of all of the assets of Company as of the date immediately prior to
the first such transfer or transfers. The transfer of assets by Company is not treated as a disposition of a substantial portion of Company’s assets if the assets are transferred to an entity, more than fifty percent (50%) of the total
value or voting power of which is owned, directly or indirectly, by Company. 

  

	 	3.	 Termination Following Change in Control. 

 

	 	a.	 General. If Executive is still an employee of Company at the time of a Change in Control, Executive
shall be entitled to the compensation and benefits provided in Section 4 upon the subsequent termination of Executive’s employment with Company by Executive or by Company during the term of this Agreement, unless such termination is as a
result of (i) Executive’s death; (ii) Executive’s Disability; (iii) Executive’s Retirement; (iv) Executive’s termination by Company for Cause; or (v) Executive’s decision to terminate employment
other than for Good Reason. 

  

	 	b.	 Disability. The term “Disability” as used in this Agreement shall mean termination of
Executive’s employment by Company as a result of Executive’s incapacity due to physical or mental illness, provided that Executive shall have been absent from his duties with Company on a full-time basis for six consecutive months and such
absence shall have continued unabated for 30 days after Notice of Termination as described in Section 3(f) is thereafter given to Executive by Company.

  
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	 	c.	 Retirement. The term “Retirement” as used in this Agreement shall mean termination of
Executive’s employment by Company based on Executive’s having attained a mandatory retirement age as shall have been established pursuant to a written agreement between Company and Executive. 

 

	 	d.	 Cause. The term “Cause” for purposes of this Agreement shall mean Company’s termination
of Executive’s employment on the basis of criminal or civil fraud on the part of Executive involving a material amount of funds of Company or participation by Executive in any act of moral turpitude. Notwithstanding the foregoing, Executive
shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of
Company’s Board of Directors at a meeting of the Board called and held for such purpose (after reasonable notice to Executive and an opportunity for Executive, together with Executive’s counsel, to be heard before the Board) finding that
in the good faith opinion of the Board Executive was guilty of conduct set forth in the first sentence of this Section 3(d) and specifying the particulars thereof in detail. 

 

	 	e.	 Good Reason. For purposes of this Agreement, “Good Reason” shall mean any of the following
actions taken by Company without Executive’s express written consent: 

  

	 	i.	 The assignment to Executive by Company of duties inconsistent with, or a material adverse alteration of the
powers and functions associated with, Executive’s position, duties, responsibilities and status with Company prior to a Change in Control, or an adverse change in Executive’s titles or offices as in effect prior to a Change in Control, or
any removal of Executive from or any failure to re-elect Executive to any of such positions, except in connection with the termination of his employment for Disability, Retirement or Cause or as a result of Executive’s death or by Executive
other than for Good Reason; 

  

	 	ii.	 A reduction in Executive’s base salary as in effect on the date hereof or as the same may be increased
from time to time during the term of this Agreement; 

  

	 	iii.	 Any failure by Company to continue in effect any benefit plan, program or arrangement (including, without
limitation, any profit sharing plan, group annuity contract, group life insurance supplement, or medical, dental, accident and disability plans) in which Executive was eligible to participate at the time of a Change in Control (hereinafter referred
to as “Benefit Plans”), or the taking of any action by Company which would adversely affect Executive’s participation in or materially reduce Executive’s benefits under any such Benefit Plan, unless a comparable substitute
Benefit Plan shall be made available to Executive, or deprive Executive of any fringe benefit enjoyed by Executive at the time of a Change in Control;

  

	 	iv.	 Any failure by Company to continue in effect any incentive plan or arrangement (including, without limitation,
any bonus or contingent bonus arrangements and credits and the right to receive performance awards and similar incentive compensation benefits) in which Executive is participating at the time of a Change in Control (or any other plans or
arrangements providing him with substantially similar benefits) (hereinafter referred to as “Incentive Plans”) or the 

  
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taking of any action by Company which would adversely affect Executive’s participation in any such Incentive Plan or reduce Executive’s benefits under any such Incentive Plan, expressed
as a percentage of his base salary, by more than five percentage points in any fiscal year as compared to the immediately preceding fiscal year, or any action to reduce Executive’s bonuses under any Incentive Plan by more than five percent
(5%) in any fiscal year as compared to the immediately preceding fiscal year; 

  

	 	v.	 Any failure by Company to continue in effect any plan or arrangement to receive securities of Company
(including, without limitation, Company’s 2011 Equity Compensation Plan and any other plan or arrangement to receive and exercise stock options, stock appreciation rights, restricted stock or grants thereof) in which Executive is participating
or has the right to participate in prior to a Change in Control (or plans or arrangements providing him with substantially similar benefits) (hereinafter referred to as “Securities Plans”) or the taking of any action by Company which would
adversely affect Executive’s participation in or materially reduce Executive’s benefits under any such Securities Plan, unless a comparable substitute Securities Plan shall be made available to Executive; 

 

	 	vi.	 A relocation of Company’s principal executive offices to a location more than fifteen (15) miles
from its location immediately prior to a Change in Control, or Executive’s relocation to any place other than Company’s principal executive offices, except for required travel by Executive on Company’s business to an extent
substantially consistent with Executive’s business travel obligations immediately prior to a Change in Control; 

  

	 	vii.	 Required work and or travel schedule that is not substantially consistent with Executive’s work and/or
business travel schedule immediately prior to a Change in Control: 

  

	 	viii.	 Any failure by Company to provide Executive with the number of Paid Time Off (“PTO”) days (or
compensation therefor at termination of employment) accrued to Executive through the Date of Termination; 

  

	 	ix.	 Any material breach by Company of any provision of this Agreement;

 

	 	x.	 Any failure by Company to obtain the assumption of this Agreement by any successor or assign of Company
effected in accordance with the provisions of Section 7(a) hereof; 

  

	 	xi.	 Any purported termination of Executive’s employment that is not effected pursuant to a Notice of
Termination satisfying the requirements of Section 3(f), and for purposes of this Agreement, no such purported termination shall be effective; or 

  

	 	xii.	 Any proposal or request by Company after the Effective Date to require that Executive enter into a
non-competition agreement with Company where the terms of such agreement as to its scope or duration are greater than the terms set forth in Section 5 hereof. 

  
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	 	f.	 Notice of Termination. Any termination of Executive’s employment by Company for a reason specified
in Section 3(b), 3(c) or 3(d) shall be communicated to Executive by a Notice of Termination prior to the effective date of the termination. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which
shall indicate whether such termination is for the reason set forth in Section 3(b), 3(c) or 3(d) and which sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment
under the provision so indicated. For purposes of this Agreement, no termination of Executive’s employment by Company shall constitute a termination for Disability, Retirement or Cause unless such termination is preceded by a Notice of
Termination. 

  

	 	g.	 Date of Termination. “Date of Termination” shall mean (a) if Executive’s employment
is terminated by Company for Disability, 30 days after a Notice of Termination is given to Executive (provided that Executive shall not have returned to the performance of Executive’s duties on a full-time basis during such 30-day period) or
(b) if Executive’s employment is terminated by Company or Executive for any other reason, the date on which Executive’s termination is effective; provided that, if within 30 days after any Notice of Termination is given to Executive
by Company Executive notifies Company that a dispute exists concerning the termination, the Date of Termination shall be the date the dispute is finally determined whether by mutual agreement by the parties or upon final judgment, order or decree of
a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected). For purposes of this Agreement, Executive’s employment by Company shall be deemed terminated upon the date Executive incurs a
“separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986, as amended (“Code”), and the regulations issued thereunder. 

 

	 	4.	 Compensation and Benefits upon Termination of Employment. 

 

	 	a.	 If Company shall terminate Executive’s employment after a Change in Control other than pursuant to
Section 3(b), 3(c) or 3(d) and Section 3(f), or if Executive shall terminate his employment for Good Reason, then Company shall pay to Executive, as severance compensation and in consideration of Executive’s adherence to the terms of
Section 5 hereof, the following: 

  

	 	i.	 On the Date of Termination, Company shall become liable to Executive for an amount equal to two (2) times
Executive’s: a) annual base compensation as of the date of the Change in Control, and b) the bonus paid to Executive for the most recent complete fiscal year, which amount shall be paid to Executive in cash on or before the fifth business day
following the Date of Termination. 

  

	 	ii.	 For a period of twenty-four (24) months following the Date of Termination, the following benefits are
provided to Executive: (a) if Executive elects and remains eligible for COBRA coverage for Executive and anyone entitled to claim under or through Executive, Executive shall be entitled to purchase the COBRA coverage under the group medical
plan, dental plan or vision plan at a subsidized COBRA rate equal to the “active” employee contribution rate for Executive and dependents (where applicable); and (b)

  
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Executive’s participation in the life or other similar insurance or death benefit plan, or other present or future similar group employee benefit plan or program of Company (excluding
short-term or long-term disability insurance) for which key executives are eligible at the date of a Change in Control, to the same extent as if Executive had continued to be an employee of Company during such period and such benefits shall, to the
extent not fully paid under any such plan or program, be paid by Company. 

  

	 	iii.	 Notwithstanding any other provision of this Agreement, it is intended that any payment or benefit provided
pursuant to or in connection with this Agreement that is considered to be nonqualified deferred compensation subject to Section 409A of the Code shall be provided and paid in a manner, and at such time and in such form, as complies with the
applicable requirements of Section 409A of the Code. If and to the extent required by Section 409A of the Code, no payment or benefit shall be made or provided to a “specified employee” (as defined below) prior to the six
(6) month anniversary of Executive’s separation from service (within the meaning of Section 409A(a)(2)(A)(i) of the Code). The amounts provided for in this Agreement that constitute nonqualified deferred compensation shall be paid as
soon as the six (6) month deferral period ends. In the event that benefits are required to be deferred, any such benefit may be provided during such six (6) month deferral period at Executive’s expense, with Executive having a right
to reimbursement from Company for the amount of any premiums or expenses paid by Executive once the six month deferral period ends. For this purpose, a specified employee shall mean an individual who is a key employee (as defined in
Section 416(i) of the Code without regard to Section 416(i)(5) of the Code) of Company at any time during the 12-month period ending on each December 31 (the “identification date”). If Executive is a key employee as of an
identification date, Executive shall be treated as a specified employee for the 12-month period beginning on the April 1 following the identification date. Notwithstanding the foregoing, Executive shall not be treated as a specified employee
unless any stock of Company or a Company or business affiliated with it pursuant to Sections 414(b) or (c) of the Code is publicly traded on an established securities market or otherwise. 

 

	 	b.	 The payments provided in Section 4(a) above shall be in lieu of any other severance compensation
otherwise payable to Executive under any other agreement between Executive and Company or Company’s established severance compensation policies; provided, however, that nothing in this Agreement shall affect or impair Executive’s vested
rights under any other employee benefit plan or policy of Company. For the avoidance of doubt, if more than one Change in Control occurs during the term hereof, the term of this Agreement shall be measured from the latest such Change in Control to
occur and the amount of compensation payable under Section 4(a)(1) shall be based upon the highest annual base salary, and bonus paid for the most recent fiscal year payable to Executive on the date of any such Change in Control, but Executive
shall not be entitled to receive severance compensation under Section 4(a) more than once.

  
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	 	5.	 Protective Covenants. 

 

	 	a.	 Definitions. 

This Subsection sets forth the definition of certain capitalized terms used in Subsections (a) through (f) of this
Section 5. 
  

	 	i.	 “Competing Business” shall mean a business (other than Company) that, directly or through a
controlled subsidiary or through an affiliate, develops, markets and supports a portfolio of supply chain planning and execution software and services that directly competes with the software and services offered by Company or its subsidiary
(collectively, “Competing Services”). 

  

	 	ii.	 “Competitive Position” shall mean: (A) Executive’s direct or indirect equity
ownership (excluding ownership of less than one percent (1%) of the outstanding common stock of any publicly held Company) or control of any portion of any Competing Business; or (B) any employment, consulting, partnership, advisory,
directorship, agency, promotional or independent contractor arrangement between Executive and any Competing Business where Executive performs services for the Competing Business substantially similar to those Executive performed for
Company.

  

	 	iii.	 “Covenant Period” shall mean the period of time from the date of this Agreement to the date
that is twenty-four (24) months after the Date of Termination. 

  

	 	iv.	 “Customers” shall mean actual customers, clients or referral sources to or on behalf of which
Company provides Competing Services (A) during the two years prior to the date of this Agreement and (B) during the Covenant Period. 

  

	 	v.	 “Restricted Territory” shall mean the 48 continuous states of the continental United States.

  

	 	b.	 Limitation on Competition. In consideration of Company’s entering into this Agreement, Executive
agrees that during the Covenant Period, Executive will not, without the prior written consent of Company, anywhere within the Restricted Territory, either directly or indirectly, alone or in conjunction with any other party, accept, enter into or
take any action in conjunction with or in furtherance of a Competitive Position (other than action to reject an unsolicited offer of a Competitive Position). 

  

	 	c.	 Limitation on Soliciting Customers. In consideration of Company’s entering into this Agreement,
Executive agrees that during the Covenant Period, Executive will not, without the prior written consent of Company, alone or in conjunction with any other party, solicit, divert or appropriate or attempt to solicit, divert or appropriate on behalf
of a Competing Business with which Executive has a Competitive Position any Customer located in the Restricted Territory (or any other Customer with which Executive had any direct contact on behalf of Company) for the purpose of providing the
Customer or having the Customer provided with a Competing Service. 

  

	 	d.	 Limitation on Soliciting Personnel or Other Parties. In consideration of Company’s entering into
this Agreement, Executive hereby agrees that he will not, without the prior written consent of Company, alone or in conjunction with any other party, solicit or attempt to solicit any employee, consultant, contractor, independent broker or other
personnel of Company or any subsidiary of Company to terminate, alter or lessen that party’s affiliation with Company or to violate the terms of any agreement or understanding between such employee, consultant, contractor or other person and
Company or any subsidiary of Company. 

  
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	 	e.	 Acknowledgement. The parties acknowledge and agree that the Protective Covenants are reasonable as to
time, scope and territory given Company’s need to protect its trade secrets and confidential business information and given the substantial payments and benefits to which Executive may be entitled pursuant to this Agreement.

  

	 	f.	 Remedies. The parties acknowledge that any breach or threatened breach of a Protective Covenant
by Executive is reasonably likely to result in irreparable injury to Company, and therefore, in addition to all remedies provided at law or in equity, Executive agrees that Company shall be entitled to a temporary restraining order and a permanent
injunction to prevent a breach or contemplated breach of the Protective Covenant. If Company seeks an injunction, Executive waives any requirement that Company post a bond or any other security.

 

	 	6.	 No Obligation to Mitigate Damages; No Effect on Other Contractual Rights. 

 

	 	a.	 All compensation and benefits provided to Executive under this Agreement are in consideration of
Executive’s services rendered to Company and of Executive’s adhering to the terms set forth in Section 5 hereof and Executive shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by
seeking other employment or otherwise, nor shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by Executive as the result of employment by another employer after the Date of Termination, or
otherwise. 

  

	 	b.	 The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts
otherwise payable, or in any way diminish Executive’s existing rights, or rights which would accrue solely as a result of the passage of time, under any Benefit Plan, Incentive Plan or Securities Plan, employment agreement or other contract,
plan or arrangement. 

  

	 	7.	 Successor to Company. 

 

	 	a.	 Company will require any successor or assign (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business and/or assets of Company (“Successor or Assign”), by agreement in form and substance satisfactory to Executive, expressly, absolutely and unconditionally to assume and agree to
perform this Agreement in the same manner and to the same extent that Company would be required to perform it if no such succession or assignment had taken place. Any failure of Company to obtain such agreement prior to the effectiveness of any such
succession or assignment shall be a material breach of this Agreement and shall entitle Executive to terminate Executive’s employment for Good Reason. As used in this Agreement (except for purposes of defining “Change in Control” in
Section 2, “Company” shall mean Company as hereinbefore defined and any Successor or Assign to Company. If at any time during the term of this Agreement Executive is employed by any entity a majority of the voting securities of which
is then owned by Company, then “Company” as used in Sections 3, 4, 12, 13, 16 and 17 hereof shall in addition include such employer. In such event, Company agrees that it shall pay or shall cause such employer to pay any amounts owed to
Executive pursuant to Section 4 hereof. 

  
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	 	b.	 This Agreement shall inure to the benefit of and be enforceable by Executive’s personal and legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Executive should die while any amounts are still payable to him hereunder, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to Executive’s devisee, legatee, or the designee or, if there be no such designee, to Executive’s estate. 

 

	 	8.	 Notice. For purposes of this Agreement, notices and all other communications provided for in
this Agreement shall be in writing and shall be deemed to have been duly given when delivered by overnight courier service (e.g., Federal Express) or mailed by United States certified mail, return receipt required, postage prepaid, as follows:

 If to Company: 

American Software, Inc. 

470 East Paces Ferry Road, N.E. 

Atlanta, Georgia 30305 

Attention: General Counsel 

If to Executive: 

or such other address as either party may have furnished to the other in writing in accordance herewith, except that notices
of change of address shall be effective only upon receipt. 
  

	 	9.	 Miscellaneous. No provisions of this Agreement may be modified, waived or discharged unless such
waiver, modification or discharge is agreed to in writing signed by Executive and Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to
be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party which are not set forth expressly in this Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State of Georgia. 

 

	 	10.	 Validity. The invalidity or unenforceability of any provisions of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

  

	 	11.	 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together shall constitute one and the same instrument. 

  
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	 	12.	 Legal Fees and Expenses. Company shall pay all legal fees, expenses and damages which Executive
may incur as a result of Executive’s instituting legal action to enforce his rights hereunder, or in the event Company contests the validity, enforceability or Executive’s interpretation of, or determinations under, this Agreement. If
Executive is the prevailing party or recovers any damages in such legal action, Executive shall be entitled to receive in addition thereto pre-judgment and post-judgment interest on the amount of such damages. 

 

	 	13.	 Section 409A Indemnification. Notwithstanding any other provision of this Agreement, it is
intended that any payment or benefit which is provided pursuant to or in connection with this Agreement which is considered to be nonqualified deferred compensation subject to Section 409A of the Code shall be provided and paid in a manner, and
at such time and in such form, as complies with the applicable requirements of Section 409A of the Code. Company and Executive shall cooperate to modify this Agreement as necessary to comply with the requirements of Section 409A of the
Code. In the event Company does not so cooperate, it shall indemnify and hold harmless Executive on an after-tax basis from any tax or interest penalty imposed under Section 409A of the Code with respect to any payment or benefit provided
pursuant to this Agreement or any other plan or arrangement sponsored or maintained by Company to the extent such tax or interest penalty is imposed as a result of any failure of Company to comply with Section 409A of the Code with respect to
such payment or benefit. 

  

	 	14.	 Severability; Modification. All provisions of this Agreement are severable from one another, and
the unenforceability or invalidity of any provision of this Agreement shall not affect the validity or enforceability of the remaining provisions of this Agreement, but such remaining provisions shall be interpreted and construed in such a manner as
to carry out fully the intention of the parties. Should any judicial body interpreting this Agreement deem any provision of this Agreement to be unreasonably broad in time, territory, scope or otherwise, it is the intent and desire of the parties
that such judicial body, to the greatest extent possible, reduce the breadth of such provision to the maximum legally allowable parameters rather than deeming such provision totally unenforceable or invalid. 

 

	 	15.	 Agreement Not an Employment Contract. This Agreement shall not be deemed to constitute or be
deemed ancillary to an employment contract between Company and Executive, and nothing herein shall be deemed to give Executive the right to continue in the employ of Company or to eliminate the right of Company to discharge Executive at any time.

 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the
date first above written. 
  

			
	AMERICAN SOFTWARE, INC.
		
	By:	 	/s/ J. Michael Edenfield
		 	 Name: J. Michael Edenfield

Title:   Chief Executive Officer

	
	EXECUTIVE
	
	/s/ H. Allan Dow
	H. Allan Dow

  

  
 11Exhibit 4.7

 

WARRANT AGREEMENT

 

MYnd Analytics, Inc.

 

and

 

American Stock Transfer & Trust Company,
LLC,

 

as Warrant Agent

 

     

     

    

 

WARRANT AGREEMENT

 

THIS WARRANT AGREEMENT (this “Agreement”
or "Warrant Agreement"), dated as of [___], 2017, is by and between MYnd Analytics, Inc., a Delaware corporation
(the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability trust
company, as Warrant Agent (the “Warrant Agent”).

 

WHEREAS, the Company is engaged in a public
offering (the “Offering”) of shares of common stock of the Company, par value $0.001 per share (“Common
Stock”), and warrants to purchase shares of Common Stock (“Warrants”) and, in connection
therewith, has determined to issue and deliver up to [____] Warrants (including up to [___] Warrants subject to an over-allotment
option granted to the underwriters by the Company) to public investors in the Offering, each such Warrant evidencing the right
of the holder thereof to purchase one share of Common Stock at an exercise price of $ per share, subject to adjustment as described
herein; and

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “Commission”) a registration statement, as amended, on Form S-1,
No. 333-217092 (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Common
Stock and Warrants to be sold to investors in the Offering and the shares of Common Stock underlying the Warrants (the "Warrant
Shares"); and

 

WHEREAS, the Company desires the Warrant
Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance of a certificate
(the "Warrant Certificate") in substantially the form attached hereto as Exhibit A representing
such number of Warrants set forth therein, and the other matters as provided herein; and

 

WHEREAS, the Company desires to provide
for the form and provisions of the Warrants, the terms and conditions upon which they shall be issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants (each, a “Holder”);
and

 

WHEREAS, all acts and things have been done
and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf
of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

NOW, THEREFORE, in consideration of the
mutual agreements herein contained, the parties hereto agree as follows:

 

		1.	Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the
Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and
conditions set forth in this Agreement.

 

    	 	2	 

     

    

 

		2.	Form of Warrant.

 

		2.1	Warrants in Global Form. The Warrants shall initially be issuable in book-entry registration only and evidenced by one
or more global Warrant Certificates (the “Global Warrant Certificates”) deposited with the Depository
Trust Company (the “Depository”) and registered in the name of Cede & Co. (“Cede”),
a nominee of the Depository. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership
shall be effected through, records maintained by (i) the Depository or its nominee for each Global Warrant Certificate or (ii)
institutions that have accounts with the Depository (such institutions, with respect to a Warrant in its account, each a “Participant”).
For purposes of this Agreement, the delivery of a notice from the Depository or a Participant of the transfer or exercise of Warrants
in the form of a Global Warrant Certificate shall be deemed to constitute the delivery of a Warrant Certificate with respect to
such transfer or exercise. If the Depository subsequently ceases to make its book-entry settlement system available for the Warrants,
the Company may instruct the Warrant Agent regarding other arrangements for book-entry settlement. If the Company determines, in
its sole discretion, not to have securities represented by the Global Warrant Certificates, the Company will instruct the Warrant
Agent to prepare and deliver physical certificates evidencing the Warrants in exchange for the beneficial interests in the Global
Warrant Certificates, based on directions received by the Depository from its Participants with respect to ownership of beneficial
interests in the Global Warrant Certificates. In such event, any physical certificates evidencing the Warrants shall represent
one or more Warrants as set forth on the Warrant Certificate and be issued in registered form only as definitive Warrant Certificates
and shall be substantially in the form attached hereto as Exhibit A, shall be dated the date of issuance thereof (whether upon
initial issuance, register of transfer, exchange or replacement) and shall bear such legends and endorsements typed, stamped, printed,
lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement.

 

		2.2	Effect of Signature. Warrant Certificates shall be signed by, or bear the facsimile or electronic signature of, the
Chair of the Board, Chief Executive Officer, President, Chief Financial Officer, Treasurer, any Vice President, or Secretary of
the Company. In the event the person whose facsimile or electronic signature has been placed upon any Warrant Certificate shall
have ceased to serve in the capacity in which such person signed the Warrant Certificate before such Warrant Certificate is issued,
it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 

		2.3	Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant
Certificate shall be invalid and of no effect and may not be exercised by the holder thereof. Such signature by the Warrant Agent
upon any Warrant Certificate executed by the Company shall be conclusive evidence that such Warrant Certificate has been duly issued
under the terms of this Agreement.

 

    	 	3	 

     

    

 

		2.4	Registration.

 

		2.4.1	Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for
the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants,
the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and
otherwise in accordance with instructions delivered to the Warrant Agent by or on behalf of the Company. The Company and the Warrant
Agent may deem and treat the registered Holder of each Warrant Certificate as the absolute owner of the Warrants represented thereby
for the purpose of any exercise thereof or any distribution to the Holder, and for all other purposes under this Agreement, absent
actual notice to the contrary. Any Person in whose name ownership of a beneficial interest in the Warrants evidenced by a Global
Warrant Certificate is recorded in the records maintained by the Depository or its nominee shall be deemed the “beneficial
owner” thereof for the purposes of this Agreement; provided, that all such beneficial interests shall be held through a Participant,
which shall be the registered holder of such Warrants.

 

		2.4.2	Registration of Transfers. The Warrant Agent shall register the transfer of any portion of a Warrant Certificate in
the Warrant Register, upon surrender of the Warrant Certificate, with the Form of Assignment attached thereto, to the Warrant Agent
at its address specified for notice set forth in this Agreement. Upon any such registration or transfer, a new Warrant Certificate
substantially in the form attached hereto as Exhibit A (any such new Warrant Certificate, a “New Warrant Certificate”),
evidencing the portion of the Warrant Certificate so transferred shall be issued to the transferee and a New Warrant Certificate
evidencing the remaining portion of the Warrant Certificate not so transferred, if any, shall be issued to the transferring Holder.
Upon issuance and delivery of the New Warrant Certificate, the Warrant Certificate surrendered to the Warrant Agent shall be clearly
marked “cancelled” or bear a similar statement to that effect. The delivery of the New Warrant Certificate by the Warrant
Agent to the transferee thereof shall be deemed to constitute acceptance by such transferee of all of the rights and obligations
of a holder of a Warrant Certificate. Notwithstanding the foregoing, so long as the Warrants are evidenced by Global Warrant Certificates
deposited with the Depository, ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership
shall be effected through, records maintained (i) by the Depository or its nominee for each Warrant; (ii) by Participants; or (iii)
directly on the book-entry records of the Warrant Agent with respect only to owners of beneficial interests that represent such
direct registration.

 

		2.5	Uncertificated Warrants. Notwithstanding the foregoing and anything else in this Agreement to the contrary, unless otherwise
requested by the holder, the Warrants may be issued in uncertificated or book-entry form through the Warrant Agent and/or the facilities
of the Depository or other book-entry depositary system. Any Warrant so issued shall have the same terms, force and effect as a
certificated Warrant that has been duly countersigned by the Warrant Agent in accordance with the terms of this Agreement.

 

    	 	4	 

     

    

 

		3.	Terms and Exercise of Warrants.

 

		3.1	Exercise Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof,
subject to the provisions of such Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of Common
Stock stated therein, at the price of $[___] per whole share, subject to the adjustments provided herein. The term “Exercise
Price” as used in this Agreement shall mean the price per share at which shares of Common Stock may be purchased
at the time a Warrant is exercised.

 

		3.2	Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”)
commencing on the date of issuance thereof and ending on the earlier of: (a) [___], 2022; or (b) upon the dissolution and winding
up of the Company (the “Expiration Date”); provided, however, that the exercise of any Warrant
shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below with respect to an effective
registration statement. Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder
and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date.

 

		3.3	Exercise of Warrants.

 

		3.3.1	Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent,
may be exercised by the Registered Holder thereof by submitting a duly executed election to purchase ("Election to Purchase")
attached to the applicable Warrant, at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York
or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York or, in the case of
a Global Warrant Certificate, properly delivered by the Participant in accordance with the Depository’s procedures), which
may be done by fax or email delivery, and by paying, within two days of the date of exercise, in full the Exercise Price for each
full share of Common Stock as to which the Warrant is exercised, in lawful money of the United States, by wire transfer or in good
certified check or good bank draft payable to the order of the Company or by Cashless Exercise in accordance with Section 3.3.2
hereof. Upon delivery of an Election to Purchase, the Holder shall be deemed for all corporate purposes to have become the holder
of record of the Warrant Shares with respect to which a Warrant has been exercised, irrespective of the date such Warrant Shares
are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares (as the
case may be).

 

    	 	5	 

     

    

 

		3.3.2	Cashless Exercise. Notwithstanding anything contained herein to the contrary, if and only if an effective registration
statement covering the issuance of the shares of Common Stock that are subject to the Election to Purchase is not available for
the issuance of such shares of Common Stock, the Registered Holder may exercise this Warrant in whole or in part and, in lieu of
making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate Exercise
Price, elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according
to the following formula (a “Cashless Exercise”):

 

	Net Number =	(A x B) - (A x C)
	B

 

For purposes of the foregoing formula:

 

	 	A	=	the total number of shares with respect to which this Warrant is then being exercised.
	 	 	 	 
	 	B	=	the arithmetic average of the Closing Sale Prices (as defined below) of the Common Stock for the five (5) consecutive Trading Days ending on the date immediately preceding the date of the Election to Purchase.
	 	 	 	 
	 	C	=	the Exercise Price then in effect for the applicable shares of Common Stock at the time of such exercise.

  

Upon receipt of an Election to Purchase
for a Cashless Exercise, the Warrant Agent will promptly deliver a copy of the Election to Purchase to the Company to confirm the
number of Warrant Shares issuable in connection with the Cashless Exercise. The Company will promptly calculate and transmit the
number of Warrant Shares issuable in connection with such Cashless Exercise to the Warrant Agent, which shall issue such number
of Warrant Shares in connection with such Cashless exercise.

 

The term “Closing Sale Price”
means, for any security as of any date, the last closing bid price and last closing trade price, respectively, for such security
on the Nasdaq Capital Market, as reported by Bloomberg, or, if the Nasdaq Capital Market begins to operate on an extended hours
basis and does not designate the closing bid price or the closing trade price, as the case may be, then the last bid price or the
last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Nasdaq
Capital Market is not the principal securities exchange or trading market for such security, the last closing bid price or last
trade price, respectively, of such security on the principal securities exchange or trading market where such security is listed
or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade price, respectively,
of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or,
if no closing bid price or last trade price, respectively, is reported for such security by Bloomberg, the average of the bid prices,
or the ask prices, respectively, of any market makers for such security as reported in the OTC Link or “pink sheets”
by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Closing Sale Price cannot be calculated for a security on a
particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value
as mutually determined by the Company and the Registered Holder. If the Company and the Registered Holder are unable to agree upon
the fair market value of such security, then such dispute shall be resolved pursuant to Section 8.3 hereof. All such determinations
to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable
calculation period.

 

    	 	6	 

     

    

 

For purposes of Rule 144(d) promulgated
under the Securities Act, as in effect on the date hereof, assuming the Registered Holder is not an affiliate of the Company, the
shares of Common Stock issued in a Cashless Exercise shall be deemed to have been acquired by the Registered Holder, and the holding
period for the shares of Common Stock shall be deemed to have commenced, on the date the Warrant was originally issued.

 

		3.3.3	Issuance of Common Stock on Exercise. Subject to the provisions of the Warrant and this Agreement, upon delivery of
an appropriately completed and duly signed Election to Purchase submitted in accordance with Section 3.3.1 hereof (with the Warrant
Shares Exercise Log attached and reference to the applicable Warrant Certificate sufficient to identify it) to the Warrant Agent
(or, in the case of a Global Warrant Certificate, properly delivered by the Participant in accordance with the Depository’s
procedures), at its address for notice set forth herein, and assuming funds for exercise are paid on or before the second trading
day following the date of receipt by the Company of an Election to Purchase, then on or before the third trading day following
the date upon which the Company has received an Election to Purchase for a Warrant, the Company shall cause its transfer agent
to (i) provided that the transfer agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities
Transfer Program or the Warrants are exercised through a Cashless Exercise, 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 delivered Election
to Purchase, the Holder’s agent or designee, in each case pursuant to this clause (ii), sent by reputable overnight courier
to the address specified in the applicable Election to Purchase, a certificate, registered in the Company’s share register
in the name of the Holder or its designee (as indicated in the applicable Election to Purchase), for the number of shares of Common
Stock to which the Holder is entitled pursuant to such exercise.

 

		3.3.4	Valid Issuance. All Common Stock issued or issuable upon the proper exercise of a Warrant in conformity with this Agreement
shall be validly issued, fully paid and nonassessable.

 

    	 	7	 

     

    

 

		3.3.5	Date of Issuance. Each person in whose name any certificate for the Common Stock is issued shall for all purposes be
deemed to have become the holder of record of such Common Stock on the date on which the Warrant was surrendered and, other than
in the case of a Cashless Exercise, payment of the Exercise Price was made, irrespective of the date of delivery of such certificate,
except that, if the date of such surrender and payment is a date when the share transfer books of the Company are closed, such
person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the
share transfer books are open.

 

		3.3.6	Share Delivery Failure. If the Company shall fail, for any reason or for no reason, to issue to the Holder within three
(3) trading days after receipt of the applicable Election to Purchase (the “Share Delivery Deadline”),
a certificate for the number of shares of Common Stock to which the Holder is entitled upon Holder’s exercise of a Warrant
or 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 in accordance with the terms hereof (as the case may be, but in each case without
a restrictive legend) (a “Delivery Failure”), and if on such or 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 issuable upon such exercise that the Holder so anticipated
receiving from the Company, then, in addition to all other remedies available to it, 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 100% of 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 shares of Common Stock on any trading day during the period commencing on the date of the applicable
Election to Purchase and ending on the date immediately preceding the date of such issuance and payment under this clause (ii).

 

    	 	8	 

     

    

 

		3.4	Beneficial Ownership Limitation on Exercises. The Company shall not effect the exercise of any portion of a Warrant,
and the Registered Holder of such Warrant shall not have the right to exercise any portion of such Warrant, to the extent that
after giving effect to such exercise, the Registered Holder (together with the Registered Holder’s affiliates, and any persons
acting as a group together with the Holder or any Registered Holder’s affiliates) would beneficially own in excess of 4.99%
(the “Maximum Percentage”) of the Common Stock outstanding immediately after giving effect to such exercise,
provided, however, that the foregoing limitation on exercise shall not apply to any Registered Holder who, together with such Registered
Holder’s affiliates, and any persons acting as a group together with such Registered Holder and such Registered Holder’s
affiliates, owns in excess of the Maximum Percentage immediately prior to the closing of the Offering. For purposes of the foregoing
sentence, the aggregate number of shares of Common Stock beneficially owned by such Registered Holder and its affiliates shall
include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such
sentence is being made, but shall exclude shares of Common Stock which would be issuable upon (i) exercise of the remaining,
unexercised portion of the Warrant beneficially owned by the Registered Holder and its affiliates and (ii) exercise or conversion
of the unexercised or unconverted portion of any other securities of the Company beneficially owned by the Registered Holder and
its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation
on conversion or exercise analogous to the limitation contained herein beneficially owned by the Registered Holder or any of its
affiliates. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated
in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
To the extent that the limitation contained in this Section 3.4 applies, the Registered Holder’s submission of an Election
to Purchase shall be deemed to be the Registered Holder’s determination of whether a Warrant is exercisable (in relation
to any other securities owned by the Registered Holder together with any affiliates) and of which portion of a Warrant is exercisable,
in each case subject to the Maximum Percentage, and the Company shall have no obligation to verify or confirm the accuracy of such
determination. 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 the Warrants, in determining
the number of outstanding shares of Common Stock, the Registered Holder may rely on the number of outstanding shares of Common
Stock as reflected in the most recent of (1) the Company’s most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or
other public filing with the Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other
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 the Registered Holder, the Company shall within three (3) trading days confirm to the
Registered Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common
Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including any Warrant,
by the Registered Holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported.
By written notice to the Company, the Registered Holder may from time to time increase or decrease the Maximum Percentage to any
other percentage of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock upon exercise of a Warrant and the provisions of this Section 3.4 shall continue to apply; provided that (i) any
such increase will not be effective until the sixty-first (61st) day after such notice is delivered to the Company, and (ii) any
such increase or decrease will apply only to that Registered Holder. For purposes of clarity, the Common Stock underlying any Warrant
in excess of the Maximum Percentage for a Registered Holder shall not be deemed to be beneficially owned by that Registered Holder
for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3.4 to the extent
necessary to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended beneficial
ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such
limitation.

 

    	 	9	 

     

    

 

		4.	Adjustments.

 

		4.1	Stock Dividends.

 

		4.1.1	Split-Ups. If after the date hereof, and subject to the provisions of Section 4.5 below, the number of outstanding shares
of Common Stock is increased by a stock dividend payable in Common Stock, or by a split-up of Common Stock or other similar event,
then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on
exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares of Common Stock and the Exercise
Price shall be proportionally decreased such that the aggregate Exercise Price, after such adjustments, remains the same for each
Warrant.

 

    	 	10	 

     

    

 

		4.1.2	Dividends and Other Distributions. If the Company shall declare or make any dividend or other distribution of its assets
(or rights to acquire its assets) to holders of Common Stock, by way of return of capital or otherwise (including, without limitation,
any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate
rearrangement, scheme of arrangement or other similar transaction), except to the extent an adjustment was already made pursuant
to Section 4.1.1 or 4.2 (a “Distribution”), at any time after the issuance of this Warrant other than
the issuance of warrants pursuant to the declaration of a dividend prior to the date of this Agreement, then, in each such case,
the Company shall reserve and put aside the maximum Distribution amount the Holder would have been entitled to receive if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Maximum Percentage) immediately before the date on which a record is taken
for such Distribution, or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined
for the participation in such Distribution. Upon exercise of this Warrant, in whole or in part, the Company shall, contemporaneously
with the delivery of the Warrant Shares, distribute to the Holder a pro rata portion of such Distribution based on the portion
of the Warrant that has been exercised (provided, however, to the extent that the Holder’s right to participate in any such
Distributions would result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate
in such Distribution at such time and to such extent (or the beneficial ownership of any such Common Stock as a result of such
Distribution to such extent) and such Distribution to such extent shall be held in abeyance for the benefit of the Holder until
such time, if ever, as its right thereto would not result in the Holder exceeding the Maximum Percentage, at which time or times
the Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent
Distribution to be held similarly in abeyance) to the same extent as if there had been no such limitation).

 

		4.2	Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.5 hereof, the number of
outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of Common
Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification
or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to
such decrease in outstanding shares of Common Stock and the Exercise Price shall be proportionally increased such that the aggregate
Exercise Price, after such adjustments, remains the same for each Warrant.

 

		4.3	Purchase Rights. If at any time 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 the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon
complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Maximum
Percentage) 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 Holder’s right to participate in any such Purchase
Right would result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such
Purchase Right to such extent (or beneficial ownership of such Common Stock as a result of such Purchase Right to such extent)
and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Maximum Percentage, at which time or times the 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 to be held similarly
in abeyance) to the same extent as if there had been no such limitation).

 

    	 	11	 

     

    

 

		4.4	Fundamental Transactions. If, at any time while the Warrants are 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, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property, (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 or group of persons whereby such other person or group
acquires more than 50% of the outstanding shares of 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 or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any
subsequent exercise of a Warrant, the Registered Holder of each Warrant shall have the right to receive, for each share of Common
Stock that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at
the option of the Registered Holder (without regard to any limitation in Section 3.4 on the exercise of the Warrants), the number
of shares of Common Stock 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 a Warrant is exercisable immediately prior to such Fundamental
Transaction (without regard to any limitation in Section 3.4 on the exercise of the Warrants). 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 each Registered Holder shall be given the same choice as to the Alternate Consideration
such Registered Holder receives upon any exercise of a Warrant following such Fundamental Transaction. Notwithstanding anything
to the contrary, in the event of a Fundamental Transaction in which cash and/or non-cash consideration is being offered to stockholders
of the Company for their Common Stock, the Company shall, at a Registered Holder’s option, exercisable at any time prior
to the consummation of the Fundamental Transaction, purchase such Registered Holder’s Warrant immediately prior to the consummation
of such Fundamental Transaction from the Registered Holder by paying cash by wire transfer of immediately available funds in an
amount equal to the Black Scholes Value of the remaining unexercised portion of such Registered Holder’s Warrant immediately
prior to the consummation of such Fundamental Transaction. “Black Scholes Value” means the value of a
Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”)
determined immediately prior to the consummation of the applicable Fundamental Transaction for pricing purposes and reflecting
(A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public
announcement of the applicable Fundamental Transaction and the Expiration Date, (B) an expected volatility equal to the greater
of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the trading day immediately following the
public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall
be the sum of the price per share of Common Stock being offered in cash, if any, plus the value of any non-cash consideration,
if any, being offered in such Fundamental Transaction (the “FMV”) and (D) a remaining option time equal
to the time between the date of the public announcement of the applicable Fundamental Transaction and the Expiration Date. 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 obligations of the Company under each Warrant in accordance with the provisions
of this Section 4.3 pursuant to agreements in form and substance reasonably satisfactory to the Registered Holders and approved
by the Registered Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of each Registered
Holder, deliver to such Registered Holder in exchange for such Registered Holder’s Warrant a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to such Registered Holder’s Warrant which is
exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to
the shares of Common Stock acquirable and receivable upon exercise of such Warrant (without regard to the limitations on exercise
set forth in Section 3.4) prior to such Fundamental Transaction, and with an exercise price which applies the Exercise Price hereunder
to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being
for the purpose of protecting the economic value of such Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Registered Holder. 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 Agreement and each 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 each Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

    	 	12	 

     

    

 

		4.5	Calculations. All calculations under this Section 4 shall be made to the nearest cent or the nearest whole share, as
the case may be. For purposes of this Section 4, any calculation of the number of shares of Common Stock deemed to be issued and
outstanding as of a given date shall not include treasury shares, if any. Notwithstanding anything to the contrary in this Section
4, no adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least
1% in such price; provided however, that any adjustments which by reason of the immediately preceding sentence are not required
to be made shall be carried forward and taken into account in any subsequent adjustment. In any case in which this Section 4 shall
require that an adjustment in the Exercise Price be made effective as of a record date for a specified event, if the Registered
Holder exercises a Warrant after such record date, the Company may elect to defer, until the occurrence of such event, the issuance
of the shares of Common Stock and other capital stock of the Company in excess of the shares of Common Stock and other capital
stock of the Company, if any, issuable upon such exercise on the basis of the Exercise Price in effect prior to such adjustment;
provided, however, that in such case the Company or the Warrant Agent shall deliver to the Registered Holder a due bill or other
appropriate instrument evidencing the Registered Holder’s right to receive such additional shares and/or other capital securities
upon the occurrence of the event requiring such adjustment.

 

		4.6	Notices of Changes in Warrant. Upon every adjustment of the Exercise Price or the number of shares issuable upon exercise
of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting
from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise
of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.
Upon occurrence of any event specified in Sections 4.1, 4.2 or 4.3, the Company shall give written notice of the occurrence of
such event to each Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date or
the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity
of such event.

 

		4.7	No Fractional Shares. Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company
shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the
holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company
shall, upon such exercise, round to the nearest whole number, the number of the shares of Common Stock to be issued to such holder.

 

    	 	13	 

     

    

 

		4.8	Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants
issued after such adjustment may state the same Exercise Price and the same number of shares as is stated in the Warrants initially
issued pursuant to this Agreement.

 

		4.9	Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections
of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid
an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company
shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing,
which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate
the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment.
The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

		5.	Transfer and Exchange of Warrants.

 

		5.1	Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant
upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and
accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number
of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered
by the Warrant Agent to the Company from time to time upon request.

 

		5.2	Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request
for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested
by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants.

 

		5.3	Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which
shall result in the issuance of a warrant certificate for a fraction of a warrant.

 

		5.4	Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance
with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5.

 

    	 	14	 

     

    

 

 

		6.	Other Provisions Relating to Rights of Holders of Warrants.

 

		6.1	No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder
of the Company, including, without limitation, except as otherwise set forth herein or in any Warrant, the right to receive dividends,
or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of
the meetings of stockholders or the election of directors of the Company or any other matter.

 

		6.2	Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company
and the Warrant Agent may on such terms as to indemnity bond or otherwise as they may in their discretion impose (which shall,
in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as
the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation
of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by
anyone.

 

		6.3	Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but
unissued shares of Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant
to this Agreement.

 

		6.4	Registration of Common Stock. The Company registered the Warrants and shares of Common Stock underlying the Warrants
in the Registration Statement. Subject to any Black Out Period (as defined below), the Company will use reasonable efforts to maintain
the effectiveness of such Registration Statement and the current status of the Prospectus or to file and maintain the effectiveness
of another registration statement under the Securities Act and another current prospectus covering the Warrant Shares issuable
upon exercise of the Warrants at any time that the Warrants are exercisable. In addition, the Company agrees to use reasonable
efforts to register such shares of Common Stock under the blue sky laws of the states of residence of the exercising Warrant holders
to the extent an exemption from such registration is not available. If at any time, other than during a Black Out Period, the Company
does not have an effective registration statement covering the shares of Common Stock underlying the Warrants, and Rule 144 is
not available to cover such shares of Common Stock due to the failure of the Company to be currently reporting under the Securities
Exchange Act of 1934 (“Public Information Failure”), then the Company shall pay in cash by wire transfer of immediately
available funds an amount per month equal to 1% of the aggregate VWAP of the shares into which a Warrant is converted which are
not able to be delivered without legend because of such Public Information Failure to the Holder thereof until such shares are
able to be delivered without legend (to be pro-rated for any periods which are less than one month).

 

    	 	15	 

     

    

 

		6.5	Black Out Periods.
                                         If, at any time during which a prospectus for a Registration Statement is required to
                                         be delivered in connection with the sale of any Warrant Shares, the Company reasonably
                                         determines in good faith that a development has occurred or a condition exists as a result
                                         of which the prospectus contains a material misstatement or omission, or that a material
                                         transaction in which the Company is engaged or proposes to engage would require an amendment
                                         to the prospectus or Registration Statement, a supplement to the applicable Registration
                                         Statement and related prospectus, or a filing under the Exchange Act or other public
                                         disclosure of material information and the disclosure of such transaction would be materially
                                         premature or materially injurious to the consummation of the transaction, the Company
                                         will so notify in writing the holders of the Warrant Shares included, or to be included,
                                         in the Registration Statement provided, however, in no event shall any
                                         such notification contain any information which would constitute material, non-public
                                         information regarding the Company or any of its subsidiaries. Upon receipt of such notification,
                                         such holders and their affiliates will immediately suspend all offers and sales of Warrant
                                         Shares pursuant to such Registration Statement. In such event, the Company will use reasonable
                                         best efforts to amend or supplement the applicable Registration Statement and related
                                         prospectus or make such filings or public disclosures as promptly as reasonably practicable
                                         consistent with the restrictions set forth in this Section 6.5 and will use reasonable
                                         best efforts to take such other steps as may be required to permit sales of the Warrant
                                         Shares thereunder by the holders of Warrant Shares whose Warrant Shares are to be, or
                                         are, included in the Registration Statement and its affiliates in accordance with applicable
                                         federal and state securities laws as promptly as reasonably practicable. The Company
                                         will notify the holders of Warrant Shares whose Warrant Shares are to be, or are, included
                                         in the Registration Statement after it has determined in good faith that such sales have
                                         become permissible in such manner and will deliver copies of the prospectus (as so amended
                                         or supplemented, if applicable) or, alternatively, provide a link to the prospectus (as
                                         so amended or supplemented, if applicable) on the SEC's EDGAR system, to the holders
                                         of Warrant Shares whose Warrant Shares are to be, or are, included in the Registration
                                         Statement. The Company shall be entitled to exercise
                                         its right under this Section to suspend the availability of a Registration Statement
                                         and prospectus, for a period not to exceed 60 calendar days (which need not be consecutive
                                         days) in any 12-month period, provided however any suspension that shall
                                         extend beyond the period set forth above shall be deemed a Public Information Failure
                                         under this Agreement.

 

		7.	Concerning the Warrant Agent and Other Matters.

 

		7.1	Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the
Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants,
but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

    	 	16	 

     

    

 

		7.2	Resignation, Consolidation, or Merger of Warrant Agent.

 

		7.2.1	Appointment of Successor Warrant Agent. The Warrant Agent, or any successor hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the
Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall
appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment
within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent
or by the holder of a Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder
of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor
Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall
be a corporation in good standing in the State of New York and having its principal office in the Borough of Manhattan, City and
State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination
by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights,
immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall
execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority,
powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall
make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming
to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

		7.2.2	Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give
notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of
any such appointment.

 

		7.2.3	Merger or Consolidation of Warrant Agent. Any company into which the Warrant Agent may be merged or with which it may
be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall
be the successor Warrant Agent under this Agreement without any further act.

 

		7.3	Fees and Expenses of Warrant Agent.

 

		7.3.1	Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent
hereunder and any transfer agent fees which are in addition thereto and shall, pursuant to its obligations under this Agreement,
reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its
duties hereunder.

 

    	 	17	 

     

    

 

		7.3.2	Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant
Agent for the carrying out or performing of the provisions of this Agreement.

 

		7.4	Liability of Warrant Agent.

 

		7.4.1	Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall
deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any
action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the President or Chairman of the Board of the Company and delivered
to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant
to the provisions of this Agreement.

 

		7.4.2	Indemnity. The Company agrees to indemnify the Warrant Agent, its employees, officers and directors (each, an "Indemnified
Person") and save each Indemnified Person harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant
Agent’s gross negligence, willful misconduct or bad faith (as determined by a court of competent jurisdiction in a final
and non-appealable judgment).

 

		7.4.3	Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect
to the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for
any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not
be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method,
or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall
it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of
Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock shall, when issued,
be valid and fully paid and non-assessable.

 

    	 	18	 

     

    

 

		7.5	Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform
the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect
to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase
of shares of Common Stock through the exercise of the Warrants.

 

		8.	Miscellaneous Provisions.

 

		8.1	Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent
shall bind and inure to the benefit of their respective successors and assigns.

 

		8.2	Notices. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent
or by the holder of any Warrant to or on the Company shall be sufficiently given (i) when so delivered if by hand or overnight
delivery, (ii) when sent, if delivered by facsimile (provided confirmation of transmission is mechanically or electronically generated
and kept on file by the sending party) or by electronic mail, or (iii) if sent by certified mail or private courier service within
five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company
with the Warrant Agent), as follows:

 

MYnd Analytics, Inc.

26522 La Alameda, Suite 290

Mission Viejo, California 92691

Attention: George Carpenter, Chief Executive Officer

 

Any notice, statement or demand authorized by this Agreement
to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given (i) upon
receipt if by hand or overnight delivery, (ii) when sent, if delivered by facsimile (provided confirmation of transmission is mechanically
or electronically generated and kept on file by the sending party) or by electronic mail or (iii) if sent by certified mail or
private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is
filed in writing by the Warrant Agent with the Company), as follows:

 

		8.3	Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed
in all respects by the laws of the State 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 Company hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of
New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum.

 

    	 	19	 

     

    

 

		8.4	Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to,
any person or corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim
under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants,
conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit
of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants.

 

		8.5	Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office
of the Warrant Agent in the Borough of Manhattan, City of New York and State of New York, for inspection by the Registered Holder
of any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it.

 

		8.6	Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

		8.7	Effect of Headings. The section headings herein are for convenience only and are not part of this Warrant Agreement
and shall not affect the interpretation thereof.

 

		8.8	Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the
purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing
any other provisions with respect to matters arising under this Agreement as the parties may deem necessary or desirable and that
the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments shall
require the written consent of the Company and the Registered Holders holding Warrants to purchase at least 65% of the shares of
Common Stock underlying the then outstanding Warrants. No consideration shall be offered by the Company to any Registered Holder
in connection with a modification, amendment or waiver of this Warrant Agreement or any Warrant without also offering the same
consideration to all Registered Holders.

 

		8.9	Severability. This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof.
Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added
as a part of this Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible
and be valid and enforceable.

 

[SIGNATURE PAGE TO FOLLOW]

 

    	 	20	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the date first above written.

 

	 	MYND ANALYTICS, INC.
	 	 	 	 
	 	By:  	 	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	AMERICAN STOCK TRANSFER & TRUST
	 	COMPANY, LLC, as Warrant Agent
	 	 	 	 
	 	By:  	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	21	 

     

    

 

EXHIBIT A

 

[FORM OF WARRANT CERTIFICATE]

 

[UNLESS THIS GLOBAL WARRANT
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”)
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE WARRANT AGREEMENT.

ANY TRANSFER OF THE SECURITIES REPRESENTED BY THIS GLOBAL WARRANT
CERTIFICATE IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE WARRANT AGREEMENT (THE “WARRANT AGREEMENT”) DATED AS OF JULY
    , 2017 BETWEEN MYND ANALYTICS, INC. AND AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, SOLELY IN
ITS CAPACITY AS WARRANT AGENT. BY ACCEPTING DELIVERY OF THE SECURITIES REPRESENTED BY THIS GLOBAL WARRANT CERTIFICATE, ANY TRANSFEREE
SHALL BE DEEMED TO HAVE AGREED TO BE BOUND BY THE WARRANT AGREEMENT AS IF THE TRANSFEREE HAD EXECUTED AND DELIVERED THE WARRANT
AGREEMENT.]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

MYND ANALYTICS, INC.

 

Incorporated Under the Laws of the State
of Delaware

 

CUSIP ________

 

    	 	22	 

     

    

 

Warrant Certificate

 

This Warrant Certificate
certifies that, or registered assigns, is the registered holder of warrant(s) (the “Warrants”
and each, a “Warrant”) to purchase shares of Common Stock, par value $0.001 (“Common Stock”),
of MYnd Analytics, Inc., a Delaware corporation (the “Company”). Each Warrant entitles the holder, upon
exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully
paid and non-assessable shares of Common Stock as set forth below, at the exercise price (the “Exercise Price”)
as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise”
as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment
of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein
and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given
to them in the Warrant Agreement (as defined on the reverse hereof).

 

Each Warrant is initially
exercisable for one fully paid and non-assessable share of Common Stock. The number of the shares of Common Stock issuable upon
exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

The initial Exercise Price
per share of Common Stock for any Warrant is equal to $_____ per share. The Exercise Price is subject to adjustment upon the occurrence
of certain events set forth in the Warrant Agreement.

 

Subject to the conditions
set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised
by the end of such Exercise Period, such Warrants shall become void.

 

Reference is hereby made
to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all
purposes have the same effect as though fully set forth at this place.

 

This Warrant Certificate shall not be valid
unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This Warrant Certificate
shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of
laws principles thereof.

 

    	 	23	 

     

    

 

 

	 	MYND ANALYTICS, INC.
	 	 	 	 
	 	By:  	 	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	AMERICAN STOCK TRANSFER & TRUST
	 	COMPANY, LLC, as Warrant Agent
	 	 	 	 
	 	By:  	 	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature Page to Warrant Certificate]

 

    	 	24	 

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced
by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares
of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of [___], 2017 (the “Warrant
Agreement”), duly executed and delivered by the Company to American Stock Transfer & Trust Company, LLC, a New
York limited liability trust company, as warrant agent (the “Warrant Agent”), which Warrant Agreement
is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights,
limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words
“holders” or “holder” meaning the Registered Holders or Registered Holder)
of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined
terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Warrants may be exercised at any time during
the Exercise Period set forth in Section 3.3 of the Warrant Agreement.

 

Notwithstanding anything else in this Warrant
Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement covering
the shares of Common Stock to be issued upon exercise is effective under the Securities Act; (ii) no "stop order" suspending
the effectiveness thereof is in effect; and (iii) a prospectus thereunder relating to the shares of Common Stock is current, except
through “cashless exercise” as provided for in the Warrant Agreement.

 

The Warrant Agreement provides
that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants set forth
on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be
entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round up to the nearest
whole number of shares of Common Stock to be issued to the holder of the Warrant.

 

Warrant Certificates, when
surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal
representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided
in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of
like tenor evidencing in the aggregate a like number of Warrants.

 

Upon due presentation for
registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates
of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this
Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental
charge imposed in connection therewith.

 

    	 	25	 

     

    

 

The Company and the Warrant
Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution
to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of
the Company.

 

    	 	26	 

     

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

In accordance with [Warrant
Certificate No. enclosed with this Form of Election to Purchase][the Global Warrant Certificate to be delivered in connection with
this Form of Election to Purchase in the manner contemplated by the Warrant Agreement], the undersigned hereby irrevocably elects
to exercise the Warrants evidenced by this Warrant Certificate with respect to Warrant Shares in accordance with the terms of the
Warrant Agreement dated July , 2017, between MYnd Analytics, Inc., a Delaware corporation, and American Stock Transfer & Trust
Company, LLC, as warrant agent (the “Warrant Agreement”). Terms used and not defined herein have the
meanings specified in the Warrant Agreement.

 

1. Form of Exercise Price. The Holder
intends that payment of the Exercise Price shall be made as:

 

    a Cash Exercise; or

 

    a Cashless Exercise
(provided, however, that, pursuant to the Warrant Agreement, this form of exercise shall only be available if an effective registration
statement is not available for the issuance of the Warrant Shares).

 

2. Payment of Exercise
Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued
pursuant hereto, the Holder hereby agrees to pay the aggregate Exercise Price, in lawful money of the United States, by certified
check payable to the Warrant Agent, as agent for the Company, or bank draft payable to the order of the Company or by wire transfer
of immediately available funds to an account designated in writing by the Company (or as otherwise agreed to by the Company) delivered
to the Warrant Agent, together with any applicable taxes payable by the undersigned pursuant to the terms of the Warrant Agreement.

 

Unless the Warrant Shares will be delivered
electronically via DWAC, the undersigned requests that certificates for the shares of Common Stock issuable upon this exercise
be issued in the name of:

 

	 	 	 	 
	Name:	 	 	 
	Address:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

	 	 	 	 	 
	Social Security or Tax I.D. No.:	 	
 

	 	 

 

    	 	27	 

     

    

 

If the Warrant Shares will be delivered electronically
via DWAC, the undersigned requests that the Warrant Shares issuable upon this exercise be issued to the following account:

 

	Name of DTC Participant:	 
	 	 
	DTC Participant Number:	 
	 	 
	Name of Account at DTC Participant to be credited with the Warrant Shares:	 
	 	 
	
        Account Number at DTC Participant to be

        credited with the Warrant Shares:
	 

 

This Election to Purchase is delivered by

 

	 	 	__________________________________
	 	 	 
	Date: ____________, 20	 	(Signature)
	 	 	 
	 	 	__________________________________
	 	 	(Address)
	 	 	 
	 	 	__________________________________
	 	 	(Tax Identification Number)

 

    	 	28	 

     

    

 

Warrant Shares Exercise Log

 

	Date	 	
        Number of Warrant

        Shares Available to be

        Exercised
	 	
        Number of Warrant

        Shares Exercised
	 	
        Number of

        Warrant Shares

        Remaining to be

        Exercised

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	 	29

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