Document:

Exhibit
4.2

 

Warrant

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT,
THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT

 

	Warrant
    Shares: 15,333,333	Initial
    Exercise Date: September 29, 2021

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, Cavalry Fund I LP, or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set
forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on
the five year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and
purchase from American Rebel Holdings, Inc., a Nevada corporation (the “Company”), up to 15,333,333 shares
of Common Stock (subject to adjustment hereunder, the “Warrant Shares”). The purchase price of one Warrant Share under this
Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant issued pursuant to a Securities Purchase Agreement
(the “Purchase Agreement”) entered into as of the Initial Exercise Date between the Company and the initial Holder.

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated September 29, 2021 among the Company and the Purchaser.

 

Section
2. Exercise.

 

(a)
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the six
month anniversary of the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office
or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on
the books of the Company) of a duly executed copy of the Notice of Exercise Form annexed hereto. Within the earlier of (i) two Trading
Days following the date of exercise as aforesaid or (ii) the Standard Settlement Period, the Holder shall deliver the aggregate Exercise
Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States
bank, unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. If the
Holder is required to make any payments to the Company’s stock transfer agent in connection with its exercise of this Warrant resulting
from any failure or alleged failure of the Company to pay the transfer agent, the Holder may deduct such sums it pays the transfer agent
from the total Exercise Price due. Notwithstanding anything herein to the contrary (although the Holder may surrender the Warrant to,
and receive a replacement Warrant from, the Company), the Holder shall not be required to physically surrender this Warrant to the Company
until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case,
the Holder shall surrender this Warrant to the Company for cancellation within two Trading Days of the date the final Notice of Exercise
is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares
available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal
to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant
Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within one Trading
Day of delivery of such notice. The Holder by acceptance of this Warrant or any transferee, acknowledges and agrees that, by reason of
the provisions of this Section 2(a), following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares
available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

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(b)
Exercise Price. The initial exercise price per share of the Common Stock under this Warrant shall be equal to $0.10 per
share, subject to adjustment under Section 3 (the “Exercise Price”).

 

(c)
Cashless Exercise. Other than as restricted under Section 2(e), if at any time after the six month anniversary of the Initial
Exercise Date, there is no effective Registration Statement covering the resale of the Warrant Shares at prevailing market prices (not
a fixed price) by the Holder, then this Warrant may also be exercised at the Holder’s election, in whole or in part and in lieu
of making the cash payment otherwise contemplated to be made to the Company upon such exercise, at such time by means of a “cashless
exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the number obtained by dividing
[(A - B) times (C)] by (A), where:

 

	 	(A)	=	the
    greater of (i) the arithmetic average of the VWAPs for the five consecutive Trading Days ending on the date immediately preceding
    the date on which the Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the applicable
    Notice of Exercise or (ii) the VWAP for the Trading Day immediately prior to the date on which the Holder makes such “cashless
    exercise” election;

 

	 	(B)	=	the
    Exercise Price of this Warrant, as adjusted hereunder, at the time of such exercise; and

 

	 	(C)	=	the
    number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
    exercise were by means of a cash exercise rather than a cashless exercise;

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrants
being exercised may be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position contrary to
this Section 2(c).

 

For
avoidance of doubt, the phrase “effective Registration Statement” in this Warrant means (i) a Registration Statement covering
the sale of the Warrant Shares has been declared effective by the SEC, has not been withdrawn and is not subject to a stop order issued
by the SEC, and (ii) the Prospectus contained in the Registration Statement complies with Sections 5(b) and 10 of the Securities Act.

 

Notwithstanding
anything herein to the contrary, if on the Termination Date (unless the Holder notifies the Company otherwise) if there is no effective
Registration Statement covering the resale of the Warrant Shares by the Holder, then this Warrant shall be automatically exercised via
cashless exercise pursuant to this Section 2(c).

 

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(d)
Mechanics of Exercise.

 

(i)
Delivery of Certificates Upon Exercise. Certificates for the shares of Common Stock purchased hereunder shall be transmitted to
the Holder by the Transfer Agent by crediting the account of the Holder’s prime broker with The Depository Trust Company through
its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A)
there is an effective Registration Statement covering the sale of the Warrant Shares by the Holder or (B) this Warrant is being exercised
via cashless exercise and Rule 144 is available under the Securities Act, or otherwise by physical delivery to the address specified
by the Holder in the Notice of Exercise by the date that is two Trading Days after the latest of (A) the delivery to the Company of the
Notice of Exercise and (B) payment of the aggregate Exercise Price as set forth above (unless by cashless exercise, if permitted) (such
date, the “Warrant Share Delivery Date”). The Warrant Shares shall be deemed to have been issued, and Holder or any other
person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the
date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted). The Company
understands that a delay in the delivery of the Warrant Shares after the Warrant Share Delivery Date could result in economic loss to
the Holder. As compensation to the Holder for such loss, the Company agrees to pay (as liquidated damages and not as a penalty) to the
Holder for late issuance of Warrant Shares upon exercise of this Warrant the proportionate amount of $10 per Trading Day (increasing
to $20 per Trading Day after the fifth Trading Day) after the Warrant Share Delivery Date for each $1,000 of the value of the Warrant
Shares for which this Warrant is exercised (based on the Exercise Price) which are not timely delivered. The Company shall pay any payment
incurred under this Section 2(d)(i) in immediately available funds upon demand. In no event shall liquidated damages for any one transaction
exceed $1,000 for the first 10 Trading Days. Furthermore, in addition to any other remedies which may be available to the Holder, in
the event that the Company fails for any reason to effect delivery of the Warrant Shares by the Warrant Share Delivery Date, the Holder
may revoke all or part of the relevant Warrant exercise by delivery of a notice to such effect to the Company, whereupon the Company
and the Holder shall each be restored to their respective positions immediately prior to the exercise of the relevant portion of this
Warrant, except that the liquidated damages described above shall be payable through the date notice of revocation or rescission is given
to the Company or the date the Warrant Shares are delivered to the Holder, whichever date is earlier.

 

(ii)
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of
a Holder and upon surrender of this Warrant, at the time of delivery of the certificate or certificates representing Warrant Shares,
deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical to this Warrant. Unless the Warrant has been fully exercised, the
Holders shall not be required to surrender this Warrant as a condition of exercise.

 

(iii)
Rescission Rights. If the Company fails to deliver the Warrant Shares or cause the Transfer Agent to transmit to the Holder a
certificate or the certificates representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then
the Holder will have the right, at any time prior to issuance of such Warrant Shares, to rescind such exercise.

 

(iv)
Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to deliver the Warrant Shares, or cause the Transfer Agent to transmit to the Holder the certificate
or certificates representing the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such
date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm
otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder
anticipated receiving upon such exercise (a “Buy-In”), then the Company shall pay in cash to the Holder the amount
as provided under Section 4.1(e) of the Purchase Agreement. Nothing herein shall limit a Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief
with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant
as required pursuant to the terms hereof.

 

(v)
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up the fraction to the next whole share.

 

(vi)
Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue
or transfer tax or other incidental expense in respect of the issuance of such certificate including any charges of any clearing firm,
all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such
name or names as may be directed by the Holder. The Company shall pay all Transfer Agent fees required for same-day processing of any
Notice of Exercise. The Company shall (A) pay the reasonable legal fees of the Holder’s choice (in an amount not to exceed $500
per opinion, and not more often than once per week) in connection with the exercise of the Warrants, (B) cause its attorneys to promptly
provide any reliance opinion to the Transfer Agent, and (C) pay the Holder the sums required under Section 2(d)(iv).

 

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

 

(e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the
Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially
owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon
(i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii)
exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder,
it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section
13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the
extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in
the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which
portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, 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 this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the
case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer
Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall
within one Trading Day confirm orally and in writing to the 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 this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares
of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares
of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this
Warrant. The Holder, upon not less than 61 days’ prior notice to the Company, may increase the Beneficial Ownership Limitation
provisions of this Section 2(e) solely with respect to the Holder’s Warrant, provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any
such increase will not be effective until the 61st day after such notice is delivered to the Company. The Holder may also decrease the
Beneficial Ownership Limitation provisions of this Section 2(e) solely with respect to the Holder’s Warrant at any time, which
decrease shall be effectively immediately upon delivery of notice to the Company. The provisions of this paragraph shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) 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. The limitations contained in this paragraph
shall apply to a successor holder of this Warrant.

 

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Section
3. Certain Adjustments.

 

(a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares
of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant or pursuant to any of the other Transaction Documents), (ii) subdivides outstanding shares of Common Stock into a larger number
of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares,
or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise
Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such
that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and
shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

(b)
Subsequent Equity Sales. If and whenever on or after the Initial Exercise Date, other than at anytime that the Company’s
Common Stock is listed on a national securities exchange, the Company issues or sells, or in accordance with this Section 3 is deemed
to have issued or sold, any shares of Common Stock (including the issuance or sale of shares of Common Stock owned or held by or for
the account of the Company, issued or sold or deemed to have been issued or sold) for a consideration per share (the “Base Share
Price”) less than a price equal to the Exercise Price in effect immediately prior to such issuance or sale or deemed issuance
or sale (such Exercise Price then in effect is referred to herein as the “Applicable Price”) (the foregoing a “Dilutive
Issuance”), then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount
equal to the Base Share Price. For all purposes of the foregoing (including, without limitation, determining the adjusted Exercise Price
and the Base Share Price under this Section 3(b)), the following shall be applicable:

 

(i)
Issuance of Options. If the Company in any manner grants or sells any Options and the lowest price per share for which one share
of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible
Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof is less than the Applicable Price, then
such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting
or sale of such Option for such price per share. For purposes of this Section 3(b)(i), the “lowest price per share for which one
share of Common Stock is issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities
issuable upon exercise of any such Option or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the
sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one share of Common Stock
upon the granting or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security
issuable upon exercise of such Option or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such
Option for which one share of Common Stock is issuable upon the exercise of any such Options or upon conversion, exercise or exchange
of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof minus (2) the sum
of all amounts paid or payable to the holder of such Option (or any other Person) upon the granting or sale of such Option, upon exercise
of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise
pursuant to the terms thereof plus the value of any other consideration received or receivable by, or benefit conferred on, the holder
of such Option (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the
actual issuance of such shares of Common Stock or of such Convertible Securities upon the exercise of such Options or otherwise pursuant
to the terms of or upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible
Securities.

 

(ii)
Issuance of Convertible Securities. If the Company in any manner issues or sells any Convertible Securities and the lowest price
per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise
pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and
to have been issued and sold by the Company at the time of the issuance or sale of such Convertible Securities for such price per share.
For the purposes of this Section 3(b)(ii), the “lowest price per share for which one share of Common Stock is issuable upon the
conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the
sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one share of Common Stock upon
the issuance or sale of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security or otherwise
pursuant to the terms thereof and (y) the lowest conversion price set forth in such Convertible Security for which one share of Common
Stock is issuable upon conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of all amounts
paid or payable to the holder of such Convertible Security (or any other Person) upon the issuance or sale of such Convertible Security
plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Convertible Security
(or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance
of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities or otherwise pursuant to the terms
thereof, and if any such issuance or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of
this Warrant has been or is to be made pursuant to other provisions of this Section 3(b), except as contemplated below, no further adjustment
of the Exercise Price shall be made by reason of such issuance or sale.

 

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(iii)
Change in Option Price or Rate of Conversion. “Convertible Securities” means any stock or other security (other than
Options) that is at any time and under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for,
or which otherwise entitles the holder thereof to acquire, any shares of Common Stock. If the purchase or exercise price provided for
in any Options, the additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities,
or the rate at which any Convertible Securities are convertible into or exercisable or exchangeable for shares of Common Stock increases
or decreases at any time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event
referred to in Section 3(a)), the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise
Price which would have been in effect at such time had such Options or Convertible Securities provided for such increased or decreased
purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially granted,
issued or sold. For purposes of this Section 3(b)(iii), if the terms of any Option or Convertible Security that was outstanding as of
the Closing Date are increased or decreased in the manner described in the immediately preceding sentence, then such Option or Convertible
Security and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued
as of the date of such increase or decrease. No adjustment pursuant to this Section 3(b) shall be made if such adjustment would result
in an increase of the Exercise Price then in effect.

 

(iv)
Calculation of Consideration Received. If any Option is issued in connection with the issuance or sale of any other securities
of the Company together comprising one integrated transaction in which no specific consideration is allocated to such Option by the parties
thereto, the Options will be deemed to have been issued for a consideration of par value of the Company’s Common Stock. If any
shares of Common Stock, Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration
received therefor will be deemed to be the net amount of consideration received by the Company therefor. If any shares of Common Stock,
Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such consideration received by
the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in
which case the amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such
security for each of the five Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Convertible
Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity,
the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving
entity as is attributable to such shares of Common Stock, Options or Convertible Securities. The fair value of any consideration other
than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to reach
agreement within 10 days after the occurrence of an event requiring valuation (the “Valuation Event”), the fair value
of such consideration will be determined within five Trading Days after the 10th day following such Valuation Event by an
independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and
binding upon all parties absent manifest error. If such appraiser’s valuation differs by less than 5% from the Company’s
proposed valuation, the fees and expenses of such appraiser shall be borne by the Holder, and if such appraiser’s valuation differs
by more than 5% from the Company’s proposed valuation, the fees and expenses of such appraiser shall be borne by the Company.

 

(v)
Record Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A) to receive
a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to subscribe for or purchase
shares of Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the issuance or sale
of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution
or the date of the granting of such right of subscription or purchase (as the case may be).

 

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(vi)
Notwithstanding the foregoing, this Section 3(b) shall not apply to any Exempt Issuances.

 

(c)
Intentionally Omitted

 

(d)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares 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 Beneficial Ownership Limitation) immediately before the date on which a record is taken for
the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares
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 Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such
shares of 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 Beneficial Ownership Limitation).
Notwithstanding the foregoing, no Purchase Rights will be made under this Section 3(d) in respect of an Exempt Issuance.

 

(e)
Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common
Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe
for or purchase any security other than the Common Stock (which shall be subject to Section 3(d)), then in each such case the Exercise
Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders
entitled to receive such distribution by a fraction of which the denominator shall be the VWAP determined as of the record date mentioned
above, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date
of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share of the Common Stock as determined
by the Board of Directors in good faith. In either case the adjustments shall be described in a statement provided to the Holder of the
portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common Stock. Such
adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned
above.

 

(f)
Fundamental Transaction.

 

(i)
If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions engages
in any Fundamental Transaction, as defined in the Purchase Agreement, then, upon any subsequent exercise of this Warrant, the Holder
shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction (without regard to any limitation on the exercise of this Warrant), at the option of the Holder 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 this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to
any limitation on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be
appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of
one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall
be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.
The Company shall not effect a Fundamental Transaction unless it gives the Holder at least 10 Trading Days prior notice together with
sufficient details so the Holder can make an informed decision as to whether it elects to accept the Alternative Consideration. If a
public announcement of the Fundamental Transaction has not been made, the notice to the Holder may not be given until the Company files
a Form 8-K or other report disclosing the Fundamental Transaction.

 

    	7

    	 

    

  

(ii)
Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, provided that the Warrant Shares are not registered
under an effective Registration Statement, the Company or any Successor Entity (as defined below) shall, at the Holder’s option,
exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant
from the Holder by paying to the Holder an amount of cash equal to the greater of (i) the Black Scholes Value of the remaining unexercised
portion of this Warrant on the date of the consummation of such Fundamental Transaction or (ii) the positive difference between the cash
per share paid in such Fundamental Transaction minus the then in effect Exercise Price. “Black Scholes Value” means the value
of the unexercised portion of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function
on Bloomberg L.P. determined as of the day of 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 Termination Date, (B) an expected volatility equal to the greater of 100% and the 100
day volatility obtained from the HVT function on Bloomberg L.P. 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 being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction
and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction
and the Termination Date.

 

(iii)
If Section 3(f)(i) and (ii) are not applicable, the Company shall cause any successor entity in a Fundamental Transaction in which the
Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this
Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(f)(iii) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental
Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to this Warrant 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 this Warrant prior to such Fundamental Transaction (without regard to any limitation on the exercise
of this Warrant), 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 this
Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the 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 Warrant and the other Transaction Documents
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 Warrant and the other Transaction Documents with the same effect as
if such Successor Entity had been named as the Company herein.

 

(g)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the
case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date
shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

(h)
Notice to Holder.

 

(i)
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly email to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the
number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment. The Holder may supply an email address
to the Company and change such address.

 

    	8

    	 

    

  

(ii)
Notice to Allow Exercise by the Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with
any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or
substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities,
or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
then, in each case, the Company shall deliver to the Holder at its last address as it shall appear upon the Warrant Register of the Company,
at least 5 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken,
the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or
warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange
is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be
entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to email such notice or any defect therein or in the
emailing thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any
notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries
(as determined in good faith by the Company), the Company shall simultaneously file such notice with the Commission pursuant to a Current
Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice
to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

Section
4. Transfer of Warrant.

 

(a)
Transferability. Subject to compliance with any applicable securities laws and the provisions of the Purchase Agreement, this
Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon
surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this
Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney. Upon such surrender, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of
this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith,
may be exercised by a new Holder for the purchase of Warrant Shares without having a new Warrant issued.

 

(b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division
or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of
this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

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

 

    	9

    	 

    

  

Section
5. Miscellaneous.

 

(a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof other than as explicitly set forth in Section 3.

 

(b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares,
and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant
or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. In no event shall
the Holder be required to deliver a bond or other security.

 

(c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading
Day.

 

(d)
Authorized Shares.

 

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

 

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

 

(e)
Governing Law/Jurisdiction. The Company and the Holder agree that any Action or Proceeding involving the construction, validity,
enforcement and interpretation of this Warrant shall be determined exclusively in accordance with the provisions of the Purchase Agreement.

 

(f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered or
if not exercised on a cashless basis when Rule 144 (or any successor law or rule) is available, may have restrictions upon resale imposed
by state and federal securities laws.

 

(g)
Non-waiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of the Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other
provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

(h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall
be delivered in accordance with the notice provisions of the Purchase Agreement.

 

(i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

    	10

    	 

    

  

(j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will
be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to
assert the defense in any action for specific performance that a remedy at law would be adequate or that there is no irreparable harm
and not to require the posting of a bond or other security.

 

(k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall
inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall
be enforceable by the Holder of Warrant Shares.

 

(l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and
Holders of 75% of the outstanding Warrants issued pursuant to the Purchase Agreement.

 

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

 

(n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed
a part of this Warrant.

 

    	11

    	 

    

 

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

 

	 	AMERICAN REBEL HOLDINGS, INC.
	 	 	 
	 	By:	
	 	Name:	Charles
    A. Ross, Jr. 
	 	Title:	Chief
    Executive Officer

 

    	12

    	 

    

 

NOTICE
OF EXERCISE

 

To:
AMERICAN REBEL HOLDINGS, INC. 

 

(1)
The undersigned hereby elects to purchase ___________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

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

 

[  ] in lawful money of the United States; or

 

[  ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

 

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

_______________________________

 

(4)
After giving effect to this Notice of Exercise, the undersigned will not have exceeded the Beneficial Ownership Limitation.

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

SIGNATURE
OF HOLDER

 

Name
of Investing Entity: ___________________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: _____________________________________________

 

Name
of Authorized Signatory: _______________________________________________________________

 

Title
of Authorized Signatory: ________________________________________________________________

 

Date:
____________________________________________________________________________________

 

    	13

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

AMERICAN
REBEL HOLDINGS, INC. 

 

FOR
VALUE RECEIVED, ____ all of or _______ shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________
whose address is

 

_______________________________________________________________

 

_______________________________________________________________

 

Dated:
______________, _______

 

Holder’s
Signature: _____________________________

 

Holder’s
Address: _____________________________

 

_____________________________

 

Signature
Guaranteed: ___________________________________________

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary
or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

 

    	14Exhibit
4.3

 

SUBSIDIARY
GUARANTY

 

This
SUBSIDIARY GUARANTY (as amended, restated, supplemented, or otherwise modified and in effect from time to time, this “Guaranty”)
is made as of September 29, 2021, jointly and severally, by and among American Rebel Holdings, Inc., a Nevada corporation
(the “Company”), and American Rebel, Inc., a Nevada corporation (“ARSub”, and together with the Company and each
other Person who becomes a party to this Guaranty by execution of a joinder in the form of Exhibit A attached hereto, which shall
include all wholly-owned or majority-owned subsidiaries of the Company acquired or formed after the date hereof for so long as this Guaranty
remains in effect, shall each be referred to individually as a “Guarantor” and collectively as the “Guarantors”),
in favor of the purchasers listed on the signature pages of the Purchase Agreement (as defined below) (together with their respective
successors and assigns and each other purchaser of a Note (as defined below) after the date hereof and their respective successors and
assigns, each a “Purchaser” and collectively, the “Purchasers”), and Cavalry Fund I LP, a Delaware limited partnership,
as agent for the Purchasers (the “Collateral Agent”). All references to a “Purchaser” or “Purchasers”
hereunder shall include the Collateral Agent acting in its capacity as a Purchaser.

 

WHEREAS,
pursuant to and in accordance with the Purchase Agreement, the Company has executed and delivered those certain original issue discount
secured convertible promissory notes dated the date of this Guaranty (the “Closing Date”) in the aggregate principal amounts
of $1,150,000 (such notes, together with any promissory notes or other securities issued in exchange or substitution therefor or replacement
thereof, and as any of the same may be amended, supplemented, restated or modified and in effect from time to time, the “Notes”);

 

WHEREAS,
the Notes are being acquired by the Purchasers pursuant to a Securities Purchase Agreement, dated as of the Closing Date among the Company
and the Purchasers (as the same may be amended, restated, supplemented or otherwise modified from time-to-time, the “Purchase Agreement”);

 

WHEREAS,
pursuant to a Security Agreement, dated as of the Closing Date (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the “Security Agreement”), the Company has granted to the Collateral Agent a lien on and security interest
in all of the issued and outstanding Equity Interests of the Subsidiaries (as such terms are defined in the Security Agreement);

 

WHEREAS,
pursuant to a Security Agreement, the Grantors (as defined in the Security Agreement) have granted the Collateral Agent, for its benefit
and the benefit of the other Purchasers, a first priority lien on and security interest in all of their respective rights in the Collateral
(as defined in the Security Agreement); and

 

WHEREAS,
the Guarantors are subsidiaries of the Company and, as such, will derive substantial benefit and advantage from the Purchase Agreement,
the Notes, the Warrants, the Security Agreement and the other related agreements (collectively, the “Transaction Documents”).

 

NOW,
THEREFORE, for and in consideration of the promises and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, each Guarantor hereby jointly and severally agrees as follows:

 

1.
Definitions: Except as otherwise provided herein, capitalized terms used herein without definition and defined in the Purchase
Agreement are used herein as defined therein. In addition, as used herein:

 

“Bankruptcy
Code” shall mean the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.), as amended and in effect from
time to time thereunder.

 

    	1

    	 

    

 

“Obligations”
shall mean (i) all obligations, liabilities and indebtedness of every nature of the Company and each Guarantor from time to time owed
or owing to the Purchasers and the Collateral Agent arising under, out of or in connection with this Guaranty, the Security Agreement,
the Purchase Agreement, the Notes, the Warrants and the other Transaction Documents, including, without limitation, the principal amount
of all debts, claims and indebtedness, accrued and unpaid interest and all fees, taxes, indemnities, costs and expenses, whether primary,
secondary, direct, contingent, fixed or otherwise, heretofore, now and/or from time to time hereafter owing, due or payable, whether
before or after the filing of a bankruptcy, insolvency or similar proceeding under applicable federal, state, foreign or other law and
whether or not an allowed claim in any such proceeding, and (ii) all obligations, liabilities and indebtedness of every nature of any
subsequent Guarantor from time to time owed or owing to the Purchasers and/or the Collateral Agent, under or in respect of this Guaranty,
the Security Agreement, the Purchase Agreement, the Notes, the Warrants and the other Transaction Documents, as the case may be, including,
without limitation, the principal amount of all debts, claims and indebtedness, accrued and unpaid interest and all fees, taxes, indemnities,
costs and expenses, whether primary, secondary, direct, contingent, fixed or otherwise, heretofore, now and/or from time to time hereafter
owing, due or payable, whether before or after the filing of a bankruptcy, insolvency or similar proceeding under applicable federal,
state, foreign or other law and whether or not an allowed claim in any such proceeding.

 

2.
Guaranty of Payment.

 

(a)
Each Guarantor, jointly and severally, hereby unconditionally and irrevocably guarantees the full and prompt payment and performance
to the Purchasers and the Collateral Agent, on behalf of itself and in its capacity as agent for the benefit of Purchasers, when due,
upon demand, at maturity or by reason of acceleration or otherwise and at all times thereafter, of any and all of the Obligations.

 

(b)
Each Guarantor acknowledges that valuable consideration supports this Guaranty, including, without limitation, the consideration set
forth in the recitals above; any extension, renewal or replacement of any of the Obligations; any forbearance with respect to any of
the Obligations or otherwise; any cancellation of an existing guaranty; any purchase of any of the Company’s assets by any Purchaser
or Collateral Agent; or any other valuable consideration.

 

(c)
Each Guarantor agrees that all payments under this Guaranty shall be made in United States currency and in the same manner as provided
for the Obligations.

 

(d)
Notwithstanding any provision of this Guaranty to the contrary, it is intended that this Guaranty, and any interests, liens and security
interests granted by Guarantors as security for this Guaranty, not constitute a “Fraudulent Conveyance” (as defined below)
in the event that this Guaranty or such interest is subject to the Bankruptcy Code or any applicable fraudulent conveyance or fraudulent
transfer law or other applicable laws of any state. Consequently, the Guarantors, the Collateral Agent and the Purchasers all agree that
if this Guaranty, or any such interests, liens or security interests securing this Guaranty, would, but for the application of this sentence,
constitute a Fraudulent Conveyance, this Guaranty and each such lien and security interest shall be valid and enforceable only to the
maximum extent that would not cause this Guaranty or such interest, lien or security interest to constitute a Fraudulent Conveyance,
and this Guaranty shall automatically be deemed to have been amended accordingly at all relevant times. For purposes hereof, “Fraudulent
Conveyance” means a fraudulent conveyance under Section 548 of the Bankruptcy Code or a fraudulent conveyance or fraudulent transfer
under the provisions of any applicable fraudulent conveyance or fraudulent transfer law or other applicable laws of any state, as in
effect from time to time.

 

3.
Costs and Expenses. The Company and each Guarantor, jointly and severally, agrees to pay on demand, all reasonable Costs and Expenses
of every kind incurred by any Purchaser or the Collateral Agent: (a) in enforcing this Guaranty or any other Transaction Document, (b)
in collecting any of the Obligations from any Guarantor pursuant to this Guaranty or any other Transaction Document, (c) in realizing
upon or protecting or preserving any Collateral (as defined in the Security Agreement), and (d) in connection with any amendment of,
modification to, waiver or forbearance granted under, or enforcement or administration of this Guaranty or any other Transaction Document
or for any other purpose in connection with this Guaranty or any other Transaction Document, in each case, to the extent a Purchaser
or the Collateral Agent may take such action pursuant to the terms and conditions of this Guaranty. “Costs and Expenses”
as used in the preceding sentence shall include, without limitation, reasonable attorneys’ fees incurred by any Purchaser or the
Collateral Agent in retaining legal counsel for advice, suit, appeal, any insolvency or other proceedings under the Bankruptcy Code or
otherwise, or for any purpose specified in the preceding sentence.

 

    	2

    	 

    

 

4.
Nature of Guaranty: Continuing, Absolute and Unconditional.

 

(a)
This Guaranty is and is intended to be a continuing guaranty of payment of the Obligations, and not of collectability, and is intended
to be independent of and in addition to any other guaranty, endorsement, collateral or other agreement held by a Purchaser or the Collateral
Agent therefor or with respect thereto, whether or not furnished by a Guarantor. None of Purchasers and Agent shall be required to prosecute
collection, enforcement or other remedies against any Company, any other Guarantor or guarantor of the Obligations or any other person
or entity, or to enforce or resort to any of the Collateral or other rights or remedies pertaining thereto, before calling on a Guarantor
for payment. The obligations of each Guarantor to repay the Obligations hereunder shall be unconditional. No Guarantor shall have a right
to exercise any right of subrogation, reimbursement, indemnity, exoneration, contribution or any other claim which it may now or hereafter
have against the Company or any other Guarantor in connection with this Guaranty until the termination of this Guaranty in accordance
with Section 8 below, and each Guarantor hereby waives any benefit of, and any right to participate in, any security or collateral given
to Purchasers to secure payment of the Obligations, and each Guarantor agrees that it will not take any action to enforce any obligations
of the Company or any other Guarantor to such Guarantor prior to the Obligations being finally and irrevocably paid in full in cash,
provided that, in the event of the bankruptcy or insolvency of the Company or any other Guarantor, to the extent the Obligations
have not been finally and irrevocably paid in full in cash, Collateral Agent, for the benefit of itself and Purchasers, and Purchasers
shall be entitled notwithstanding the foregoing, to file in the name of any Guarantor or in its own name a claim for any and all indebtedness
owing to a Guarantor by the Company or such other Guarantor (exclusive of this Guaranty), vote such claim and to apply the proceeds of
any such claim to the Obligations.

 

(b)
For the further security of Purchasers and without in any way diminishing the liability of the Guarantors, following the occurrence and
during the continuance of an Event of Default (as defined in the Notes), all debts and liabilities, present or future, of the Company
to the Guarantors, and all monies received from any Company or for its account by the Guarantors in respect thereof shall be received
in trust for Purchasers and Agent and promptly following receipt shall be paid over to Agent, for its benefit and in its capacity as
Agent for the benefit of Purchasers, until all of the Obligations have been paid in full in cash. This assignment and postponement is
independent of and severable from this Guaranty and shall remain in full effect whether or not any Guarantor is liable for any amount
under this Guaranty.

 

(c)
This Guaranty is absolute and unconditional and shall not be changed or affected by any representation, oral agreement, act or thing
whatsoever, except as herein provided. This Guaranty is intended by the Guarantors to be the final, complete and exclusive expression
of the guaranty agreement among the Company, the Guarantors, the Purchasers and the Collateral Agent (except as expressly limited by
the express terms of this Guaranty). No modification or amendment of any provision of this Guaranty shall be effective against any party
hereto unless in writing and signed by a duly authorized officer of such party. This Guaranty, together with the other Transaction Documents,
supersedes all other prior oral or written agreements between the Purchasers, the Company, the Guarantors and the Collateral Agent, their
respective Affiliates and Persons acting on their respective behalves with respect to the matters discussed herein, and this Guaranty,
together with the other Transaction Documents and the other instruments referenced herein and therein, contain the entire understanding
of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
the Company, any Guarantor, the Collateral Agent nor any Purchaser makes any representation, warranty, covenant or undertaking with respect
to such matters. As of the date of this Guaranty, there are no unwritten agreements between the parties with respect to the matters discussed
herein. No provision of this Guaranty may be amended, modified or supplemented other than by an instrument in writing signed by the parties
hereto.

 

(d)
Each Guarantor hereby releases each Purchaser and the Collateral Agent from all, and agrees not to assert or enforce (whether by or in
a legal or equitable proceeding or otherwise) any, “claims” (as defined in Section 101(5) of the Bankruptcy Code), whether
arising under any law, ordinance, rule, regulation, order, policy or other requirement of any domestic or foreign governmental authority
or any instrumentality or agency thereof, having jurisdiction over the conduct of its business or assets or otherwise, to which the Guarantors
are or would at any time be entitled by virtue of its obligations hereunder, any payment made pursuant hereto or the exercise by any
Purchaser or the Collateral Agent of its rights with respect to the Collateral (as defined in the Security Agreement), including any
such claims to which such Guarantor may be entitled as a result of any right of subrogation, exoneration or reimbursement.

 

    	3

    	 

    

 

5.
Certain Rights and Obligations.

 

(a)
Each Guarantor acknowledges and agrees that the Collateral Agent may, without notice, demand or any reservation of rights against such
Guarantor and without affecting such Guarantor’s obligations hereunder, from time to time:

 

(i)
renew, extend, increase, accelerate or otherwise change the time for payment of, the terms of or the interest on the Obligations or any
part thereof or grant other indulgences to any Guarantor or others;

 

(ii)
accept from any Person and hold Collateral (as defined in the Security Agreement) for the payment of the Obligations or any part thereof,
and modify, exchange, enforce or refrain from enforcing, or release, compromise, settle, waive, subordinate or surrender, with or without
consideration, such Collateral or any part thereof;

 

(iii)
accept and hold any endorsement or guaranty of payment of the Obligations or any part thereof, and discharge, release or substitute any
such obligation of any such endorser or guarantor, or discharge and release or compromise any Guarantor, or any other Person who has
given any security interest in any Collateral (as defined in the Security Agreement) as security for the payment of the Obligations or
any part thereof, or any other Person in any way obligated to pay the Obligations or any part thereof, and enforce or refrain from enforcing,
or compromise or modify, the terms of any obligation of any such endorser, guarantor or Person;

 

(iv)
dispose of any and all Collateral (as defined in the Security Agreement) securing the Obligations in its reasonable discretion, as it
may deem appropriate, and direct the order or manner of such disposition and the enforcement of any and all endorsements and guaranties
relating to the Obligations or any part thereof as the Collateral Agent in its reasonable discretion may determine;

 

(v)
subject to the terms of the Notes, determine the manner, amount and time of application of payments and credits, if any, to be made on
all or any part of any component or components of the Obligations (whether principal, interest, fees, costs, and expenses, or otherwise),
including, without limitation, the application of payments received from any source to the payment of Indebtedness other than the Obligations
even though one or more Purchasers might lawfully have elected to apply such payments to the Obligations or to amounts which are not
covered by this Guaranty;

 

(vi)
take advantage or refrain from taking advantage of any security or accept or make or refrain from accepting or making any compositions
or arrangements when and in such manner as Collateral Agent, in its sole discretion, may deem appropriate; and

 

(vii)
generally do or refrain from doing any act or thing which might otherwise, at law or in equity, release the liability of such Guarantor
as a guarantor or surety in whole or in part, and in no case shall any Purchaser or Collateral Agent be responsible or shall any Guarantor
be released either in whole or in part for any act or omission in connection with a Purchaser or Collateral Agent having sold any security
at less than its fair market value.

 

(b)
Following the occurrence and during the continuance of an Event of Default (as defined in the Notes), and upon demand by the Collateral
Agent, each Guarantor, jointly and severally, hereby agrees to pay the Obligations to the extent hereinafter provided and to the extent
unpaid:

 

(i)
without deduction by reason of any setoff, defense (other than payment) or counterclaim of the Company or any other Guarantor;

 

(ii)
without requiring presentment, protest or notice of nonpayment or notice of default to the Company, any other Guarantor or any other
Person;

 

(iii)
without demand for payment or proof of such demand or filing of claims with a court in the event of receivership, bankruptcy or reorganization
of the Company or any other Guarantor;

 

    	4

    	 

    

 

(iv)
without requiring any Purchaser or the Collateral Agent to resort first to the Company (this being a guaranty of payment and not of collection),
to any other Guarantor, or to any other guaranty or any collateral which a Purchaser or the Collateral Agent may hold;

 

(v)
without requiring notice of acceptance hereof or assent hereto by any Purchaser or the Collateral Agent; and

 

(vi)
without requiring notice that any of the Obligations has been incurred, extended or continued or of the reliance by any Purchaser or
the Collateral Agent upon this Guaranty;

 

all
of which each Guarantor hereby irrevocably waives.

 

(c)
Each Guarantor’s obligation hereunder shall not be affected by any of the following, all of which such Guarantor hereby waives:

 

(i)
any failure to perfect or continue the perfection of any security interest in or other Lien on any Collateral (as defined in the Security
Agreement) securing payment of any of the Obligations or any Guarantor’s obligation hereunder;

 

(ii)
the invalidity, unenforceability, propriety of manner of enforcement of, or loss or change in priority of any document or security interest
or other Lien or guaranty of the Obligations;

 

(iii)
any failure to protect, preserve or insure any Collateral (as defined in the Security Agreement);

 

(iv)
failure of a Guarantor to receive notice of any intended disposition of any Collateral (as defined in the Security Agreement);

 

(v)
any defense arising by reason of the cessation from any cause whatsoever of liability of any Guarantor including, without limitation,
any failure, negligence or omission by any Purchaser or the Collateral Agent in enforcing its claims against the Company;

 

(vi)
any release, settlement or compromise of any Obligation of the Company, any other Guarantor or any other Person guaranteeing the Obligations;

 

(vii)
the invalidity or unenforceability of any of the Obligations;

 

(viii)
any change of ownership of the Company, any other Guarantor or any other Person guaranteeing the Obligations or the insolvency, bankruptcy
or any other change in the legal status of the Company, any Guarantor or any other Person guaranteeing the Obligations;

 

(ix)
any change in, or the imposition of, any law, decree, regulation or other governmental act which does or might impair, delay or in any
way affect the validity, enforceability or the payment when due of the Obligations;

 

(x)
the existence of any claim, setoff or other rights which the Company, the Guarantor, any other Guarantor or guarantor of the Obligations
or any other Person may have at any time against any Purchaser or the Collateral Agent in connection herewith or any unrelated transaction;

 

    	5

    	 

    

 

(xi)
any Purchaser’s or the Collateral Agent’s election in any case instituted under chapter 11 of the Bankruptcy Code, of the
application of section 1111(b)(2) of the Bankruptcy Code;

 

(xii)
any use of cash Collateral (as defined in the Security Agreement), or grant of a security interest by the Company or any Guarantor, as
debtor in possession, under sections 363 or 364 of the Bankruptcy Code;

 

(xii)
the disallowance of all or any portion of any of any Purchaser’s or the Collateral Agent’s claims for repayment of the Obligations
under sections 502 or 506 of the Bankruptcy Code;

 

(xiii)
any stay or extension of time for payment by the Company or any Guarantor resulting from any proceeding under the Bankruptcy Code or
any other applicable law; or

 

(xiv)
any other fact or circumstance which might otherwise constitute grounds at law or equity for the discharge or release of a Guarantor
from its obligations hereunder, all whether or not such Guarantor shall have had notice or knowledge of any act or omission referred
to in the foregoing clauses (i) through (xiv) of this Section 5(c).

 

6.
Representations and Warranties. Each Guarantor further represents and warrants to each Purchaser and the Collateral Agent that:
(a) such Guarantor is a corporation or other entity duly incorporated or organized, as applicable, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation, as applicable, and has full power, authority and legal right to
own its property and assets and to transact the business in which it is presently engaged; (b) such Guarantor has full power, authority
and legal right to execute and deliver, and to perform its obligations under, this Guaranty, and has taken all necessary action to authorize
the guarantee hereunder on the terms and conditions of this Guaranty and to authorize the execution, delivery and performance of this
Guaranty; (c) this Guaranty has been duly executed and delivered by such Guarantor and constitutes a legal, valid and binding obligation
of such Guarantor enforceable against such Guarantor in accordance with its terms, except to the extent that such enforceability is subject
to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance and moratorium laws and other laws of general application
affecting enforcement of creditors’ rights generally, or the availability of equitable remedies, which are subject to the discretion
of the court before which an action may be brought; (d) the execution, delivery and performance by each Guarantor of this Guaranty does
not require any action by or in respect of, or filing with, any governmental body, agency or official and do not violate, conflict with
or cause a breach or a default under any provision of (i) applicable law or regulation, (ii) the organizational documents of such Guarantor,
(iii) any judgment, injunction, order, decree or other instrument binding upon it, or (iv) any agreement binding upon it; and (e) the
Guarantors are all of the subsidiaries of the Company.

 

7.
Covenants. Each Guarantor covenants with each Purchaser and the Collateral Agent that such Guarantor shall not grant any security
interest in or permit any Lien upon any of its assets in favor of any Person other than Permitted Liens (as defined in the Notes) and
security interests in favor of the Purchasers and the Collateral Agent. Each Guarantor agrees that it shall not take any action or engage
in any transaction that such Guarantor is prohibited from taking or engaging in pursuant to the terms of the Transaction Documents. In
addition, each Guarantor agrees to comply with the terms of the Transaction Documents to the same extent that the Company is required
to cause the Guarantors to comply with such terms of the Transaction Documents. Each Guarantor, by its signature hereto, hereby acknowledges
and agrees that a breach by such Guarantor of this Guaranty constitutes an “Event of Default” under the Notes and the other
Transaction Documents. For so long as this Guaranty remains in effect, the Company covenants and agrees to cause any wholly-owned or
majority-owned subsidiary of the Company acquired or formed after the Closing Date to become a party to this Guaranty by execution of
a joinder in the form of Exhibit A attached hereto.

 

    	6

    	 

    

 

8.
Termination. This Guaranty shall not terminate until the full and complete performance and indefeasible satisfaction of all of
the Obligations (including, without limitation, the indefeasible payment in full in cash of all such Obligations) (i) in respect of the
Transaction Documents, and (ii) with respect to which claims have been asserted by Collateral Agent and/or a Purchaser arising out of
or relating to the Transaction Documents. Thereafter, but subject to the following, the Collateral Agent, on behalf of itself and as
agent for the Purchasers, shall take such actions and execute such documents as the Guarantors may reasonably request (and at the Guarantors’
cost and expense) in order to evidence the termination of this Guaranty. Payment of all of the Obligations owing from time to time shall
not operate as a discontinuance of this Guaranty. Each Guarantor further agrees that, to the extent that the Company or a Guarantor makes
a payment to the Purchasers or the Collateral Agent on the Obligations, or the Purchasers or the Collateral Agent receive any proceeds
from the Collateral (as defined in the Security Agreement) securing the Obligations or any other payments with respect to the Obligations,
which payment or receipt of proceeds or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set
aside or required to be returned or repaid to the Company, a Guarantor or any of their respective estates, trustees, receivers, debtors
in possession or any other Person under any insolvency or bankruptcy law (including, but not limited to the Bankruptcy Code), state or
federal law, common law or equitable cause, then to the extent of such payment, return or repayment, the obligation or part thereof which
has been paid, reduced or satisfied by such amount shall be reinstated and continued in full force and effect as of the date when such
initial payment, reduction or satisfaction occurred, and this Guaranty shall continue in full force notwithstanding any contrary action
which may have been taken by any Purchaser or the Collateral Agent in reliance upon such payment, and any such contrary action so taken
shall be without prejudice to any Purchaser’s or the Collateral Agent’s rights under this Guaranty and shall be deemed to
have been conditioned upon such payment having become final and irrevocable. Upon satisfaction of the Obligations in accordance with
this Section 8, the Guarantors’ obligations under this Guaranty shall immediately terminate and the Guaranty shall be void.

 

9.
Guaranty of Performance. Each Guarantor also, jointly and severally, guarantees the full, prompt and unconditional performance
of all Obligations and agreements of every kind owed or hereafter to be owed by the Company or the other Guarantors to the Purchasers
or the Collateral Agent under this Guaranty and the other Transaction Documents. Every provision for the benefit of the Purchasers or
the Collateral Agent contained in this Guaranty shall apply to the guaranty of performance given in this Section 9.

 

10.
Assumption of Liens and Obligations. To the extent that a Guarantor has received or shall hereafter receive distributions or transfers
from the Company of property or cash that are subject, at the time of such distribution or transfer, to Liens in favor of Purchasers
or the Collateral Agent in accordance with the Transaction Documents, such Guarantor hereby expressly agrees that (i) it shall hold such
assets subject to such Liens, and (ii) it shall be liable for the payment of the Obligations secured thereby. Each Guarantor’s
obligations under this Section 10 shall be in addition to its obligations as set forth in other sections of this Guaranty and not in
substitution therefor or in lieu thereof.

 

11.
Miscellaneous.

 

(a)
The terms “Company” and “Guarantor” as used in this Guaranty shall include: (i) any successor individuals, associations,
partnerships, limited liability companies, corporations or other entities to which all or substantially all of the business or assets
of such Company or such Guarantor shall have been transferred and (ii) any other associations, partnerships, limited liability companies,
corporations or entities into or with which such Company or such Guarantor shall have been merged, consolidated, reorganized, or absorbed.

 

(b)
Without limiting any other right of any Purchaser or the Collateral Agent, whenever any Purchaser or the Collateral Agent has the right
to declare any of the Obligations to be immediately due and payable (whether or not it has been so declared), the Collateral Agent, on
its behalf and in its capacity as agent for the benefit of the Purchasers, at its sole election without notice to the undersigned may
appropriate and set off against the Obligations:

 

(i)
any and all indebtedness or other moneys due or to become due the Company or to any Guarantor by any Purchaser or the Collateral Agent
in any capacity and whether arising out of or related to the Transaction Documents or otherwise; and

 

(ii)
any credits or other property belonging to the Company or any Guarantor (including all account balances, whether provisional or final
and whether or not collected or available) at any time held by or coming into the possession of any Purchaser or the Collateral Agent,
or any Affiliate of any Purchaser or the Collateral Agent, whether for deposit or otherwise;

 

in
each case, whether or not then due and owing, and the applicable Purchaser or the Collateral Agent, as applicable, shall be deemed to
have exercised such right of set off immediately at the time of such election even though any charge therefore is made or entered on
such Purchaser’s or the Collateral Agent’s records subsequent thereto. The Collateral Agent agrees to notify such Guarantor
in a reasonable time of any such set-off; however, failure of the Collateral Agent to so notify such Guarantor shall not affect the validity
of any set-off.

 

    	7

    	 

    

 

(c)
Each Guarantor’s obligation hereunder is to pay the Obligations in full in cash when due according to this Guaranty, the Notes,
the Warrants, the other Transaction Documents, and any other agreements, documents and instruments governing the Obligations to the extent
provided herein, and shall not be affected by any stay or extension of time for payment for the benefit of the Company or any other Guarantor
resulting from any proceeding under the Bankruptcy Code or any other applicable law.

 

(d)
No course of dealing between the Company or any Guarantor, on the one hand, and a Purchaser or the Collateral Agent, on the other hand,
and no act, delay or omission by a Purchasers or the Collateral Agent in exercising any right or remedy hereunder or with respect to
any of the Obligations shall operate as a waiver thereof or of any other right or remedy, and no single or partial exercise thereof shall
preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies of each Purchaser
and the Collateral Agent hereunder are cumulative and may be exercised singly or concurrently, and are not exclusive of any rights and
remedies provided by law.

 

(e)
This Guaranty shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

(f)
Collateral Agent may assign its rights hereunder, in which event such assignee shall be deemed to be the Collateral Agent hereunder with
respect to such assigned rights.

 

(g)
Captions of the sections of this Guaranty are solely for the convenience of the parties hereto, and are not an aid in the interpretation
of this Guaranty and do not constitute part of the agreement of the parties set forth herein.

 

(h)
If any provision of this Guaranty is unenforceable in whole or in part for any reason, the remaining provisions shall continue to be
effective.

 

(i)
All questions concerning the construction, validity, enforcement and interpretation of this Guaranty shall be governed by the internal
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.
Each Guarantor hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in New York County, New
York, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Each Guarantor hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing by registered or certified mail a copy thereof to such party at
the address for such notices to it under this Guaranty and agrees that such service shall constitute good and sufficient service of process
and notice thereof as of the date that is five business days after the mailing thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by law.

 

12.
Notices. All notices, approvals, requests, demands and other communications hereunder shall be delivered or made in the manner
set forth in, and shall be effective in accordance with the terms of, the Purchase Agreement; provided, that any communication
shall be effective as to any Guarantor if made or sent to the Company in accordance with the foregoing.

 

13.
Waivers.

 

(a)
Each Guarantor waives the benefit of all valuation, appraisal and exemption laws.

 

(b)
Upon the occurrence of a default or Event of Default (as defined in the Notes), each Guarantor hereby waives all rights to notice and
hearing of any kind prior to the exercise by any Purchaser or the Collateral Agent, on its behalf and in its capacity as agent for the
benefit of Purchasers, of its rights to repossess the Collateral without judicial process or to replevy, attach or levy upon the Collateral
without prior notice or hearing. Each Guarantor acknowledges that it has been advised by counsel of its choice with respect to this transaction
and this Guaranty.

 

    	8

    	 

    

 

(c)
Each Guarantor waives its rights to a trial by jury of any claim or cause of action based upon or arising out of or related to this guaranty,
or the other transaction documents, in any action, proceeding or other litigation of any type brought by any Purchaser or the Collateral
Agent. Each Guarantor agrees that any such claim or cause of action shall be tried by a court without a jury. Without limiting the foregoing,
each Guarantor further agrees that its right to a trial by jury is waived by operation of this section as to any action, counterclaim
or other proceeding which seeks, in whole or in part, to challenge the validity or enforceability of this Guaranty or any provision hereof.
This waiver shall apply to any subsequent amendments, renewals, supplements or modifications to this Guaranty.

 

14.
Agent. The terms and provisions of the Purchase Agreement which set forth the appointment of the Collateral Agent, the indemnifications
and defenses to which the Collateral Agent is entitled and the limitations on the Collateral Agent’s duties and liabilities are
hereby incorporated by reference herein as if fully set forth herein and binding on the Guarantors hereby.

 

15.
Payments Free of Taxes.

 

(a)
Definitions. In this Section 15:

 

(i)
“Excluded Taxes” means, with respect to the Collateral Agent or the Purchasers, or any other recipient of any payment to
be made by or on account of any obligations of any Guarantor under this Guaranty, or under any other Transaction Document, income or
franchise taxes imposed on (or measured by) its net income by the United States of America or such other jurisdiction under the laws
of which such recipient is organized or in which its principal office is located.

 

(ii)
“Governmental Authority” means the government of the United States of America or any other nation, or any political subdivision
thereof, whether state or local, or any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government over the Company
or any of the Guarantors, or any of their respective properties, assets or undertakings.

 

(iii)
“Indemnified Taxes” means Taxes other than Excluded Taxes.

 

(iv)
“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by
any Governmental Authority.

 

(b)
Any and all payments by or on account of the Obligations of any of the Guarantors under this Guaranty or any other Transaction Document
shall be made without any set-off, counterclaim or deduction and free and clear of and without deduction for any Indemnified Taxes; provided
that if any Guarantor shall be required to deduct any Indemnified Taxes from such payments, then (i) the sum payable shall be increased
as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section
15(b)), the Collateral Agent or the Purchasers, as applicable, receives an amount equal to the sum it would have received had no such
deductions been made, (ii) such Guarantor shall make such deductions and (iii) such Guarantor shall pay the full amount deducted to the
relevant Governmental Authority in accordance with applicable law.

 

16.
Indemnification by the Guarantors. Each Guarantor shall indemnify the Collateral Agent and the Purchasers, within 10 days after
written demand therefor, for the full amount of any Indemnified Taxes paid by the Collateral Agent or Purchasers, as applicable, on or
with respect to any payment by or on account of any obligation of such Guarantor under this Guaranty and the other Transaction Documents
(including Indemnified Taxes or imposed or asserted on or attributable to amounts payable under this Section 16) and any penalties, interest
and reasonable expenses including reasonable attorneys’ fees arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate of the Collateral Agent or
any Purchaser as to the amount of such payment or liability under this Section 16 shall be delivered to such Guarantor and shall be conclusive
absent manifest error.

 

    	9

    	 

    

 

17.
Counterparts; Headings. This Guaranty may be executed in two or more identical counterparts, all of which together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party;
provided that a facsimile, “.pdf” format data file or similar electronically transmitted signature shall be considered
due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original signature.
The headings in this Guaranty are for convenience of reference only and shall not alter or otherwise affect the meaning hereof.

 

18.
Rights of Contribution. The Guarantors hereby agree as among themselves that, if any Guarantor shall make an Excess Payment (as
defined below), such Guarantor shall have a right of contribution from each other Guarantor in an amount equal to such other Guarantor’s
Contribution Share (as defined below) of such Excess Payment. The payment obligations of any Guarantor under this Section 18 shall be
subordinate and subject in right of payment to the Obligations until such time as the Obligations have been paid in full in cash, and
none of the Guarantors shall exercise any right or remedy under this Section 18 against any other Guarantor until such Obligations have
been paid in full in cash. For purposes of this Section 18, (a) “Excess Payment” shall mean the amount paid by any Guarantor
in excess of its Ratable Share of any Obligations; (b) “Ratable Share” shall mean, for any Guarantor in respect of any payment
of Obligations, the ratio (expressed as a percentage) as of the date of such payment of Obligations of (i) the amount by which the aggregate
present fair salable value of all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor (including
contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to (ii)
the amount by which the aggregate present fair salable value of all assets and other properties of the Company and the Guarantors exceeds
the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding
the obligations of the Guarantors hereunder) of the Company and the Guarantors, provided, that, for purposes of calculating the
Ratable Shares of the Guarantors in respect of any payment of Obligations, any Guarantor that became a Guarantor subsequent to the date
of any such payment shall be deemed to have been a Guarantor on the date of such payment and the financial information for such Guarantor
as of the date such Guarantor became a Guarantor shall be utilized for such Guarantor in connection with such payment; and (c) “Contribution
Share” shall mean, for any Guarantor in respect of any Excess Payment made by any other Guarantor, the ratio (expressed as a percentage)
as of the date of such Excess Payment of (i) the amount by which the aggregate present fair salable value of all of its assets and properties
exceeds the amount of all debts and liabilities of such Guarantor (including contingent, subordinated, unmatured, and unliquidated liabilities,
but excluding the Obligations) of the Company and the Guarantors other than the maker of such Excess Payment; provided, however,
that, for purposes of calculating the Contribution Shares of the Guarantors in respect of any Excess Payment, any Guarantor that became
a Guarantor subsequent to the date of any such Excess Payment shall be deemed to have been a Guarantor on the date of such Excess Payment
and the financial information for such Guarantor as of the date such Guarantor became a Guarantor shall be utilized for such Guarantor
in connection with such Excess Payment. 

 

[Signature
page follows]

 

    	10

    	 

    

 

IN
WITNESS WHEREOF, the Company and each of the Guarantors have executed this Guaranty as of the date first written above.

 

COMPANY:

 

	AMERICAN
    REBEL HOLDINGS, INC., a Nevada corporation	 
	 	 	 
	By:		 
	Name:		 
	Title:	Chief
    Executive Officer	 

 

GUARANTORS:

 

	AMERICAN
    REBEL, INC., a Nevada corporation 	 
	 	 	 
	By:		 
	Name:		 
	Title:		 

 

    	11

    	 

    

 

	 	COLLATERAL AGENT:
	 	 
	 	Cavalry
    Fund I LP, a Delaware limited partnership, in its capacity as Collateral Agent for the Purchasers
	 	 	 
	 	By:	             
	 	Name:	 
	 	Title:	 

 

    	12

    	 

    

 

EXHIBIT
A

 

Form
of Joinder to

Subsidiary
Guaranty

 

This
Joinder Agreement is made between the undersigned, __________________________ a [_________], (the “New Subsidiary”) and [
          ], a [           ], as Collateral Agent under that certain Subsidiary Guaranty dated as of __________ ___, 20__ (as amended, restated, supplemented
or otherwise modified from time to time, the “Guaranty”) by and among the Company, the Guarantors and the Collateral Agent;
together with each other Person that becomes a Guarantor thereunder after the date and pursuant to the terms thereof, to and in favor
of the Purchasers. Capitalized terms herein and not otherwise defined herein shall have the meanings assigned to such terms in the Guaranty.

 

1.
The New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the New Subsidiary will
be deemed to be a party to the Guaranty and a “Guarantor” for all purposes of the Guaranty, and shall have all of the obligations
of a Guarantor thereunder as if it had executed the Guaranty. The New Subsidiary hereby ratifies, as of the date hereof, and agrees to
be bound by, all of the terms, provisions and conditions applicable to the Guarantors contained in the Guaranty. Without limiting the
generality of the foregoing terms of this paragraph 1, the New Subsidiary hereby jointly and severally together with the other Guarantors,
guarantees to the Purchasers and the Collateral Agent, as provided in the Guaranty, the prompt payment and performance of the Obligations
in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in accordance with the
terms thereof.

 

2.
The New Subsidiary represents and warrants that the representations and warranties set forth in Section 6 of the Guaranty are, with respect
to the undersigned, true and correct as of the date hereof.

 

3.
From and after the date hereof, each reference to a Guarantor in the Guaranty shall be deemed to include the undersigned.

 

4.
This Joinder Agreement may be executed in multiple counterparts, each of which shall constitute an original but all of which when taken
together shall constitute one contract.

 

5.
THIS JOINDER AGREEMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR
CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE
LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

 

[Signature
page follows] 

 

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IN
WITNESS WHEREOF, the undersigned has executed this Joinder this ___ day of _____________, 20___.

 

[____________________________]

 

    	14

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