Document:

Exhibit
4.3

 

NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE 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, AS AMENDED
(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. THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

	Original
    Issue Date: November 29, 2022	$_______________

 

 

10.0%
ORIGINAL ISSUE DISCOUNT SENIOR SECURED 

CONVERTIBLE
DEBENTURE

DUE
November 29, 2023

 

THIS
10.0% ORIGINAL ISSUE DISCOUNT SENIOR SECURED CONVERTIBLE DEBENTURE is one of a series of duly authorized and validly issued 10.0% Original
Issue Discount Senior Secured Convertible Debentures of Theralink Technologies, Inc., a Nevada corporation (the “Company”),
having a place of business at 15000 West 6th Avenue, Suite 400, Golden, Colorado 80401, designated as its 10.0% Original Issue Discount
Senior Secured Convertible Debenture due November 29, 2023 (this debenture, the “Debenture” and, collectively with
the other debentures of such series, the “Debentures”).

 

FOR
VALUE RECEIVED, the Company promises to pay to ________________________ or its registered assigns (the “Holder”),
or shall have paid pursuant to the terms hereunder, the principal sum of $_______________ on November 29, 2023 (subject to extension
as provided herein, the “Maturity Date”) or such earlier date as this Debenture is required or permitted to be repaid
as provided hereunder, and to pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture
in accordance with the provisions hereof. This Debenture is subject to the following additional provisions:

 

Section
1. Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Debenture, (a) capitalized terms
not otherwise defined herein shall have the meanings set forth in the Purchase Agreement and (b) the following terms shall have the following
meanings:

 

“Alternate
Consideration” shall have the meaning set forth in Section 5(e).

 

“Attribution
Parties” shall have the meaning set forth in Section 4(d).

 

    	 

    	 

    

 

“Bankruptcy
Event” means any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w)
of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt,
relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the Company or any Significant
Subsidiary thereof, (b) there is commenced against the Company or any Significant Subsidiary thereof any such case or proceeding that
is not dismissed within 60 days after commencement, (c) the Company or any Significant Subsidiary thereof is adjudicated insolvent or
bankrupt or any order of relief or other order approving any such case or proceeding is entered, (d) the Company or any Significant Subsidiary
thereof suffers any appointment of any custodian or the like for it or any substantial part of its property that is not discharged or
stayed within 60 calendar days after such appointment, (e) the Company or any Significant Subsidiary thereof makes a general assignment
for the benefit of creditors, (f) the Company or any Significant Subsidiary thereof calls a meeting of its creditors with a view to arranging
a composition, adjustment or restructuring of its debts, (g) the Company or any Significant Subsidiary thereof admits in writing that
it is generally unable to pay its debts as they become due, (h) the Company or any Significant Subsidiary thereof, by any act or failure
to act, expressly indicates its consent to, approval of or acquiescence in any of the foregoing or takes any corporate or other action
for the purpose of effecting any of the foregoing.

 

“Base
Conversion Price” shall have the meaning set forth in Section 5(b).

 

“Beneficial
Ownership Limitation” shall have the meaning set forth in Section 4(d).

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial
banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”,
“non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations at the
direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial
banks in The City of New York are generally are open for use by customers on such day.

 

“Buy-In”
shall have the meaning set forth in Section 4(c)(v).

 

“Change
of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition after the date hereof by an
individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective
control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of 50%
of the voting securities of the Company (other than by means of conversion of the Debentures), (b) the Company merges into or consolidates
with any other Person, or any Person merges into or consolidates with the Company and, after giving effect to such transaction, the stockholders
of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor
entity of such transaction, (c) the Company (and all of its Subsidiaries, taken as a whole) sells or transfers all or substantially all
of its assets to another Person and the stockholders of the Company immediately prior to such transaction own less than 50% of the aggregate
voting power of the acquiring entity immediately after the transaction, (d) a replacement at one time or within a three year period of
more than one-half of the members of the Board of Directors which is not approved by a majority of those individuals who are members
of the Board of Directors on the Original Issue Date (or by those individuals who are serving as members of the Board of Directors on
any date whose nomination to the Board of Directors was approved by a majority of the members of the Board of Directors who are members
on the date hereof), or (e) the execution by the Company of an agreement to which the Company is a party or by which it is bound, providing
for any of the events set forth in clauses (a) through (d) above.

 

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“Conversion”
shall have the meaning ascribed to such term in Section 4.

 

“Conversion
Date” shall have the meaning set forth in Section 4(a).

 

“Conversion
Price” shall have the meaning set forth in Section 4(b).

 

“Conversion
Schedule” means the Conversion Schedule in the form of Schedule 1 attached hereto.

 

“Conversion
Shares” means, collectively, the shares of Common Stock issuable upon conversion of this Debenture in accordance with the terms
hereof.

 

“Debenture
Register” shall have the meaning set forth in Section 2(b).

 

“Distribution”
shall have the meaning set forth in Section 5(d).

 

“Event
of Default” shall have the meaning set forth in Section 8(a).

 

“Extension
Amount” means 105% of the sum of (a) the outstanding principal amount of this Debenture at the expiration of the original Maturity
Date, plus (b) accrued and unpaid interest thereon at the expiration of the original Maturity Date, plus (c) all other amounts, costs,
expenses and liquidated damages due in respect of this Debenture at the expiration of the original Maturity Date.

 

“Fundamental
Transaction” shall have the meaning set forth in Section 5(e).

 

“Interest
Payment Date” shall have the meaning set forth in Section 2(a).

 

“Late
Fees” shall have the meaning set forth in Section 2(c).

 

“Mandatory
Default Amount” means the sum of (a) 130% of the outstanding principal amount of this Debenture, plus (b) 130% of accrued and
unpaid interest hereon, and (c) 130% of all other amounts, costs, expenses and liquidated damages due in respect of this Debenture.

 

“Maximum
Rate” shall have the meaning set forth in Section 9(h).

 

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“Nevada
Courts” shall have the meaning set forth in Section 9(d).

 

“New
Preferred Stock” shall mean shares of the Series G Preferred Stock of the Company.

 

“Notice
of Conversion” shall have the meaning set forth in Section 4(a).

 

“Original
Issue Date” means the date of the first issuance of the Debentures, regardless of any transfers of any Debenture and regardless
of the number of instruments which may be issued to evidence such Debentures.

 

“Permitted
Indebtedness” means (a) the indebtedness evidenced by the Debentures, (b) the Indebtedness existing on the Original Issue Date
and set forth on Schedule 3.1(bb) attached to the Purchase Agreement, (c) indebtedness of up to an aggregate of $1,000,000, inclusive
of any interest, fees, penalties or other amounts due or payable thereunder and provided that such indebtedness expressly ranks subordinate
to the Debentures and holders of Debentures (d) indebtedness which may be assumed in connection with any strategic acquisition; (e) indebtedness
under agreements or arrangements with respect to refinancing the Indebtedness set forth on Schedule 3.1(bb) to the Purchase Agreement,
provided that the terms of such refinancing are more favorable to the Company and are no more favorable to the holders of such Indebtedness
than the terms of the Debentures, and (f) indebtedness in respect of capital leases and purchase money obligations for fixed or capital
assets; (g) indebtedness supported by the U.S. Small Business Administration (the “SBA”) under the Payroll Protection Program
and any future similar relief programs pursuant to the (i) Coronavirus Aid, Relief, and Economic Security Act of 2020, as supplemented
by regulations promulgated by the SBA, and (ii) future Congressional legislation which is enacted into law and contains forgiveness of
indebtedness provisions; and (h) and any trade accounts payable incurred in the ordinary course of business.

 

“Permitted
Lien” means the individual and collective reference to the following: (a) Liens for taxes, assessments and other governmental
charges or levies not yet due or Liens for taxes, assessments and other governmental charges or levies being contested in good faith
and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of the Company) have been established
in accordance with GAAP, (b) Liens imposed by law which were incurred in the ordinary course of the Company’s business, such as
carriers’, warehousemen’s and mechanics’ Liens, statutory landlords’ Liens, and other similar Liens arising in
the ordinary course of the Company’s business, and which (x) do not individually or in the aggregate materially detract from the
value of such property or assets or materially impair the use thereof in the operation of the business of the Company and its consolidated
Subsidiaries or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing for
the foreseeable future the forfeiture or sale of the property or asset subject to such Lien, (c) Liens incurred in connection with Permitted
Indebtedness under clauses (a) and (b) thereunder, (d) Liens incurred in connection with Permitted Indebtedness under clause (f) thereunder,
provided that, such Liens are not secured by assets of the Company or its Subsidiaries other than the assets acquired or leased.

 

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“Prepayment
Amount” means the product of (i) the sum of (a) the outstanding principal amount of this Debenture, plus (b) accrued and unpaid
interest hereon, plus (c) all other amounts, costs, expenses and liquidated damages due in respect of this Debenture, multiplied by (ii)
(x) 1.20 if the Company prepays this Debenture within 365 calendar days after the Original Issue Date, or (y) 1.30 if the Debenture is
automatically extended pursuant to the terms of Section 2(f) and the Company prepays this Debenture prior to the end of such extended
term.

 

“Purchase
Agreement” means the Securities Exchange Agreement, dated as of November 29, 2022 by and among the Company and the original
Holders, as amended, modified or supplemented from time to time in accordance with its terms.

 

“Purchase
Rights” shall have the meaning set forth in Section 5(c).

 

“Qualified
Offering” shall mean a registered offering of Common Stock (or units consisting of Common Stock and warrants to purchase Common
Stock) for aggregate gross proceeds to the Company of at least $5,000,000 resulting in the listing for trading of the Common Stock on
the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange
(or any successors to any of the foregoing).

 

“Qualified
Offering Conversion Price” shall mean the lesser of (i) $0.003 per share or (ii) 70% of the Qualified Offering Price.

 

“Qualified
Offering Notice” shall mean the written notice that the Company shall provide to the Holder with respect to an anticipated
Qualified Offering, which summarizes the terms of the Qualified Offering including, without limitation, the securities to be sold and
the Qualified Offering Price.

 

“Qualified
Offering Price” shall mean the effective price per share paid by investors per share of Common Stock that is sold to the public.
By way of two non-exhaustive examples, among other similar offering structures: (a) if the stated public offering price of the Qualified
Offering is $10.00, but is sold as a unit consisting of two (2) shares of Common Stock, the “Qualified Offering Price” is
$5.00 or (b) if the stated public offering price of the Qualified Offering is $10.00, but is sold as a unit consisting of one (1) share
of Common Stock and a warrant structured as an exchange warrant or a special cashless exercise warrant wherein the holder of such warrant
may exercise such warrant on a cashless basis, in whole or in part, for a whole number of shares, equal to the same number of shares
that would have been issued to the holder, if such holder had, instead, elected to exercise by paying the aggregate exercise price, in
cash, without having to pay such aggregate exercise price, then the “Qualified Offering Price” is $5.00.

 

“Qualified
Offering Redemption Notice” shall have the meaning ascribed to such term in Section 4(f) hereto.

 

“Qualified
Offering Redemption Option” shall have the meaning ascribed to such term in Section 4(f) hereto.

 

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“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Senior”
shall have the meaning set forth in Section 6.

 

“Share
Delivery Date” shall have the meaning set forth in Section 4(c)(ii).

 

“Standard
Settlement Period” shall have the meaning set forth in Section 4(c)(ii).

 

“Successor
Entity” shall have the meaning set forth in Section 5(e).

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

“Uplisting
Conversion” shall have the meaning ascribed to such term in Section 4(e) hereto.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is not then listed or quoted for trading on a Trading
Market and if prices for the Common Stock are then reported on The Pink Open Market (or a similar organization or agency succeeding to
its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (c) in all other cases, the
fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a
majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall
be paid by the Company.

 

Section
2. Interest.

 

a)
Payment of Interest. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal
amount of this Debenture at the rate of 10% per annum, which shall accrue until the earlier of (i) the Maturity Date and (ii) conversion
of this Debenture as set forth herein.

 

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b)
Interest Calculations. Interest shall be calculated on the basis of a 360-day year, consisting of twelve 30 calendar day periods,
and shall accrue daily commencing on the Original Issue Date until payment in full of the outstanding principal, together with all liquidated
damages and other amounts which may become due hereunder, has been made. Interest shall cease to accrue with respect to any principal
amount converted, provided that, the Company actually delivers the Conversion Shares within the time period required by Section 4(c)(ii)
herein. Interest hereunder will be paid to the Person in whose name this Debenture is registered on the records of the Company regarding
registration and transfers of this Debenture (the “Debenture Register”).

 

c)
Late Fee. All overdue accrued and unpaid interest to be paid hereunder shall entail a late fee at an interest rate equal to the
lesser of 18% per annum or the maximum rate permitted by applicable law (the “Late Fees”) which shall accrue daily
from the date such interest is due hereunder through and including the date of actual payment in full.

 

d)
Prepayment. The Company shall have the option to prepay this Debenture at any time after the Original Issue Date at an amount
equal to the Prepayment Amount; provided that the Company shall provide the Holder with at least seven (7) days’ written notice
of such prepayment.

 

e)
Extension of Maturity Date. In the event that any portion of this Debenture remains outstanding at the original Maturity Date
of this Debenture (for purposes of this Section 2(e) only, the “Original Maturity Date”), the Company, at its sole discretion
and with no further action of the Holder, has the right to automatically extend the Maturity Date of this Debenture for an additional
three (3) month period such that the Debenture shall be due and payable on February 29, 2024; provided, however, that immediately
after the expiration of the Original Maturity Date, all amounts due and payable on the Debenture shall be increased by the Extension
Amount. By way of example, if immediately prior to the Original Maturity Date, the amount due and payable to the Holder on the Debenture
is an aggregate of $1,000,000 including all accrued but unpaid interest and all other amounts, costs, expenses and liquidated damages
due in respect of this Debenture, then immediately following the Original Maturity Date, with no further action by the Company or the
Holder, the amount due and payable on this Debenture shall be increased to $1,050,000 (for the avoidance of doubt, if immediately thereafter
Company then determined to prepay the Debenture in full, the Holder would be due the Prepayment Amount which would be $1,365,000). At
least ten (10) Business Days prior to such extension, the Company must file a Current Report on Form 8-K with the Commission and/or issue
a press release disclosing its intention to extend the Maturity Date, during which period the Holder shall retain the right to convert
this Debenture, including accrued interest due thereon, on the terms set forth herein. Failure to file a Form 8-K and issue a press release
on a timely basis shall not preclude the Company from automatically extending the Maturity Date, but if the Company has not paid the
outstanding amounts under this Debenture on or prior to the expiration of the Original Maturity Date and has not filed the Form 8-K,
notwithstanding the automatic extension of the Maturity Date, this Debenture shall be deemed to be in default under Section 8 hereof.

 

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Section
3. Registration of Transfers and Exchanges.

 

a)
Different Denominations. This Debenture is exchangeable for an equal aggregate principal amount of Debentures of different authorized
denominations, as requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer
or exchange.

 

b)
Investment Representations. This Debenture has been issued subject to certain investment representations of the original Holder
set forth in the Purchase Agreement and may be transferred or exchanged only in compliance with the Purchase Agreement and applicable
federal and state securities laws and regulations.

 

c)
Reliance on Debenture Register. Prior to due presentment for transfer to the Company of this Debenture, the Company and any agent
of the Company may treat the Person in whose name this Debenture is duly registered on the Debenture Register as the owner hereof for
the purpose of receiving payment as herein provided and for all other purposes, whether or not this Debenture is overdue, and neither
the Company nor any such agent shall be affected by notice to the contrary.

 

Section
4. Conversion.

 

a)
Voluntary Conversion. At any time following the Maturity Date and prior to an Uplisting Conversion as set forth in Section 4(e)
below, this Debenture (including all accrued but unpaid interest and all other amounts, costs, expenses and liquidated damages due in
respect of this Debenture) shall be convertible, in whole or in part, into shares of Common Stock at the option of the Holder, (subject
to the conversion limitations set forth in Section 4(d) hereof). The Holder shall effect conversions by delivering to the Company a Notice
of Conversion, the form of which is attached hereto as Annex A (each, a “Notice of Conversion”), specifying
therein the principal amount of this Debenture to be converted and the date on which such conversion shall be effected (such date, the
“Conversion Date”). If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall be the
date that such Notice of Conversion is deemed delivered hereunder. No ink-original Notice of Conversion shall be required, nor shall
any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion form be required. To effect conversions
hereunder, the Holder shall not be required to physically surrender this Debenture to the Company unless the entire principal amount
of this Debenture, plus all accrued and unpaid interest thereon, has been so converted in which case the Holder shall surrender this
Debenture as promptly as is reasonably practicable after such conversion without delaying the Company’s obligation to deliver the
shares on the Share Delivery Date. Conversions hereunder shall have the effect of lowering the outstanding principal amount of this Debenture
in an amount equal to the applicable conversion. The Holder and the Company shall maintain records showing the principal amount(s) converted
and the date of such conversion(s). The Company may deliver an objection to any Notice of Conversion within one (1) Business Day of delivery
of such Notice of Conversion. In the event of any dispute or discrepancy, the records of the Holder shall be controlling and determinative
in the absence of manifest error. The Holder, and any assignee by acceptance of this Debenture, acknowledge and agree that, by reason
of the provisions of this paragraph, following conversion of a portion of this Debenture, the unpaid and unconverted principal amount
of this Debenture may be less than the amount stated on the face hereof.

 

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b)
Conversion Price. The conversion price in effect on any Conversion Date following the Maturity Date and prior to any Uplisting
Conversion shall be equal to the lower of (i) $0.003 per share or (ii) 70% of the average of the VWAP of the Company’s Common Stock
(or 50% if an Event of Default has occurred and has not been cured) during the ten (10) Trading Day period immediately prior to the applicable
Conversion Date (on an as adjusted basis giving effect to any splits, dividend and the like during such ten (10) Trading Day period)
(the “Conversion Price”). Nothing in this Section 4(b) shall limit a Holder’s right to pursue actual damages
or declare an Event of Default pursuant to Section 8 hereof and the Holder shall have the right to pursue all remedies available to it
hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief. The exercise
of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable
law.

 

c)
Mechanics of Conversion.

 

i.
Conversion Shares Issuable Upon Conversion of Principal Amount. The number of Conversion Shares issuable upon a conversion hereunder
shall be determined by the quotient obtained by dividing (x) the outstanding principal amount of this Debenture, plus all accrued interest
thereon, to be converted by (y) the Conversion Price.

 

ii.
Delivery of Conversion Shares Upon Conversion. Not later than the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period (as defined below) after each Conversion Date (the “Share Delivery Date”),
the Company shall deliver, or cause to be delivered, to the Holder (A) the Conversion Shares representing the number of Conversion Shares
being acquired upon the conversion of this Debenture and (B) a bank check in the amount of accrued and unpaid interest on the amount
of the principal being so converted or it may deliver such sum by wire transfer. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect
to the Common Stock as in effect on the date of delivery of the Notice of Conversion.

 

iii.
Failure to Deliver Conversion Shares. If, in the case of any Notice of Conversion, such Conversion Shares are not delivered to
or as directed by the applicable Holder by the Share Delivery Date, the Holder shall be entitled to elect by written notice to the Company
at any time on or before its receipt of such Conversion Shares, to rescind such Conversion, in which event the Company shall promptly
return to the Holder any original Debenture delivered to the Company and the Holder shall promptly return to the Company the Conversion
Shares issued to such Holder pursuant to the rescinded Conversion Notice.

 

iv.
Obligation Absolute; Partial Liquidated Damages. The Company’s obligations to issue and deliver the Conversion Shares upon
conversion of this Debenture in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction
by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any
Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged
breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder
or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder
in connection with the issuance of such Conversion Shares; provided, however, that such delivery shall not operate as a
waiver by the Company of any such action the Company may have against the Holder. In the event the Holder of this Debenture shall elect
to convert any or all of the outstanding principal amount hereof, the Company may not refuse conversion based on any claim that the Holder
or anyone associated or affiliated with the Holder has been engaged in any violation of law, agreement or for any other reason, unless
an injunction from a court, on notice to Holder, restraining and or enjoining conversion of all or part of this Debenture shall have
been sought and obtained, and the Company posts a surety bond for the benefit of the Holder in the amount of 125% of the outstanding
principal amount of this Debenture, which is subject to the injunction, which bond shall remain in effect until the completion of arbitration/litigation
of the underlying dispute and the proceeds of which shall be payable to the Holder to the extent it obtains judgment. In the absence
of such injunction, the Company shall issue Conversion Shares or, if applicable, cash, upon a properly noticed conversion. If the Company
fails for any reason to deliver to the Holder such Conversion Shares pursuant to Section 4(c)(ii) by the Share Delivery Date, the Company
shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of principal amount being converted, $5
per Trading Day (increasing to $15 per Trading Day on the fifth (5th) Trading Day after such liquidated damages begin to accrue)
for each Trading Day after such Share Delivery Date until such Conversion Shares are delivered or Holder rescinds such conversion. Nothing
herein shall limit a Holder’s right to pursue actual damages or declare an Event of Default pursuant to Section 8 hereof for the
Company’s failure to deliver Conversion Shares within the period specified herein and the Holder shall have the right to pursue
all remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof
or under applicable law.

 

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v.
Compensation for Buy-In on Failure to Timely Deliver Conversion Shares Upon Conversion. In addition to any other rights available
to the Holder, if the Company fails for any reason to deliver to the Holder such Conversion Shares by the Share Delivery Date pursuant
to Section 4(c)(ii), and if after such Share Delivery Date the Holder is required by its brokerage firm 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 Conversion Shares which the Holder was entitled to receive upon the conversion relating to such Share
Delivery Date (a “Buy-In”), then the Company shall (A) pay in cash to the Holder (in addition to any other remedies
available to or elected by the Holder) the amount, if any, by which (x) the Holder’s total purchase price (including any brokerage
commissions) for the Common Stock so purchased exceeds (y) the product of (1) the aggregate number of shares of Common Stock that the
Holder was entitled to receive from the conversion at issue multiplied by (2) the actual sale price at which the sell order giving rise
to such purchase obligation was executed (including any brokerage commissions) and (B) at the option of the Holder, either reissue (if
surrendered) this Debenture in a principal amount equal to the principal amount of the attempted conversion (in which case such conversion
shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued if the Company had
timely complied with its delivery requirements under Section 4(c)(ii). For example, if the Holder purchases Common Stock having a total
purchase price of $11,000 to cover a Buy-In with respect to an attempted conversion of this Debenture with respect to which the actual
sale price of the Conversion Shares (including any brokerage commissions) giving rise to such purchase obligation was a total of $10,000
under clause (A) of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000. The Holder shall provide
the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence
of the amount of such loss. 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 Conversion Shares upon conversion of this Debenture as required pursuant to the terms hereof.

 

vi.
Reservation of Shares Issuable Upon Conversion. The Company covenants that in accordance with and pursuant to Section 4.11 of
the Purchase Agreement it will at all times reserve and keep available out of authorized and unissued shares of Common Stock for the
sole purpose of issuance upon conversion of this Debenture and payment of interest on this Debenture, each as herein provided, free from
preemptive rights or any other actual contingent purchase rights of Persons other than the Holder (and the other holders of the Debentures),
such aggregate number of shares of the Common Stock as required by Section 4.11 of the Purchase Agreement and as shall be issuable (taking
into account the adjustments and restrictions of Section 5) upon the conversion of the then outstanding principal amount of this Debenture
and payment of interest hereunder. The Company covenants that all shares of Common Stock that shall be so issuable shall, upon issue,
be duly authorized, validly issued, fully paid and nonassessable and, if a registration statement covering the resale of the Conversion
Shares is then effective under the Securities Act, shall be registered for public resale in accordance with such registration statement.

 

vii.
Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of this Debenture.
As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, 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 Conversion
Price or round up to the next whole share.

 

viii.
Transfer Taxes and Expenses. The issuance of Conversion Shares on conversion of this Debenture shall be made without charge to
the Holder hereof for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such Conversion
Shares, provided that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the
issuance and delivery of any such Conversion Shares upon conversion in a name other than that of the Holder of this Debenture so converted
and the Company shall not be required to issue or deliver such Conversion Shares unless or until the Person or Persons requesting the
issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that
such tax has been paid. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Conversion and
all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the Conversion Shares. The Company shall pay all attorney fees required for the issuance of attorney legal opinions
for removal of restrictive legends on Conversion Shares.

 

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d)
Holder’s Conversion Limitations. The Company shall not effect any conversion of this Debenture, and a Holder shall not have
the right to convert any portion of this Debenture, to the extent that after giving effect to the conversion set forth on the applicable
Notice of Conversion, 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 (such Persons, “Attribution Parties”)) 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 and Attribution Parties shall include the number of shares of Common Stock
issuable upon conversion of this Debenture with respect to which such determination is being made, but shall exclude the number of shares
of Common Stock which are issuable upon (i) conversion of the remaining, unconverted principal amount of this Debenture beneficially
owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained
herein (including, without limitation, any other Debentures or the Warrants) beneficially owned by the Holder or any of its Affiliates
or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 4(d), beneficial ownership shall
be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent
that the limitation contained in this Section 4(d) applies, the determination of whether this Debenture is convertible (in relation to
other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which principal amount of this Debenture
is convertible shall be in the sole discretion of the Holder, and the submission of a Notice of Conversion shall be deemed to be the
Holder’s determination of whether this Debenture may be converted (in relation to other securities owned by the Holder together
with any Affiliates or Attribution Parties) and which principal amount of this Debenture is convertible, in each case subject to the
Beneficial Ownership Limitation. To ensure compliance with this restriction, the Holder will be deemed to represent to the Company each
time it delivers a Notice of Conversion that such Notice of Conversion has not violated the restrictions set forth in this paragraph
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 4(d), in determining the number of outstanding shares of Common Stock, the Holder
may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (i) the Company’s most
recent periodic or annual report filed with the Commission, as the case may be, (ii) a more recent public announcement by the Company,
or (iii) a more recent written notice by the Company or the Company’s 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 Debenture, 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 conversion of this Debenture held by the Holder. The Holder, upon notice to the
Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 4(d), provided that the Beneficial Ownership
Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance
of shares of Common Stock upon conversion of this Debenture held by the Holder and the Beneficial Ownership Limitation provisions of
this Section 4(d) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st
day after such notice is delivered to the Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(d) to correct this paragraph (or any
portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein 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 Debenture.

 

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e)
Uplisting Conversion. The Company shall provide a Qualified Offering Notice to the Holder not less than 10 days prior to the anticipated
date of the consummation of a Qualified Offering. Subject to the Holder’s exercise of the Qualified Offering Redemption Option
(defined below), upon consummation of a Qualified Offering on or before the date of the repayment or voluntary conversion in full of
this Debenture, the then outstanding principal balance of this Debenture, along with any unpaid accrued interest and all other amounts,
costs, expenses and liquidated damages due in respect of this Debenture will be converted on the closing date of such Qualified Offering,
at the election of the Holder, into either (i) shares of Common Stock (or units of Common Stock and warrants to purchase Common Stock,
if units are offered to the public in the Qualified Offering) at the Qualified Offering Conversion Price, or (ii) shares of New Preferred
Stock on a dollar for dollar exchange based on the face value of the outstanding principal amount of this Debenture, along with any unpaid
accrued interest and all other amounts, costs, expenses and liquidated damages due in respect of this Debenture at the time of such conversion
(as applicable, the “Uplisting Conversion”). The New Preferred Stock issued pursuant to the foregoing clause (ii)
shall have a conversion price equal to the lower of (x) the Qualified Offering Conversion Price that would have been applicable upon
the closing of the Qualified Offering, or (y) the five-day VWAP of the Common Stock prior to the date that is 181 days after the closing
of the Qualified Offering, such conversion price shall be subject to a one-time re-pricing option on the date that is either nine months
or one year after the closing of the Qualified Offering, which shall occur only upon notice by the holder thereof to the Company within
five (5) business days of such date, and (C) subject to customary price protection provisions, other than anti-dilution rights, to be
provided for one year following the closing of the Qualified Offering.

 

f)
Qualified Offering Redemption Option. Notwithstanding the foregoing, the Holder may at its option require the Company to redeem
up to 10% of the principal amount of this Debenture (together with accrued interest thereon) in cash (the “Qualified Offering
Redemption Option”) by delivering written notice thereof (“Qualified Offering Redemption Notice”) to the
Company within 5 days of its receipt of the Qualified Offering Notice, which Qualified Offering Redemption Notice shall indicate the
amount the Holder is electing to redeem. The Company shall pay the Holder any amount required pursuant to the Holder’s exercise
of the Qualified Redemption Option under this Section 4(e) no later than five days following the closing of the Qualified Offering. In
the event the Company fails to deliver a Qualified Offering Notice to the Holder not less than 10 days prior to the consummation of a
Qualified Offering, the Holder shall have the ability to deliver a Qualified Offering Redemption Notice to the Company prior to or after
the closing of the Qualified Offering and the Company shall be required to pay the Holder the indicated redemption amount within 5 days
of its receipt of the Qualified Offering Redemption Notice.

 

Section
5. Certain Adjustments.

 

a)
Stock Dividends and Stock Splits. If the Company, at any time while this Debenture is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock Equivalents
(which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon conversion of, or payment of
principal or interest on, the Debentures), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues, in the
event of a reclassification of shares of the Common Stock, any shares of capital stock of the Company, then the Conversion Price shall
be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding any treasury shares of the
Company) outstanding immediately before such event, and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event. Any adjustment made pursuant to this Section 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.

 

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b)
[Reserved]

 

c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 5(a) above, if at any time while this Debenture
is outstanding, 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 conversion of this Debenture
(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, that, 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).

 

d)
Pro Rata Distributions. During such time as this Debenture is outstanding, if the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend,
spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Debenture, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable
upon complete conversion of this Debenture (without regard to any limitations on conversion hereof, including without limitation, the
Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record
is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution
(provided, however, that, to the extent that the Holder’s right to participate in any such Distribution would result
in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution
to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the
portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would
not result in the Holder exceeding the Beneficial Ownership Limitation).

 

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e)
Fundamental Transaction. If, at any time while this Debenture is outstanding, (i) the Company, directly or indirectly, in one
or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all
of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or
other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect,
purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common
Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders
of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects
any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common
Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly,
in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires
more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons
making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or
other business combination) (each a “Fundamental Transaction”), then, upon any subsequent conversion of this Debenture,
the Holder shall have the right to receive, for each Conversion Share that would have been issuable upon such conversion immediately
prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 4(d) on the conversion of this Debenture),
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 Debenture is convertible immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 4(d) on the conversion of this Debenture). For purposes of any such conversion, the determination
of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one (1) share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Conversion
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 conversion of this
Debenture following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which
the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company
under this Debenture and the other Transaction Documents (as defined in the Purchase Agreement) in accordance with the provisions of
this Section 5(e) 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 of this Debenture, deliver
to the Holder in exchange for this Debenture a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to this Debenture which is convertible 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 conversion of this Debenture (without
regard to any limitations on the conversion of this Debenture) prior to such Fundamental Transaction, and with a conversion price which
applies the conversion 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 conversion price being for the purpose of protecting the economic value of this Debenture 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 Debenture 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 Debenture and the other Transaction Documents with the same effect as if such Successor Entity had been named
as the Company herein.

 

    	14

    	 

    

 

f)
Calculations. All calculations under this Section 5 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 5, 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 any treasury shares of the Company) issued and outstanding.

 

g)
Notice to the Holder.

 

i.
Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 5, the Company
shall promptly deliver to each Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment.

 

ii.
Notice to Allow Conversion by 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 of 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(and all of its Subsidiaries, taken as a whole)
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, cash or property 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 cause to be filed at each office or agency
maintained for the purpose of conversion of this Debenture, and shall cause to be delivered to the Holder at its last address as it shall
appear upon the Debenture Register, at least twenty (20) 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 deliver such notice
or any defect therein or in the delivery 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, 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 convert this Debenture during the 20-day period commencing on the date of such notice through
the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    	15

    	 

    

 

Section
6. Seniority. The indebtedness evidenced by this Debenture and the payment of the principal amount and interest shall be Senior
(as hereinafter defined) to, and have priority in right of payment over, all indebtedness of the Company, now outstanding or hereinafter
incurred. “Senior” as used herein shall be deemed to mean that, in the event of any default in the payment of the
obligations represented by this Debenture (after giving effect to “cure” provisions, if any) or of any liquidation, insolvency,
bankruptcy, reorganization, or similar proceedings relating to the Company, all sums payable on this Debenture shall first be paid in
full, with interest, if any, before any payment is made upon any other indebtedness, now outstanding or hereinafter incurred, and, in
any such event, any payment or distribution of any character which shall be made in respect of any other indebtedness of the Company,
shall be paid over to the Holder (and other Holders of Debentures) for application to the payment hereof, unless and until the obligations
under this Debenture (which shall mean the principal amount, interest on, and any costs and expenses payable under, this Debenture) shall
have been paid and satisfied in full.

 

Section
7. Negative Covenants. As long as any portion of this Debenture remains outstanding, unless (i) the Holders of at least 50%
in principal amount plus $1.00 of the then outstanding Debentures shall have otherwise given prior written consent or (ii) it is otherwise
permitted in this Debenture, Purchase Agreement or ancillary documents thereto, the Company shall not, and shall not permit any of the
Subsidiaries to, directly or indirectly:

 

a)
other than Permitted Indebtedness, except with the prior written consent of the Agent (as defined in the Security Agreement), enter into,
create, incur, assume, guarantee or suffer to exist any indebtedness for borrowed money of any kind, including, but not limited to, a
guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income
or profits therefrom (for the avoidance of doubt, this shall include that the Company shall not enter into any factoring agreement, merchant
cash advance agreement or similar arrangement without prior written consent of the Agent, provided however that the Holder shall negotiate
with the Company in good faith in the event such an arrangement is required for the Company to continue operations);

 

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b)
other than Permitted Liens, enter into, create, incur, assume or suffer to exist any Liens of any kind, on or with respect to any of
its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;

 

c)
amend its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner that materially
and adversely affects any rights of the Holder;

 

d)
repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its
Common Stock or Common Stock Equivalents other than as to (i) the Conversion Shares or Warrant Shares as permitted or required under
the Transaction Documents, (ii) repurchases of Common Stock or Common Stock Equivalents of departing officers and directors of the Company,
provided that such repurchases shall not exceed an aggregate of $100,000 for all officers and directors during the term of this Debenture,
or (iii) shares of Common Stock and Common Stock Equivalents which do not vest or are otherwise forfeited, provided (in case of
forfeiture) that such Common Stock and Common Stock Equivalents are not acquired for cash;

 

e)
repay, repurchase or offer to repay, repurchase or otherwise acquire any Indebtedness, other than the Debentures if on a pro-rata basis,
other than regularly scheduled principal and interest payments of Permitted Indebtedness; provided that such payments shall not be permitted
if, at such time, or after giving effect to such payment, any Event of Default exist or occur;

 

f)
pay cash dividends or distributions on any equity securities of the Company;

 

g)
enter into any transaction with any Affiliate of the Company which would be required to be disclosed in any public filing with the Commission,
unless such transaction is made on an arm’s-length basis and expressly approved by a majority of the disinterested directors of
the Company (even if less than a quorum otherwise required for board approval); or

 

h)
enter into any agreement with respect to any of the foregoing.

 

    	17

    	 

    

 

Section
8. Events of Default.

 

a)
“Event of Default” means, wherever used herein, any of the following events (whatever the reason for such event and
whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of
any court, or any order, rule or regulation of any administrative or governmental body):

 

i.
any default in the payment of (A) the principal amount of any Debenture or (B) interest, liquidated damages and other amounts owing to
a Holder on any Debenture, as and when the same shall become due and payable (whether on a Conversion Date or the Maturity Date or by
acceleration or otherwise) which default, solely in the case of an interest payment or other default under clause (B) above, is not cured
within five (5) Trading Days;

 

ii.
the Company shall fail to observe or perform any other material covenant or agreement contained in the Debentures (other than a breach
by the Company of its obligations to deliver shares of Common Stock to the Holder upon conversion, which breach is addressed in clause
(x) below) or in any Transaction Document, which failure is not cured, if possible to cure, within the earlier to occur of (A) ten (10)
Trading Days after notice of such failure sent by the Holder or by any other Holder to the Company and (B) ten (10) Trading Days after
the Company has become or should have become aware of such failure;

 

iii.
a default or event of default (subject to any grace or cure period provided in the applicable agreement, document, or instrument) shall
occur under (A) any of the Transaction Documents or (B) any other material agreement, lease, document or instrument to which the Company
or any Subsidiary is obligated other than those that pertain to Permitted Indebtedness or Permitted Liens (and not covered by clause
(vi) below);

 

iv.
any material representation or warranty made in this Debenture, any other Transaction Documents, any written statement pursuant hereto
or thereto or any other report, financial statement or certificate made or delivered to the Holder or any other Holder shall be untrue
or incorrect in any material respect as of the date when made or deemed made;

 

v.
the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) shall be subject to a Bankruptcy
Event;

 

vi.
the Company or any Subsidiary shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture
agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any
indebtedness for borrowed money or money due under any long term leasing or factoring arrangement that (a) involves an obligation greater
than $250,000, whether such indebtedness now exists or shall hereafter be created, and (b) results in such indebtedness becoming or being
declared due and payable prior to the date on which it would otherwise become due and payable;

 

vii.
the Common Stock shall not be eligible for listing or quotation for trading on a Trading Market and shall not be eligible to resume listing
or quotation for trading thereon within five (5) Trading Days;

 

    	18

    	 

    

 

viii.
the Company (and all of its Subsidiaries, taken as a whole) shall be a party to any Change of Control Transaction or Fundamental Transaction
or shall agree to sell or dispose of all or in excess of 50% of its assets in one transaction or a series of related transactions (whether
or not such sale would constitute a Change of Control Transaction);

 

ix.
the Company does not meet the current public information requirements under Rule 144 in respect to the Conversion Shares based upon the
deadline for filing SEC Reports pursuant to the Rules or other authority of the SEC;

 

x.
the Company shall fail for any reason to deliver Conversion Shares to a Holder prior to the fifth (5th) Trading Day after
a Conversion Date pursuant to Section 4(c) or the Company shall provide at any time notice to the Holder, including by way of public
announcement, of the Company’s intention to not honor requests for conversions of any Debentures in accordance with the terms hereof;

 

xi.
the electronic transfer by the Company of shares of Common Stock through the Depository Trust Company or another established clearing
corporation is no longer available or is subject to a “chill”; or

 

xii.
any monetary judgment, writ or similar final process shall be entered or filed against the Company, any subsidiary or any of their respective
property or other assets for more than $100,000, and such judgment, writ or similar final process shall remain unvacated, unbonded or
unstayed for a period of 60 calendar days.

 

b)
Remedies Upon Event of Default. If any Event of Default occurs, the outstanding principal amount of this Debenture, plus accrued
but unpaid interest, liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become, at
the Holder’s election, immediately due and payable in cash at the Mandatory Default Amount. Commencing upon the occurrence of any
Event of Default, the interest rate on this Debenture shall accrue at an interest rate equal to the lesser of 16% per annum or the maximum
rate permitted under applicable law until such Event of Default is cured, if capable of being cured. Upon the payment in full of the
Mandatory Default Amount, the Holder shall promptly surrender this Debenture to or as directed by the Company. In connection with such
acceleration described herein, the Holder need not provide, and the Company hereby waives, any presentment, demand, protest or other
notice of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies
hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled by Holder at any
time prior to payment hereunder and the Holder shall have all rights as a holder of the Debenture until such time, if any, as the Holder
receives full payment pursuant to this Section 8(b). No such rescission or annulment shall affect any subsequent Event of Default or
impair any right consequent thereon.

 

    	19

    	 

    

 

Section
9. Miscellaneous.

 

a)
Notices. Any and all notices or other communications or deliveries to be provided by the Holder hereunder, including, without
limitation, any Notice of Conversion, shall be in writing and delivered personally, by email attachment, or sent by a nationally recognized
overnight courier service, addressed to the Company, at the address set forth above, or such other email address, or address as the Company
may specify for such purposes by notice to the Holder delivered in accordance with this Section 9(a). Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by email attachment, or sent by a
nationally recognized overnight courier service addressed to each Holder at the facsimile number, email address or address of the Holder
appearing on the books of the Company, or if no such facsimile number or email attachment or address appears on the books of the Company,
at the principal place of business of such Holder, as set forth in the Purchase Agreement. Any notice or other communication or deliveries
hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment to the email address set forth on the signature pages attached hereto prior
to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or email attachment to the email address set forth on the signature pages attached
hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day
following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (iv) upon actual receipt by the party
to whom such notice is required to be given.

 

b)
Absolute Obligation. Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable,
on this Debenture at the time, place, and rate, and in the coin or currency, herein prescribed. This Debenture is a direct debt obligation
of the Company. This Debenture ranks pari passu with all other Debentures now or hereafter issued under the terms set forth herein.

 

c)
Lost or Mutilated Debenture. If this Debenture shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver,
in exchange and substitution for and upon cancellation of a mutilated Debenture, or in lieu of or in substitution for a lost, stolen
or destroyed Debenture, a new Debenture for the principal amount of this Debenture so mutilated, lost, stolen or destroyed, but only
upon receipt of evidence of such loss, theft or destruction of such Debenture, and of the ownership hereof, reasonably satisfactory to
the Company.

 

    	20

    	 

    

 

d)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Debenture shall be
governed by and construed and enforced in accordance with the internal laws of the State of Nevada, without regard to the principles
of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the
transactions contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors,
officers, shareholders, employees or agents) shall be commenced in the state and federal courts sitting in the State of Nevada (the “Nevada
Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the Nevada Courts for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any of the Transaction Documents), 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 such Nevada Courts, or such Nevada Courts are improper
or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Debenture and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any
right to serve process in any other manner permitted by applicable law. Each party hereto hereby irrevocably waives, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Debenture
or the transactions contemplated hereby. If any party shall commence an action or proceeding to enforce any provisions of this Debenture,
then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other
costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

e)
Waiver. Any waiver by the Company or the Holder of a breach of any provision of this Debenture shall not operate as or be construed
to be a waiver of any other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Company
or the Holder to insist upon strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver
or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Debenture on any
other occasion. Any waiver by the Company or the Holder must be in writing.

 

f)
Severability. If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain
in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons
and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing
usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under
applicable law. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or
in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit
or forgive the Company from paying all or any portion of the principal of or interest on this Debenture as contemplated herein, wherever
enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Debenture, and the Company
(to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not,
by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Holder, but will suffer and permit
the execution of every such as though no such law has been enacted.

 

    	21

    	 

    

 

g)
Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Debenture shall
be cumulative and in addition to all other remedies available under this Debenture and any of the other Transaction Documents at law
or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s
right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Debenture. The Company
covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts
set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts
to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or
the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such
breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to an injunction restraining
any such breach or any such threatened breach, without the necessity of showing economic loss and without any bond or other security
being required. The Company shall provide all information and documentation to the Holder that is requested by the Holder to enable the
Holder to confirm the Company’s compliance with the terms and conditions of this Debenture.

 

h)
Usury. To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever
claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at
any time hereafter in force, in connection with any Action or Proceeding that may be brought by any Holder in order to enforce any right
or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction Document, it is
expressly agreed and provided that the total liability of the Company under the Transaction Documents for payments in the nature of interest
shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”), and, without limiting
the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums in the
nature of interest that the Company may be obligated to pay under the Transaction Documents exceed such Maximum Rate. It is agreed that
if the maximum contract rate of interest allowed by law and applicable to the Transaction Documents is increased or decreased by statute
or any official governmental action after the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum
Rate applicable to the Transaction Documents from the effective date thereof forward, unless such application is precluded by applicable
law. If under any circumstances whatsoever, interest more than the Maximum Rate is paid by the Company to any Holder with respect to
indebtedness evidenced by the Transaction Documents, such excess shall be applied by such Holder to the unpaid principal balance of any
such indebtedness or be refunded to the Holder, the manner of handling such excess to be at such Holder’s election.

 

    	22

    	 

    

 

i)
Next Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day.

 

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

 

Section
10. Disclosure. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Debenture, unless the
Company has in good faith determined that the matters relating to such notice do not constitute material, nonpublic information relating
to the Company or its Subsidiaries, the Company shall within two (2) Business Days after such receipt or delivery publicly disclose such
material, nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains
material, non-public information relating to the Company or its Subsidiaries, the Company so shall indicate to the Holder contemporaneously
with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed to presume that all matters relating
to such notice do not constitute material, nonpublic information relating to the Company or its Subsidiaries.

 

Section
11. Amendments; Waivers. Any modifications, amendments or waivers of the provisions hereof shall be subject to Section 5.5 of
the Purchase Agreement.

 

Section
12. Equal Treatment of Purchasers. No consideration (including any modification of this Debenture) shall be offered or paid to
any Person (as such term is defined in the Purchase Agreement) to amend or consent to a waiver or modification of any provision hereof
unless the same consideration is also offered to all of the parties to the Purchase Agreement. Further, the Company shall not make any
payment of principal or interest on the Debentures in amounts which are disproportionate to the respective principal amounts outstanding
on the Debentures at any applicable time. For clarification purposes, this provision constitutes a separate right granted to each Purchaser
by the Company and negotiated separately by each Purchaser and is intended for the Company to treat the Purchasers as a class and shall
not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase or disposition of the Debentures
or otherwise.

 

*********************

 

(Signature
Page Follows)

 

    	23

    	 

    

 

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

 

	 	THERALINK
    TECHNOLOGIES, INC.
	 	 
	 	By:	                    
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Email
    for delivery of Notices:

 

    	24

    	 

    

 

ANNEX
A

 

NOTICE
OF CONVERSION

 

The
undersigned hereby elects to convert principal under the 10.0% Original Issue Discount Senior Convertible Debenture due November 29,
2023 of Theralink Technologies, Inc., a Nevada corporation (the “Company”), into shares of common stock (the “Common
Stock”), of the Company according to the conditions hereof, as of the date written below. If shares of Common Stock are to
be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto
and is delivering herewith such certificates and opinions as reasonably requested by the Company in accordance therewith. No fee will
be charged to the holder for any conversion, except for such transfer taxes, if any.

 

By
the delivery of this Notice of Conversion the undersigned represents and warrants to the Company that its ownership of the Common Stock
does not exceed the amounts specified under Section 4 of this Debenture, as determined in accordance with Section 13(d) of the Exchange
Act.

 

The
undersigned agrees to comply with the prospectus delivery requirements under the applicable securities laws in connection with any transfer
of the aforesaid shares of Common Stock.

 

	Conversion
    calculations:	 
	 	Date
    to Effect Conversion: ________
	 	 
	 	Principal
    Amount of Debenture to be Converted:
	 	 
	 	___________
	 	 
	 	Accrued
                                            Interest to be Converted through __________

                                                         [date]:
                                            $____________

	 	 
	 	Number
    of shares of Common Stock to be issued: _______
	 	 
	 	Signature:
    ________________
	 	 
	 	Name:
    _________________
	 	 
	 	Address
    for Delivery of Common Stock Certificates:
	 	 
	 	____________________
	 	 
	 	Or
	 	 
	 	DWAC
    Instructions:
	 	 
	 	Broker
    No:______________
	 	Account
    No:____________

 

    	25

    	 

    

 

Schedule
1

 

CONVERSION
SCHEDULE

 

The
10.0% Original Issue Discount Senior Convertible Debentures due on November 29, 2023 in the aggregate principal amount of $____________
is issued by Theralink Technologies, Inc., a Nevada corporation. This Conversion Schedule reflects conversions made under Section 4 of
the above referenced Debenture.

 

Dated:

 

	Date
    of Conversion (or for first entry, Original Issue Date)	 	Principal
    Amount of Conversion	 	Aggregate
    Principal Amount Remaining Subsequent to Conversion	 	Company
    Attest
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	26Exhibit
10.1

 

JOSEPH
GUNNAR & CO., LLC

30
Broad Street, 11th Floor

New York, NY 10004

 

November
29, 2022

 

Theralink
Technologies, Inc.

15000 W. 6th Ave., #400

Golden,
CO 80401

Attn: Mick Ruxin, M.D.

 

Dear
Mr. Ruxin:

 

This
Placement Agency Agreement will confirm our agreement that Theralink Technologies, Inc. (the “Company”) has engaged
Joseph Gunnar & Co., LLC (“Gunnar” or “Placement Agent”) to act as its exclusive placement
agent with respect effectuating an offering of its securities for the offering period described below (the “Term”).
For purposes of this agreement, the term “Offering” means a private placement pursuant to which the Company will be
offering a minimum of $2,750,000 in principal amount (“Minimum Amount”) and up to a maximum of $6,600,000 in principal
amount (“Maximum Amount”) of Debentures and Warrants; provided, however, that upon the written consent of the Company
and the Placement Agent, the Maximum Amount shall be adjusted upward to an aggregate of $8,000,000 in principal amount of Debentures.
Based on the 10.0% Original Issue Discount on the Debentures, gross proceeds in cash payments from investors shall be $2,500,000 on the
Minimum Amount and $6,000,000 on the Maximum Amount or $7,200,000 if increased as provided above. Placement of the Debentures and Warrants
will be made on a “commercially reasonable efforts, all or none” basis as to the Minimum Amount and on a “commercially
reasonable efforts basis for all amounts in excess of the Minimum Amount. All capitalized terms used herein that are not otherwise defined
herein shall have the meaning ascribed to such terms in the Purchase Agreement (as defined below).

 

The
Placement Agent shall offer the Debentures and Warrants only to persons or entities who qualify as “accredited investors,”
as such term is defined in Rule 501 of Regulation D (“Regulation D”) as promulgated by the United States Securities
and Exchange Commission (the “SEC”) under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”).
The Debentures and Warrants will be offered until the earlier of (i) the termination of the Offering as provided herein, (ii) the time
that all Debentures and Warrants offered in the Offering are sold, or (iii) December 31, 2022 (“Initial Offering Period”),
which date may be extended by the Placement Agent and the Company in their joint discretion until January 31, 2023 (this additional
period and the Initial Offering Period shall be referred to as the “Offering Period”). The date on which the Offering
expires or is terminated shall be referred to as the “Termination Date.”

 

The
offering of the Debentures and Warrants will be made solely pursuant to the Disclosure Materials, which at all times will be in form
and substance reasonably acceptable to the Placement Agent and the Company and their respective counsels and contain such legends and
other information as the Placement Agent, the Company and their counsels may, from time to time, deem necessary and desirable to be set
forth therein. “Disclosure Materials” as used in this Agreement means that certain Securities Purchase Agreement pursuant
to which the Debentures and Warrants are to be sold, inclusive of all exhibits and all amendments, supplements and appendices thereto
(the “Purchase Agreement”). Unless otherwise defined, each term used in this Agreement will have the same meaning
as set forth in the Disclosure Materials.

 

    	 

    	Theralink Technologies, Inc.
	November 29, 2022

    

 

1.
Representations and Warranties of the Company. Except as set forth in the Disclosure Materials, the representations and warranties of
the Company contained below are true and correct as of the date of this Agreement:

 

(a)
The Disclosure Materials haves been diligently prepared by the Company, in conformity with all applicable laws and the requirements of
all other rules and regulations of the Securities and Exchange Commission (the “SEC”) relating to offerings of the
type contemplated by the Offering, and the applicable securities laws and the rules and regulations of those jurisdictions wherein the
Debentures and Warrants are to be offered and sold. With respect to actions taken by the Company, the Debentures and Warrants will be
offered and sold pursuant to the registration exemption provided by Rule 506(b) of Regulation D and Section 4(a)(2) of the Securities
Act as a transaction not involving a public offering and the requirements of any other applicable state securities laws and the respective
rules and regulations thereunder in those jurisdictions in which the Placement Agent notifies the Company that the Debentures and Warrants
are being offered for sale. The Company has not taken nor will it take any action which conflicts with the conditions and requirements
of, or which would make unavailable with respect to the Offering, the exemption(s) from registration available pursuant to Regulation
D or Section 4(a)(2) of the Securities Act, and knows of no reason why any such exemption would be otherwise unavailable to it. The Company
has not been subject to any order, judgment or decree of any court of competent jurisdiction temporarily, preliminarily or permanently
enjoining it for failing to comply with Section 503 of Regulation D.

 

(b)
The Disclosure Materials do not include any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided,
however, the foregoing does not apply to any statements or omissions made solely in reliance on and in conformity with written
information furnished to the Company by the Placement Agent specifically for use in the preparation thereof. To the Company’s knowledge,
none of the statements, documents, certificates or other items made, prepared or supplied by the Company with respect to the transactions
contemplated hereby contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements
contained therein not misleading in light of the circumstances in which they were made. There is no fact which the Company has not disclosed
in the Disclosure Materials and of which the Company is aware that has had or that could reasonably be expected to have a Material Adverse
Effect. For purposes hereof, “Material Adverse Effect” means any event, circumstance, change or effect that, individually
or in the aggregate with all other events, circumstances, changes and effects, is or is reasonably likely to be materially adverse to
(i) the operations, assets, business, prospects or condition (financial or otherwise) of the Company and its subsidiaries, taken as a
whole or (ii) the ability of the Company to consummate the transactions contemplated by this Agreement and to perform its obligations
under this Agreement, the Debentures and the Warrants.

 

    	2

    	Theralink Technologies, Inc.
	November
                                            29, 2022

    

 

(c)
Except for the compensation set forth in this Agreement, or as set forth on Schedule 3.1(t) to the Purchase Agreement, the Company is
not obligated to pay, and has not obligated the Placement Agent to pay, a finder’s or origination fee in connection with the Offering,
and hereby agrees to indemnify the Placement Agent from any such claim made by any other person as more fully set forth in Section 8
hereof.

 

(d)
The Company has all requisite corporate power and authority to (i) enter into and perform its obligations under this Agreement and (ii)
issue, sell and deliver the Placement Agent Warrants (as hereinafter defined). This Agreement has been duly authorized, executed and
delivered and constitutes valid and binding obligations of the Company, enforceable against the Company in accordance with its terms
(i) except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now
or hereafter in effect related to laws affecting creditors’ rights generally, including the effect of statutory and other laws
regarding fraudulent conveyances and preferential transfers, and except that no representation is made herein regarding the enforceability
of the Company’s obligations to provide indemnification and contribution remedies under the securities laws and (ii) subject to
the limitations imposed by general equitable principles (regardless of whether such enforceability is considered in a proceeding at law
or in equity).

 

(e)
The Company, as well as all Company Related Persons (as defined below) are not subject to any of the disqualifications set forth in Rule
506(d) of Regulation D (each a “Disqualification Event”). The Company has exercised reasonable care to determine whether
any Company Related Person is subject to a Disqualification Event. The Disclosure Materials contain a true and complete description of
the matters required to be disclosed with respect to the Company and the Company Related Persons pursuant to the disclosure requirements
of Rule 506(e) of Regulation D, to the extent applicable. As used herein, “Company Related Persons” means any predecessor
of the Company, any affiliated Company, any director, executive officer, other officer of the Company participating in the Offering,
any general partner or managing member of the Company, any beneficial owner of 20% or more of the Company’s outstanding voting
equity securities, calculated on the basis of voting power, and any “promoter” (as defined in Rule 405 under the Act) connected
with the Company in any capacity. The Company agrees to promptly notify the Placement Agent in writing of (i) any Disqualification Event
relating to any Company Related Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating
to any Company Related Person.

 

(f)
For the benefit of the Placement Agent, the Company, hereby incorporates by reference all of the representations and warranties as set
forth in Section 3.1 of the Purchase Agreement with the same force and effect as if specifically set forth herein.

 

2.
Representations, Warranties and Covenants of Placement Agent. The Placement Agent represents and warrants to the Company that
the following representations and warranties are true and correct as of the date of this Agreement:

 

(a)
The Placement Agent is a member in good standing of FINRA and is registered as a broker-dealer under the Exchange Act, and under the
securities acts of each state into which it is making offers or sales of the Debentures and Warrants.

 

    	3

    	Theralink Technologies, Inc.
	November
                                            29, 2022

    

 

(b)
Neither Placement Agent nor any Placement Agent Related Persons (as defined below) are subject to any Disqualification Event. Placement
Agent has exercised reasonable care to determine whether any Placement Agent Related Person is subject to a Disqualification Event. As
used herein, “Placement Agent Related Persons” means any director, general partner, managing member, executive officer,
or other officer of Placement Agent participating in the Offering. Placement Agent agrees to promptly notify the Company in writing of
(i) any Disqualification Event relating to any Placement Agent Related Person, and (ii) any event that would, with the passage of time,
become a Disqualification Event relating to any Placement Agent Related Person.

 

3.
Further Covenants. The Company hereby covenants and agrees that:

 

(a)
Except upon prior written notice to the Placement Agent, the Company shall not, at any time prior to the Final Closing (as defined below),
knowingly take any action which would cause any of the representations and warranties made by it in this Agreement not to be complete
and correct in all material respects on and as of each closing date with the same force and effect as if such representations and warranties
had been made on and as of each such date (except to the extent any representation or warranty relates to an earlier date).

 

(b)
If, at any time prior to the Final Closing, any event shall occur that causes a Material Adverse Effect, which as a result it becomes
necessary to amend or supplement the Disclosure Materials so that the representations and warranties herein remain true and correct in
all material respects, or in case it shall be necessary to amend or supplement the Disclosure Materials to comply with Regulation D or
any other applicable securities laws or regulations, the Company will promptly notify the Placement Agent and shall, at its sole cost,
prepare and furnish to the Placement Agent copies of appropriate amendments and/or supplements in such quantities as the Placement Agent
may reasonably request for delivery by the Placement Agent to potential subscribers. The Company will not at any time before the Final
Closing prepare or use any amendment or supplement to the Disclosure Materials of which the Placement Agent will not previously have
been advised and furnished with a copy, or which is not in compliance in all material respects with the Act and other applicable securities
laws. As soon as the Company is advised thereof, the Company will advise the Placement Agent and its counsel, and confirm the advice
in writing, of any order preventing or suspending the use of the Disclosure Materials, or the suspension of any exemption for such qualification
or registration thereof for offering in any jurisdiction, or of the institution or threatened institution of any proceedings for any
of such purposes, and the Company will use its reasonable best efforts to prevent the issuance of any such order and, if issued, to obtain
as soon as reasonably possible the lifting thereof.

 

(c)
The Company shall comply with the Act, the Securities Exchange Act of 1934 (the “Exchange Act”) and the rules and
regulations thereunder, all applicable state securities laws and the rules and regulations thereunder in the states in which the Company’s
Blue Sky counsel has advised the Placement Agent and the Company that the Debentures and Warrants are qualified or registered for sale
or exempt from such qualification or registration, so as to permit the continuance of the sales of the Debentures and Warrants, and will
file or cause to be filed with the SEC, and shall promptly thereafter forward or cause to be forwarded to the Placement Agent, any and
all reports on Form D as are required.

 

    	4

    	Theralink Technologies, Inc.
	November
                                            29, 2022

    

 

(d)
The Company shall use its best efforts to qualify the Debentures and Warrants for sale under the securities laws of such jurisdictions
in the United States as may be mutually agreed to by the Company and the Placement Agent, and the Company will make or cause to be made
such applications and furnish information as may be required for such purposes, provided that the Company will not be required to qualify
as a foreign corporation in any jurisdiction or execute a general consent to service of process.

 

(e)
The Company shall not use any of the net proceeds of the Offering to repay indebtedness or to pay accrued and unpaid salary or bonuses
to officers, directors, employees or any of their respective affiliates or to stockholders of the Company without the prior written consent
of the Placement Agent; provided that the Company may pay up to $300,000 in compensation that is due primarily to certain key members
of the Company’s research and development team, as set forth in the Purchase Agreement.

 

(f)
Except upon obtaining the prior written consent of the Placement Agent, which consent shall not be unreasonably withheld, the Company
shall not, at any time prior to the earlier of the Final Closing or the Termination Date, except as contemplated by the Disclosure Materials
(i) engage in or commit to engage in any transaction outside of the ordinary course of business, (ii) issue, agree to issue or set aside
for issuance any securities (debt or equity) or any rights to acquire any such securities; provided that (a) the Company shall be permitted
to issue stock options, restricted stock and/or restricted stock units, including such as are convertible into, or exercisable for, shares
of Common Stock to officers, directors and employees of the Company in the ordinary course or as permitted by the Purchase Agreement,
(iii) incur, outside the ordinary course of business, any material indebtedness, (iv) dispose of any material assets, or (v) change its
business or operations.

 

(g)
The Company shall pay all of its own expenses for accounting fees, legal fees and other costs involved with the Offering, including without
limitation, expenses incurred in connection with the preparation and printing of all Disclosure Materials and the issuance of the Debentures,
Warrants and the Placement Agent Warrants (as defined below). The Company will provide at its own expense such quantities of the Disclosure
Materials and other documents and instruments relating to the Offering as the Placement Agent may reasonably request. All Blue Sky filings
related to this Offering shall be prepared by the Company’s counsel, at the Company’s expense, with copies of all filings
to be promptly forwarded to the Placement Agent.

 

(h)
Until the earlier of (i) the Termination Date, and (ii) the Final Closing of the Offering, the Company will not issue any press release
except in the ordinary course of business consistent with past practices, grant any interview, or otherwise communicate with the media
in any manner whatsoever with respect to the Offering without the Placement Agent’s prior consent.

 

4.
Escrow of Funds. All funds for subscriptions received by the Placement Agent from the Offering (not otherwise wired directly to
the Escrow Agent), if any, will be promptly forwarded by the Placement Agent and deposited into a non-interest bearing escrow account
(the “Escrow Account”) established for such purpose with Signature Bank (the “Escrow Agent”). All
such funds for subscriptions will be held in the Escrow Account pursuant to the terms of an escrow agreement among the Company, the Placement
Agent and the Escrow Agent (the “Escrow Agreement”). The Company will pay all fees related to the establishment and
maintenance of the Escrow Account. The Company will either accept or reject, for any or no reason, the documents to be returned by investors
as set forth in the Disclosure Materials (the “Subscription Documents”) in a timely fashion and at each Closing, the
Company will countersign the Subscription Documents and provide duplicate copies of such documents to the Placement Agent for distribution
to the subscribers. The Placement Agent on the Company’s behalf, will promptly return to subscribers incomplete, improperly completed,
improperly executed and rejected subscriptions. If Subscription Documents and good available funds for at least the Minimum Amount have
not been received and accepted by the Company on or before the Termination Date for any reason, the Offering will be terminated, no Debentures
and Warrants will be sold, and the Escrow Agent will, at the request of the Placement Agent, cause all monies received from subscribers
for the Debentures and Warrants to be promptly returned to such subscribers without interest, penalty, expense or deduction.

 

    	5

    	Theralink Technologies, Inc.
	November
                                            29, 2022

    

 

If
subscriptions for gross proceeds in cash payment for at least the Minimum Amount have been accepted prior to the Termination Date, the
funds therefor have been collected by the Escrow Agent and all of the conditions set forth elsewhere in this Agreement are fulfilled,
the first closing of the Offering (“First Closing”) shall be held promptly with respect to Debentures and Warrants
sold. Thereafter additional Debentures and Warrants will continue to be offered and sold until the Termination Date and additional closings
(each a “Closing”) may from time to time be conducted at times mutually agreed to by the Placement Agent and the Company
with respect to additional Debentures and Warrants sold, with the final closing (“Final Closing”) to occur within
five (5) business days after the earlier of the Termination Date and the date on which Debentures and Warrants for up to the Maximum
Amount have been fully subscribed for. Delivery of payment for the accepted subscriptions for Debentures and Warrants from funds held
in the Escrow Account will be made at each Closing against delivery of the Debentures and Warrants by the Company. The Company shall
deliver the original securities comprising the Debentures and Warrants per instructions to be provided by Placement Agent within five
(5) business days following each Closing.

 

5.
Compensation to Placement Agent.

 

(a)
In connection with the Offering, the Company will pay Gunnar a cash fee (the “Placement Agent’s Cash Fee”) equal
to 10% of the aggregate gross proceeds raised in the Offering; provided, for the avoidance of doubt, that the Placement Agent’s
Cash Fee shall not take into account that certain capital raise of $1,000,000 invested into the Offering by Jeffrey Busch and Doug Mergenthaler
in exchange for demand notes that were issued prior to the First Closing. As additional compensation, the Company shall issue to the
Placement Agent or its designees at or promptly following the Final Closing of the Offering, five-year warrants, (the “Placement
Agent Warrants”) to purchase 10% of the shares underlying the Debentures issued in the Offering and for these purposes, to
be calculated by the lower of (i) $0.003 per share or (ii) 70% of the 10 day VWAP of the Company’s Common Stock (the “Discounted
VWAP”) immediately preceding the date of the First Closing), at an initial exercise price equal to the Discounted VWAP. For
example, assuming the Maximum Amount is sold and a Discounted VWAP of $0.003 per share, Investors invest $6,600,000 in cash into the
Company. In such event, the Company will issue Placement Agent Warrants to the Placement Agent (and its designees) to purchase 220,000,000
shares of the Company’s common stock at an exercise price of $0.003 per share. In the event of a Dilutive Issuance (as defined
in the Warrants issued in the Offering), the exercise price then in effect for the Placement Agent Warrants shall be reduced to an amount
equal to the New Issuance Price (as defined in the Warrants issued in the Offering) in the same manner as the Warrants issued in the
Offering; provided, however, that the foregoing adjustment shall only be in effect one time only. The Placement Agent Warrants shall
also have cashless exercise provisions and such other terms mutually agreed upon by the Company and the Placement Agent. At each Closing,
the Company will reimburse the Placement Agent for all reasonable, documented marketing, travel and other out-of-pocket expenses incurred
in connection with the Offering up to an aggregate from all Closings of $25,000, plus expense reimbursement of $50,000 to Placement Agent’s
counsel for documented legal expense. In addition, the Company shall pay a non-refundable $50,000 corporate finance advisory fee for
strategic advice and restructuring support to the Placement Agent upon the First Closing.

 

    	6

    	Theralink Technologies, Inc.
	November
                                            29, 2022

    

 

(b)
The Company shall also pay to the Placement Agent the Placement Agent’s Cash Fee to the extent any party first introduced to the
Company by Gunnar via phone call, email, face to face or electronic meeting or transmission of Offering materials (such transmissions
only being made upon authorization from the Company in writing) invests in the Company (other than through open or public market purchases
or securities purchased in any underwritten public offering) at any time prior to the date that is twelve (12) months after the applicable
termination date of the Offering or the Final Closing (“Tail Period”), whichever is applicable. Notwithstanding the
foregoing, this paragraph shall not apply to the extent that the Placement Agent is acting as the placement agent or underwriter or acting
in a similar capacity in connection with such follow-on investment and is already being compensated by the Company pursuant to a separate
engagement. The names of Tail Investors shall be provided in writing by the Placement Agent to the Company upon written request following
the termination date or the Final Closing, as the case may be (the “Tail Investor List”). The Company acknowledges
and agrees that the Tail Investor List is proprietary to the Placement Agent, shall be maintained in strict confidence by the Company
and those persons/entities on such list shall not be contacted by the Company without the Placement Agent’s prior written consent;
provided, however, that such restrictions shall not apply to ordinary course stockholder communications by the Company to its stockholders.

 

6.
Conditions of Placement Agent’s Obligations. The obligations of the Placement Agent hereunder to effect a Closing are subject
to the fulfillment, at or before each Closing, of the following additional conditions:

 

(a)
Each of the representations and warranties made by the Company herein shall be true and correct at all times prior to and on each Closing
date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation
or warranty shall be true and correct as of such earlier date.

 

(b)
The Company shall have performed and complied in all material respects with all agreements, covenants and conditions required to be performed
and complied with by them at or before the Closing.

 

(c)
The Disclosure Materials did not, and as of the date of any amendment or supplement thereto will not, include any untrue statement of
a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under
which they were made, not misleading.

 

    	7

    	Theralink Technologies, Inc.
	November
                                            29, 2022

    

 

(d)
The Company shall have obtained all consents, waivers and approvals required to be obtained by the Company in connection with the consummation
of the transactions contemplated hereby.

 

(e)
No order suspending the use of the Disclosure Materials or enjoining the Offering shall have been issued, and no proceedings for that
purpose or a similar purpose shall have been initiated or pending, or, to the Company’s knowledge, threatened.

 

(f)
The Placement Agent shall have received a certificate of the Chief Executive Officer of the Company, dated as of the date of the Closing,
certifying, as to the fulfillment of the conditions set forth in subparagraphs (a), (b), (c), (d) and (e) above.

 

(g)
The Company shall have delivered to the Placement Agent: (i) a certified charter document and good standing certificate, each dated as
of a date within ten (10) days prior to the First Closing from the secretary of state of its jurisdiction of incorporation; and (ii)
resolutions of the Company’s Board of Directors approving this Agreement and the transactions and agreements contemplated by this
Agreement and the Disclosure Materials, certified by the Chief Executive Officer of the Company.

 

(h)
The Chief Executive Officer of the Company shall have provided a certificate to the Placement Agent confirming that, to the best of his
knowledge, there have been no material adverse changes in the condition (financial or otherwise) or prospects of the Company from the
date of the financial statements included in the Disclosure Materials, the absence of undisclosed liabilities and such other matters
relating to the financial condition and prospects of the Company that the Placement Agent may reasonably request.

 

(i)
At each Closing, the Company shall pay and/or issue to the Placement Agent the Placement Agent Cash Fee and Placement Agent expense reimbursement
earned at such Closing. Placement Agent Warrants shall be delivered to the Placement Agent in accordance with Section 5 hereto.

 

(j)
All proceedings taken at or prior to any Closing in connection with the authorization, issuance and sale of the Debentures and Warrants
will be reasonably satisfactory in form and substance to the Placement Agent and its counsel, and such counsel shall have been furnished
with all such documents, certificates and opinions as it may reasonably request upon reasonable prior notice in connection with the transactions
contemplated hereby.

 

7.
Conditions of Company’s Obligations. The obligations of the Company hereunder to effect a Closing are subject to the fulfillment,
at or before each Closing, of the following additional conditions or subject to the waiver of such condition or conditions by the Company:

 

(a)
Each of the representations and warranties made by the Placement Agent shall be true and correct at all times prior to and on each Closing
date.

 

    	8

    	Theralink Technologies, Inc.
	November
                                            29, 2022

    

 

(b)
The Placement Agent shall have performed and complied in all material respects with all agreements, covenants and conditions required
to be performed and complied with by it at or before the Closing; and

 

(c)
The Company shall have received a certificate of an officer of the Placement Agent, dated as of the date of each Closing, certifying,
as to the fulfillment of the conditions set forth in subparagraphs (a) and (b) above; and

 

(d)
No order suspending the use of the Disclosure Materials or enjoining the Offering shall have been issued, and no proceedings for that
purpose or a similar purpose shall have been initiated or pending, or, to the Company’s knowledge, be contemplated or threatened.

 

8.Indemnification.
(a)The Company will: (i) indemnify and hold harmless the Placement Agent, its agents and their respective officers, directors, employees,
selected dealers and each person, if any, who controls the Placement Agent within the meaning of the Section 15 of the Act or Section
20(a) of the Exchange Act and such selected dealers (each an “Indemnitee” or a “Placement Agent Party”)
against, and pay or reimburse each Indemnitee for, any and all losses, claims, damages, liabilities or expenses whatsoever (or actions
or proceedings or investigations in respect thereof), joint or several (which will, for all purposes of this Agreement, include, but
not be limited to, all reasonable costs of defense and investigation and all reasonable attorneys’ fees, including appeals), to
which any Indemnitee may become subject (x) under the Act or otherwise, in connection with the offer and sale of the Debentures and Warrants
and (y) as a result of the breach of any representation, warranty or covenant made by the Company, regardless of whether such losses,
claims, damages, liabilities or expenses shall result from any claim by any Indemnitee or by any third party; and (ii) reimburse each
Indemnitee for any legal or other expenses reasonably incurred in connection with investigating or defending against any such loss, claim,
action, proceeding or investigation; provided, however, that the Company will not be liable in any such case
to the extent that any such claim, damage or liability is finally judicially determined to have resulted primarily from (A) an untrue
statement or alleged untrue statement of a material fact made in the Disclosure Materials, or an omission or alleged omission to state
therein a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading,
made solely in reliance upon and in conformity with written information furnished to the Company by the Placement Agent specifically
for use in the Disclosure Materials, (B) any violations by the Placement Agent of the Act, state securities laws or any rules or regulations
of FINRA, which is not directly caused from a violation thereof by the Company or any of its affiliates or (C) the Placement Agent’s
willful misconduct or gross negligence. In addition to the foregoing agreement to indemnify and reimburse, the Company will indemnify
and hold harmless each Indemnitee against any and all losses, claims, damages, liabilities or expenses whatsoever (or actions or proceedings
or investigations in respect thereof), joint or several (which shall, for all purposes of this Agreement, include, but not be limited
to, all reasonable costs of defense and investigation and all reasonable attorneys’ fees, including appeals) to which any Indemnitee
may become subject insofar as such costs, expenses, losses, claims, damages or liabilities arise out of or are based upon the claim of
any person or entity that he or it is entitled to broker’s or finder’s fees from any Indemnitee in connection with the Offering,
other than fees due to the Placement Agent. The foregoing indemnity agreements will be in addition to any liability the Company may otherwise
have.

 

    	9

    	Theralink Technologies, Inc.
	November
                                            29, 2022

    

 

(b)
The Placement Agent will indemnify and hold harmless the Company, its officers, directors, and each person, if any, who controls such
entity within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act against, and pay or reimburse any such person
for, any and all losses, claims, damages, liabilities or expenses whatsoever (or actions, proceedings or investigations in respect thereof)
to which the Company or any such person may become subject under the Act or otherwise, whether such losses, claims, damages, liabilities
or expenses shall result from any claim of the Company or any such person who controls the Company within the meaning of the Act or by
any third party, but only to the extent that such losses, claims, damages or liabilities results from (i) an untrue statement or alleged
untrue statement of a material fact made in the Disclosure Materials, or an omission or alleged omission to state therein a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, made in
reliance upon and in conformity with written information furnished to the Company by the Placement Agent, specifically for use in the
Disclosure Materials, (ii) as a result of the breach of any representation, warranty or covenant made by the Placement Agent, regardless
of whether such losses, claims, damages, liabilities or expenses shall result from any claim by any third party, or (iii) any violations
by the Placement Agent of the Act or state securities laws which does not result from a violation thereof by the Company or any of its
affiliates. The Placement Agent will reimburse the Company or any such person for any legal or other expenses reasonably incurred in
connection with investigating or defending against any such loss, claim, damage, liability or action, proceeding or investigation to
which such indemnity obligation applies. The foregoing indemnity agreements are in addition to any liability which the Placement Agent
may otherwise have. Notwithstanding the foregoing, in no event shall Placement Agent’s indemnification obligation hereunder exceed
the amount of Placement Agent’s Cash Fees actually received by the Placement Agent hereunder.

 

(c)
Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, claim, proceeding or
investigation (the “Action”), such indemnified party, if a claim in respect thereof is to be made against the indemnifying
party under this Section 8, will notify the indemnifying party of the commencement thereof, but the omission to so notify the indemnifying
party will not relieve it from any liability that it may have to any indemnified party under this Section 8 unless the indemnifying party
has been substantially prejudiced by such omission. The indemnifying party will be entitled to participate in and, to the extent that
it may wish, jointly with any other indemnifying party, to assume the defense thereof subject to the provisions herein stated, with counsel
reasonably satisfactory to such indemnified party. The indemnified party will have the right to employ separate counsel in any such Action
and to participate in the defense thereof, but the fees and expenses of such counsel will not be at the expense of the indemnifying party
if the indemnifying party has assumed the defense of the Action with counsel reasonably satisfactory to the indemnified party, provided,
however, that if counsel selected to represent the indemnified party shall have concluded that there may be a conflict
of interest which prevents it from representing the indemnified party and the indemnifying party, then the indemnified party may retain
additional counsel to represent it and in such case the reasonable fees and expenses of such counsel in connection with any such participation
or defenses shall be paid by the indemnifying party. No settlement of any Action against an indemnified party will be made without the
consent of the indemnifying party and the indemnified party, which consent shall not be unreasonably withheld, delayed or conditioned
in light of all factors of importance to such party, and no indemnifying party shall be liable to indemnify any person for any settlement
of any such claim effected without such indemnifying party’s consent.

 

    	10

    	Theralink Technologies, Inc.
	November
                                            29, 2022

    

 

9.
Contribution. To provide for just and equitable contribution, if: (i) an indemnified party makes a claim for indemnification pursuant
to Section 8 hereof and it is finally determined, by a judgment, order or decree not subject to further appeal that such claims for indemnification
may not be enforced, even though this Agreement expressly provides for indemnification in such case; or (ii) any indemnified or indemnifying
party seeks contribution under the Act, the Exchange Act, or otherwise, then each indemnifying party shall contribute to such amount
paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the
relative fault of the Company on the one hand and the Placement Agent on the other in connection with the statements or omissions which
resulted in such losses, claims, damages, liabilities or expenses (or actions in respect thereof), as well as any other relevant equitable
considerations. The relative benefits received by the Company on the one hand and the Placement Agent on the other shall be deemed to
be in the same proportion as the total net proceeds from the Offering (before deducting expenses) received by the Company bear to the
total Placement Agent’s Cash Fees received by the Placement Agent. The relative fault, in the case of an untrue statement, alleged
untrue statement, omission or alleged omission will be determined by, among other things, whether such statement, alleged statement,
omission or alleged omission relates to information supplied by the Company or by the Placement Agent, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement, alleged statement, omission or alleged
omission. The Company and the Placement Agent agree that it would be unjust and inequitable if the respective obligations of the Company
and the Placement Agent for contribution were determined by pro rata allocation of the aggregate losses, liabilities, claims, damages
and expenses or by any other method or allocation that does not reflect the equitable considerations referred to in this Section 9. No
person guilty of a fraudulent misrepresentation (within the meaning of Section 10(f) of the Act) will be entitled to contribution from
any person who is not guilty of such fraudulent misrepresentation. For purposes of this Section 9, each person, if any, who controls
the Placement Agent within the meaning of the Act will have the same rights to contribution as the Placement Agent, and each person,
if any, who controls the Company within the meaning of the Act will have the same rights to contribution as the Company, subject in each
case to the provisions of this Section 9. Anything in this Section 9 to the contrary notwithstanding, no party will be liable for contribution
with respect to the settlement of any claim or action effected without its written consent. This Section 9 is intended to supersede,
to the extent permitted by law, any right to contribution under the Act, the Exchange Act or otherwise available.

 

10.
Miscellaneous.

 

(a)
Survival. Any termination of the Offering without consummation thereof shall be without obligation on the part of any party except
the Company’s payment of fees and expenses pursuant to Sections 3(g), 5(a) and 5(b) hereof, the indemnification provisions provided
in Section 8 hereof, the contribution provided in Section 9 hereof shall survive any termination. In addition, the provisions contained
in Section 8 regarding indemnification and Section 9 regarding contribution shall survive the Final Closing.

 

    	11

    	Theralink Technologies, Inc.
	November
                                            29, 2022

    

 

(b)
Representations, Warranties and Covenants to Survive Delivery. The respective representations, warranties, indemnities, agreements,
covenants and other statements of the Company as of the date hereof shall survive execution of this Agreement and delivery of the Debentures
and Warrants and the termination of this Agreement for a period of eighteen months.

 

(c)
No Other Beneficiaries. This Agreement is intended for the sole and exclusive benefit of the parties hereto and their respective
successors and controlling persons, and no other person, firm or corporation shall have any third-party beneficiary or other rights hereunder.
This Agreement may not be assigned without the prior written consent of the parties hereto.

 

(d)
Governing Law. This Agreement shall be governed by and construed under the laws of the State of New York as applied to agreements among
New York residents entered into and to be performed entirely within New York. Each of the parties hereto (1) agree that any legal suit,
action or proceeding arising out of or relating to this Agreement shall be instituted exclusively in New York State Supreme Court, County
of New York, or in the United States District Court for the Southern District of New York, (2) waive any objection which the Company
may have now or hereafter to the venue of any such suit, action or proceeding, and (3) irrevocably consent to the jurisdiction of the
New York State Supreme Court, County of New York, and the United States District Court for the Southern District of New York in any such
suit, action or proceeding. Each of the parties hereto further agrees to accept and acknowledge service of any and all process which
may be served in any such suit, action or proceeding in the New York State Supreme Court, County of New York, or in the United States
District Court for the Southern District of New York and agree that service of process upon it mailed by certified mail to its address
set forth in Section 10(f) below shall be deemed in every respect effective service of process upon it, in any such suit, action or proceeding.
THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.

 

(e)
Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts,
each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement and shall
become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties
hereto. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission shall constitute valid and sufficient
delivery thereof.

 

    	12

    	Theralink Technologies, Inc.
	November
                                            29, 2022

    

 

(f)
Notices. All notices, requests, demands and other communications which are required or may be given hereunder shall be in writing
and shall be deemed to have been duly given when delivered personally or by email or five (5) days after being sent by registered or
certified mail, return receipt requested, postage prepaid. All notices shall be made to the parties at the addresses designated above
or at such other or different addresses which a party may subsequently provide with notice thereof, and to their respective legal counsel,
as follows:

 

(i).
If to Gunnar, to:

 

Joseph
Gunnar & Co., LLC

30 Broad Street, 11th floor

New York, NY 10004

Attention: Stephan A Stein, President

Email: SStein@jgunnar.com

 

with
a copy to:

 

Olshan
Frome Wolosky LLP

1325
Avenue of the Americas

New
York, NY 10019

Attention: Kenneth A. Schlesinger, Esq.

Email: KSchlesinger@olshanlaw.com

 

or
to such other person or address as Gunnar shall furnish to the Company in writing.

 

(ii)
If to the Company, to:

 

Theralink
Technologies, Inc.

15000 W. 6th Ave., #400

Golden,
CO 80401

Attn: Mick Ruxin, M.D.

Email: mick.ruxin@theralink.com

 

with
a copy to:

 

K&L
Gates LLP

Southeast
Financial Center

200
S. Biscayne Boulevard, Suite 3900

Miami,
FL 33131

Attn: Erin Fogarty, Esq.; Clayton Parker, Esq.

Email: erin.fogarty@klgates.com; clayton.Parker@klgates.com

 

or
to such other person or address as the Company shall furnish to Gunnar in writing.

 

(g)
Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to the matters herein referred and
this Agreement has no bearing or effect on any prior agreements entered into by the parties hereto. Neither this Agreement nor any term
hereof may be changed, waived or terminated orally, but only by an instrument in writing signed by the party against which enforcement
of the change, waiver or termination is sought.

 

(h)
No Commitment. The execution of this Agreement does not constitute a commitment by Gunnar or the Company to consummate any transaction
contemplated hereunder and there can be no assurance that Gunnar will be able to locate any third parties to provide financing to the
Company.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	13

    	 

    

 

If
the foregoing accurately reflects our understanding, please so indicate by signing in the space provided below.

 

	 	Sincerely,
	 	 
	 	JOSEPH
    GUNNAR & CO., LLC.
	 	 
	 	By:	/s/
    Stephan A. Stein
	 	Name:	Stephan
    A. Stein
	 	Title:	President

 

	Agreed
                                            to and Accepted

                                                                     this
                                            29th day of November, 2022
	 
	 	 
	THERALINK
    TECHNOLOGIES, INC.	 
	 	 
	By:	/s/
    Mick Ruxin	 
	Name:	Mick
    Ruxin, M.D.	 
	Title:	Chief
    Executive Officer	 

 

[Signature
Page to Placement Agent Agreement]

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