Document:

Exhibit 10.2

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, 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 AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT

 

	Warrant
    Shares: ___________	Initial
    Exercise Date: December 31, 2021

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, ___________________, or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business
on the fifth year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe
for and purchase from Transportation and Logistics Systems, Inc., a Nevada corporation (the “Company”), up to ______________
shares of Common Stock (subject to adjustment hereunder, the “Warrant Shares”). The purchase price of one Warrant
Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant issued pursuant to a Securities
Purchase Agreement (the “Purchase Agreement”), dated December 31, 2021, entered into as of the Initial Exercise Date
between the Company and the purchasers, including the initial Holder, party thereto.

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Purchase
Agreement. For purposes of this Agreement, the following words and phrases have the meanings set forth in this Section
1:

 

“Option”
shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities.

 

Section
2. Exercise.

 

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

 

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(b) Exercise
Price. The initial exercise price per share of the Common Stock under this Warrant shall be equal to $0.01 per share, subject to
adjustment under Section 3 (the “Exercise Price”).

 

(c) Cashless
Exercise. If at any time after the six month anniversary of the Initial Exercise Date, there is no effective registration statement
covering the resale of the Warrant Shares by the Holder (or the prospectus does not meet the requirements of Section 10 of the Securities
Act), then this Warrant may also be exercised at the Holder’s election, in whole or in part and in lieu of making the cash payment
otherwise contemplated to be made to the Company upon such exercise, at such time by means of a “cashless exercise” in which
the Holder shall be entitled to receive a number of Warrant Shares equal to the number obtained by dividing [(A - B) times (C)] by (A),
where:

 

	 	(A)	=	the
    greater of (i) the arithmetic average of the VWAPs for the five consecutive Trading Days ending on the date immediately preceding
    the date on which the Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the applicable
    Notice of Exercise or (ii) the VWAP for the Trading Day immediately prior to the date on which the Holder makes such “cashless
    exercise” election;
	 	 	 	 
	 	(B)	=	the
    Exercise Price of this Warrant, as adjusted hereunder, at the time of such exercise; and
	 	 	 	 
	 	(C)	=	the
    number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
    exercise were by means of a cash exercise rather than a cashless exercise;

 

“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)) (or a similar organization or agency succeeding to its functions of reporting
prices), (b) if no volume weighted average price of the Common Stock is reported for the Trading Market, the most recent reported bid
price per share of the Common Stock, 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 Holders of a majority in interest of the Warrants then outstanding and reasonably
acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

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

 

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

 

(d) Mechanics
of Exercise.

 

(i) Delivery
of Certificates Upon Exercise. Certificates for the shares of Common Stock purchased hereunder shall be transmitted to the Holder
by the Transfer Agent by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit
or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there
is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder
or (B) this Warrant is being exercised via cashless exercise and Rule 144 is available, or otherwise by physical delivery to the address
specified by the Holder in the Notice of Exercise by the date that is two Trading Days after the latest of (A) the delivery to the Company
of the Notice of Exercise and (B) payment of the aggregate Exercise Price as set forth above (unless by cashless exercise, if permitted)
(such date, the “Warrant Share Delivery Date”). The Warrant Shares shall be deemed to have been issued, and Holder
or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes,
as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted).
The Company understands that a delay in the delivery of the Warrant Shares after the Warrant Share Delivery Date could result in economic
loss to the Holder. As compensation to the Holder for such loss, the Company agrees to pay, subject to Section 5(k)(i) but not
Section 5(k)(ii) (as liquidated damages and not as a penalty), to the Holder for late issuance of Warrant Shares upon exercise
of this Warrant the proportionate amount of $10 per Trading Day (increasing to $20 per Trading Day after the fifth Trading Day) after
the Warrant Share Delivery Date for each $1,000 of the value of the Warrant Shares for which this Warrant is exercised (based on the
Exercise Price) which are not timely delivered. In no event shall liquidated damages for any one transaction exceed $1,000 for the first
10 Trading Days. Furthermore, in addition to any other remedies which may be available to the Holder, in the event that the Company fails
for any reason to effect delivery of the Warrant Shares by the Warrant Share Delivery Date, the Holder may revoke all or part of the
relevant Warrant exercise by delivery of a notice to such effect to the Company, whereupon the Company and the Holder shall each be restored
to their respective positions immediately prior to the exercise of the relevant portion of this Warrant, except that the liquidated damages
described above shall be payable through the date notice of revocation or rescission is given to the Company or the date the Warrant
Shares are delivered to the Holder, whichever date is earlier.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(f) Mandatory
Exercise. Beginning from the Initial Exercise Date, the Company shall have the option, subject to the Equity Conditions, to cause
the Holder to exercise the Warrant (“Mandatory Exercise”) in whole or in part upon written notice (“Mandatory Exercise
Notice”). For purposes of this Warrant, “Equity Conditions” means: (i) no breach under any of the Transaction Documents
shall have occurred, (ii) the last closing sale price of the Common Stock has been equal to or greater than $0.10. per share (subject
to adjustments for splits, dividends, recapitalizations and similar events) for consecutive 10 Trading Days immediately prior to the
date on which the Mandatory Exercise Notice is given to the Holder (the “10 Day Consecutive Period”), (iii) the total daily
trading dollar volume was, on average, at least $500,000, during the 10 Day Consecutive Period, and (iv) during each day of the 10 Day
Consecutive Period and through the date of the Mandatory Exercise shall occur, the Company must have an effective registration statement
with a current prospectus in compliance with Sections 5 and 10 of the Securities Act on file with the SEC pursuant to which the Warrant
Shares may be sold (other than at a fixed price). The Mandatory Exercise Notice shall specify a date, which shall not be less than 30
days from the date such Mandatory Exercise Notice is received by the Holder on which such Mandatory Exercise shall occur. The Company’s
right to require a Mandatory Exercise shall be subject to and may be limited by Section 2(e) above.

 

(g) Company
Purchase Option. If the Holder fails to meet its obligations under Section 2(f) above (for any reason, including the limitations
under Section 2(e), the Company has the option to purchase this Warrant from the Holder by paying to the Holder an amount in cash equal
to the Purchase Option Black Scholes Value (as defined herein) of the remaining unexercised portion of this Warrant. “Purchase
Option Black Scholes Value” means the value of the unexercised portion of this Warrant based on the Black and Scholes Option Pricing
Model obtained from the “OV” function on Bloomberg L.P. determined as of the day the Company issues its Mandatory Exercise
Notice (the “Applicable Date”) and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a
period equal to the remaining term of this Warrant, (B) an expected volatility equal to the greater of 100% and the 100 day volatility
obtained from the HVT function on Bloomberg L.P. as of the Applicable Date, (C) the underlying price per share used in such calculation
shall be the average of the closing prices during the 20 Day Consecutive Period and (D) a remaining option time equal to the remaining
underexercised period of this Warrant.

 

Section
3. Certain Adjustments.

 

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

 

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(b) Subsequent
Equity Sales. If and whenever on or after the Initial Exercise Date, but not after the earliest of (x) two years from the Initial
Exercise Date or (y) the listing of the Common Stock for trading on the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global
Select Market, the New York Stock Exchange, or the NYSE American, the Company issues or sells, or in accordance with this Section
3 is deemed to have issued or sold, any shares of Common Stock (including the issuance or sale of shares of Common Stock owned or
held by or for the account of the Company, issued or sold or deemed to have been issued or sold) for a consideration per share (the “Base
Share Price”) less than a price equal to the Exercise Price in effect immediately prior to such issuance or sale or deemed
issuance or sale (such Exercise Price then in effect is referred to herein as the “Applicable Price”) (the foregoing
a “Dilutive Issuance”), then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be
reduced to an amount equal to the Base Share Price. For all purposes of the foregoing (including, without limitation, determining the
adjusted Exercise Price and the Base Share Price under this Section 3(b)), the following shall be applicable:

 

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

 

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

 

(iii) Change
in Option Price or Rate of Conversion. If (A) the purchase or exercise price provided for in any Options, (B) the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or (C) the rate at which any Convertible
Securities are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases at any time (in each
case (A), (B) and (C) other than (x) proportional changes in conversion or exercise prices, as applicable, in connection with an event
referred to in Section 3(a) and (y) automatic adjustments to such terms pursuant to anti-dilution, default or similar provisions
of such Option or Convertible Securities), the Exercise Price in effect at the time of such increase or decrease shall be adjusted to
the Exercise Price which would have been in effect at such time had such Options or Convertible Securities provided for such increased
or decreased purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially
granted, issued or sold. For purposes of this Section 3(b)(iii), if the terms of any Option or Convertible Security that was outstanding
as of the Initial Closing are increased or decreased in the manner described in the immediately preceding sentence, then such Option
or Convertible Security and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed
to have been issued as of the date of such increase or decrease.

 

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(iv) Calculation
of Consideration Received. If any Options are issued or sold or deemed to have been issued or sold for cash, the consideration received
therefor will be deemed to be the net amount of consideration received by the Company therefor. If any Options are issued or sold for
a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration,
except where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company
for such securities will be the arithmetic average of the VWAPs of such security for each of the five Trading Days immediately preceding
the date of receipt. If any Options are issued to the owners of the non-surviving entity in connection with any merger in which the Company
is the surviving entity, the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and
business of the non-surviving entity as is attributable to such Options. The fair value of any consideration other than cash or publicly
traded securities will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement within 10 days
after the occurrence of an event requiring valuation (the “Valuation Event”), the fair value of such consideration
will be determined within five Trading Days after the 10th day following such Valuation Event by an independent, reputable
appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties
absent manifest error. If such appraiser’s valuation differs by less than 5% from the Company’s proposed valuation, the fees
and expenses of such appraiser shall be borne by the Holder, and if such appraiser’s valuation differs by more than 5% from the
Company’s proposed valuation, the fees and expenses of such appraiser shall be borne by the Company.

 

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

 

(vi) No
adjustment pursuant to this Section 3(b) shall be made if such adjustment would result in an increase of the Exercise Price then
in effect.

 

(vii) Notwithstanding
anything to the contrary herein, no adjustment pursuant to this Section 3(b) shall be made in respect of an Exempt Issuance. “Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company, in
an aggregate amount not to exceed 10% of shares of Common Stock outstanding pursuant to any stock or option plan duly adopted for such
purpose by the Board of Directors, (b) (A) securities issuable upon the exercise or exchange of or conversion of the Series G Shares
and/or (B) other securities issuable pursuant to existing agreements, exercisable or exchangeable for or convertible into shares of Common
Stock issued and outstanding on the date of the Initial Closing, provided that such securities have not been amended since the Initial
Closing to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities
(other than (1) in connection with stock dividends, stock splits or combinations or (2) automatic adjustments to such terms pursuant
to anti-dilution, default or similar provisions of such securities) or to extend the term of such securities, (c) securities issued pursuant
to acquisitions or strategic transactions approved by a majority of the directors of the Company, provided that any such issuance shall
only be to an entity (or to the equity holders of an entity) which is, itself or through its subsidiaries, an operating company or an
owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in
addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the
purpose of raising capital or to an entity whose primary business is investing in securities, or (d) securities issued for bona fide
services provided to the Company not for the purpose of raising capital or to an entity whose primary business is investing in securities.

 

(viii) For
purposes of this Agreement, the following definitions shall apply:

 

(A)
“Convertible Securities” shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible
into or exchangeable for Common Stock, but excluding Options.

 

(F) “Option”
shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities.

 

(G) “Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

(H) “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, Pink Open Market (f/k/a OTC Pink), OTCQB or OTCQX (or any successors to any of the foregoing). Fundamental Transaction.

 

    	8

     

    

 

(ix) If,
at any time while this Warrant is outstanding, (1) the Company, directly or indirectly, in one or more related transactions effects any
merger or consolidation of the Company with or into another Person, (2) the Company, directly or indirectly, effects any sale, lease,
license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related
transactions, (3) 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, (4) 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,
(5) 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 exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been
issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation on
the exercise of this Warrant), at the option of the Holder the number of shares of Common Stock of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such Fundamental Transaction (without regard to any limitation on the exercise of this Warrant). For
purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and
the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash
or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall not effect a Fundamental Transaction
unless it gives the Holder at least 10 Trading Days prior notice together with sufficient details so the Holder can make an informed
decision as to whether it elects to accept the Alternate Consideration. If a public announcement of the Fundamental Transaction has not
been made, the notice to the Holder may not be given until the Company files a Form 8-K or other report disclosing the Fundamental Transaction.

 

(x) Notwithstanding
anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at
the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction,
purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised
portion of this Warrant on the date of the consummation of such Fundamental Transaction or (ii) the positive difference between the cash
per share paid in such Fundamental Transaction minus the then in effect Exercise Price. “Black Scholes Value” means
the value of the unexercised portion of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg L.P. determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and
reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the
public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater
of 100% and the 100 day volatility obtained from the HVT function on Bloomberg L.P. as of the Trading Day immediately following the public
announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum
of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental
Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental
Transaction and the Termination Date.

 

    	9

     

    

 

(xi) If
Section 3(f)(i) and (ii) are not applicable, the Company shall cause any successor entity in a Fundamental Transaction
in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the
Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(f)(iii) pursuant
to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay)
prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common
Stock acquirable and receivable upon exercise of this Warrant prior to such Fundamental Transaction (without regard to any limitation
on the exercise of this Warrant), and with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such
shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic
value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in
form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power
of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the
same effect as if such Successor Entity had been named as the Company herein.

 

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

 

(d) Notice
to Holder.

 

(i) Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall
promptly, following any required public disclosure of the event by press release or on Form 8-K, email to the Holder a notice setting
forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief
statement of the facts requiring such adjustment. The Holder may supply an email address to the Company and change such address.

 

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

 

    	10

     

    

 

Section
4. Transfer of Warrant.

 

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

 

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

 

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

 

Section
5. Miscellaneous.

 

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

 

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

 

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

 

(d) Authorized
Shares. The Company covenants that during the period this Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock, free of preemptive rights the number of Warrant Shares issuable upon exercise of this Warrant in accordance with Section
4.9 of the Purchase Agreement. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares
in accordance herewith, be duly authorized, validly issued, fully paid and non-assessable and free from all taxes, liens and charges
created by the Company in respect of the issue thereof.

 

    	11

     

    

 

In
addition to any other remedies provided by this Warrant or the Purchase Agreement, if the Company at any time fails to meet this reservation
of Common Stock requirement within 45 days after written notice from the Holder, it shall pay, subject to Section 5(k), the Holder
as partial liquidated damages and not as a penalty a sum equal to $500 per day for each $100,000 of the Holder’s Subscription Amount
(or the original purchaser if the Holder is a transferee of the Warrants, provided that, for purposes of Section 5(k)(i), as to the Company’s
continuing obligation to pay any partial liquidated damages or other amounts owing hereunder, only the Holder’s instruments or
securities shall be considered and for purposes of Section 5(k)(ii), the numerator shall include only the Securities then-held
by the Holder, and the denominator shall include only the original purchaser’s Subscription Amount). The Company shall not enter
into any agreement or file any amendment to its Articles of Incorporation (including the filing of a Certificate of Designation) which
conflicts with this Section 5(d) while the Series G Shares (as defined in the Purchase Agreement) and Warrants remain outstanding.

 

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

 

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

 

(e) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

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

 

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

 

    	12

     

    

 

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

 

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

 

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

 

(k) Liquidated
Damages.

 

(i) The
Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing
obligation of the Company, provided, however, that, as to each Holder, such obligations shall terminate when such Holder (i) ceases to
hold the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable for any reason
including, but not limited to, conversion, exercise, redemption or exchange and (ii) is paid all of the liquidated damages or other amounts
due.

 

(ii) Except
as otherwise provided herein, the Company’s obligations to pay any partial liquidated damages or other amounts owing under the
Transaction Documents to any particular Holder shall be limited to the product of (i) the partial liquidated damages or other amounts
that would be owing under the Transaction Documents (excluding the effect of this Section 5(k)(ii)) multiplied by (ii) a fraction
(A) the numerator of which is the equal to the total of the Stated Value of the Series G Shares (as defined in the Series G COD) then-held
by such Holder plus the value of the Warrant Shares (based on the Warrant Exercise Price) then-issuable to such Holder under such Holder’s
Warrant and (B) the denominator of which is equal to such Holder’s Subscription Amount (or the original purchaser if the Holder
is a transferee of the Warrants).

 

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

 

(m) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and Holders of 51% of
the outstanding Warrants issued pursuant to the Purchase Agreement.

 

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

 

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

 

[Signature
Page Follows]

 

    	13

     

    

 

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

 

	 	TRANSPORTATION
    AND LOGISTICS SYSTEMS, INC.
	 	 	 
	 	By:	 
	 	Name:	John
    Mercadante, Jr.
	 	Title:	Chief
    Executive Officer

 

    	14

     

    

 

NOTICE
OF EXERCISE

 

TO:
TRANSPORTATION AND LOGISTICS SYSTEMS,
INC.

 

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

 

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

 

[
] in lawful money of the United States; or

 

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

 

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

	 	 	 

 

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

 

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

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

SIGNATURE
OF HOLDER

 

	Name of Investing Entity:	 
	 	 
	Signature of Authorized
    Signatory of Investing Entity:	 
	 	 
	Name of Authorized Signatory:	 
	 	 
	Title of Authorized Signatory:	 
	 	 
	Date:	 

 

ACCEPTED:

 

Transportation
and Logistics Systems, Inc.

 

	Signature of Authorized Signatory:	  
	 	 
	Name of Authorized Signatory:	  
	 	 
	Title of Authorized Signatory:	 

 

    	15

     

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

TRANSPORTATION
AND LOGISTICS SYSTEMS, INC.

 

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

 

_______________________________________________
whose address is

 

_______________________________________________________________

 

_______________________________________________________________

 

	 	 	Dated:
    ______________, _______
	 	 	 	 
	 	Holder’s
    Signature:	 	 
	 	 	 	 
	 	Holder’s
    Address:	 	 
	 	 	 	 
	 	 	 	 

 

Signature
Guaranteed: ___________________________________________

 

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

 

    	16EX-4.2

 Exhibit 4.2 

FIRST SUPPLEMENTAL INDENTURE 

This FIRST SUPPLEMENTAL INDENTURE, dated as of January 3, 2022 (this “Supplemental Indenture”), is entered into by and
among APi Group DE, Inc., a Delaware corporation (“APi DE” or the “Issuer”), APi Group Corporation, a Delaware corporation (“Holdings”), the parties that are signatories hereto as Guarantors (each,
a “Guaranteeing Subsidiary” and together, the “Guaranteeing Subsidiaries”) and Computershare Trust Company, N.A., a national banking association, as trustee (the “Trustee”). 

W I T N E S S E T H: 

WHEREAS, APi Escrow Corp., a Delaware corporation (“Escrow Issuer”), and the Trustee have heretofore executed and delivered
an indenture, dated as of October 21, 2021 (the “Initial Indenture” and, together with this Supplemental Indenture, and as further amended, supplemented, waived or otherwise modified, the “Indenture”) providing
for the issuance of $300,000,000 aggregate principal amount of 4.750% Senior Notes due 2029 (the “Notes”); 
 WHEREAS, the
parties hereto desire to enter into this Supplemental Indenture to evidence the assumption by the Issuer of all the payment obligations under the Notes and the Indenture; 

WHEREAS, the Indenture provides that on the Completion Date each of the Issuer, Holdings and each Guaranteeing Subsidiary shall execute and
deliver to the Trustee a supplemental indenture and become parties to the Indenture and pursuant to which the Issuer shall assume all of the obligations of Escrow Issuer under the Notes and the Indenture, as applicable, and Holdings and each
Guaranteeing Subsidiary shall unconditionally guarantee, on a joint and several basis with Holdings and the other Guaranteeing Subsidiaries and the other Guarantors under the Indenture, all of the Issuer’s Obligations under the Notes and the
Indenture on the terms and conditions set forth herein and under the Indenture (the “Note Guarantee”); 
 WHEREAS, pursuant
to Section 9.01 of the Initial Indenture, the Trustee, the Issuer, Holdings and the Guaranteeing Subsidiaries are authorized to execute and deliver this Supplemental Indenture without the consent of Holders of the Notes; 

WHEREAS, each of the Issuer, Holdings and each Guaranteeing Subsidiary has been duly authorized to enter into this Supplemental Indenture; and

 WHEREAS, all acts, conditions, proceedings and requirements necessary to make this Supplemental Indenture a valid, binding and legal
agreement enforceable in accordance with its terms for the purposes expressed herein, in accordance with its terms, have been duly done and performed. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

  
 1 

 ARTICLE I 

DEFINITIONS 

Section 1.1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals
hereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any
particular Section hereof. 
 ARTICLE II 

ASSUMPTION AND AGREEMENTS 

Section 2.1. Assumption of Obligations. The Issuer hereby agrees, as of the date hereof, to assume, to be bound by, to perform and
to be jointly and severally liable, as a primary obligor and not as a guarantor or surety, with respect to, any and all payment obligations under the Indenture and the Notes on the terms and subject to the conditions set forth in the Indenture and
the Notes and all other obligations and agreements of Escrow Issuer under the Indenture and the Notes and to become Issuer under and as defined in the Indenture and the Notes. 

ARTICLE III 

AGREEMENT TO BE BOUND, GUARANTEE 

Section 3.1. Agreement to be Bound. Holdings and each Guaranteeing Subsidiary hereby becomes a party to the Indenture as a
Guarantor and as such will have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. 

Section 3.2. Guarantee. Holdings and each Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms
and subject to the conditions set forth in the Note Guarantee and in the Indenture, including but not limited to Article 10 thereof. This Note Guarantee shall be released in accordance with Section 10.04 of the Indenture. 

ARTICLE IV 

MISCELLANEOUS 

Section 4.1. Notices. All notices and other communications to the Issuer, Holdings and the Guaranteeing Subsidiaries shall be
given as provided in the Indenture to the Issuer, Holdings and the Guarantors. 
 Section 4.2. Parties. Nothing expressed or
mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or
any provision herein or therein contained. 
 Section 4.3. Severability. In case any provision in this Supplemental Indenture
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity,
illegality or unenforceability. 

  
 2 

 Section 4.4. Execution and Delivery. (a) The Issuer agrees that its
assumption of all of the payment obligations under the Notes and the Indenture shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such assumption of all of the payment obligations under the Notes
and the Indenture on the Notes. 
 (b) Holdings and each Guaranteeing Subsidiary agrees that the Note Guarantee shall remain in full force
and effect notwithstanding any failure to endorse on each Note a notation of any such Guarantee. 
 Section 4.5. No Recourse Against
Others. No past, present or future director, officer, employee, incorporator, member, partner or stockholder of the Issuer, Holdings or any Guaranteeing Subsidiary shall have any liability for any obligations of the Issuer, Holdings or the
Guaranteeing Subsidiaries under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Guarantee. 

Section 4.6. Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the
State of New York. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE PARTIES HERETO AGREES THAT ANY LEGAL ACTION, SUIT OR PROCEEDING AGAINST IT WITH RESPECT TO ITS OBLIGATIONS, LIABILITIES OR ANY OTHER MATTER ARISING OUT OF OR IN CONNECTION WITH THIS SUPPLEMENTAL
INDENTURE MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK AND HEREBY IRREVOCABLY CONSENTS AND SUBMITS TO THE NON EXCLUSIVE JURISDICTION OF EACH SUCH COURT IN PERSONAM, GENERALLY AND UNCONDITIONALLY WITH RESPECT TO ANY SUCH ACTION, SUIT OR
PROCEEDING FOR ITSELF AND IN RESPECT OF ITS PROPERTIES, ASSETS AND REVENUES. EACH OF THE PARTIES 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 SUPPLEMENTAL INDENTURE OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 4.7. Counterparts. The
parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by
facsimile, PDF or other electronic transmissions shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of
the parties hereto transmitted by facsimile, PDF or other electronic transmission shall be deemed to be their original signatures for all purposes. 

  
 3 

 Section 4.8. Headings. The headings of the Articles and the Sections in this
Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 

Section 4.9. The Trustee. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental
Indenture or with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by Holdings, the Guaranteeing Subsidiary and the Company. 

Section 4.10. Benefits Acknowledged. (a) The Issuer’s assumption of all of the payment obligations under the Notes and
the Indenture is subject to the terms and conditions set forth in the Indenture. The Issuer acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture
and that its assumption of all of the payment obligations under the Notes and the Indenture and the waivers made by it pursuant to this Supplemental Indenture are knowingly made in contemplation of such benefits. 

(b) Holdings and each Guaranteeing Subsidiary’s Note Guarantee are subject to the terms and conditions set forth in the Indenture. Each
of Holdings and the Guaranteeing Subsidiaries acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it
pursuant to this Note Guarantee are knowingly made in contemplation of such benefits. 
 Section 4.11. Successors. All
agreements of the Issuer, Holdings and the Guaranteeing Subsidiaries in this Supplemental Indenture shall bind their Successors, except as otherwise provided in this Supplemental Indenture. All agreements of the Trustee in this Supplemental
Indenture shall bind its successors. 
 Section 4.12. Ratification of Indenture; Supplemental Indentures Part of Indenture.
Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture
for all purposes, and every Holder heretofore or hereafter authenticated and delivered shall be bound hereby. 
 [Signature Pages Follow]

  
 4 

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

			
	API GROUP DE, INC.
as Issuer
		
	By:	 	/s/ Kevin Krumm
		 	Name: Kevin Krumm
		 	Title: Chief Financial Officer and Assistant Secretary
	

  

			
	API GROUP CORPORATION,
as a Guarantor
	
		
	By:	 	/s/ Kevin Krumm
		 	Name: Kevin Krumm
		 	Title:Executive Vice President and
		 	Chief Financial Officer

  
 [Signature Page to
Supplemental Indenture] 

			
	 3S INCORPORATED
 A. P. I. INC.

A.P.I. GARAGE DOOR, INC.
 AMERICAN FIRE PROTECTION GROUP, INC.

API ACQUISITION IV, INC.
 API ACQUISITION V, INC.

API GROUP, INC.
 API NATIONAL SERVICE GROUP, INC.

API REAL ESTATE, LLC
 CLASSIC INDUSTRIAL SERVICES, INC.

DAVIS-ULMER SPRINKLER COMPANY, INC.
 ICS, INC.

INTERNATIONAL FIRE PROTECTION, INC.
 JOMAX CONSTRUCTION COMPANY,
INC.
 LEJEUNE STEEL COMPANY
 METROPOLITAN MECHANICAL
CONTRACTORS, INC.
 MID-OHIO PIPELINE COMPANY, INC.

MID-OHIO PIPELINE SERVICES, LLC

MP TECHNOLOGIES, LLC
 NEXUS ALARM AND SUPPRESSION, INC.

NORTHLAND CONSTRUCTORS OF DULUTH, INC.
 SPRINKLER ACQUISITION,
LLC
 TECHNOLOGIES INC.
 TESSIER’S INC.

THE JAMAR COMPANY
 UNITED PIPING, INC.

UNITED STATES ALLIANCE FIRE PROTECTION, INC.
 VIKING AUTOMATIC
SPRINKLER COMPANY,
as a Guarantor

		
	By:	 	/s/ Kevin Krumm
		 	Name: Kevin Krumm
		 	Title: Chief Financial Officer

  
 [Signature Page to
Supplemental Indenture] 

 
			
	CREAM RIDGE CONSTRUCTION CO., INC.
	 GRUNAU COMPANY, INC.,
 as a
Guarantor

		
	By:	 	/s/ Kevin Krumm
		 	Name: Kevin Krumm
		 	Title: Assistant Treasurer
	
	J. FLETCHER CREAMER & SON, INC.
	 MMC HOLDINGS, LLC,
 as a
Guarantor

		
	By:	 	/s/ Kevin Krumm
		 	Name: Kevin Krumm
		 	Title: Treasurer
	
	 T.TEXAS SPRINKLER, LP,
 as a
Guarantor

		
	By:	 	 Sprinkler Acquisition, LLC,
 General
Partner

		
	By:	 	/s/ Kevin Krumm
		 	Name: Kevin Krumm
		 	Title: Chief Financial Officer
	
	MP NEXLEVEL OF CALIFORNIA, INC.
	MP NEXLEVEL, LLC
	NEXLEVEL INC.
	TL NEXLEVEL COMPANIES, LLC
	TLR CONSULTING, INC.
	 WRIGHT SERVICE CENTER, LLC,
 as a
Guarantor

		
	By:	 	/s/ Robbi Pribyl
		 	Name: Robbi Pribyl
		 	Title:President

  
 [Signature Page to
Supplemental Indenture] 

 
					
	 API GROUP LIFE SAFETY USA LLC,

as a Guarantor

		
	By:	 	/s/ Kevin Krumm
		 	Name:	 	Kevin Krumm
		 	Title:	 	Chief Financial Officer

  
 [Signature Page to
Supplemental Indenture] 

 
					
	 COMPUTERSHARE TRUST COMPANY, N.A.

as Trustee

		
	By:	 	/s/ Jerry Urbanek
		 	Name:	 	Jerry Urbanek
		 	Title:	 	Trust Officer

  
 [Signature Page to
Supplemental Indenture]

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