Document:

Exhibit 10.1

 

MUTUAL
RELEASE AND SETTLEMENT AGREEMENT

 

This
Mutual Release and Resolution Agreement (“Agreement”) is entered into and effective as of the date the
last party hereto executes this Agreement (the “Effective Date”), by and among Stanley Hills, LLC, a
Nevada limited liability company (“Stanley”), together with AltCorp Trading, LLC, a Costa Rica limited
liability company (“AltCorp”) and Surge Holdings, Inc., a Nevada corporation n/k/a SurgePays, Inc. (“Surge”),
with Stanley and AltCorp each referred to herein as a “Plaintiff” and collectively as the “Plaintiffs,”
and each above-identified entity referenced herein individually as a “Party” and collectively as the
“Parties,” with respect to the litigation styled as AltCorp Trading, LLC, et al. v. Surge Holdings,
Inc., Case No. A-20-823039-B (the “Action”), pending in Department 13 of the Eighth Judicial District
Court for Clark County, Nevada (the “Court”). This Agreement is made pursuant to that certain Interim
Agreement entered between and among the Parties on December 4, 2020 (the “Interim Agreement”).

 

I.
RECITALS

 

This
Agreement is made with reference to the following facts:

 

A.
WHEREAS, Surge is a fully reporting publicly traded company traded on the Over the Counter exchange under the symbol SURG and
is registered with the Securities and Exchange Commission as an issuer of publicly traded securities.

 

B.
WHEREAS, VStock Transfer, LLC, a California limited liability company (“VStock”), is Surge’s sole
stock transfer agent.

 

C.
WHEREAS on June 23, 2020, AltCorp, Surge and additional parties entered into an Exchange Agreement (the “Exchange
Agreement”), whereby Surge issued AltCorp five million five hundred thousand (5,500,000) shares of common stock
in partial satisfaction of an outstanding obligation equal to two million seven hundred fifty thousand dollars ($2,750,000) (the
“Principal Amount”), and further reserved twenty-two million (22,000,000) shares (the “Reserve
Shares”) for Surge to transfer to AltCorp, subject to a true-up mechanism, which would guaranty the quantity of
Surge common stock shares it received as of June of 2021 had a value equal to at not less than the Principal Amount.

 

D.
Due to alleged material changes in Surge’s risk profile, alleged defaults under the Exchange Agreement, and decreasing stock
prices, in September of 2020, AltCorp demanded that Surge increase the quantity of Reserve Shares to fifty million (50,000,000)
shares of Surge common stock to assure AltCorp that the shares held in reserve would be sufficient to satisfy the Principal Amount;
Surge declined AltCorp’s requests to increase the number of Reserve Shares without notice.

 

E.
WHEREAS, on October 14, 2020, Plaintiffs filed the Complaint against Surge and VStock, commencing the Action.

 

    	 	 	 

    	 	 	 

    

 

F.
WHEREAS, within the Complaint, Plaintiffs jointly or individually alleged claims for declaratory relief; failure to issue securities
pursuant to NRS Chapter 104, Article 8 et seq.; concert of action; civil conspiracy; tortious interference of contractual relations;
tortious interference of prospective economic advantage; breach of contract; breach of the implied covenant of good faith and
fair dealing; unjust enrichment; fraudulent concealment; and appointment of receiver and injunction, (collectively, the “Plaintiffs’
Claims”) against Surge; Surge denied and continues to deny such allegations.

 

G.
WHEREAS, On November 4, 2020, AltCorp filed an Ex Parte Motion to Appoint Receiver and Issue a Temporary Restraining Order
on an Order Shortening Time (the “Receivership Motion”).

 

H.
The Court heard from AltCorp and Surge at the Receivership Motion’s November 12, 2020 hearing on shortened time, and set
a briefing schedule wherein Surge’s opposition to the Receivership Motion would be filed by November 17, 2020, and AltCorp’s
reply filed by November 20, 2020; and the Court would resume its hearing on the Receivership Motion on November 23, 2020.

 

I.
WHEREAS, Surge and AltCorp timely filed their respective opposition and reply briefs, with Surge answering the Complaint on November
17, 2020, and the Court heard further argument on the Receivership Motion on November 23, 2020

 

J.
WHEREAS, On November 25, 2020, the Court entered a minute order (the “Minute Order”) granting in part
AltCorp’s Receivership Motion, approving the appointment of a Receiver, and denying in part the Receivership Motion’s
request for injunctive relief. The Minute Order instructed AltCorp and Surge to submit up to three proposed receivers to the Court
by 5:00 p.m. on December 4, 2020, and to submit objections to such suggestions by 5:00 p.m. on December 9, 2020.

 

K.
WHEREAS, On December 4, 2020, the Parties entered the Interim Agreement, which set forth the material terms of this Agreement,
and the Parties further notified the Court through a joint letter submitted by their respective counsel that they were pursuing
settlement of his matter, thus requesting that the deadlines set forth in the Minute Order be temporarily suspended.

 

L.
WHEREAS, the Parties without admission of liability desire to compromise and resolve fully and finally all disputes and controversies
among them arising out of, or in any way relating to the Plaintiffs’ Claims in the Action against Surge on the terms and
conditions set forth herein. Surge denies any and all liability under the Plaintiffs’ Claims and asserts that it has viable
grounds to appeal the Court’s determination expressed within its Minute Order. Plaintiffs assert that they have valid claims
against Surge and are entitled to legal damages as well as injunctive and other equitable relief, including the installation of
a receiver over Surge’s business. Nonetheless, in order to avoid the costs of litigation, the Parties have agreed and determined
that it is in each of their best interests to settle and resolve the claims and contentions at issue within the Action as set
forth in this Litigation.

 

M.
WHEREAS, the Parties now enter this Agreement, based on the material terms expressed within the Interim Agreement, to resolve
their disputes as follows.

 

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II.
AGREEMENT

 

For
good and valuable consideration, receipt of which is mutually acknowledged, the Parties, intending to be legally bound by this
Agreement, agree as follows:

 

1.
Adoption of Recitals. The recitals set forth above are adopted as part of the agreement of the Parties, and the facts set
forth therein are acknowledged and agreed to be true and correct.

 

2.
Surge’s Payment to Plaintiffs.

 

2.1
As of the Effective Date, Surge agrees to issue and/or pay to AltCorp and/or its designee shares of its common stock in an amount
equal to three million three hundred thousand dollars ($3,300,000) (the “Payment”) in resolution of
the claims against Surge in this Action which are released hereunder arising from the Exchange Agreement and other agreements
with Plaintiffs to which Surge is a party and are identified within the Complaint. Surge shall treat the Payment in accordance
with generally accepted accounting principles (“GAAP”). The Payment shall be satisfied through the series
of issuances of shares of Surge’s common stock to AltCorp and/or its designee as set forth within this Agreement. The shares
shall be issued as unrestricted and free-trading upon delivery of a legal opinion to Surge. Any legal opinion required in order
to remove any restrictive legends from the shares shall be provided by Surge at its own cost.

 

2.2
Surge may, in its sole and exclusive discretion, pay in cash to AltCorp and/or its designee the amount necessary to realize the
outstanding amount due of the Payment after subtracting (a) all realized amounts from the prior sales of shares of Monthly Transferred
Shares (as defined below) by AltCorp and/or its designee, and (b) the value of all unsold Monthly Transferred Shares held by AltCorp
and/or its designee, at the time of Surge’s payment to AltCorp. Surge may make this prepayment of the outstanding balance
due on the Payment at any time and without penalty. Prior to Surge’s delivery of any cash amounts to AltCorp pursuant to
this Section 2, AltCorp will deliver statements or proofs (in the case of any sales outside the market) to Surge evidencing the
aggregate trading or selling activity, realized amounts from sales of Monthly Transferred Shares, and Monthly Transferred Shares
held by AltCorp and/or its designee.

 

3.
Increase of Reserved Shares. As of the Effective Date and as a condition precedent to the effectiveness hereof, Surge increased
the quantity of the Reserved Shares to thirty-three million (33,000,000) (the “Increased Reserved Shares Quantity”).
For the thirty-three (33) months following the Effective Date, Surge shall not decrease the Increased Reserved Shares Quantity
except as permitted by this Agreement in satisfaction of the obligations created hereunder.

 

4.
Surge’s Transfer of Shares to AltCorp.

 

4.1
Within three (3) Trading Days of the first (1st) Trading Day of each calendar month after January 8, 2021, (the “Monthly
Transfer Deadline”), for a period of thirty-two (32) months after January 8, 2021, Surge shall irrevocably instruct
its transfer agent to transfer to AltCorp and/or its designee an amount of Surge’s common stock from the Increased Reserved
Shares Quantity (the “Monthly Transferred Shares”) equal in value to one hundred thousand dollars ($100,000)
(the “Value Amount”) per month for the thirty-two (32) months following January 8, 2021.

 

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4.2
The Value Amount of the Monthly Transferred Shares by Surge’s transfer agent to AltCorp and/or its designee shall be equal
to the quotient: (i) one hundred thousand dollars ($100,000) divided by (ii) the volume weighted average price of Surge’s
common stock during the ten (10) trading days immediately preceding the Monthly Transfer Deadline (“VWAP”)
(the “Monthly Valuation”).

 

4.3
The VWAP shall be as provided by the OTCQB, OTCQX, OTC Pink electronic quotation system or applicable trading market (the “OTC”)
as reported by a reliable reporting service (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security,
the VWAP of such security on the principal securities exchange or trading market where such security is listed or traded. If the
VWAP cannot be calculated for such security in the manner provided herein, Surge shall provide a calculation of the amount of
shares of common stock to be issued to AltCorp and/or its designee as part of the Monthly Transferred Shares. In the event AltCorp
and/or its designee disagrees with Surge’s calculations of any Monthly Valuation or the amount of shares to be transferred
as part of Surge’s Monthly Transferred Shares for particular month, AltCorp and/or its designee shall have two (2) Trading
Days to contest Surge’s calculation of the Monthly Valuation and/or Monthly Transferred Shares upon delivery of written
notice to Surge, which shall include AltCorp and/or its designee’s proposed calculation of the Monthly Valuation and/or
the quantity of Monthly Transferred Shares to be transmitted by Surge to AltCorp and/or its designee. If the Parties cannot thereafter
agree upon the Monthly Valuation and/or quantity of Monthly Transferred Shares for that month, AltCorp and/or its designee and
Surge each agree to allow Surge’s transfer agent to determine the appropriate Monthly Valuation and/or quantity of Monthly
Transferred Shares to be issued to AltCorp and/or its designee as required hereunder.

 

4.4
On or prior to January 8, 2021, Surge shall provide this Agreement to VStock and furnish irrevocable transfer agent instructions
to VStock and instruct VStock to issue shares to AltCorp and/or its designee on a monthly basis consistent with the terms set
forth herein. In the event Surge should use any other transfer agent during the time it owes any obligations hereunder, Surge
shall immediately notify such successor transfer agent(s) of the terms of the Interim Agreement and this Agreement, and furnish
irrevocable instructions to such successor transfer agent(s) to increase the number of Reserve Shares to the Increased Reserved
Share Quantity and to issue shares to AltCorp and/or its designee on a monthly basis consistent with the terms set forth herein.

 

5.
Final Reconciliation of Monthly Transferred Shares and Payment. AltCorp and/or its designee shall deliver monthly brokerage
records, trading statements and/or contracts of other proofs evidencing the trading and sale records of AltCorp (“AltCorp
Monthly Statements”) to Surge via electronic mail within five (5) Trading Days of the date of receipt of Monthly
Transferred Shares. At the end of the thirty-third (33rd) full month after the Effective Date, if AltCorp has not realized gross,
pre-tax proceeds at least equal to the amount of the Payment, Surge shall transfer to AltCorp and/or its designee additional shares
of Surge’s common stock necessary to satisfy the total Payment amount after subtracting (a) all realized amounts from the
prior sales of shares of Monthly Transferred Shares by AltCorp and/or its designee, and (b) the value of all unsold Monthly Transferred
Shares held by AltCorp and/or its designee based on the VWAP methodology and process for contesting the same expressed in Sections
4.2 and 4.3. Any shares Surge must issue to AltCorp under this Section 5 shall be promptly issued as unrestricted free trading
shares of common stock upon Surge’s receipt of a timely legal opinion indicating the same. Prior to making a demand for
additional shares of common stock from Surge under this Section 5, AltCorp shall deliver any remaining final AltCorp Monthly Statements
to Surge which have not previously been delivered to Surge evidencing AltCorp’s aggregate trading or selling activities
of the Monthly Transferred Shares, including all gross, pre-tax realized amounts derived from AltCorp’s trading of the Monthly
Transferred Shares obtained from Surge. For the avoidance of doubt, if the balance of Increased Reserved Shares Quantity is not
sufficient to meet the requirements of this Section 5, then Surge shall issue additional unrestricted free trading shares (upon
Surge’s receipt of a timely legal opinion indicating the same at its own expense) to AltCorp and/or its designee as needed
to effect the purposes of this Section 5.

 

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6.
Amendment of Underlying Exchange Agreement. The Exchange Agreement between Surge and AltCorp is deemed to be amended to
incorporate the terms of this Agreement to the extent they amend or alter the terms of the Exchange Agreement. In the event of
any conflict between the terms of the Exchange Agreement and the terms of this Agreement that amend or modify it, the provisions
contained within this Agreement shall govern and prevail.

 

7.
Resolution of the Action. Immediately upon the Effective Date, counsel for the Parties shall notify the Court that the
Parties have resolved Plaintiffs’ Claims in the Action against Surge and that a stipulation and order for dismissal of Surge
is forthcoming from the Parties. Within two (2) Trading Days of the Effective Date, the Parties shall enter a stipulation and
order to dismiss only Plaintiffs’ Claims in the Action against Surge with prejudice, with each party to bear its own attorney’s
fees and costs. Further, the Parties’ stipulation and order shall provide that no receiver shall be appointed in the Action
and seek for the Court to vacate its Minute Order.

 

8.
Material Reliance. Surge acknowledges that Plaintiffs are relying upon the terms of this Agreement and shall be structuring
and planning their ongoing business in reliance upon the issuances of shares contemplated herein, as such, the Parties agree that
any default of this Agreement by Surge or delay in the issuance of shares and contemplated herein will cause Plaintiffs to incur
substantial economic damages and losses of types and in amounts which are impossible to compute and ascertain with certainty as
a basis for recovery of actual damages, and that liquidated damages represent a fair, reasonable and appropriate estimate thereof.
Accordingly, in lieu of actual damages for any such default or delay, Surge agrees that liquidated damages may be assessed and
recovered against Surge in the event of delay or default hereunder, and without Plaintiffs being required to present any evidence
of the amount or character of the actual damages sustained by reason thereof, in the amount of Twenty Thousand Dollars ($20,000)
for each calendar day Surge is delayed in its performance of its obligations hereunder or is in default of this Agreement. Notwithstanding
anything contained herein, the Plaintiffs shall provide Surge with written notice and four (4) business days opportunity to cure
prior to imposing any liquidated damages provided in this Section 8.

 

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9.
Releases.

 

9.1
Plaintiffs’ Releases. As consideration for this Agreement and as of the Effective Date, Plaintiffs, their successors,
heirs, and assigns, and all representatives, agents, and attorneys of the foregoing, do hereby release, waive, relinquish, disavow
and forever discharges Surge and all of its respective successors, heirs, and assigns, and all employees, representatives, agents,
vendors, and attorneys of the foregoing (collectively, the “Surge Released Parties”), of and from any
and all claims, actions, or causes of action (including, without limitation, any claims for contract or tort damages, punitive
damages, misrepresentation, violation of any law, statute, or administrative regulation, contribution, apportionment, equitable
indemnity, express and/or contractual indemnity, unasserted claims, counter claims, or cross claims, and any other damages or
loss or other form of relief), debts, demands, payments, rights, obligations, loss, judgments, awards, attorneys’ fees,
costs, interests, damages, lawsuits, liabilities, claims for reimbursement for costs or expenses, offsets, counterclaims, and
defenses to collection or enforcement, benefits and causes of action of whatever kind, nature or character, known or unknown,
suspected, fixed or contingent, past, present, or future, in law or in equity, related only to Plaintiffs’ Claims in the
Action against Surge. Notwithstanding the foregoing, this release will not be applicable to the obligations contained in this
Agreement.

 

9.2
Surge’s Releases. As further consideration for this Agreement and as of the Effective Date, Surge, on behalf of its
and its successors, heirs, and assigns, and all employees, representatives, agents, and attorneys of the foregoing, do hereby
release, waive, relinquish, disavow and forever discharge Plaintiffs and all of their successors, heirs, and assigns, and all
employees, representatives, agents, vendors, and attorneys of the foregoing (collectively, the “Plaintiffs’
Released Parties”), of and from any and all claims, actions, or causes of action (including, without limitation,
any claims for contract or tort damages, punitive damages, misrepresentation, violation of any law, statute, or administrative
regulation, contribution, apportionment, equitable indemnity, express and/or contractual indemnity, unasserted claims, counter
claims, or cross claims, and any other damages or loss or other form of relief), debts, demands, payments, rights, obligations,
loss, judgments, awards, attorneys’ fees, costs, interests, damages, lawsuits, liabilities, claims for reimbursement for
costs or expenses, offsets, counterclaims, and defenses to collection or enforcement, benefits and causes of action of whatever
kind, nature or character, known or unknown, suspected, fixed or contingent, past, present, or future, in law or in equity, related
to Plaintiffs’ Claims in the Action against Surge. Notwithstanding the foregoing, this release will not be applicable to
the obligations contained in this Agreement.

 

10.
Unknown Claims. The releases by each Party set forth in Section 9 of this Agreement and its subparts are executed with
the full knowledge and understanding by the Parties that there may be more serious consequences or damages as a result of Plaintiffs’
Claims in the Action against Surge, which are now not known, and that more serious and permanent consequences may result from
Plaintiffs’ Claims in the Action against Surge. The Parties knowingly, voluntarily, and expressly waive, to the fullest
extent permitted by law, any and all rights they may have under any statute or any common law principle that would limit the effect
of the foregoing releases based upon their knowledge at the time they execute this Agreement. The Parties understand the provisions
of this Section 10 and knowingly and voluntarily enter into this waiver with the intention of executing this Agreement to discharge
the Plaintiffs’ Released Parties and Surge Released Parties, and each other, from Plaintiffs’ Claims in the Action
against Surge.

 

11.
No Admission of Liability. This Agreement is intended as a compromise of claims and shall be privileged as such a compromise
to the maximum extent permitted by law. The Parties execute this Agreement with the express intention that this Agreement is not
intended and shall not be construed as an admission of liability by any such Party.

 

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12.
Mutual Representations and Warranties. The Parties, and each of them, represent, warrant to, and agree with each other
as follows:

 

12.1
Each Party has received or have had the opportunity to receive independent legal advice from attorneys of his or her choice with
respect to the advisability of making the settlement and release provided herein, and with respect to the advisability of executing
this Agreement.

 

12.2
Except as expressly stated in this Agreement, no Party has made any statement or representation to any other Party regarding any
fact relied upon by any other Party in entering into this Agreement, and each Party specifically does not rely upon any statement,
representation, or promise of any other Party in executing this Agreement, or in making the settlement provided for herein, except
as expressly stated in this Agreement.

 

12.3
Each Party has made such investigation of the facts pertaining to this settlement and this Agreement, and all the matters pertaining
thereto, as each Party deems necessary.

 

12.4
The terms of this Agreement are contractual, not a mere recital, and are the result of negotiation among all the Parties.

 

12.5
This Agreement has been carefully read by, the contents hereof are known and understood by, and it is signed freely by, each Person
executing this Agreement on behalf of a Party; and each Person executing this Agreement on behalf of a Party in a representative
capacity is empowered to do so.

 

12.6
This Agreement has been drafted by both Parties and is to be construed neutrally and not for or against any Party.

 

12.7
Each Party agrees that such Party will not take any action which would interfere with the performance of this Agreement by any
of the Parties or which would adversely affect any of the rights provided for herein.

 

13.
Individual Representations and Warranties. One or more Parties to this Agreement make further and specific representations
and warranties that are true and correct as of the Effective Date and shall remain true and correct until the time of performance
contemplated under this Agreement is completed, unless otherwise specified below:

 

13.1
Surge’s Representations and Warranties.

 

13.1.1
As of the Effective Date and pursuant to the Interim Agreement, Surge has increased the Reserved Shares held by its transfer agent
for the benefit of AltCorp and/or its designee to the Increased Reserved Share Quantity.

 

13.1.2
Surge’s Reserved Shares shall be used for the purposes of transferring Monthly Transferred Shares to AltCorp and/or its
designee as contemplated within Section 4 and its subparts hereof.

 

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13.1.3
Surge is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Surge is not
in violation nor default of any of the provisions of its certificate of incorporation, bylaws or other organizational or charter
documents. Surge is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each
jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, and no
claim, action or proceeding of any kind has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking
to revoke, limit or curtail such power and authority or qualification.

 

13.1.4
Surge has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement
and to otherwise to carry out its obligations hereunder and thereunder. This Agreement have been duly and validly authorized,
executed and delivered on behalf of Surge and shall constitute the legal, valid and binding obligations of Surge enforceable against
Surge in accordance with their respective terms, except as such enforceability may be limited by general principles of equity
or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting
generally, the enforcement of applicable creditors’ rights and remedies. The execution, delivery and performance by Surge
of this Agreement and the consummation by Surge of the transactions contemplated hereby and thereby will not: (a) conflict with
or violate any provision of Surge’s or any Subsidiary’s certificate of incorporation, bylaws or other organizational
or charter documents; (b) conflict with, or constitute a default (or an event which with notice or lapse of time or both would
become a default) under, result in the creation of any options, contracts, agreements, liens, security interests, or other encumbrances
(“Liens”) upon any of the properties or assets of Surge or any of its Subsidiaries, or give to others
any rights of termination, amendment, acceleration or cancellation of (with or without notice, lapse of time or both), any agreement,
credit facility, debt, indenture or other instrument to which Surge or any of its Subsidiaries is a party or by which any property
or asset of Surge or any of its Subsidiaries is bound or affected; or (c) result in a violation of any law, rule, regulation,
order, judgment, decree or other restriction of any court or governmental authority (including federal and state securities or
“blue sky” laws) applicable to Surge or any of its Subsidiaries or by which any property or asset of Surge or any
of its Subsidiaries is bound or affected.

 

13.1.5
The Monthly Transferred Shares when issued and delivered in accordance with the terms of this Agreement, for the consideration
expressed herein, upon receipt of a legal opinion indicating the same, will be free trading without encumbrances and duly and
validly issued, fully paid and non-assessable.

 

13.1.6
Surge has filed all reports, schedules, forms, statements and other documents required to be filed by Surge under the Securities
Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) of the Exchange Act, for the two (2) years preceding the
date hereof (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively
referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing
and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports
complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of
the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to
be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading. The financial statements of Surge included in the SEC Reports comply in all material respects with applicable
accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing. Such
financial statements have been prepared in accordance with GAAP applied on a consistent basis during the periods involved, except
as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of Surge and
its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then
ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

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13.1.7
Neither Surge, nor any of its Affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation
or general advertising (within the meaning of Regulation D under the Securities Act) in connection with the offer or sale of any
of the shares of Surge common stock referenced within this Agreement.

 

13.2
AltCorp’s Representations and Warranties and Covenants.

 

13.2.1
AltCorp has the power and authority to bind its designee as necessary to make the representations and warranties contemplated
under this Section 13.2 for and on behalf of its designee

 

13.2.2
AltCorp and/or its designee shall limit its trading of Monthly Transferred Shares to seven thousand five hundred dollars ($7,500)
per day.

 

13.2.3
AltCorp and/or its designee shall trade or sell Monthly Transferred Shares using prudent trading strategies, as determined in
the sole and exclusive discretion of AltCorp and/or its designee, so as to minimize any adverse effect on Surge’s share
price; these trading strategies may include, but are not limited to, the use of variable methods for trading Surge’s common
stock shares so that any such trading is not predictable by competitors and trading algorithms.

 

13.2.4
AltCorp and/or its designee covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding
with him will execute any Short Sales of Surge’s shares of common stock or hedging transaction, which establishes a net
short position with respect to Surge’s common stock during the period commencing with the execution of this Agreement and
ending upon the end of the thirty-fourth (34th) month following the Effective Date.

 

13.2.5
This Agreement has been duly and validly authorized, executed and delivered on behalf of AltCorp and/or its designee and shall
constitute the legal, valid and binding obligation of AltCorp and/or its designee enforceable against AltCorp and/or its designee
in accordance with its terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement
of applicable creditors’ rights and remedies. The execution, delivery and performance by AltCorp and/or its designee of
this Agreement and the consummation by AltCorp and/or its designee of the transactions contemplated hereby and thereby will not:
(a) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which AltCorp and/or its designee is a party or by which it is bound; or (b) result in a violation of any law, rule, regulation,
order, judgment or decree (including federal and state securities or “blue sky” laws) applicable to AltCorp and/or
its designee.

 

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13.2.6
AltCorp and/or its designee is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under
the Securities Act. AltCorp and/or its designee can bear the economic risk of its investment in the Shares and has such knowledge
and experience in financial and business matters that he is capable of evaluating the merits and risks of an investment in the
shares of Surge common stock referenced herein.

 

13.2.7
AltCorp and/or its designee understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of the investment
in the Shares nor have such authorities passed upon or endorsed the merits of the offering of the Shares.

 

14.
Modification and Counterpart Copies. This Agreement may only be changed or modified by a written instrument executed by
all the Parties, and any oral modification hereof shall be ineffective until reduced to such a writing. No covenants, agreements,
representations, or warranties of any kind whatsoever have been made by any Party, except as specifically set forth in this Agreement.
All prior discussion and negotiations have been and are merged and integrated into, and are superseded by, this Agreement. So
long as both Parties execute this Agreement, a copy of this Agreement, whether signed by one Party or both parties, shall have
the same force, effect, and validity as an original Agreement executed by both Parties.

 

15.
Attorneys’ Fees. Each Party shall bear its own attorney’s fees and costs related to the resolution of the Action,
the negotiation and drafting of the Interim Agreement and this Agreement, and any other matters related to the settlement contemplated
within and memorialized by this Agreement. Notwithstanding the foregoing, in the event suit is brought or an attorney is retained
by any Party to this Agreement to enforce its terms, or to collect any damages due for breach hereof, each Party shall be solely
and exclusively responsible for its own attorneys’ fees, court costs, costs of investigation, and other related expenses
incurred in connection therewith. The Parties acknowledge and agree that each Party shall bear their own attorney fees, court
costs, and other expenses that pertain in any way to the Dispute, the matters released above, and/or the negotiations for and
the drafting of this Agreement.

 

16.
Caption and Titles. The captions and titles contained in this Agreement are inserted herein only as a matter of convenience
and for reference and in no way define, limit, extend, or describe the scope of this Agreement or the intent of any provision
hereof.

 

    	 	10	 

    	 	 	 

    

 

17.
Construction of Agreement. Each of the Parties has read and agreed to the terms of the Agreement after consulting with
counsel, and the language of this Agreement shall, therefore, not be presumptively construed either in favor of or against any
of the Parties.

 

18.
Governing Law and Forum. This Agreement shall be construed under, governed, and enforced in all respects, including interpretation,
by the substantive laws of the State of Nevada without regard to Nevada’s choice-of-law provisions. In the event any Party
seeks to enforce this Agreement or assert a claim for breach, each of the Parties hereby expressly consents to the exclusive jurisdiction
of federal and state courts sitting in Clark County, Nevada to enforce the terms of this Agreement and to remedy any violation
thereof, and the Parties consent to personal jurisdiction in such courts and waive any objection based on personal jurisdiction
grounds or the doctrine of forum non conveniens.

 

19.
Parties Bound. This Agreement shall be binding upon and inure to the benefit of the Parties, their respective agents, attorneys,
executors, guardians, companies and Affiliates, partners, members, managers, officers, employees, heirs, successors, and assigns.

 

20.
Assignment. Upon written notice to Surge, AltCorp may assign its rights to receive Monthly Transferred Shares hereunder
without Surge’s consent, provided that such assignee shall sign consent to limit its trading consistent with the terms of
this Agreement and be an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the Securities
Act, in which event such assignee shall be deemed to stand in the place of AltCorp with respect to such specific assigned rights
and have made and affirmed the representations contained within Sections 12 and 13.2 hereof to Surge.

 

21.
Relationship of Parties. Nothing in this Agreement shall be deemed or construed to constitute or create any agency, partnership,
or affiliation agreement among or between any of the Parties; no Party shall have any power to obligate or bind the other Party
in any manner whatsoever.

 

22.
Purpose and Effect of Agreement. This Agreement is being entered into in compromise and resolution of claims, and nothing
contained herein shall be deemed or construed to be an admission or acknowledgment of liability.

 

23.
Waiver. No waiver by either Party of a breach or a default hereunder shall be deemed a waiver of a subsequent breach or
default of a like or similar nature.

 

24.
Currency. All statements of monetary value expressed within this Agreement shall be in United States Dollars unless otherwise
specified.

 

25.
Severability. If any term, clause, or provision hereof is held invalid or unenforceable by a court of competent jurisdiction,
such invalidity shall not affect the validity or operation of any other term, clause, or provision and such invalid term, clause,
or provision shall be deemed to be severed from the Agreement.

 

26.
Definitions. For the purposes of this Agreement, the capitalized terms uses herein not previously defined shall have the
following meanings:

 

26.1
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls,
is controlled by, or is under common control with, such Person, it being understood for purposes of this definition that “control”
of a Person means the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the
election of directors of such Person or direct or cause the direction of the management and policies of such Person whether by
contract or otherwise.

 

    	 	11	 

    	 	 	 

    

 

26.2
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity or a government or any department or agency thereof.

 

26.3
“Securities Act” means the Securities Act of 1933, as amended.

 

26.4
“Short Sale” means all “short sales” as defined in Rule 200 of Regulation SHO under the
Exchange Act.

 

26.5
“Trading Day” means, as applicable, (a) with respect to all price or trading volume determinations relating
to Surge’s common stock, any day on which such stock is traded on the OTC market or such other market where Surge’s
shares of common stock may be traded, or, if the OTC market is not the principal trading market for the Common Stock, then on
the principal securities exchange or securities market on which Surge’s shares of common stock are then traded, provided
that “Trading Day” shall not include any day on which Surge’s common stock is scheduled to trade on such exchange
or market for less than 4.5 hours or any day that Surge’s common stock is suspended from trading during the final hour of
trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on
such exchange or market, then during the hour ending at 4:00 p.m., New York time) unless such day is otherwise designated as a
Trading Day in writing by the Investor or (b) with respect to all determinations other than price determinations relating to the
Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

 

Signature
page follows.

 

    	 	12	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, the undersigned have duly executed this Agreement to be effective as of the Effective Date.

 

	STANLEY
    HILLS, LLC	 	 
	 	 	 	 
	 	 	 	 
	By:	Yossi
    Attia, Manager	 	Date
	 	 	 	 
	ALTCORP
    TRADING, LLC	 	 
	 	 	 	 
	 	 	 	 
	By:	Mauricio
    Lara, Manager	 	Date
	 	 	 	 
	SURGE
    HOLDINGS, INC. n/k/a SURGEPAYS, INC.	 	 
	 	 	 	 
	 	 	 	 
	By:	Brian
    Cox, Chief Executive Officer	 	Date

 

    	 	13Exhibit 4.1

 

COMMON
STOCK PURCHASE WARRANT

 

Inpixon

 

	Warrant
    Shares: [_______]	Initial
    Exercise Date: January __, 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 5:00 p.m.
(New York City time) on January __, 2026 (the “Termination Date”) but not thereafter, to subscribe for and
purchase from Inpixon, a Nevada corporation (the “Company”), up to [______] shares (as subject to adjustment
hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this
Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated January 24, 2021, among the Company and the
purchasers signatory thereto.

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Subject to Section 2(e) herein, 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 at notices@inpixon.com of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment)
of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i)
two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i)
herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant 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. No ink-original
Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice
of Exercise be required. Notwithstanding anything herein to the contrary, 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 three (3) Trading
Days of the date on which 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 within one (1) Business Day of receipt of such notice. Notwithstanding the
foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 4:00 p.m. (New York City time) on the Trading Date
prior to the Initial Exercise Date, which may be delivered at any time after the time of execution of the Purchase Agreement,
the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise
Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment of the
aggregate Exercise Price (other than in the case of a cashless exercise) is received by such Warrant Share Delivery Date. The
Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph,
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.

 

    1

     

    

  

b)
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $1.55, subject to adjustment
hereunder (the “Exercise Price”).

 

c)
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised,
in whole or in part, 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 quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
=   as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the
option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”)
as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during
“regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2)
hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP
on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise
is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such
Trading Day;

 

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

 

(X)
=   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.

 

    2

     

    

 

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 registered characteristics of the Warrants being exercised.  The
Company agrees not to take any position contrary to this Section 2(c).

 

“Bid
Price” 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 bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (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 OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX 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 (d) in all other cases, the fair market
value of a share of Common Stock as determined by an independent appraiser selected in good faith by the 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.

 

“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 (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 OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX 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 (d) in all other cases, the fair market
value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of at least two-thirds
of the then outstanding Warrants (based on the number of Warrant Shares underlying such Warrants) (the “Required Holders”)
and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

    3

     

    

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account 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 otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder
or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified
by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the
Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and
(iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of
Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder
shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this
Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate
Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and
(ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the
Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant 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 Warrant
Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10
per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for
each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.
The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding
and exercisable. 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 Exercise.

 

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 certificate, at the time of delivery of the 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 with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

    4

     

    

   

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with
the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other than any such
failure that is solely due to any action or inaction by the Holder with respect to such exercise), 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 (A) pay in cash to the
Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for
the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the
Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order
giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the
Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be
deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely
complied with its exercise and delivery obligations hereunder. 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 exercise of shares of Common Stock with an aggregate
sale price giving rise to such purchase obligation 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 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 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 Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

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.

 

    5

     

    

 

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 (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 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 or Attribution Parties 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 or Attribution Parties. 
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 Attribution Parties) 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 Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the
number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected
in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent
public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the
number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within one
Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case,
the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such
number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 9.99%
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 notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e), 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
exercise of this Warrant held by the Holder and the provisions of this Section 2(e) 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 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.

 

    6

     

    

 

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), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)
Intentionally Omitted.

 

c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will
be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could
have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, 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 Warrant 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 Warrant, 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 exercise of this Warrant (without regard to any limitations
on exercise 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). To the extent that this Warrant has not been partially or completely exercised at the time
of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder
has exercised this Warrant.

 

    7

     

    

  

e)
Fundamental Transaction.

 

i.
Other than the issuance of securities in connection with the Company’s offering pursuant to which this Warrant is being
issued, which offering was registered on the Registration Statement, if, at any time while this Warrant is outstanding, (i) the
Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or
into another Person other than any Subsidiary or any Affiliate of the Company, (ii) the Company, directly or indirectly, effects
any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one
or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by
the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, 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, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person
or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the
other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such
stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then,
upon any subsequent exercise of 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, at the option of the Holder
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), 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 in Section 2(e) 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. Notwithstanding the foregoing, this Section 3(e)(i) shall
be subject to the restrictions set forth in Section 5(a) below.

 

    8

     

    

  

ii.
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 (or, if later, the date of the public announcement of the applicable 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; provided, however,
if the Fundamental Transaction is not within the Company’s control for purposes of GAAP, including not approved by the Company’s
Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity, as of the date of consummation
of such Fundamental Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value
(as defined below) of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of
the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination
thereof, or whether the holders of Common Stock are given the choice to receive from among alternative forms of consideration
in connection with the Fundamental Transaction; provided, further, that if the Fundamental Transaction is not within the Company’s
control for purposes of GAAP and holders of Common Stock of the Company are not offered or paid any consideration in such Fundamental
Transaction, such holders of Common Stock will be deemed to have received common stock of the Successor Entity (which Entity may
be the Company following such Fundamental Transaction) in such Fundamental Transaction. “Black Scholes Value” means
the value of this Warrant based on the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg
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 as of the Trading Day immediately following the public announcement
of the applicable Fundamental Transaction (determined utilizing a 365 day annualization factor), (C) the underlying price per
share used in such calculation shall be the greater of (i) 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 (ii) the greater of (x) the
last VWAP immediately prior to the public announcement of such Fundamental Transaction and (y) the last VWAP immediately prior
to the consummation of such Fundamental Transaction, (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 and (E) a zero cost of borrow. The payment of
the Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration) within five
Business Days of the Holder’s election (or, if later, on the effective date of the 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 Warrant in accordance with the provisions of this Section
3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder 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 (without regard to any limitations on the exercise of this Warrant) prior to such
Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value
of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting
the economic value of 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 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 with the same effect as if such
Successor Entity had been named as the Company herein. For the avoidance of doubt, if at any time while this Warrant is outstanding,
a Fundamental Transaction occurs, pursuant to the terms of this Section 3(e), the Holder shall not be entitled to receive more
than one of (i) the 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, (ii) an amount of cash equal
to the Black Scholes Value of the remaining unconverted portion of this Warrant on the date of the consummation of such Fundamental
Transaction, or (iii) the assumption by the Successor Entity of all of the obligations of the Company under this Warrant and the
option to receive a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Warrant.

 

    9

     

    

 

f)
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.

 

g)
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 deliver to the Holder by facsimile or email 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.

  

ii.
Notice to Allow Exercise 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 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 its assets, 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 delivered by facsimile
or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company,
at least 10 calendar days prior to the applicable record or effective date hereinafter specified, a notice (unless such information
is filed with the Commission, in which case a notice shall not be required) 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 in this Warrant 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 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.

 

h)
Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time
during the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to
any amount and for any period of time deemed appropriate by the board of directors of the Company.

 

Section
4. Transfer of Warrant.

 

a)
Transferability. Subject to compliance with any applicable securities laws, 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 and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, 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. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender
this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company
assigning this Warrant in full. 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.

 

    10

     

    

  

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; No Settlement in Cash. 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 as set forth in Section 2(d)(i),
except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless
exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i), Section 2(d)(iv) and Section
3(e)(ii) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

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 (which, in the case
of the Warrant, shall not include the posting of any bond), 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.

 

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 Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

    11

     

    

  

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. 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 nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

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 certificate 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 commercially reasonable 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.

 

    12

     

    

  

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered,
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities
laws.

 

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

 

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

 

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

 

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.

 

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

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

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

  

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

 

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

 

(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.

 

	 	Inpixon
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    14

     

    

 

NOTICE
OF EXERCISE

 

To:Inpixon

[e-mail
address: notices@inpixon.com]

 

(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 said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

 

Name
of Authorized Signatory: ___________________________________________________________________

 

Title
of Authorized Signatory: ____________________________________________________________________

 

Date:
______________________________________________________________________________________

 

     

     

    

  

EXHIBIT
B

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	
	 	 	(Please
    Print)
	Address:	 	
	 	 	 
	 	 	(Please
    Print)
	Phone
    Number:	 	
	 	 	 
	Email
    Address:	 	
	 	 	 
	Dated:
    _______________ __, ______	 	 
	 	 	 
	Holder’s
    Signature:__________________________	 	 
	 	 	 
	Holder’s
    Address:___________________________

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