Document:

[FORM
OF WARRANT]

 

Taronis
Technologies, Inc.

 

Warrant
To Purchase Common Stock

 

Warrant
No.:______________

Number
of Shares of Common Stock:_____________

Date
of Issuance: November 15, 2019 (“Issuance Date”)

 

Taronis
Technologies, Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, [BUYER], the registered
holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to
purchase from the Company, at the Exercise Price (as defined below) then in effect, at any time or times on or after the six (6)
month anniversary of the Issuance Date (the “Initial Exercisability Date”), but not after 11:59 p.m., New York
time, on the Expiration Date, (as defined below), ______________ (_____________)1 fully paid nonassessable
shares of Common Stock, subject to adjustment as provided herein (the “Warrant Shares”). Except as otherwise
defined herein, capitalized terms in this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued
in exchange, transfer or replacement hereof, this “Warrant”), shall have the meanings set forth in Section
18. This Warrant is one of the Warrants to purchase Common Stock (the “SPA Warrants”) issued pursuant to Section
1 of that certain Securities Purchase Agreement, dated as of November 13, 2019 (the “Subscription Date”), by
and among the Company and the investors (the “Buyers”) referred to therein (as may be amended, amended and
restated, supplemented or otherwise modified from time to time, the “Securities Purchase Agreement”). Capitalized
terms used herein and not otherwise defined shall have the definitions ascribed to such terms in the Securities Purchase Agreement.

 

 

1
Insert 200% of the number of shares of Common Stock issuable to the Holder on the Closing Date upon conversion in full of
the Preferred Shares (as defined in the Securities Purchase Agreement) at the initial Conversion Price (as defined in the Certificate
of Designations (as defined in the Securities Purchase Agreement)) (without giving effect to any limitations set forth therein)
purchased by the Holder pursuant to the Securities Purchase Agreement.

 

    	 

    	 

    

 

1.
EXERCISE OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth
in Section 1(f)), this Warrant may be exercised by the Holder at any time or times on or after the Initial Exercisability Date,
in whole or in part, by (i) delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise
Notice”), of the Holder’s election to exercise this Warrant and (ii) (A) payment to the Company of an amount equal
to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate
Exercise Price”) in cash by wire transfer of immediately available funds or (B) if the provisions of Section 1(d) are
applicable, by notifying the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as defined in Section
1(d)). No ink-original Exercise Notice shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization)
of any Exercise Notice be required. The Holder shall not be required to deliver the original Warrant in order to effect an exercise
hereunder. Execution and delivery of the Exercise Notice with respect to less than all of the Warrant Shares shall have the same
effect as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number
of Warrant Shares. On or before the first (1st) Trading Day following the date on which the Holder has delivered an
Exercise Notice to the Company, the Company shall transmit by facsimile or electronic mail an acknowledgment of confirmation of
receipt of the Exercise Notice to the Holder and the Company’s transfer agent (the “Transfer Agent”).
On or before the earlier of (i) the second (2nd) Trading Day and (ii) the number of Trading Days comprising the Standard
Settlement Period, in each case, following the date on which the Holder has delivered the Exercise Notice to the Company, so long
as the Holder delivers the Aggregate Exercise Price (or notice of a Cashless Exercise) on or prior to the first (1st)
Trading Day following the date on which the Holder has delivered the Exercise Notice to the Company (a “Share Delivery
Date”) (provided that if the Aggregate Exercise Price has not been delivered by such date, the applicable Share Delivery
Date shall be one (1) Trading Day after the Aggregate Exercise Price (or notice of a Cashless Exercise) is delivered), the Company
shall (X) provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated
Securities Transfer Program and (A) the applicable Warrant Shares are registered for issuance
pursuant to a registration statement or (B) this Warrant is exercised via Cashless Exercise, credit such aggregate number
of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance
account with DTC through its Deposit / Withdrawal At Custodian system, or (Y) if (A) the Transfer Agent is not participating in
the DTC Fast Automated Securities Transfer Program or (B) the applicable Warrant Shares
are not issuable pursuant to a registration statement and this Warrant is not exercised via Cashless Exercise, issue and
dispatch by overnight courier to the address as specified in the Exercise Notice, 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. The Company shall be responsible for all fees and expenses of the Transfer Agent and all fees and expenses with
respect to the issuance of Warrant Shares via DTC, if any, including without limitation for same day processing. Upon delivery
of the Exercise Notice, 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 such Warrant Shares are credited to the
Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. If
this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented
by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the
Company shall as soon as practicable and in no event later than two (2) Trading Days after any exercise and at its own expense,
issue a new Warrant (in accordance with Section 7(d)) representing the right to purchase the number of Warrant Shares issuable
immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is
exercised. No fractional Warrant Shares are to be issued upon the exercise of this Warrant, but rather the number of Warrant Shares
to be issued shall be rounded up to the nearest whole number. The Company shall pay any and all taxes which may be payable with
respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant. The Company’s obligations to issue
and deliver Warrant Shares in accordance with the terms and subject to the conditions hereof are absolute and unconditional, irrespective
of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery
of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination.
While any SPA Warrants remain outstanding, the Company shall use a transfer agent that participates in the DTC Fast Automated
Securities Transfer Program.

 

    	- 2 -

    	 

    

 

(b)
Exercise Price. For purposes of this Warrant, “Exercise Price” means $1.91, subject to adjustment as
provided herein.

 

(c)
Company’s Failure to Timely Deliver Securities. If the Company shall fail, for any reason or no reason, to issue
to the Holder on or prior to the applicable Share Delivery Date either (I) if the Transfer Agent is not participating in the DTC
Fast Automated Securities Transfer Program, a certificate for the number of shares of Common Stock to which the Holder is entitled
and register such shares of Common Stock on the Company’s share register or if the Transfer Agent is participating in the
DTC Fast Automated Securities Transfer Program, to credit the Holder’s balance account with DTC, for such number of shares
of Common Stock to which the Holder is entitled upon the Holder’s exercise of this Warrant or (II) if the Registration Statement
on Form S-3 (File number 333-230854), or other applicable effective registration statement under the 1933 Act covering the issuance
of the Warrant Shares that are the subject of the Exercise Notice (the “Unavailable Warrant Shares”) is not
available for the issuance of such Unavailable Warrant Shares and the Company fails to promptly (x) so notify the Holder and (y)
deliver the Warrant Shares electronically without any restrictive legend by crediting such aggregate number of Warrant Shares
to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC
through its Deposit / Withdrawal At Custodian system (the event described in the immediately foregoing clause (II) is hereinafter
referred as a “Notice Failure” and together with the event described in clause (I) above, an “Exercise
Failure”), then, in addition to all other remedies available to the Holder, (X) the Company shall pay in cash to the
Holder on each day after the applicable Share Delivery Date and during such Exercise Failure an amount equal to 1.5% of the product
of (A) the sum of the number of shares of Common Stock not issued to the Holder on or prior to the applicable Share Delivery Date
and to which the Holder is entitled, and (B) any trading price of the Common Stock selected by the Holder in writing as in effect
at any time during the period beginning on the date of delivery of the applicable Exercise Notice and ending on the applicable
Share Delivery Date, and (Y) the Holder, upon written notice to the Company, may void its Exercise Notice with respect to, and
retain or have returned, as the case may be, any portion of this Warrant that has not been exercised pursuant to such Exercise
Notice; provided that the voiding of an Exercise Notice shall not affect the Company’s obligations to make any payments
which have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise. In addition to the foregoing,
if on or prior to the applicable Share Delivery Date either (I) if the Transfer Agent is not participating in the DTC Fast Automated
Securities Transfer Program, the Company shall fail to issue and deliver a certificate to the Holder and register such shares
of Common Stock on the Company’s share register or, if the Transfer Agent is participating in the DTC Fast Automated Securities
Transfer Program, credit the Holder’s balance account with DTC for the number of shares of Common Stock to which the Holder
is entitled upon the Holder’s exercise hereunder or pursuant to the Company’s obligation pursuant to clause (ii) below
or (II) a Notice Failure occurs, and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise)
shares of Common Stock relating to the applicable Exercise Failure (a “Buy-In”), then the Company shall, within
two (2) Trading Days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder
in an amount equal to the Holder’s total purchase price (including brokerage commissions and other out-of-pocket expenses,
if any) for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s
obligation to deliver such certificate (and to issue such shares of Common Stock) or credit the Holder’s balance account
with DTC for such shares of Common Stock shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate
or certificates representing such shares of Common Stock or credit the Holder’s balance account with DTC, as applicable,
and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of
shares of Common Stock, times (B) any trading price of the Common Stock selected by the Holder in writing as in effect at any
time during the period beginning on the date of delivery of the applicable Exercise Notice and ending on the applicable Share
Delivery Date. Nothing herein shall limit the Holder’s right to pursue any other remedies available to it hereunder, at
law or in equity, including, without limitation, a decree of specific performance and/or injunctive relief with respect to the
Company’s failure to timely deliver certificates representing shares of Common Stock (or to electronically deliver such
shares of Common Stock) upon the exercise of this Warrant as required pursuant to the terms hereof.

 

    	- 3 -

    	 

    

 

(d)
Cashless Exercise. Notwithstanding anything contained herein to the contrary, if on or after the Initial Exercisability
Date, a registration statement covering the issuance of the Unavailable Warrant Shares is not available for the issuance of such
Unavailable Warrant Shares, the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of
making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise
Price, elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according
to the following formula (a “Cashless Exercise”):

 

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

 

For
purposes of the foregoing formula:

 

	 	A=	the total number of shares with respect to which this
Warrant is then being exercised.
	 	 	 
	 	B=	as applicable: (i) the Weighted Average Price of the
Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice if such Exercise Notice is (1)
both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered
pursuant to Section 1(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 (x) the Weighted Average Price of the Common Stock on the Trading Day immediately preceding the date of the applicable
Exercise Notice, or (y) the Bid Price of the Common Stock on the principal trading market as reported by Bloomberg as of the time
of the Holder’s execution of the applicable Exercise Notice if such Exercise Notice 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) thereafter pursuant to Section 1(a) hereof or (iii) the Weighted Average
Price of the Common Stock on the date of the applicable Exercise Notice if the date of such Exercise Notice is a Trading Day and
such Exercise Notice is both executed and delivered pursuant to Section 1(a) hereof after the close of “regular trading
hours” on such Trading Day.
	 	 	 
	 	C=	the Exercise Price then in effect for the applicable
Warrant Shares at the time of such exercise.

 

    	- 4 -

    	 

    

 

The
Company hereby acknowledges and agrees that, in accordance with Rule 3(a)(9) of the Securities Act, the Warrant Shares pursuant
to a Cashless Exercise shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to
take any position contrary to this Section 1(d).

 

(e)
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute
in accordance with Section 12.

 

(f)
Beneficial Ownership Limitations on Exercises. Notwithstanding anything to the contrary contained herein, the Company shall
not effect the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion of this
Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall be null and void and treated as if never
made, to the extent that after giving effect to such exercise, the Holder together with the other Attribution Parties collectively
would beneficially own in excess of [4.99] [9.99]%2 (the “Maximum Percentage”) of the number of
shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the
aggregate number of shares of Common Stock beneficially owned by the Holder and the other Attribution Parties shall include the
number of shares of Common Stock held by the Holder and all other Attribution Parties plus the number of shares of Common Stock
issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude
the number of shares of Common Stock which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant
beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company (including, without limitation, any convertible notes or convertible
preferred stock or warrants, including the other SPA Warrants) beneficially owned by the Holder or any other Attribution Party
subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 1(f). For purposes of
this Section 1(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended (the “1934 Act”). For purposes of determining the number of outstanding shares of Common Stock
the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder may rely on the
number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Annual Report on Form 10-K, Quarterly
Report on Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange Commission (the “SEC”),
as the case may be, (y) a more recent public announcement by the Company or (3) any other written notice by the Company or the
Transfer Agent setting forth the number of shares of Common Stock outstanding (the “Reported Outstanding Share Number”).
If the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding shares of Common Stock
is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing of the number of shares
of Common Stock then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder’s beneficial
ownership, as determined pursuant to this Section 1(f), to exceed the Maximum Percentage, the Holder must notify the Company of
a reduced number of Warrant Shares to be purchased pursuant to such Exercise Notice (the number of shares by which such purchase
is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable, the Company shall return to
the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the written or oral
request of the Holder, the Company shall within one (1) Trading Day confirm orally and in writing or by electronic mail 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
and any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the event that
the issuance of shares of Common Stock to the Holder upon exercise of this Warrant would result in the Holder and the other Attribution
Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding shares
of Common Stock (as determined under Section 13(d) of the 1934 Act), the number of shares so issued by which the Holder’s
and the other Attribution Parties’ aggregate beneficial ownership would exceed the Maximum Percentage (the “Excess
Shares”) shall be deemed null and void and shall be cancelled ab initio and any portion of this Warrant so exercised
shall be reinstated, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable
after the issuance of the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price
paid by the Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase
or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified in such notice; provided that (i)
any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice
is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties
and not to any other holder of SPA Warrants that is not an Attribution Party of the Holder. For purposes of clarity, the shares
of Common Stock issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially
owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
1(f) to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent
with the intended beneficial ownership limitation contained in this Section 1(f) or to make changes or supplements necessary or
desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply
to a successor holder of this Warrant.

 

 

2
Insert Maximum Percentage as indicated on the Buyer's signature page attached to the Securities Purchase Agreement.

 

    	- 5 -

    	 

    

 

(g)
Insufficient Authorized Shares. From and after the Issuance Date, the Company shall reserve a number of authorized and
otherwise unreserved shares of Common Stock to satisfy its obligation to issue shares of Common Stock upon exercise of this Warrant
equal to at least 100% of the number of shares of Common Stock as shall be necessary to effect the exercise in full of all of
this Warrant then outstanding without regard to any limitation on exercise set forth herein (the “Required Reserve Amount”).
If at any time while this Warrant remains outstanding the Company does not have a sufficient number of authorized and unreserved
shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise of this Warrant at least a number of shares
of Common Stock equal to the Required Reserve Amount (the failure to have such sufficient number of authorized and unreserved
shares of Common Stock, an “Authorized Share Failure”), then the Company shall immediately take all action
necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve
the Required Reserve Amount for this Warrant then outstanding. Without limiting the generality of the foregoing sentence, as soon
as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than sixty (60) days after
the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase
in the number of authorized shares of Common Stock. In connection with such meeting, the Company shall provide each stockholder
with a proxy statement and shall use its best efforts to solicit its stockholders’ approval of such increase in authorized
shares of Common Stock and to cause its Board of Directors to recommend to the stockholders that they approve such proposal. Notwithstanding
the foregoing, if any such time of an Authorized Share Failure, the Company is able to obtain the written consent of a majority
of the shares of its issued and outstanding Common Stock to approve the increase in the number of authorized shares of Common
Stock, the Company may satisfy this obligation by obtaining such consent and submitting for filing with the SEC an Information
Statement on Schedule 14C. In the event that upon any exercise of this Warrant, the Company does not have sufficient authorized
shares to deliver in satisfaction of such exercise, then unless the Holder elects to void such attempted exercise, the Holder
may require the Company to pay to the Holder within two (2) Trading Days of the applicable attempted exercise, cash in an amount
equal to the product of (i) the quotient determined by dividing (x) the number of Warrant Shares that the Company is unable to
deliver pursuant to this Section 1(g), by (y) the total number of Warrant Shares issuable upon exercise of this Warrant (without
regard to any limitations or restrictions on exercise of this Warrant) and (ii) the Black Scholes Value; provided, that (x) references
to “the date of the public announcement of the applicable Fundamental Transaction or,
if such applicable Fundamental Transaction is not publicly announced, the date such Fundamental Transaction has occurred or is
consummated” in the definition of “Black Scholes Value” shall instead refer to “the date the Holder
exercises this Warrant and the Company cannot deliver the required number of Warrant Shares because of an Authorized Share Failure”
and (y) clause (iii) of the definition of “Black Scholes Value” shall instead refer to “the underlying price
per share used in such calculation shall be the highest Weighted Average Price during the period beginning on the date of the
applicable date of exercise and the date that the Company makes the applicable cash payment.”

 

    	- 6 -

    	 

    

 

2.
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall be
adjusted from time to time as follows:

 

(a)
Adjustment Upon Subdivision or Combination of Shares of Common Stock. If the Company at any time on or after the Subscription
Date subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares
of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately
reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Subscription
Date combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock
into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased
and the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 2(a) shall become effective
at the close of business on the date the subdivision or combination becomes effective. Notwithstanding the foregoing, no adjustment
shall be made solely as a result of the TRNF Spin-Off.

 

(b)
Voluntary Adjustment By Company. Subject to the prior approval of the Principal Market, or if the Principal Market is not
as of the applicable date of determination the principal trading market of the Common Stock, such other applicable Eligible Market
that then serves as the principal trading market of the Common Stock, the Company may at any time during the term of this Warrant,
with the prior written consent of the Required Holders, 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.

 

3.
RIGHTS UPON DISTRIBUTION OF ASSETS. Except as it relates to the TRNF Spin-Off, if the Company shall, on or after the Subscription
Date and on or prior to the Expiration Date, declare or make any dividend or other distribution of its assets (or rights to acquire
its assets) to any or all 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, Options, evidence of indebtedness or any other assets by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
then the Holder will be entitled to such Distribution as if the Holder had held the number of shares of Common Stock acquirable
upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including
without limitation, the Maximum Percentage) 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 and the other Attribution Parties exceeding the Maximum Percentage, then the Holder
shall not be entitled to participate in such Distribution to such extent (and shall not be entitled to beneficial ownership of
such shares of Common Stock as a result of such Distribution (and beneficial ownership) to such extent) and the portion of such
Distribution shall be held in abeyance for the benefit of the Holder until such time or times as its right thereto would not result
in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted
such Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent Distribution held
similarly in abeyance) to the same extent as if there had been no such limitation).

 

    	- 7 -

    	 

    

 

4.
PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time on or after the Subscription
Date and on or prior to the Expiration Date the Company grants, issues or sells any Options, Convertible Securities or rights
to purchase stock, warrants, securities or other property pro rata to all record holders of any class of Common Stock (the “Purchase
Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon
complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without
limitation, the Maximum Percentage) immediately before the date on which a record is taken for the grant, issuance or sale of
such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined
for the grant, issuance 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 and the other Attribution Parties exceeding the Maximum
Percentage, then the Holder shall not be entitled to participate in such Purchase Right to such extent (and shall not be entitled
to beneficial ownership of such Common Stock as a result of such Purchase Right (and beneficial ownership) to such extent) and
such Purchase Right to such extent shall be held in abeyance for the benefit of the Holder until such time or times as its right
thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times
the Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase Right or on any
subsequent Purchase Right to be held similarly in abeyance) to the same extent as if there had been no such limitation).

 

    	- 8 -

    	 

    

 

(b)
Fundamental Transactions. If, at any time while this Warrant is outstanding,
a Fundamental Transaction occurs or is consummated, 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 1(f) 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 1(f) on the exercise of this Warrant). For
purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting
the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice
as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice
as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company
shall 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 4(b) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by
the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver
to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such
Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this
Warrant (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 be added to the term “Company” under this Warrant (so that from and after
the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant referring
to the “Company” shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly
and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right
and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the
Company prior thereto under this Warrant with the same effect as if the Company and
such Successor Entity or Successor Entities, jointly and severally, had been named as the Company in this Warrant.

 

(c)
Notwithstanding the foregoing, in the event of a Fundamental Transaction, at the request of the Holder delivered before the ninetieth
(90th) day after the occurrence or consummation of such Fundamental Transaction, the Company (or the Successor Entity)
shall purchase this Warrant from the Holder by paying to the Holder, within five (5) Business Days after such request (or, if
later, on the effective date of the Fundamental Transaction), cash in an amount equal to the Black Scholes Value of the remaining
unexercised portion of this Warrant on the effective date of such Fundamental Transaction, payable in cash; provided, however,
that, if such Fundamental Transaction is not within the Company’s control, including not approved by the Company’s
Board of Directors, the 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
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 such 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 such
Fundamental Transaction. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or
such other consideration) within five (5) Business Days of the Holder’s election (or, if later, on the effective date of
the Fundamental Transaction).

 

    	- 9 -

    	 

    

 

5.
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of
Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, 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, and will at all times in good faith carry out all of the provisions of this Warrant and take all action
as may be required to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall
not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price
then in effect, (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long
as any of the SPA Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and
unissued shares of Common Stock, solely for the purpose of effecting the exercise of the SPA Warrants, the number of shares of
Common Stock as shall from time to time be necessary to effect the exercise of the SPA Warrants then outstanding (without regard
to any limitations on exercise).

 

6.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s
capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of capital stock
of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in
such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to
vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock,
consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise,
prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise
of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to
purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities
are asserted by the Company or by creditors of the Company. Notwithstanding this Section 6, the Company shall provide the Holder
with copies of the same notices and other information given to the stockholders of the Company generally, contemporaneously with
the giving thereof to the stockholders.

 

7.
REISSUANCE OF WARRANTS.

 

(a)
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon
the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and,
if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance
with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

    	- 10 -

    	 

    

 

(b)
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of
this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing
the right to purchase the Warrant Shares then underlying this Warrant.

 

(c)
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right
to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase
such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however,
that no SPA Warrants for fractional Warrant Shares shall be given.

 

(d)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant,
the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to
Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common
Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares
then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same
as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

 

8.
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall
be given in accordance with Section 9(f) of the Securities Purchase Agreement. The Company shall provide the Holder with prompt
written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such action and
the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i)
immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of
such adjustment and (ii) at least twenty (20) Business Days prior to the date on which the Company closes its books or takes a
record (A) with respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances
or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property to holders
of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation;
provided in each case that such information shall be made known to the public prior to or in conjunction with such notice
being provided to the Holder.

 

9.
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended or waived and
the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the
Company has obtained the written consent of the Holder.

 

    	- 11 -

    	 

    

 

10. GOVERNING
LAW; JURISDICTION; JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws
of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State
of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The
City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. The Company hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to the Company at the address set forth in Section 9(f) of the Securities Purchase Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude
the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s
obligations to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or
other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY
TRANSACTION CONTEMPLATED HEREBY.

 

11. CONSTRUCTION;
HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and all of the Buyers and shall not be construed
against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part
of, or affect the interpretation of, this Warrant.

 

12. DISPUTE
RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall cause the Transfer Agent to issue to the Holder the number of shares of Common Stock that is not disputed
and the Company shall submit the disputed determinations or arithmetic calculations via facsimile or electronic mail within one
(1) Business Day of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder
and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within
one (1) Business Day of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company
shall, within one (1) Business Day submit via facsimile or electronic mail (a) the disputed determination of the Exercise Price
to an independent, reputable investment bank selected by the Holder and approved by the Company, such approval not to be unreasonably
withheld, conditioned or delayed or (b) the disputed arithmetic calculation of the Warrant Shares to an independent, outside accountant,
selected by the Holder and approved by the Company, such approval not to be unreasonably withheld, conditioned or delayed. The
Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations or
calculations and notify the Company and the Holder of the results no later than five (5) Business Days from the time it receives
the disputed determinations or calculations. Such investment bank’s or accountant’s determination or calculation,
as the case may be, shall be binding upon all parties absent demonstrable error.

 

    	- 12 -

    	 

    

 

13. REMEDIES,
OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition
to all other remedies available under this Warrant and the other Transaction Documents, at law or in equity (including a decree
of specific performance and/or other injunctive relief). No remedy contained herein shall
be deemed a waiver of compliance with the provisions giving rise to such remedy. Nothing herein shall limit the right of
the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges
that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any
such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder
of this Warrant shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without
the necessity of showing economic loss and without any bond or other security being required.

 

14. TRANSFER. This
Warrant and the Warrant Shares may be offered for sale, sold, transferred, pledged or assigned without the consent of the Company,
except as may otherwise be required by Section 2(h) of the Securities Purchase Agreement.

 

15. SEVERABILITY. If
any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without
material change, the original intentions of the Company and the Holder as to the subject matter hereof and the prohibited nature,
invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal
obligations of the Company or the Holder or the practical realization of the benefits that would otherwise be conferred upon the
Company or the Holder. The Company and the Holder will endeavor in good faith negotiations to replace the prohibited, invalid
or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited,
invalid or unenforceable provision(s).

 

16. DISCLOSURE.
Upon receipt or delivery by the Company of any notice in accordance with the terms of this Warrant, unless the Company has in
good faith determined that the matters relating to such notice do not constitute material, nonpublic information relating to the
Company or its Subsidiaries, the Company shall contemporaneously with any such receipt or delivery publicly disclose such material,
nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains
material, nonpublic information relating to the Company or its Subsidiaries, the Company so shall indicate to the Holder contemporaneously
with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed to presume that all matters
relating to such notice do not constitute material, nonpublic information relating to the Company or its Subsidiaries.

 

    	- 13 -

    	 

    

 

17. PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Warrant is placed in the hands of an attorney for collection or enforcement
or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts due under this
Warrant or to enforce the provisions of this Warrant or (b) there occurs any bankruptcy, reorganization, receivership of the company
or other proceedings affecting company creditors’ rights and involving a claim under this Warrant, then the Company shall
pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization,
receivership or other proceeding, including, without limitation, attorneys’ fees and disbursements.

 

18. CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a) “1933
Act” means the Securities Act of 1933, as amended.

 

(b) “Affiliate”
shall have the meaning ascribed to such term in Rule 405 of the 1933 Act.

 

(c) “Attribution
Parties” means, collectively, the following Persons: (i) any investment vehicle, including, any funds, feeder funds
or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed or advised by the
Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the Holder
or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder or any
of the foregoing and (iv) any other Person whose beneficial ownership of the Common Stock would or could be aggregated with the
Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of the
foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

(d) “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 an Eligible Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Eligible 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 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 in the Pink Open Market (f/k/a OTC
Pink) published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices),
the most recent bid price per share of the Common Stock so reported, or (c) in all other cases, the fair market value of a share
of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of
the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the
Company.

 

    	- 14 -

    	 

    

 

(e) “Black
Scholes Value” means the value of this Warrant calculated using the Black-Scholes Option Pricing Model obtained from
the “OV” function on Bloomberg determined as of the day immediately following the public announcement of the applicable
Fundamental Transaction, or, if such Fundamental Transaction is not publicly announced, the date such Fundamental Transaction
has occurred or is consummated, for pricing purposes and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury
rate for a period equal to the remaining term of this Warrant as of the date of the public announcement of the applicable Fundamental
Transaction, or, if such applicable Fundamental Transaction is not publicly announced, the date such Fundamental Transaction has
occurred or is consummated, (ii) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from
the HVT function on Bloomberg as of the day immediately following the public announcement of the applicable Fundamental Transaction,
or, if such Fundamental Transaction is not publicly announced, the date such Fundamental Transaction has occurred or is consummated,
(iii) the underlying price per share used in such calculation shall be the greater of (x) the highest Weighted Average
Price of the Common Stock during the period beginning on the Trading Day prior to the execution of definitive documents relating
to the applicable Fundamental Transaction and ending on (A) the Trading Day immediately following the public announcement of such
Fundamental Transaction or (B) the Trading Day immediately following the consummation of the applicable Fundamental Transaction,
if the applicable Fundamental Transaction is not publicly announced, and (y) 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, (v)
a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction
or, if such applicable Fundamental Transaction is not publicly announced, the date such
Fundamental Transaction has occurred or is consummated, (vi) a zero cost of borrow and (v) a 360 day annualization factor.

 

(f) “Bloomberg”
means Bloomberg Financial Markets.

 

(g) “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed.

 

(h) “Common
Stock” means (i) the Company’s shares of Common Stock, par value $0.001 per share, and (ii) any capital stock
into which such Common Stock shall be changed or any capital stock resulting from a reorganization, recapitalization or reclassification
of such Common Stock, excluding shares of common stock of Taronis Fuels, Inc. to be issued as part of the TRNF Spin-Off.

 

(i) “Convertible
Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable
or exchangeable for shares of Common Stock.

 

    	- 15 -

    	 

    

 

(j) “Eligible
Market” means the Principal Market, the NYSE American, The Nasdaq Global Select Market, The Nasdaq Global Market or
The New York Stock Exchange.

 

(k) “Expiration
Date” means the date sixty (60) months after the Initial Exercisability Date or, if such date falls on a day other than
a Business Day or on which trading does not take place on the Principal Market (a “Holiday”), the next day
that is not a Holiday.

 

(l) “Fundamental
Transaction” means (A) that the Company shall, directly or indirectly, including through Subsidiaries, Affiliates or
otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving
corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of
the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of Regulation
S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be
subject to or have its Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or exchange
offer that is accepted by the holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50% of the outstanding
shares of Common Stock calculated as if any shares of Common Stock held by all Subject Entities making or party to, or Affiliated
with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number
of shares of Common Stock such that all Subject Entities making or party to, or Affiliated with any Subject Entity making or party
to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934
Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate a stock purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with one or
more Subject Entities whereby such Subject Entities, individually or in the aggregate, acquire, either (x) at least 50% of the
outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common Stock calculated as if any shares of
Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such
stock purchase agreement or other business combination were not outstanding; or (z) such number of shares of Common Stock such
that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least
50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its Common Stock, (B) that the Company
shall, directly or indirectly, including through Subsidiaries, Affiliates or otherwise, in one or more related transactions, allow
any Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial owner” (as
defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance,
tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation, business combination,
reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise
in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding
Common Stock, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock not held
by all such Subject Entities as of the Subscription Date calculated as if any shares of Common Stock held by all such Subject
Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding
shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory
short form merger or other transaction requiring other stockholders of the Company to surrender their shares of Common Stock without
approval of the stockholders of the Company or (C) that the Company shall, directly or indirectly, including through Subsidiaries,
Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction
structured in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be
construed and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary
to correct this definition or any portion of this definition which may be defective or inconsistent with the intended treatment
of such instrument or transaction. Notwithstanding anything to the contrary contained herein, the TRNF Spin-Off shall not constitute
a Fundamental Transaction.

 

    	- 16 -

    	 

    

 

(m) “Group”
means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

 

(n) “Lead
Investor” means Empery Asset Master Fund, Ltd.

 

(o) “Options”
means any rights, warrants or options to subscribe for or purchase (i) shares of Common Stock or (ii) Convertible Securities.

 

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

 

(q) “Principal
Market” means The Nasdaq Capital Market.

 

(r) “Required
Holders” means the holders of the SPA Warrants representing at least a majority of the shares of Common Stock underlying
the SPA Warrants then outstanding and shall include the Lead Investor so long as the Lead Investor or any of its Affiliates holds
any SPA Warrants.

 

(s) “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the principal securities
exchange or securities market on which the Common Stock is then traded as in effect on the date of delivery of the applicable
Exercise Notice.

 

(t) “Subject
Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 

(u) “Subsidiary”
shall have the meaning ascribed to such term in the Securities Purchase Agreement.

 

(v) “Trading
Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock on such day, then on the principal securities exchange or securities market on which
the Common Stock is then traded.

 

    	- 17 -

    	 

    

 

(w) “TRNF
Spin-Off” means the Company’s previously approved stock dividend to each holder of Common Stock of the Company
of five (5) shares of common stock of Taronis Fuels, Inc. for each share of Common Stock held by stockholders of the Company from
November 29, 2019 through and including the distribution date of such securities, currently contemplated to be December 5, 2019.

 

(x) “Weighted
Average Price” means, for any security as of any date, the dollar volume-weighted average price for such security on
the Principal Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly
announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the Principal Market
publicly announces is the official close of trading), as reported by Bloomberg through its “Volume at Price” function
or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market
on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time (or such other time
as such market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time
as such market publicly announces is the official close of trading), as reported by Bloomberg, or, if no dollar volume-weighted
average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the
lowest closing ask price of any of the market makers for such security as reported in the OTC Link or Pink Open Market (f/k/a
OTC Pink) published by the OTC Markets Group, Inc. (or similar organization or agency succeeding to its functions of reporting
prices). If the Weighted Average Price cannot be calculated for a security on a particular date on any of the foregoing bases,
the Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the Company
and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute
shall be resolved pursuant to Section 12 with the term “Weighted Average Price” being substituted for the term “Exercise
Price.” All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification
or other similar transaction relating to the Common Stock during the applicable calculation period.

 

[Signature
Page Follows]

 

    	- 18 -

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date
set out above.

 

	 	TARONIS
    TECHNOLOGIES, INC.
	 	 	 
	 	By:	 
	 	Name:	Scott
    Mahoney
	 	Title:	Chief
    Executive Officer

 

    	 

    	 

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT
TO PURCHASE COMMON STOCK

 

Taronis
Technologies, Inc.

 

The
undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”)
of Taronis Technologies, Inc., a Delaware corporation (the “Company”), evidenced by the attached Warrant to
Purchase Common Stock (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Warrant.

 

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

 

	 	____________	a “Cash
    Exercise” with respect to _________________ Warrant Shares; and/or
	 	 	 
	 	____________	a
    “Cashless Exercise” with respect to _______________ Warrant Shares,
    resulting in a delivery obligation of the Company to the Holder of __________ shares of Common Stock representing the
    applicable Net Number.

 

2.
Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant
Shares to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the
Company in accordance with the terms of the Warrant.

 

3.
Delivery of Warrant Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of
the Warrant.

 

4.
Please issue the Common Stock into which the Warrant is being exercised to the Holder, or for its benefit, as follows:

 

[  ] Check
here if requesting delivery as a certificate to the following name and to the following address:

 

Issue
to:  _________________________________________

________________________________________

 

Address:
_________________________________________

 

Telephone
Number: ________________________________

 

Facsimile
Number: ________________________________

 

    	 

    	 

    

 

[  ]  Check
here if requesting delivery by Deposit/Withdrawal at Custodian as follows:

 

DTC
Participant:_________________________________________ 

 

DTC
Number: _________________________________________

 

Account
Number: ________________________________

 

Authorization:_________________________________________ 

 

	 	By:	 	 
		Title:	 	 
	 	 	 	 
	 	Dated:	 	 

 

Account
Number (if electronic book entry transfer): ________________________________

 

Transaction
Code Number (if electronic book entry transfer): ________________________________

 

Date:
_______________ __, ______

 

	________________________________	 
	Name
    of Registered Holder	 

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 

    	 

    

 

ACKNOWLEDGMENT

 

The
Company hereby acknowledges this Exercise Notice and hereby directs Corporate Stock Transfer, Inc. to issue the above indicated
number of shares of Common Stock in accordance with the Transfer Agent Instructions dated November 15, 2019 from the Company and
acknowledged and agreed to by Corporate Stock Transfer, Inc.

 

	 	TARONIS TECHNOLOGIES,
    INC.

 

	 	By:	
	 	Name:	 
	 	Title:November
    12, 2019

 

PERSONAL
AND CONFIDENTIAL

 

Taronis
Technologies, Inc.

300
W. Clarendon Ave., #230

Phoenix,
AZ 85013

 

Dear
Scott:

 

This
letter will confirm the understanding and agreement (the “Agreement”) between Bradley Woods & Co. Ltd.
(“Broker”) and Taronis Technologies, Inc. (the “Company”) as follows:

 

	1.	Engagement:
                                         The Company hereby engages Broker as its agent in the private or public placement(s)
                                         of one or more classes or series of registered or unregistered securities of the Company
                                         to investors (the “Investors”). Such securities (the “Securities”)
                                         may take the form of common stock or other equity-linked securities or any combination
                                         thereof. Such placements shall be referred to as the “Transactions”.
	 	 
	2.	Broker’s
                                         Role: Broker hereby accepts the engagement described herein and, in that connection,
                                         agrees to:

 

		(a)	Review
                                         any offering documents used in connection with each Transaction (the “Offering
                                         Documents”) describing the Company and the Securities;
	 	 	 
		(b)	review
                                         with the Company the Investors to whom the Offering Documents will be provided;
	 	 	 
		(c)	assist
                                         in the preparation of other communications to be used in placing the Securities, whether
                                         in the form of letter, circular, notice or otherwise; and
	 	 	 
		(d)	assist
                                         and advise the Company with respect to the negotiation of the sale of the Securities
                                         to the Investors.

 

Bradley
Woods & Co. Ltd., 805 Third Ave, New York, NY 10022

 

    	 	1	 

     

    

 

		3.	Term;
                                         Exclusivity: This non-exclusive engagement will commence on the date hereof and
                                         terminate five business days following the date on which the party receives written notice
                                         from the other party of termination of this engagement; provided that no such notice
                                         may be given by the Company for a period of 20 days after the date hereof. Upon termination
                                         of this Agreement the Company shall pay to Broker all fees earned and reimburse Broker
                                         for all reasonable expenses incurred, in accordance with Paragraphs 7 and 8 hereof, respectively.
                                         The Company agrees to pay Broker any fees specified in Paragraph 7 during the time limitations
                                         specified herein. The Company agrees that this section 3 and the provisions relating
                                         to the payment of fees, reimbursement of reasonable expenses, indemnification and contribution,
                                         confidentiality, conflicts, independent contractor and waiver of the right to trial by
                                         jury will survive any termination of this letter agreement.
	 	 	 
		4.	Best
                                         Efforts: It is understood that Broker’s involvement in a Transaction is
                                         strictly on a reasonable best efforts basis and that the consummation of a Transaction
                                         will be subject to, among other things, market conditions. It is understood that Broker’s
                                         assistance in a Transaction will be subject to the satisfactory completion of such investigation
                                         and inquiry into the affairs of the Company as Broker deems appropriate under the circumstances
                                         (such investigation hereinafter to be referred to as “Due Diligence”)
                                         and to the receipt of all internal approvals of Broker in connection with the transaction.
                                         Broker shall have the right in its sole discretion to terminate this Agreement if the
                                         outcome of the Due Diligence is not satisfactory to Broker or if approval of its internal
                                         committees is not obtained.
	 	 	 
		5.	Information:
                                         The Company shall furnish, or cause to be furnished, to Broker all information requested
                                         by Broker for the purpose of rendering services hereunder (all such information being
                                         the “Information”). In addition, the Company agrees to make available
                                         to Broker upon request from time to time the officers, directors, accountants, counsel
                                         and other advisors of the Company. The Company recognizes and confirms that Broker (a)
                                         will use and rely on the Information, including the Offering Documents, and on information
                                         available from generally recognized public sources in performing the services contemplated
                                         by this Agreement without having independently verified the same; (b) does not assume
                                         responsibility for the accuracy or completeness of the Offering Documents or the Information
                                         and such other information; and (c) will not make an appraisal of any of the assets or
                                         liabilities of the Company. Upon reasonable request, the Company will meet with Broker
                                         or its representatives to discuss all information relevant for disclosure in the Offering
                                         Documents and will cooperate in any investigation undertaken by Broker thereof, including
                                         any document included or incorporated by reference therein. Broker shall be a third
                                         party beneficiary of any representations, warranties and covenants made by the Company
                                         to any Investor in a Transaction.
	 	 	 
		6.	Related
                                         Agreement:

 

		(a)	If
                                         required by Broker, the Company shall enter into a Placement Agency Agreement with Broker
                                         that is substantially consistent with Broker’s standard form, modified as appropriate
                                         to reflect the terms of the applicable Transaction and containing such terms, covenants,
                                         conditions, representations, warranties, and providing for the delivery of legal opinions,
                                         comfort letters and officer’s certificates, all in form and substance satisfactory
                                         to Broker and its counsel.

 

Bradley
Woods & Co. Ltd., 805 Third Ave, New York, NY 10022

 

    	 	2	 

     

    

 

		(b)	Unless
                                         the Transaction is an underwritten offering by Broker, in which case the Company shall
                                         enter into an underwriting agreement with Broker that is customary for such offerings,
                                         if required by the Investors, the sale of Securities to any Investor will be evidenced
                                         by a purchase agreement (“Purchase Agreement”) between the Company
                                         and such Investor in a form reasonably satisfactory to the Company and Broker. Prior
                                         to the signing of any Purchase Agreement, officers of the Company with responsibility
                                         for financial affairs will be available to answer inquiries from prospective investors.
	 	 	 
		(c)	Notwithstanding
                                         anything herein to the contrary, in the event that Broker determines that any of the
                                         terms provided for hereunder shall not comply with a FINRA rule, including but not limited
                                         to FINRA Rule 5110, then the Company shall agree to amend this Agreement (or include
                                         such revisions in the final underwriting or placement agency agreement) in writing upon
                                         the request of Broker to comply with any such rules; provided that any such amendments
                                         shall not provide for terms that are less favorable to the Company.

 

		7.	Fees:
                                         As compensation for the services to be rendered by Broker hereunder, the Company will
                                         pay Broker the following fees (“Transaction Fees”):

 

		(a)	A
                                         cash fee payable immediately upon the closing of each Transaction equal to 5% of the
                                         aggregate gross proceeds raised in such Transaction. All cash Transaction Fees shall
                                         be paid at the closing of a Transaction to the wire instructions provided by the Broker
                                         from the gross proceeds of the Securities sold.

 

		8.	Indemnification:

 

		(a)	To
                                         the extent permitted by law, the Company will indemnify Broker and its affiliates, stockholders,
                                         directors, officers, employees and controlling persons (within the meaning of Section
                                         15 of the Securities Act or Section 20 of the Exchange Act) against all losses, claims,
                                         damages, expenses and liabilities, as the same are incurred (including the reasonable
                                         fees and expenses of counsel), relating to or arising out of its activities hereunder
                                         or pursuant to this engagement letter, except to the extent that any losses, claims,
                                         damages, expenses or liabilities (or actions in respect thereof) are found in a final
                                         judgment (not subject to appeal) by a court of law to have resulted primarily and directly
                                         from Broker’s willful misconduct or gross negligence in performing the services
                                         described herein.

 

Bradley
Woods & Co. Ltd., 805 Third Ave, New York, NY 10022

 

    	 	3	 

     

    

 

		(b)	Promptly
                                         after receipt by Broker of notice of any claim or the commencement of any action or proceeding
                                         with respect to which Broker is entitled to indemnity hereunder, Broker will notify the
                                         Company in writing of such claim or of the commencement of such action or proceeding,
                                         and the Company will assume the defense of such action or proceeding and will employ
                                         counsel reasonably satisfactory to Broker and will pay the fees and expenses of such
                                         counsel. Notwithstanding the preceding sentence, Broker will be entitled to employ counsel
                                         separate from counsel for the Company and from any other party in such action if counsel
                                         for Broker reasonably determines that it would be inappropriate under the applicable
                                         rules of professional responsibility for the same counsel to represent both the Company
                                         and Broker. In such event, the reasonable fees and disbursements of no more than one
                                         such separate counsel will be paid by the Company, in addition to local counsel. The
                                         Company will have the exclusive right to settle the claim or proceeding provided that
                                         the Company will not settle any such claim, action or proceeding without the prior written
                                         consent of Broker, which will not be unreasonably withheld.
	 	 	 
		(c)	The
                                         Company agrees to notify Broker promptly of the assertion against it or any other person
                                         of any claim or the commencement of any action or proceeding relating to a transaction
                                         contemplated by this engagement letter.
	 	 	 
		(d)	If
                                         for any reason the foregoing indemnity is unavailable to Broker or insufficient to hold
                                         Broker harmless, then the Company shall contribute to the amount paid or payable by Broker
                                         as a result of such losses, claims, damages or liabilities in such proportion as is appropriate
                                         to reflect not only the relative benefits received by the Company on the one hand and
                                         Broker on the other, but also the relative fault of the Company on the one hand and Broker
                                         on the other that resulted in such losses, claims, damages or liabilities, as well as
                                         any relevant equitable considerations. The amounts paid or payable by a party in respect
                                         of losses, claims, damages and liabilities referred to above shall be deemed to include
                                         any legal or other fees and expenses incurred in defending any litigation, proceeding
                                         or other action or claim. Notwithstanding the provisions hereof, Broker’s share
                                         of the liability hereunder shall not be in excess of the amount of fees actually received,
                                         or to be received, by Broker under this engagement letter (excluding any amounts received
                                         as reimbursement of expenses incurred by Broker).
	 	 	 
		(e)	These
                                         indemnification provisions shall remain in full force and effect whether or not the transaction
                                         contemplated by this engagement letter is completed and shall survive the termination
                                         of this engagement letter, and shall be in addition to any liability that the Company
                                         might otherwise have to any indemnified party under this engagement letter or otherwise.

 

Bradley Woods & Co. Ltd.,
805 Third Ave, New York, NY 10022

 

    	 	4	 

     

    

 

	9.	Governing
                                         Laws: This letter agreement will be governed by and construed in accordance with
                                         the laws of the State of New York applicable to agreements made and to be fully performed
                                         therein. The Company irrevocably submits to the jurisdiction of any court of the State
                                         of New York located in the City and County of New York or in the United States District
                                         Court for the Southern District of New York for the purpose of any suit, action or other
                                         proceeding arising out of this letter agreement or our engagement hereunder.
	 	 
	 	Each
                                         of the Company and Broker hereby waives any right it may have to a trial by jury in respect
                                         of any claim brought by or on behalf of either party based upon, arising out of or in
                                         connection with this letter agreement, our engagement hereunder or the transaction contemplated
                                         hereby.
	 	 
	 	All
                                         fees and expenses payable hereunder will be payable in U.S. dollars in cash. The Company
                                         hereby irrevocably consents to the service of process in any proceeding by the mailing
                                         of copies of such process to the Company at its address set forth above.

 

	10.	Confidentiality:
                                         Except as required by law, this Agreement and the services and advice to be provided
                                         by Broker hereunder, shall not be disclosed to third parties without Broker’s prior
                                         written permission. Notwithstanding, Broker shall be permitted to advertise the services
                                         it provided in connection with each Transaction subsequent to the consummation of such
                                         Transaction. Such expense shall not be reimbursable under paragraph 7 hereof.
	 	 
	11.	No
                                         Brokers: The Company represents and warrants to Broker that there are no brokers,
                                         representatives or other persons which have an interest in compensation due to Broker
                                         from any transaction contemplated herein or which would otherwise be due any fee, commission
                                         or remuneration upon consummation of any Transaction.
	 	 
	12.	Authorization:
                                         The Company and Broker represent and warrant that each has all requisite power and authority
                                         to enter into and carry out the terms and provisions of this Agreement and the execution,
                                         delivery and performance of this Agreement does not breach or conflict with any agreement,
                                         document or instrument to which it is a party or bound.

 

Bradley
Woods & Co. Ltd., 805 Third Ave, New York, NY 10022

 

    	 	5	 

     

    

 

	13.	Independent
                                         Contractor: The Company acknowledges that in performing its services, Broker
                                         is acting as an independent contractor, and not as a fiduciary, agent or otherwise, of
                                         the Company or any other person. The Company acknowledges that in performing its services
                                         hereunder, Broker shall act solely pursuant to a contractual relationship on an arm’s
                                         length basis (including in connection with determining the terms of any Transaction).
                                         Any review by Broker of the Company, the transaction contemplated hereby or other matters
                                         relating to such transactions has been and shall be performed solely for the benefit
                                         of Broker and shall not be on behalf of the Company. The Company agrees that is shall
                                         not claim that Broker owes a fiduciary duty to the Company in connection with such transaction
                                         or the process leading thereto. No one other than the Company is authorized to rely upon
                                         engagement of Broker hereunder or any statements, advice, opinions or conduct by Broker.
                                         The Company further acknowledges that Broker may perform certain of the services described
                                         herein through one or more of its affiliates and any such affiliates shall be entitled
                                         to the benefit of this Agreement. This Paragraph 13 shall survive the termination or
                                         expiration of this Agreement.
	 	 
	14.	Conflicts:
                                         The Company acknowledges that Broker and its affiliates may have and may continue to
                                         have investment banking and other relationships with parties other than the Company pursuant
                                         to which Broker may acquire information of interest to the Company. Broker shall have
                                         no obligation to disclose such information to the Company or to use such information
                                         in connection with any contemplated transaction.
	 	 
	15.	Anti-Money
                                         Laundering: To help the United States government fight the funding of terrorism
                                         and money laundering, the federal laws of the United States requires all financial institutions
                                         to obtain, verify and record information that identifies each person with whom they do
                                         business. This means we must ask you for certain identifying information, including a
                                         government-issued identification number (e.g., a U.S. taxpayer identification number)
                                         and such other information or documents that we consider appropriate to verify your identity,
                                         such as certified articles of incorporation, a government-issued business license, a
                                         partnership agreement or a trust instrument.
	 	 
	16.	Miscellaneous:
                                         This Agreement constitutes the entire understanding and agreement between the Company
                                         and Broker with respect to the subject matter hereof and supersedes all prior understanding
                                         or agreements between the parties with respect thereto, whether oral or written, express
                                         or implied. Any amendments or modifications must be executed in writing by both parties.
                                         It is understood and agreed that Broker’s services hereunder will not include providing
                                         any tax, accounting, legal or regulatory advice or developing any tax strategies for
                                         the Company. This Agreement and all rights, liabilities and obligations hereunder shall
                                         be binding upon and inure to the benefit of each party’s successors but may not
                                         be assigned without prior written approval of the other party. This Agreement may be
                                         executed in any number of counterparts, each of which shall be deemed to be an original,
                                         but such counterparts shall, together, constitute only one instrument. The descriptive
                                         headings of the Paragraphs of this Agreement are inserted for convenience only, do not
                                         constitute a part of this Agreement and shall not affect in anyway the meaning or interpretation
                                         of this Agreement.

 

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

 

 Bradley Woods & Co. Ltd., 805 Third Ave, New York,
NY 10022

 

    	 	6	 

     

    

 

If
all the foregoing is acceptable to you, please so indicate by signing in the space provided below and returning a signed copy
of this letter to us for our records.

 

Broker
is delighted to accept this engagement and looks forward to working with you. Please confirm that the foregoing correctly set
forth our agreement by signing the enclosed duplicate of this letter in the space provided and returning it, whereupon this letter
shall constitute a binding agreement as of the date first above written.

 

	 	Very
    truly yours,
	 	 	 
	 	BRADLEY
    WOODS & CO, LTD.
	 	 	 
	 	By:
    	/s/
    Daniel Ripp
	 	Name:	Daniel Ripp
	 	Title:	President

 

	ACCEPTED AND AGREED TO	 
	AS OF THE ABOVE DATE:	 
	 	 	 
	TARONIS TECHNOLOGIES, INC.	 
	 	 	 
	BY:	/s
    /Tyler B. Wilson	 
	Name:	Tyler
    B. Wilson, Esq.	
	Title:	CFO & General
    Counsel	

 

Bradley
Woods & Co. Ltd., 805 Third Ave, New York, NY 10022

 

    	 	7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}]]