Document:

Exhibit 4.4

 

Form of Representative’s Warrant

 

THE REGISTERED HOLDER
OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT
AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL
NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE
DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) A.G.P./Alliance Global Partners OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION
WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF A.G.P./Alliance Global Partners OR OF ANY SUCH UNDERWRITER OR SELECTED
DEALER.

 

THIS PURCHASE WARRANT
IS NOT EXERCISABLE PRIOR TO [_______], 2019 [DATE THAT IS SIX MONTHS FROM THE EFFECTIVE DATE OF THE REGISTRATION STATEMENT].
VOID AFTER 5:00 P.M., EASTERN TIME, [_______], 2022 [THE DATE THAT IS 48 MONTHS FOLLOWING THE EFFECTIVE DATE OF THE
REGISTRATION STATEMENT].

 

COMMON STOCK PURCHASE WARRANT

 

For the Purchase of [___] Shares of Common
Stock

of

CREATIVE REALITIES, INC.

 

1. Purchase Warrant. THIS
CERTIFIES THAT, in consideration of funds duly paid by or on behalf of A.G.P./Alliance Global Partners or its assigns
(“Holder”), as registered owner of this Purchase Warrant, to Creative Realities, Inc., a Minnesota
corporation (the “Company”), Holder is entitled, at any time or from time to time from
[      ], 2019 (six months following the Effective Date, the “Commencement
Date”), and at or before 5:00 p.m., Eastern time, [      ], 2022 (the date that is 48
months following the Effective Date, the “Expiration Date”), but not thereafter, to subscribe
for, purchase and receive, in whole or in part, up to [____] shares (the “Shares”) of common stock of the
Company, par value $0.01 per share (the “Common Stock”), subject to adjustment as provided in Section 6
hereof. If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase
Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the
period ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant.
This Purchase Warrant is initially exercisable at $____per Share [120% OF PUBLIC OFFERING PRICE]; provided, however,
that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant,
including the exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted as
therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted
exercise price, depending on the context. For the avoidance of doubt, this Purchase Warrant will be exercisable at any time,
and from time to time, in whole or in part, during the four-year period commencing six months from the Effective Date (as
defined in the Underwriting Agreement (as defined below)), which period shall not extend further than five (5) years from the
Effective Date in compliance with FINRA Rule 5110(f)(2)(G)(i).

  

2. Exercise.

 

2.1 Exercise Form.
In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and delivered
to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable in
cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official
bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration
Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease
and expire.

 

     

     

    

 

2.2 Cashless Exercise.
If at any time after the Commencement Date there is no effective registration statement registering, or no current prospectus available
for, the resale of the Shares by the Holder, then in lieu of exercising this Purchase Warrant at such time by payment of cash or
check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal
to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company,
together with the exercise form attached hereto, in which event the Company shall issue Shares to Holder in accordance with the
following formula:

 

	X	=	Y(A-B)	 
	A	 

 

	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share; and
	 	B	=	The Exercise Price.

 

For purposes of this
Section 2.2, the fair market value of a Share is defined as follows:

 

	 	(i)	if the Common Stock is traded on a securities exchange, the value shall be deemed to be the closing price on such exchange prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; or

 

	 	(ii)	if the Common Stock is actively traded over-the-counter, the value shall be deemed to be the closing bid prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s Board of Directors.

  

2.3 Legend.
Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (the “Securities Act”):

 

“The securities
represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise
transferred except pursuant to an effective registration statement under the Securities Act, or pursuant to an exemption from registration
under the Securities Act and applicable state law which, in the opinion of counsel to the Company, is available.”

 

2.4 Cash Payment.
For the avoidance of doubt, the Company shall not be required to make any cash payments or net cash settlement to any registered
holder in lieu of issuance of Shares.

 

3. Transfer.

 

3.1 General Restrictions.
The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that this Purchase Warrant and the
securities issuable hereunder shall not be sold during the Offering, or sold, transferred, assigned, pledged, or hypothecated,
or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic
disposition of this Purchase Warrant or the securities issuable hereunder by any person for a period of one hundred eighty (180)
days immediately following the Effective Date (as defined in the Underwriting Agreement (as defined below)), except as provided
for in FINRA Rule 5110(g)(2).

 

On and after 180 days
after the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws.
In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed
and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The
Company shall within five (5) Business Days transfer this Purchase Warrant on the books of the Company and shall execute and deliver
a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase
the aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

    	 	2	 

     

    

 

3.2 Restrictions
Imposed by the Securities Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until:
(i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption
from registration under the Securities Act and applicable state securities laws, the availability of which is established to the
reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Gracin & Marlow, LLP shall be deemed
satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the
registration statement relating to the offer and sale of such securities has been filed by the Company and declared effective by
the U.S. Securities and Exchange Commission (the “Commission”) and compliance with applicable state securities
law has been established.

 

4. Registration Rights.

 

4.1 Reserved.

 

4.2 “Piggy-Back”
Registration.

 

4.2.1 Grant of Right.
In addition to the demand right of registration described in Section 4.1 hereof, the Holder shall have the right, for a period
of no more than seven (7) years from the date of effectiveness of the registration statement in accordance with FINRA Rule 5110(f)(2)(G)(v),
to include the Shares underlying the Purchase Warrants (collectively, the “Registrable Securities”) as part
of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule
145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form); provided, however, that
if, solely in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s)
thereof shall, in its reasonable discretion, impose a limitation on the number of shares of Common Stock which may be included
in the registration statement because, in such underwriter(s)’ judgment, marketing or other factors dictate such limitation
is necessary to facilitate public distribution, then the Company shall be obligated to include in such registration statement only
such limited portion of the Registrable Securities with respect to which the Holder requested inclusion hereunder as the underwriter
shall reasonably permit. Any exclusion of Registrable Securities shall be made pro rata among the Holders seeking to include Registrable
Securities in proportion to the number of Registrable Securities sought to be included by such Holders; provided, however,
that the Company shall not exclude any Registrable Securities unless the Company has first excluded all outstanding securities,
the holders of which are not entitled to inclusion of such securities in such registration statement or are not entitled to pro
rata inclusion with the Registrable Securities.

 

4.2.2 Terms. The
Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company
shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to
the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration
statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of
the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice within
ten (10) days of the receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise
provided in this Purchase Warrant, there shall be no limit on the number of times the Holder may request registration under this
Section 4.2.2; provided, however, that such registration rights shall terminate on the sixth anniversary of the Commencement
Date.

 

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4.3 General Terms.

 

4.3.1 Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of
the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or
liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or
defending against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise,
arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which
the Company has agreed to indemnify the Underwriters contained in Section 5.1 of the Underwriting Agreement between the Underwriters
and the Company, dated as of [___], 2018 (the “Underwriting Agreement”). The Holder(s) of the Registrable Securities
to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify
the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses
reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under
the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their
successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect
as the provisions contained in Section 5.2 of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify
the Company.

 

4.3.2 Exercise of
Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise their
Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.3.3 Documents Delivered
to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter
of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the
Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering,
an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort”
letter dated the effective date of such registration statement (and, if such registration includes an underwritten public offering,
a letter dated the date of the closing under the underwriting agreement) signed by the independent registered public accounting
firm or firms which has issued a report on the Company’s financial statements included in such registration statement, in
each case covering substantially the same matters with respect to such registration statement (and the prospectus included therein)
and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements,
as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in
underwritten public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering
requesting the correspondence and memoranda described below and to the managing underwriter, if any, copies of all correspondence
between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or
its staff with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon reasonable
advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary
to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties
and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent
and at such reasonable times as any such Holder shall reasonably request.

  

4.3.4 Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any
Holders whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably
satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder
and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other
terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to
any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that
any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be
made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or
agreements with the Company or the underwriters except as they may relate to such Holders, their Shares and their intended methods
of distribution.

 

4.3.5 Documents to
be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company
a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

 

    	 	4	 

     

    

 

4.3.6 Damages.
Should the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to
the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened
breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the
necessity of posting bond or other security.

 

5. New Purchase Warrants to be Issued.

 

5.1 Partial Exercise
or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole or
in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax
if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase
Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number
of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2 Lost Certificate.
Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant
and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant
of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction
shall constitute a substitute contractual obligation on the part of the Company.

 

6. Adjustments.

 

6.1 Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall
be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1 Share Dividends;
Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding shares
of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split up of shares of Common Stock or
other similar event, then, on the effective day thereof, the number of Shares purchasable hereunder shall be increased in proportion
to such increase in outstanding shares of Common Stock, and the Exercise Price shall be proportionately decreased.

 

6.1.2 Aggregation
of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding shares
of Common Stock is decreased by a consolidation, combination or reclassification of the shares of Common Stock or other similar
event, then, on the effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such
decrease in outstanding shares of Common Stock, and the Exercise Price shall be proportionately increased.

 

6.1.3 Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such shares of Common
Stock, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into another corporation
(other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and that
does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale
or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in
connection with which the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the
expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise
Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property
(including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation,
or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise
of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares covered
by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions
of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations,
or consolidations, sales or other transfers.

 

    	 	5	 

     

    

 

6.1.4 Changes in Form
of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1,
and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in
the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase
Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the
Commencement Date or the computation thereof.

  

6.2 Substitute Purchase
Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into,
another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification
or change of the outstanding shares of Common Stock), the corporation formed by such consolidation or share reconstruction or amalgamation
shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then
outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive,
upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon
such consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such Purchase
Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer.
Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this
Section 6. The above provision of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.

 

6.3 Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares upon the
exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being
the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may
be, to the nearest whole number of Shares or other securities, properties or rights.

 

7. Reservation and Listing. The
Company shall at all times reserve and keep available out of its authorized shares of Common Stock, solely for the purpose of issuance
upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be issuable upon
the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise
Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly
and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. The Company further
covenants and agrees that upon exercise of the Purchase Warrants and payment of the exercise price therefor, all Shares and other
securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive
rights of any shareholder. As long as the Purchase Warrants shall be outstanding, the Company shall use its commercially reasonable
efforts to cause all Shares issuable upon exercise of the Purchase Warrants to be listed (subject to official notice of issuance)
on all national securities exchanges (or, if applicable, on the OTC Bulletin Board or any successor trading market) on which the
Shares issued to the public in the Offering may then be listed and/or quoted.

 

8. Certain Notice Requirements.

 

8.1 Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to
receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder
of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event
at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination
of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of
the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder
a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is
given to the shareholders.

 

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8.2 Events Requiring
Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or
distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer
to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable
for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation
or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale
of all or substantially all of its property, assets and business shall be proposed.

 

8.3 Notice of Change
in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section
6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe
the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s
Chief Financial Officer.

 

8.4 Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall
be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company,
to following address or to such other address as the Company may designate by notice to the Holders:

 

If to the Holder:

 

A.G.P./Alliance Global Partners (“A.G.P.”)

590 Madison Avenue, 36th Floor

New York, New York 10022

Attn: Mr. David Bocchi, Managing Director of Investment Banking

Fax No.: (203) 662-9771

  

with a copy (which shall not constitute notice) to:

 

Sichenzia Ross Ference LLP

1185 Avenue of the Americas, 37th Floor

New York, NY 10036

Attention: Marc Ross, Esq.

Fax No: (212) 930-9725

 

If to the Company:

 

Creative Realities, Inc.

13100 Magisterial Drive, Suite 100

Louisville, Kentucky 40223

Attention: Mr. Richard Mills, Chief Executive Officer

Fax No: (502) 791-8797

 

with a copy (which shall not constitute notice) to:

 

Maslon LLP

3300 Wells Fargo Center

90 South Seventh Street

Minneapolis, MN 55402

Attention: Bradley Pederson, Esq

Fax No: (612) 672-8341

 

9. Miscellaneous.

 

9.1 Amendments.
The Company and A.G.P. may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders
in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with
any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and A.G.P. may deem necessary or desirable and that the Company and A.G.P. deem shall not adversely affect the interest of the
Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement
of the modification or amendment is sought.

 

    	 	7	 

     

    

 

9.2 Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3. Entire
Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in
connection with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject
matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the
subject matter hereof.

  

9.4 Binding Effect.
This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted
assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any
legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein
contained.

 

9.5 Governing Law;
Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees
that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought
and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served
upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage
prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall
be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees
and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on
its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby
irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.

 

9.6 Waiver, etc.
The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed
or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision
hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver
of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set
forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and
no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent
breach, non-compliance or non-fulfillment.

 

9.7 Execution in
Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

 

9.8 Exchange Agreement.
As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to
the complete exercise of this Purchase Warrant by Holder, if the Company and A.G.P. enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash
or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature Page Follows]

 

    	 	8	 

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Purchase Warrant to be signed by its duly authorized officer as of the _____ day of October, 2018.

 

	CREATIVE REALITIES, INC.	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 	9	 

     

    

 

[Form to be used to exercise Purchase
Warrant]

 

Date: __________, 20___

 

The undersigned
hereby elects irrevocably to exercise the Purchase Warrant for ______ shares of common stock, par value $0.01 per share (the “Shares”),
of Creative Realities, Inc., a Minnesota corporation (the “Company”), and hereby makes payment of $____ (at
the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase
Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the
number of Shares for which this Purchase Warrant has not been exercised.

 

or

 

The undersigned
hereby elects irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______ Shares,
as determined in accordance with the following formula:

 

	 	X	=	Y(A-B)	 
	A	 

 

	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per share

 

The undersigned
agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with
respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please issue
the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a
new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been converted.

 

Signature ____________________________________ 

 

Signature Guaranteed
___________________________

  

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	Name: 	 	 
	 	(Print in Block Letters)	 
	 	 	 
	Address: 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

NOTICE: The signature
to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or
any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership
on a registered national securities exchange.

 

    	 	10	 

     

    

 

[Form to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To be executed by the registered Holder
to effect a transfer of the within Purchase Warrant):

 

FOR VALUE RECEIVED, __________________
does hereby sell, assign and transfer unto the right to purchase shares of common stock, par value $0.01 per share, of Creative
Realities, Inc., a Minnesota corporation (the “Company”), evidenced by the Purchase Warrant and does hereby
authorize the Company to transfer such right on the books of the Company.

 

Dated: __________, 20__

 

Signature ____________________________________ 

 

Signature Guaranteed ___________________________

 

NOTICE: The signature to this form must
correspond with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change
whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on
a registered national securities exchange.

 

    	 	11Exhibit 4.5

 

FORM OF WARRANT AGREEMENT 

 

THIS WARRANT AGREEMENT made as of [_________],
2018 (the “Issuance Date”), between Creative Realities, Inc., a Minnesota corporation (the “Company”),
Computershare Inc., a Delaware corporation (“Computershare”), and its wholly-owned subsidiary, Computershare
Trust Company, N.A., a federally chartered trust company (and together with Computershare, the “Warrant Agent”).

 

WHEREAS, the Company has sold [___________]
shares of common stock, par value $0.01 per share (the “Common Stock” and includes any share capital into which
such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock), of the
Company and warrants to purchase up to [__________] shares of Common Stock (each, a “Warrant Share” and, collectively,
the “Warrant Shares”), subject to adjustment as described herein (each, a “Warrant” and,
collectively, the “Warrants”), pursuant to an Underwriting Agreement, dated [_________], 2018, between the Company
and A.G.P./Alliance Global Partners, as representative of the several underwriters named therein (the “Underwriting Agreement”);

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission a Registration Statement, No. 333-225876 on Form S-1 (as the same may be amended from time
to time, the “Registration Statement”) for the registration, under the Securities Act of 1933, as amended (the
“Act”) of Common Stock, the Warrants and the Common Stock issuable upon exercise of the Warrants (the “Warrant
Shares”), and such Registration Statement was declared effective on [________], 2018;

 

WHEREAS, the Company desires the Warrant
Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange and exercise of the Warrants;

 

WHEREAS, the Company desires to provide
for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things have been
done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on
behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Warrant Agreement.

 

NOW, THEREFORE, in consideration of the
mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of Warrant Agent.
The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts
such appointment and agrees to perform the same in accordance with the express terms and conditions set forth in this Warrant Agreement.

 

2. Warrants.

 

2.1 Form of Warrant. The Warrants
shall be registered securities and shall be initially evidenced by a global Warrant certificate (“Global Certificate”)
in the form of Exhibit A to this Warrant Agreement, which shall be deposited on behalf of the Company with a custodian for
The Depository Trust Company (“DTC”) and registered in the name of Cede & Co., a nominee of DTC. If
DTC subsequently ceases to make its settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding
making arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary
to have the Warrants available in, registration in the name of Cede & Co., a nominee of DTC, the Company may instruct
the Warrant Agent to provide written instructions to DTC to deliver to the Warrant Agent for cancellation the Global Certificate,
and the Company shall instruct the Warrant Agent to deliver to each Holder (as defined below) separate certificates evidencing
Warrants (“Definitive Certificates” and, together with the Global Certificate, “Warrant Certificates”),
in the form of Exhibit B to this Warrant Agreement. The Warrants represented by the Global Certificate are referred to as
“Global Warrants”.

 

    	 	1	 

     

    

 

2.2 Registration.

 

2.2.1 Warrant Register. The Warrant
Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the registration
of transfer of the Warrants. Any Person in whose name ownership of a beneficial interest in the Warrants evidenced by a Global
Certificate is recorded in the records maintained by DTC or its nominee shall be deemed the “beneficial owner” thereof,
provided that all such beneficial interests shall be held through a Participant (as defined below), which shall be the registered
holder of such Warrants.

 

2.2.2 Issuance of Warrants. Upon
the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver the Warrants in the DTC
settlement system in accordance with written instructions delivered to the Warrant Agent by the Company. Ownership of beneficial
interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained (i) by
DTC and (ii) by institutions that have accounts with DTC (each, a “Participant”), subject to a Holder’s
right to elect to receive a Warrant in certificated form in the form of Exhibit B to this Warrant Agreement. Any Holder
desiring to elect to receive a Warrant in certificated form shall make such request in writing delivered to the Warrant Agent pursuant
to Section 2.2.6, and shall surrender to the Warrant Agent the interest of the Holder on the books of the Participant evidencing
the Warrants which are to be represented by a Definitive Certificate through the DTC settlement system. Thereupon, the Warrant
Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may
be, as so requested.

 

2.2.3 Beneficial Owner; Holder.
Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the
person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”) as the absolute
owner of such Warrant for purposes of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant
Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the Company,
the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other
authorization furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights
of beneficial owners in a Warrant evidenced by the Global Certificate shall be exercised by the Holder or a Participant through
the DTC system, except to the extent set forth herein or in the Global Certificate.

 

2.2.4 Execution. The Warrant Certificates
shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized Officer”),
which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by facsimile signature.
The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant Agent, which need not be the same signatory
for all of the Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless so countersigned. In case
any Authorized Officer of the Company that signed any of the Warrant Certificates ceases to be an Authorized Officer of the Company
before countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless,
may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person who signed
such Warrant Certificates had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf
of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be an Authorized Officer
of the Company authorized to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement any
such person was not such an Authorized Officer.

 

2.2.5 Proxies. The Holder of a Warrant
may grant proxies or otherwise authorize any person, including the Participants and beneficial holders that may own interests through
the Participants, to take any action that a Holder is entitled to take under this Warrant Agreement or the Warrants; provided,
however, that at all times that Warrants are evidenced by Book Entry Warrant Certificate, exercise of those Warrants shall
be effected on their behalf by Participants through DTC in accordance the procedures administered by DTC.

 

    	 	2	 

     

    

 

2.2.6 Warrant Certificate Request.
A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate
Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of some or all of such
Holder’s Warrants for a Definitive Certificate evidencing the same number of Warrants, which request shall be in the form
attached hereto as Exhibit C (a “Warrant Certificate Request Notice” and the date of delivery of such
Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the deemed
surrender upon delivery by the Holder of a number of Global Warrants for the same number of Warrants evidenced by a Definitive
Certificate, a “Warrant Exchange”), the Warrant Agent shall, as soon as practicable, effect the Warrant Exchange
and shall, as soon as practicable, issue and deliver to the Holder a Definitive Certificate for such number of Warrants in the
name set forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the original issue date of
the Warrants, shall be manually executed by an authorized signatory of the Company, shall be in the form attached hereto as Exhibit
B, and shall be reasonably acceptable in all respects to such Holder. In connection with a Warrant Exchange, the Company agrees
to deliver, or to direct the Warrant Agent to deliver, the Definitive Certificate to the Holder within three (3) Business
Days of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice
(“Warrant Certificate Delivery Date”). The Company covenants and agrees that, upon the date of delivery of the
Warrant Certificate Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding
anything to the contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms
and conditions of the Warrants evidenced by such Warrant Certificate and the terms of this Warrant Agreement, shall not apply to
the Warrants evidenced by the Definitive Certificate. The Warrant Agent shall have no responsibility for any liquidated damages
that may be payable or paid to any Person under this paragraph for any failure by the Warrant Agent to deliver to the Holder the
Definitive Certificate, on the Company’s behalf. In addition, the Company shall indemnify and hold harmless the Warrant Agent
against all claims made against the Warrant Agent for any such failure except that the Company shall not be obligated to provide
any such indemnification if it is determined by a final, non-appealable judgment of a court of competent jurisdiction that such
failure is due to the Warrant Agent’s gross negligence, bad faith or willful misconduct.

 

2.2.7 For purposes of clarity, without limiting the rights and
immunities of the Warrant Agent, if there is a conflict between the express terms of this Warrant Agreement and any Definitive
Certificate in the form of Exhibit B hereto with respect to the terms of the Warrants, the terms of such Definitive Certificate
shall govern and control.

 

2.3 Detachability of Warrants. The Common Stock and the
Warrants will be issued separately and will be separately transferable immediately upon issuance.

 

3. Terms and Exercise of Warrants.

 

3.1 Exercise Price. The exercise
price per whole share of the Common Stock under each Warrant shall be $[______], subject to adjustment hereunder (the “Exercise
Price” or “Warrant Price”).

 

3.2 Duration of Warrants. A Warrant
may be exercised only during the period (the “Exercise Period”) commencing on the Issuance Date and terminating
at 5:00 P.M., Eastern time on the date sixty (60) months after the Issuance 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 (the “Expiration Date”). Each Warrant not exercised on or before the Expiration Date shall
become void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the close
of business on the Expiration Date.

 

    	 	3	 

     

    

 

3.3 Exercise of Warrants.

 

3.3.1 Exercise and Payment. Subject
to the provisions of this Warrant, the Holder may exercise this Warrant by delivering, not later than 5:00 P.M., New York City
time, on any Business Day during the Exercise Period (the “Exercise Date”) to the Company at its office designated
for such purpose (or such other office or agency of the Company as it may designate by notice in writing to the Holder at the address
of the Holder appearing on the books of the Company) of a duly executed facsimile copy (or.pdf copy via e-mail attachment) of the
Notice of Exercise in the form annexed to the Warrants (the “Notice of Exercise”). Within the earlier of (i)
two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following the date of exercise
as aforesaid, the Holder shall deliver the unpaid portion of the aggregate Exercise Price for the Warrant Shares specified in the
applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise
procedure specified in the Warrants is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall
be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which
case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which
the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion
of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares
purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall
maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection
to any Notice of Exercise within one (1) Business Day of receipt of such notice.

 

If any of (A) the Warrant, (b) the executed
Notice of Exercise or (C) the Exercise Price therefor, and all applicable taxes and charges due in connection therewith, is received
by the Company after 5:00 P.M., New York City time, on any date, or on a date that is not a Business Day, the Warrant with respect
thereto will be deemed to have been received and exercised on the Business Day next succeeding such date. For the avoidance of
doubt, the “Exercise Date” will be the date the materials in the foregoing sentence are received by the Company
(if by 5:00 P.M., New York City time), or the following Business Day (if after 5:00 P.M., New York City time), regardless of any
earlier date written on the materials. If the Warrant is received or deemed to be received after the Expiration Date, the exercise
thereof will be null and void and any funds delivered to the Company will be returned to the Holder, as the case may be, as soon
as practicable. In no event will interest accrue on any funds delivered to the Company in respect of an exercise or attempted exercise
of Warrants. The validity of any exercise of any Warrant will be determined by the Company in its sole discretion and such determination
will be final and binding upon the Holder. The Company shall not have any obligation to inform a Holder of the invalidity of any
exercise of Warrants.

 

The Warrant Agent shall not have any responsibility
or liability relating to the determination as to the validity of any exercise of Warrants which determination will be made by the
Company and the applicable registered holder, and the Warrant Agent may rely upon the instructions of the Company regarding the
validity of any exercise of Warrants. The Warrant Agent shall not have any obligation to inform a registered holder of the invalidity
of any exercise of Warrants. If the Company believes that an exercise by a registered holder is invalid the Company will promptly
notify such registered holder of the such fact and the reasons why it believes the exercise was invalid and will provide a copy
of such notice to the Warrant Agent as soon as practicable.

 

The Company shall calculate and transmit
to the Warrant Agent, and the Warrant Agent shall have no obligation under this Warrant Agreement to make cashless exercise calculations.
The number of shares of Common Stock to be issued on such cashless exercise will be determined by the Company (with written notice
thereof to the Warrant Agent) using the formula set forth in Section 3.3.8 of this Warrant Agreement. The Warrant Agent shall have
no duty or obligation to investigate or confirm whether the Company’s determination of the number of shares of Common Stock
to be issued on such exercise, pursuant to Section 3.3.8, is accurate or correct.

 

The Warrant Agent shall forward funds received
for warrant exercises in a given month by the 5th Business Day of the following month by wire transfer to an account designated
by the Company in writing.

 

All funds received by Computershare under
this Warrant Agreement that are to be distributed or applied by Computershare in the performance of services (the “Funds”)
shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare
in its name as agent for the Company. Until paid pursuant to the terms of this Warrant Agreement, Computershare will hold the Funds
through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating
above investment grade by Standard and Poor’s Corporation (LT Local Issuer Credit Rating), Moody’s Investors Service,
Inc. (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare
shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made by Computershare
in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third
party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits. Computershare
shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other Person.

 

    	 	4	 

     

    

 

3.3.2 Issuance of Certificates.
The Warrant Agent shall, within a reasonable time, advise the Company and the Company’s transfer agent and registrar (the
“Transfer Agent”) in respect of (a) the Warrant Shares issuable upon such exercise as to the number of
Warrants exercised in accordance with the terms and conditions of this Warrant Agreement, (b) the instructions of each registered
holder or Participant, as the case may be, with respect to delivery of the Warrant Shares issuable upon such exercise, and the
delivery of definitive Warrant Certificates, as appropriate, evidencing the balance, if any, of the Warrants remaining after such
exercise, (c) in case of a Book-Entry Warrant Certificate, the notation that shall be made to the records maintained by the
Depository, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance, if any,
of the Warrants remaining after such exercise and (d) such other information as the Company, the Warrant Agent or such transfer
agent and registrar shall reasonably require. So long as the Holder delivers the Warrant Price (or notice of a Cashless Exercise)
on or prior to the first (1st) Trading Day following the date on which the Warrant Exercise Documents have been delivered
to the Warrant Agent, then on or prior to 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 Warrant Exercise Documents
have been delivered to the Company, or, if the Holder does not deliver the Warrant Price (or notice of a Cashless Exercise) on
or prior to the first (1st) Trading Day following the date on which the Warrant Exercise Documents have been delivered to
the Warrant Agent, then on or prior to the first (1st) Trading Day following the date on which the Warrant Price (or notice
of a Cashless Exercise) is delivered (such earlier date, the “Share Delivery Date”), the Company shall cause
the Warrant Agent to (X) provided that the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program,
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 the Transfer
Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to the
address as specified in the Warrant Exercise Documents, a certificate, registered 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.

 

If the Warrant Agent fails to comply with
the preceding paragraphs in this Section 3.3.2 by the Share Delivery Date, then, without limiting the rights and immunities
of the Warrant Agent hereunder, in addition to other rights it may have hereunder, the registered holder or Participant will have
the right to rescind its exercise.

 

To the extent that a Restrictive Legend
Event occurs after the Holder has exercised this Warrant in accordance with the terms of the Warrant but prior to the delivery
of the Warrant Shares, the Company shall, at the election of the Holder, which shall be given within five (5) days of receipt of
such notice of the Restrictive Legend Event, either (A) rescind the previously submitted Notice of Exercise and the Company shall
return all consideration paid by the Holder for such shares upon such rescission or (B) treat the attempted exercise as a cashless
exercise as described in Section 3.3.8 and refund the cash portion of the exercise price to the Holder.

 

3.3.3 Valid Issuance. All shares
of Common Stock issued upon the proper exercise of a Warrant in conformity with this Warrant Agreement shall be validly issued,
fully paid and nonassessable.

 

3.3.4 Intentionally Omitted.

 

3.3.5 No Fractional Exercise. This
Warrant may be exercised only in whole numbers of Warrant Shares. No fractional Warrant Shares are to be issued upon the exercise
of the Warrant, but rather the number of Warrant Shares to be issued shall be rounded up or down, as applicable, to the nearest
whole number. If fewer than all the Warrants evidenced by this Warrant are exercised, a notation shall be made to the records maintained
by the Company evidencing the balance of the Warrants remaining after such exercise. Notwithstanding the rounding of Warrant Shares
in lieu of cash payout of fractional shares, the Company shall provide an initial funding of one thousand dollars ($1,000) for
the purpose of issuing cash in lieu of fractional shares. From time to time thereafter, the Warrant Agent may request additional
funding to cover payments for fractional Warrant Shares. The Warrant Agent shall have no obligation to make such payments for fractional
Warrant Shares unless the Company shall have provided the necessary funds to pay in full all amounts due and payable with respect
thereto. Upon expiration of the term of all Warrants or the earlier exercise of all Warrants any balance remaining of such funds
shall be paid to the Company.

 

    	 	5	 

     

    

 

3.3.6 No Transfer Taxes. Issuance
of Warrant Shares shall be made without charge to a registered holder for any issue or transfer tax or other incidental expense
in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
Shares shall be issued in the name of the registered holder or in such name or names as may be directed by the registered holder;
provided, however, that in the event Warrant Shares are to be issued in a name other than the name of the registered holder, a
Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the registered
holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax
incidental thereto. The Company shall pay all transfer agent fees required for same-day processing of any exercise notice. The
Warrant Agent shall not have any duty or obligation to take any action under any section of this Warrant Agreement that requires
the payment of taxes and/or charges unless and until it is satisfied that all such payments have been made.

 

3.3.7 Date of Issuance. Each person
in whose name any such certificate for shares of Common Stock is issued shall for all purposes be deemed to have become the holder
of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective
of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the stock transfer
books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business
on the next succeeding date on which the stock transfer books are open. Upon receipt by the Company of a duly executed Notice of
Exercise (which may be by facsimile or email), a registered holder shall be deemed to have exercised its Warrant as specified in
the Notice of Exercise for purposes of Regulation SHO promulgated under the Securities Exchange Act of 1934, as amended.

 

3.3.8 Optional Cashless Exercise.
If a Restrictive Legend Event has occurred and no exemption from the registration requirements is available, the Warrant shall
only be exercisable on a cashless basis (a “Cashless Exercise”). Notwithstanding anything herein to the contrary,
the Company shall not be required to make any cash payments or net cash settlement to the Holder in lieu of issuance of the Warrant
Shares. Upon a Cashless Exercise, the Holder shall be entitled to receive the number of Warrant Shares equal to the quotient obtained
by dividing [(A-B) (X)] by (A), where:

 

		A =	the VWAP on the Business Day immediately preceding
the Exercise Date

 

		B =	the Exercise Price then in effect for the applicable
Warrant Shares at the time of such exercise; and

 

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

 

If Warrant Shares are issued in such a
cashless exercise, the Company acknowledges and agrees that in accordance with Section 3(a)(9) of the Securities Act of 1933,
as amended, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, and the holding period
of the Warrants being exercised may be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any
position contrary to this Section 3.3.8.

 

3.3.9 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 registered holder
the number of Warrant Shares that are not disputed.

 

    	 	6	 

     

    

 

3.3.10 Limitations on Exercise.
The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this
Warrant, to the extent that after giving effect to the issuance of shares of Common Stock after exercise as set forth on the applicable
Notice of Exercise, the Holder (together with such Holder’s Affiliates (as defined in Rule 405 under the Securities Act of
1933), and any other persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially
own in excess of 4.99% of the Company’s Common Stock. For purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise
of the Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which
would be issuable upon exercise of the remaining, non-exercised portion of any Warrant beneficially owned by the Holder or any
of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 3.3.10, beneficial ownership shall
be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being
acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section
13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.
To the extent that the limitation contained in this Section 3.3.10 applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s
determination of whether such Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates)
and of which portion of this Warrant is exercisable, and the Company shall not have any obligation to verify or confirm the accuracy
of such determination and neither of them shall have any liability for any error made by the Holder. In addition, a determination
as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder. For purposes of this Section 3.3.10, in determining the number of outstanding shares of
Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most
recent periodic or annual report filed with the Securities and Exchange Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the Company’s transfer agent setting forth
the number of shares of Common Stock outstanding. The provisions of this Section 3.3.10 shall be construed and implemented in a
manner otherwise than in strict conformity with the terms of this Section 3.3.10 to correct this subsection (or any portion hereof)
which may be defective or inconsistent with the intended beneficial ownership limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall
apply to a successor holder of the Warrants.

 

3.4 Intentionally Omitted.

 

3.5 Cost Basis Information.

 

3.5.1 In the event of a cash exercise,
the Company hereby instructs the Warrant Agent to record cost basis for newly issued shares in a manner to be subsequently communicated
by the Company in writing to the Warrant Agent.

 

3.5.2 In the event of a cashless exercise,
the Company shall provide cost basis for shares issued pursuant to a cashless exercise at the time the Company confirms the number
of Warrant Shares issuable in connection with the cashless exercise to the Warrant Agent pursuant to Section 3.3.3 hereof.

 

3.6 Rule 144.

 

3.6.1 If the Warrant Shares are issued
in a cashless exercise, the Company and the registered holder undertaking such cashless exercise acknowledge and agree that in
accordance with Section 3(a)(9) of the Act, other than a change in law, the Warrant Shares take on the registered characteristics
of the Warrants being exercised. For purposes of Rule 144(d) promulgated under the Act, as in effect on the Issuance Date, it is
intended that the Warrant Shares issued in a cashless exercise shall be deemed to have been acquired by the holder of the Warrant
Shares, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date the Warrants being exercised
were originally issued pursuant to the Underwriting Agreement.

 

3.6.2 The Company shall, at all times prior
to the earlier to occur of (i) the date of sale or other disposition by the holders of a Warrant of or all shares of Common
Stock issued on exercise of such Warrant or (ii) the expiration or earlier termination of a Warrant if a Warrant has not been
exercised in full or in part on such date, use commercially reasonable efforts to timely file all reports required under the Exchange
Act and otherwise timely take all actions necessary to permit the holder of such Warrant and/or the shares of Common Stock issued
on exercise thereof to sell or otherwise dispose of such Warrant and shares pursuant to Rule 144 promulgated under the Act, provided
that the foregoing shall not apply in the event of a Merger Event following which the successor or surviving entity is not subject
to the reporting requirements of the Exchange Act. If the holder of a Warrant proposes to sell Common Stock issuable upon the exercise
of such Warrant in compliance with Rule 144, then, upon the holder of the Warrant’s written request to the Company, the Company
shall furnish to the holder of the Warrant, within five (5) Business Days after receipt of such request, a written statement
confirming the Company’s compliance with the filing and other requirements of such Rule 144.

 

    	 	7	 

     

    

 

4. Adjustments.

 

4.1 Voluntary Adjustment By Company.
The Company may at any time during the term of the Warrants 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.

 

4.2 Adjustment Upon Subdivision or Combination
of Common Stock. If the Company at any time after the Issuance Date subdivides (by any stock split, stock dividend, recapitalization,
reorganization, scheme, arrangement or otherwise) 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 after the Issuance Date combines (by any stock split, stock dividend, recapitalization,
reorganization, scheme, arrangement or otherwise) 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 4.2 shall become effective at the close of business on the date the
subdivision or combination becomes effective.

 

4.3 Intentionally Omitted.

 

4.4 Intentionally Omitted.

 

4.5 Reclassification, Consolidation,
Purchase, Combination, Sale or Conveyance. If, at any time while this Warrant is outstanding, (i) the Company, directly or
indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another person,
(ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition
of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of Common Stock
are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders
of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects
any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which
the Common Stock is effectively converted into or exchanged for other securities, cash or property, (v) the Company, directly or
indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another person whereby such other
person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other
person or other persons making or party to, or associated or affiliated with the other persons making or party to, such stock or
share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
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, the number of shares of Common Stock, if any,
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. 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”)
and for which shareholders received any equity securities of the Successor Entity, to assume in writing all of the obligations
of the Company under this Warrant Agreement in accordance with the provisions of this Section 4.5 pursuant to written agreements
and shall, upon the written request of the Holder of this Warrant, deliver to the Holder in exchange for this Warrant created by
this Warrant Agreement a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to the Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent
entity), if any, plus any Alternate Consideration, receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which the Warrant is exercisable immediately prior to such Fundamental Transaction, and with an exercise
price which applies the exercise price hereunder to such shares of capital stock, if any, plus any Alternate Consideration (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 such Warrant immediately prior to the consummation of such Fundamental Transaction). 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 Agreement and the Warrant referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant Agreement and the Warrant with the same effect as if such Successor Entity had been
named as the Company herein.

 

    	 	8	 

     

    

 

4.6 Other Events. If any event occurs
of the type contemplated by the provisions of Section 4.1, 4.2 or 4.5 but not expressly provided for by such provisions (including,
without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features to all
holders of Common Stock for no consideration), then the Company’s Board of Directors will, at its discretion and in good
faith, make an adjustment in the Exercise Price and the number of Warrant Shares or designate such additional consideration to
be deemed issuable upon exercise of this Warrant, so as to protect the rights of the Holder. 

 

4.7 Notices.

 

4.7.1 Adjustment to Exercise Price.
The number of Common Stock issuable upon the exercise of the Warrants and/or the Exercise Price may be subject to adjustment from
time to time upon the occurrence of certain events (“Adjustment Events”) and in accordance with certain procedures
set forth in Section 4 of this Warrant Agreement. The Company hereby agrees that it will provide the Warrant Agent with reasonable
notice of Adjustment Events. The Company further agrees that it will provide to the Warrant Agent with any new or amended exercise
terms. The Warrant Agent shall have no obligation under any Section of this Warrant Agreement to determine whether an Adjustment
Event has occurred or are scheduled or contemplated to occur or to calculate any of the adjustments set forth in this Warrant Agreement.

 

4.7.2 Notices of Certain Events to Allow
Exercise. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B)
the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize
the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of
any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially
all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities,
cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the
affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall
appear upon the Warrant Register of the Company, at least 10 calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (i) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled
to such dividend, distributions, redemption, rights or warrants are to be determined or (ii) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is
expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities,
cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided
that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate
action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material,
non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with
the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly
set forth herein.

 

    	 	9	 

     

    

 

4.8 Form of Warrant. The form of
Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment
may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Warrant
Agreement.

 

4.9 Calculations. All calculations
under this Section 4 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes
of this Section 4, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the
sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

5. Transfer and Exchange of Warrants.

 

5.1 Registration of Transfer. The
Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender
of such Warrant for transfer, duly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for
transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old
Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the Company
from time to time upon the request and at the expense of the Company.

 

5.2 Procedure for Surrender of Warrants.
Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant
Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so surrendered,
representing an equal aggregate number of Warrants; provided, however, that except as otherwise provided herein or in any Book-Entry
Warrant Certificate, each Book-Entry Warrant Certificate may be transferred only in whole and only to the Depository, to another
nominee of the Depository, to a successor depository, or to a nominee of a successor depository; provided further, however, that
in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant
and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating
that such transfer may be made and indicating whether the new Warrants or Warrant Shares must also bear a restrictive legend. Upon
any such registration of transfer, the Company shall execute, and the Warrant Agent shall countersign and deliver, in the name
of the designated transferee a new Warrant Certificate or Warrant Certificates of any authorized denomination evidencing in the
aggregate a like number of unexercised Warrants.

 

A party requesting transfer of Warrants
must provide any evidence of authority that may be required by the Warrant Agent, including but not limited to, a signature guarantee
from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association.

 

5.3 Fractional Warrants. The Warrant
Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate
for a fraction of a warrant.

 

5.4 Service Charges. A registered
holder shall not incur any service charge for any exchange or registration of transfer of Warrants.

 

5.5 Warrant Execution and Countersignature.
The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Warrant Agreement, the
Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant
Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

6. Other Provisions Relating to Rights of Registered Holders
of Warrants.

 

6.1 No Rights as Stockholder. Except
as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of a Warrant, shall not be entitled to
vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained
in the Warrants be construed to confer upon a registered holder, solely in its capacity as the Holder of a 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 that it is then entitled
to receive upon the due exercise of a Warrant. A Warrant does not entitle the registered holder thereof to any of the rights of
a stockholder

 

    	 	10	 

     

    

 

6.2 Lost, Stolen or Destroyed Warrants.
The Warrant Agent shall issue replacement Warrants in a form mutually agreed to by Warrant Agent and the Company for those certificates
alleged to have been lost, stolen or destroyed, upon receipt by Warrant Agent of an open penalty surety bond satisfactory to it
and holding it and Company harmless and, at the Company’s or the Rights Agent’s request, reimbursement to the Company
and the Warrant Agent of all reasonable expenses incidental thereto, absent notice to Warrant Agent that such certificates have
been acquired by a bona fide purchaser. Warrant Agent may, at its option, issue replacement Warrants for mutilated certificates
upon presentation thereof without such indemnity.

 

6.3 Authorized Shares. The Company
shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that will be sufficient
to permit the exercise in full of the Warrants..

 

7. Concerning the Warrant Agent and
Other Matters.

 

7.1 Payment of Taxes. The Company
will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect
of the issuance, transfer or delivery of shares of Common Stock upon the exercise of Warrants, but the Company or the Warrant Agent
shall not be obligated to pay any transfer taxes or charges in respect of the Warrants or such shares in connection with a transfer
to a different holder. The Warrant Agent shall not register any transfer or issue or deliver any Warrant Certificate(s) unless
or until the persons requesting the registration or issuance shall have paid to the Warrant Agent for the account of the Company
the amount of such transfer tax and charges, if any, or shall have established to the reasonable satisfaction of the Company and
the Warrant Agent that such transfer tax and charges, if any, have been paid.

 

7.2 Resignation, Consolidation, or Merger of Warrant Agent.

 

7.2.1 Appointment of Successor Warrant
Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further
duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company pursuant to the notice
provisions in Section 8.2 hereof. In the event the transfer agency relationship, if any, in effect between the Company and
the Warrant Agent terminates, the Warrant Agent will be deemed to have resigned automatically and be discharged from its duties
under this Warrant Agreement as of the effective date of such termination. If the office of the Warrant Agent becomes vacant by
resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant
Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such
resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his Warrant
for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the
County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether
appointed by the Company or by such court, shall be authorized under applicable laws to exercise the powers of a transfer agent
and subject to supervision or examination by federal or state authorities. After appointment, any successor Warrant Agent shall
be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like
effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary
or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring
to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request
of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities,
duties, and obligations.

 

7.2.2 Notice of Successor Warrant Agent.
In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent
and the transfer agent for the Common Stock not later than the effective date of any such appointment.

 

    	 	11	 

     

    

 

7.2.3 Merger or Consolidation of Warrant
Agent. Any Person into which the Warrant Agent may be merged or converted or with which it may be consolidated or any Person
resulting from any merger, conversion, or consolidation to which the Warrant Agent shall be a party, or any Person succeeding to
the business of the Warrant Agent, shall be the successor Warrant Agent under this Warrant Agreement without any further act by
the parties.

 

7.3 Fees and Expenses of Warrant Agent.

 

7.3.1 Remuneration. The Company
agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder in accordance with a fee
schedule to be mutually agreed upon and will reimburse the Warrant Agent upon demand for all expenditures (including the reasonable
expenses and fees of counsel) and disbursements that the Warrant Agent may reasonably incur in the incurred in the preparation,
delivery, negotiation, amendment, administration and execution of this Warrant Agreement and the exercise and performance of its
duties hereunder.

 

7.3.2 Further Assurances. The Company
shall perform, acknowledge and deliver or cause to be performed, acknowledged and delivered all such further and other acts, documents,
instruments and assurances as may be reasonably required by the Warrant Agent for the carrying out or performing by the Warrant
Agent of the provisions of this Warrant Agreement.

 

7.4 Liability of Warrant Agent.

 

7.4.1 Reliance on Company Statement.
Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem it necessary or desirable
that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or
matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and
established by a statement signed by the Chief Executive Officer, Chief Financial Officer, President or Chairman of the Board of
Directors of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon, and be held harmless for such reliance,
such statement for any action taken or suffered by it pursuant to the provisions of this Warrant Agreement, and shall not be held
liable in connection with any delay in receiving such statement.

 

7.4.2 Indemnification. The Company
covenants and agrees to indemnify and to hold the Warrant Agent harmless against any costs, expenses (including reasonable fees
of its legal counsel), losses or damages, which may be paid, incurred or suffered by or to which it may become subject, arising
from or out of, directly or indirectly, any claims or liability resulting from its actions or omissions as Warrant Agent pursuant
hereto; provided, that such covenant and agreement does not extend to, and the Warrant Agent shall not be indemnified with respect
to, such costs, expenses, losses and damages incurred or suffered by the Warrant Agent as a result of, or arising out of, its gross
negligence, bad faith, or willful misconduct (each as determined in a final, non-appealable judgment of a court of competent jurisdiction).

 

7.4.3 Instructions. From time to
time, the Company may provide the Warrant Agent with instructions concerning the services performed by the Warrant Agent hereunder.
In addition, at any time the Warrant Agent may apply to any officer of the Company for instruction, and may consult with legal
counsel for Warrant Agent or the Company with respect to any matter arising in connection with the services to be performed by
the Warrant Agent under this Warrant Agreement. The Warrant Agent and its agents and subcontractors shall not be liable and shall
be indemnified by the Company for any action taken or omitted by the Warrant Agent in reliance upon any Company instructions or
upon the advice or opinion of such counsel. The Warrant Agent shall not be held to have notice of any change of authority of any
person, until receipt of written notice thereof from the Company.

 

7.4.4 Exclusions. The Warrant Agent
shall have no responsibility with respect to the validity of this Warrant Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant
or condition contained in this Warrant Agreement or in any Warrant; nor shall it be responsible to make calculations under Section 3.3.8
or any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any
such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder
be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued
pursuant to this Warrant Agreement or any Warrant or as to whether any shares of Common Stock will when issued be valid and fully
paid and nonassessable.

 

    	 	12	 

     

    

 

7.4.5 Rights and Duties of Warrant Agent.

 

(a)  The Warrant Agent may consult
with legal counsel (who may be legal counsel for the Company), and the opinion or advice of such counsel shall be full and complete
authorization and protection to the Warrant Agent as to any action taken or omitted by it in accordance with such opinion or advice.

 

(b) The Warrant Agent shall not be liable
for or by reason of any of the statements of fact or recitals contained in this Warrant Agreement or in the Warrant Certificates
(except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and shall be
deemed to have been made by the Company only.

 

(c) The Warrant Agent shall not have any
duty or responsibility in the case of the receipt of any written demand from any holder of Warrants with respect to any action
or default by the Company, including, without limiting the generality of the foregoing, any duty or responsibility to initiate
or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company.

 

(d) The Warrant Agent and any stockholder,
director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company
or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the
Company or otherwise act as fully and freely as though it were not Warrant Agent under this Warrant Agreement. Nothing herein shall
preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity.

 

(e) The Warrant Agent may execute and exercise
any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorney or agents,
and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorney or
agents or for any loss to the Company resulting from any such act, default, neglect or misconduct, absent gross negligence, bad
faith or willful misconduct (each as determined by a final judgment of a court of competent jurisdiction) in the selection and
continued employment thereof.

 

(f) The Warrant Agent may rely on and shall
be held harmless and protected and shall incur no liability for or in respect of any action taken, suffered or omitted to be taken
by it in reliance upon any certificate, statement, instrument, opinion, notice, letter, facsimile transmission, telegram or other
document, or any security delivered to it, and believed by it to be genuine and to have been made or signed by the proper party
or parties, or upon any written or oral instructions or statements from the Company with respect to any matter relating to its
acting as Warrant Agent hereunder.

 

(g) The Warrant Agent shall not be obligated
to expend or risk its own funds or to take any action that it believes would expose or subject it to expense or liability or to
a risk of incurring expense or liability, unless it has been furnished with assurances of repayment or indemnity satisfactory to
it.

 

(h) The Warrant Agent shall not be liable
or responsible for any failure of the Company to comply with any of its obligations relating to any registration statement filed
with the Commission or this Warrant Agreement, including without limitation obligations under applicable regulation or law.

 

(i) The Warrant Agent shall not be accountable
or under any duty or responsibility for the use by the Company of any Warrants authenticated by the Warrant Agent and delivered
by it to the Company pursuant to this Warrant Agreement or for the application by the Company of the proceeds of the issue and
sale, or exercise, of the Warrants.

 

(j) The Warrant Agent shall act hereunder
solely as agent for the Company, and its duties shall be determined solely by the express provisions hereof (and no duties or obligations
shall be inferred or implied). The Warrant Agent shall not assume any obligations or relationship of agency or trust with any of
the owners or holders of the Warrants.

 

    	 	13	 

     

    

 

(k) The Warrant Agent may rely on and be
fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by an “eligible guarantor
institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature
guarantee program” or insurance program in addition to, or in substitution for, the foregoing; or (b) any law, act,
regulation or any interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed,
amended or repealed.

 

(l) In the event the Warrant Agent believes
any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or
document received by the Warrant Agent hereunder, the Warrant Agent, may, in its sole discretion, refrain from taking any action,
and shall be fully protected and shall not be liable in any way to Company, the holder of any Warrant Certificate or Book-Entry
Warrant Certificate or any other person or entity for refraining from taking such action, unless the Warrant Agent receives written
instructions signed by the Company which eliminates such ambiguity or uncertainty to the satisfaction of Warrant Agent. The foregoing
shall not eliminate any liability that the Company may have to any registered holder or holder of any Warrant Certificate or Book-Entry
Warrant Certificate.

 

7.5 Limitation on Liability of Warrant
Agent. Notwithstanding anything contained herein to the contrary, the Warrant Agent’s aggregate liability during any
term of this Warrant Agreement with respect to, arising from, or arising in connection with this Warrant Agreement, or from all
services provided or omitted to be provided under this Warrant Agreement, whether in contract, or in tort, or otherwise, is limited
to, and shall not exceed, the amounts paid hereunder by the Company to Warrant Agent as fees and charges, but not including reimbursable
expenses, during the twelve (12) months immediately preceding the event for which recovery from Warrant Agent is being sought.
Sections 7.1, 7.3, 7.4, 7.5 and 8.15 shall survive the expiration of the Warrants, the termination of this Warrant Agreement and
the resignation, replacement or removal of the Warrant Agent. The costs and expenses incurred in enforcing this right of indemnification
shall be paid by the Company.

 

7.6 Acceptance of Agency. The Warrant Agent hereby accepts
the agency established by this Warrant Agreement and agrees to perform the same upon the terms and conditions herein set forth
and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for,
and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of Common Stock through the exercise
of Warrants.

 

7.7 Opinion of Counsel. The Company
shall provide an opinion of counsel prior to the Issuance Date to set up a reserve of Warrants and related Common Stock. The opinion
shall state that all Warrants or Common Stock, as applicable, are: (1) registered under the Act, or are exempt from such registration,
and all appropriate state securities law filings have been made with respect to the warrants or shares; and (2) validly issued,
fully paid and non-assessable.

 

8. Miscellaneous Provisions.

 

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

 

8.2 Notices. Any notice, statement
or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on
the Company must be in writing and will be deemed to have been delivered: (i) upon receipt, if delivered personally; (ii) when
sent, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file
by the sending party); (iii) if sent by overnight courier service, one (1) Trading Day after deposit with an overnight courier
service with next day delivery specified, and (iv) if sent by certified mail or private courier service within five (5) days after
deposit of such notice, in each case, properly addressed to the party to receive the same. The addresses and facsimile numbers
for such communications shall be:

 

Creative Realities, Inc.

13100 Magisterial Drive, Suite 100

Louisville, KY 40223

Attn: Mr. Richard Mills, Chief Executive Officer

 

    	 	14	 

     

    

 

Any notice, statement or demand authorized
by this Warrant Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be
in writing and delivered by hand or overnight courier service addressed (until another address is filed in writing by the Warrant
Agent with the Company) as follows:

 

Computershare Inc.

Computershare Trust Company, N.A.

250 Royall Street

Canton, MA 02021

Attn: Client Services

 

8.3 Jurisdiction. The validity,
interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed in all respects by the laws of
the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating
in any way to this Warrant Agreement shall be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be
exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenience
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8.2 hereof.
Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

8.4 Persons Having Rights under this
Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from any of the provisions hereof
is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the
registered holders of the Warrants, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant,
condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained
in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and
of the registered holders of the Warrants.

 

8.5 Examination of the Warrant Agreement.
A copy of this Warrant Agreement shall be available at all reasonable times at the office of the Warrant Agent, for inspection
by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by
it.

 

8.6 Counterparts. This Warrant Agreement
may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Warrant
Agreement transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

 

8.7 Effect of Headings. The Section
headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof.

 

8.8 Amendments. Each Warrant may
be modified or amended or the provisions thereof waived with the written consent of the Company and the Holder. In addition, other
modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require
the written consent of A.G.P./Alliance Global Partners (“A.G.P.”) and the registered holders of a majority of
the then outstanding Warrants issued by the Company pursuant to that certain Underwriting Agreement. As a condition precedent to
the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a certificate from an Authorized
Officer that states that the proposed amendment is in compliance with the terms of this Section 8.8. Notwithstanding anything
in this Warrant Agreement to the contrary, the Warrant Agent shall not be required to execute any supplement or amendment to this
Warrant Agreement that it has determined would adversely affect its own rights, duties, obligations or immunities under this Warrant
Agreement. No supplement or amendment to this Warrant Agreement shall be effective unless duly executed by the Warrant Agent.

 

    	 	15	 

     

    

 

8.9 Severability. Wherever possible,
each provision of this Warrant Agreement shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant Agreement shall be prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
provisions of this Warrant Agreement; provided, however, that if such prohibited and invalid provision shall adversely affect the
rights, immunities, liabilities, duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to resign immediately
upon written notice to the Company.

 

8.10 Restrictions. Each registered
holder acknowledges that the Warrant Shares acquired upon the exercise of a Warrant, if not registered, and the registered holder
does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

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

 

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

 

8.13 Remedies. The registered holders,
in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant Agreement. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant Agreement and hereby agrees to waive and not
to assert the defense in any action for specific performance that a remedy at law would be adequate. Notwithstanding the foregoing
or anything else herein to the contrary, other than as expressly provided in Section 3.3.2, Section 3.4 or Section 4.5
hereof, if the Company is for any reason unable to issue and deliver Warrant Shares upon exercise of this Warrant as required pursuant
to the terms hereof, the Company shall have no obligation to pay to the holder any cash or other consideration or otherwise “net
cash settle” this Warrant; provided that the foregoing shall not limit or supersede the applicability of Section 4.5
hereof.

 

8.14 Confidentiality. The Warrant
Agent and the Company agree that all books, records, information and data pertaining to the business of the other party, including
inter alia, personal, non-public warrant holder information, which are exchanged or received pursuant to the negotiation or the
carrying out of this Warrant Agreement including the fees for services set forth in a mutually agreed upon schedule shall remain
confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law, including, without
limitation, pursuant to subpoenas from state or federal government authorities (e.g., in divorce and criminal actions).

 

8.15 Consequential Damages. Neither
party to this Warrant Agreement shall be liable to the other party for any consequential, indirect, special or incidental damages
under any provisions of this Warrant Agreement or for any consequential, indirect, punitive, special or incidental damages arising
out of any act or failure to act hereunder even if that party has been advised of or has foreseen the possibility of such damages.

 

8.16 Force Majeure. Notwithstanding
anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or failures in performance resulting
from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns
or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties
with information storage or retrieval systems, labor difficulties, war, or civil unrest.

 

    	 	16	 

     

    

 

9. Certain Definitions. For purposes of this Warrant
Agreement, the following terms not otherwise defined herein shall have the following meanings:

 

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

 

9.2 “Attribution Parties”
means, collectively, the following Persons and entities: (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 Persons whose beneficial ownership of the Company’s 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.

 

9.3 “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 or executive order to remain closed.

 

9.4 “Control” (including the terms “controlling”,
“controlled by” or “under common control with”) means the possession, direct or indirect, of the power
to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities,
by contract or otherwise.

 

9.5
“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.

 

9.6 “Merger
Event” means any of the following: (i) a sale, lease or other transfer of all or substantially all assets of the
Company, (ii) any merger or consolidation involving the Company in which the Company is not the surviving entity or in which
the outstanding shares of the Company’s capital stock are otherwise converted into or exchanged for shares of capital stock
or other securities or property of another entity, or (iii) any sale by holders of the outstanding voting equity securities
of the Company in a single transaction or series of related transactions of shares constituting a majority of the outstanding combined
voting power of the Company.

 

9.7 “Parent Entity”
of a Person means an entity that, directly or indirectly, controls the applicable Person, including such entity whose common stock
or equivalent equity security is quoted or listed on an Eligible Market (or, if so elected by the Holder, any other market, exchange
or quotation system), or, if there is more than one such Person or such entity, the Person or such entity designated by the Holder
or in the absence of such designation, such Person or entity with the largest public market capitalization as of the date of consummation
of the Fundamental Transaction.

 

9.8
“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.

 

9.9 “Principal Market” means the principal
securities exchange or securities market on which the Common Shares are then traded.

 

9.10 “Restrictive Legend Event”
shall be deemed to have occurred at any time that the Company is unable to issue the Warrant Shares via The Depository Trust Company
(“DTC”) transfer or otherwise (without restrictive legend), because (A) the Commission has issued a stop order
with respect to any registration statement registering the Warrant Shares (the “Registration Statement”), (B)
the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently,
(C) the Company has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently,
or (D) otherwise.

 

    	 	17	 

     

    

  

9.10 “Standard Settlement Period” means the
standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to
the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

9.11 “Successor
Entity” means one or more Person or Persons (or, if so elected by the Holder, the Company or Parent Entity) formed by,
resulting from or surviving any Fundamental Transaction or one or more Person or Persons (or, if so elected by the Holder, the
Company or the Parent Entity) with which such Fundamental Transaction shall have been entered into.

 

9.12 “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, then on the principal securities exchange or securities market on which the Common Stock is then traded.

 

9.13 “VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on NYSE AMEX, the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select Market or the New York Stock
Exchange (each, a “Trading Market”), the daily volume weighted average price of the Common Stock for such date (or
the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P.
(based on a trading day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time) on any day that the Trading Market
on which the Common Stock is then listed is open for trading), (b) the volume weighted average price of the Common Stock for such
date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading
on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC
Markets, 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 (d) in all other cases, the fair market value of a share of Common Stock as determined
by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and
reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. .

 

[Remainder of page intentionally left
blank. Signature page follows.] 

 

    	 	18	 

     

    

 

IN WITNESS WHEREOF, this Warrant Agreement has been duly executed
by the parties hereto as of the day and year first above written.

 

	 	CREATIVE REALITIES, INC.
	 	 	 
	 	By:	                    
	 	Name:	 
	 	Title:	 
	 	 
	 	COMPUTERSHARE INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	COMPUTERSHARE TRUST COMPANY, N.A.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Warrant Agreement]

  

    	 	 	 

     

    

 

EXHIBIT A

 

FORM OF GLOBAL CERTIFICATE

 

    	 	 	 

     

    

 

EXHIBIT B

 

FORM OF WARRANT CERTIFICATE

 

    	 	 	 

     

    

 

EXHIBIT B

 

FORM OF WARRANT CERTIFICATE REQUEST NOTICE

 

Form of Warrant Certificate Request Notice

 

WARRANT CERTIFICATE REQUEST NOTICE

 

To: Computer Share Inc. as Warrant Agent for Creative Realities,
Inc. (the “Company”)

 

The undersigned Holder of Common Stock Purchase Warrants (“Warrants”)
in the form of Global Warrants issued by the Company hereby elects to receive a Definitive Certificate evidencing the Warrants
held by the Holder as specified below:

 

	1.	Name of Holder of Warrants in form of Global Warrants:                             

 

	2.	Name of Holder in Definitive Certificate (if different from name of Holder of Warrants in form of Global Warrants):

 

	3.	Number of Warrants in name of Holder in form of Global Warrants:

 

	4.	Number of Warrants for which Definitive Certificate shall be issued:

 

	5.	Number of Warrants in name of Holder in form of Global Warrants after issuance of Definitive
Certificate, if any:

 

	6.	Definitive Certificate shall be delivered to the following address: 

 

		 

		 

		 

		 

   

The undersigned hereby acknowledges and agrees that, in connection
with this Warrant Exchange and the issuance of the Definitive Certificate, the Holder is deemed to have surrendered the number
of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Definitive Certificate.

 

	[SIGNATURE OF HOLDER]	 
	 	 
	Name of Investing Entity:	    
	 	 
	Signature of Authorized Signatory of Investing Entity:	 
	 	 
	Name of Authorized Signatory:	 
	 	 
	Title of Authorized Signatory:	 
	 	 
	Date:

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