Document:

EXHIBIT 10.2

 

FIRST AMENDMENT TO FIFTH AMENDMENT
AND WAIVER TO CREDIT AGREEMENT

 

This FIRST AMENDMENT
TO FIFTH AMENDMENT AND WAIVER TO CREDIT AGREEMENT (this “First Amendment to Fifth Amendment and Waiver”) is
entered into as of June 14, 2017, by and among Lower Lakes Towing Ltd. (“Lower Lakes”), Lower Lakes Transportation
Company (“LLTC”), Grand River Navigation Company, Inc. (“Grand River”), Black Creek Shipping
Company (“Black Creek”, together with Lower Lakes, LLTC and Grand River, the “Borrowers”),
Rand LL Holdings Corp. (“Parent”), Rand Logistics, Inc. (“Rand”), Rand Finance Corp. (“Rand
Finance”), Lower Lakes Ship Repair Company Ltd. (“LL Ship Repair”, together with Parent, Rand and
Rand Finance, the “Guarantors”; and the Guarantors, together with the Borrowers, the “Credit Parties”),
Lightship Capital LLC, as the lender under the Credit Agreement (the “Lender”) and Guggenheim Corporate Funding
LLC, as Agent (as defined below). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed
to such terms in the Credit Agreement (as hereinafter defined), and if not defined therein, in the Fifth Amendment and Waiver (as
hereinafter defined).

 

RECITALS

 

WHEREAS, reference
is made to (i) that certain Term Loan Credit Agreement, dated as of March 11, 2014 (as amended, restated, supplemented or otherwise
modified from time to time prior to the Effective Date referred to below, the “Credit Agreement”), by and among
Rand, Parent, the Borrowers, the Lender and Guggenheim Corporate Funding LLC, as agent (in such capacity, the “Agent”),
(ii) that certain Fifth Amendment and Waiver to Credit Agreement, dated as of May 31, 2017 (the “Fifth Amendment and Waiver”),
by and among the Credit Parties, the Lender and the Agent, and (iii) that certain Credit Agreement, dated as of March 27, 2015
(as amended, restated, supplemented or otherwise modified from time to time prior to the Effective Date, the “First Lien
Credit Agreement”), by and among the Borrowers, certain other credit parties from time to time thereto, the lenders from
time to time party thereto and the First Lien Agent;

 

WHEREAS, upon the Borrowers’
request, the Lender has agreed, subject to the terms and conditions set forth herein, to amend the Fifth Amendment and Waiver as
provided herein;

 

NOW, THEREFORE, in
consideration of the foregoing, the terms, covenants and conditions contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Section
1           
Amendment. As of the Effective Date, the defined term “Waiver Period” set forth in Section
2(c) of the Fifth Amendment and Waiver is hereby amended by replacing the date “June 14, 2017” appearing therein with
the date “June 30, 2017” in lieu thereof.

 

Section
2          
Representations and Warranties. Each of the Credit Parties hereby represents and warrants to Agent
and the Lender as follows:

 

(a)               
Each Credit Party is in good standing in its jurisdiction of incorporation or formation and is duly qualified in each jurisdiction
where, because of the nature of its activities or properties, such qualification is required, except for such jurisdictions where
the failure to so qualify could not reasonably be expected to have a Material Adverse Effect, and has all requisite power and authority
to execute, deliver and perform this First Amendment to Fifth Amendment and Waiver.

 

(b)               
The execution, delivery and performance of this First Amendment to Fifth Amendment and Waiver (i) have been duly authorized
by all requisite action of the Credit Parties and (ii) will not (A) contravene the terms of any Credit Party’s charter, bylaws
or other organizational documents, (B) violate any provision of applicable law, (C) conflict with or result in any material breach
or contravention of, or the creation of any Lien (other than any Permitted Encumbrance) under, any document evidencing any material
Contractual Obligation to which any Credit Party is a party or any order, injunction, writ or decree of any governmental authority
to which any Credit Party or its property is subject, or (D) require any approval of any holder of Equity Interests of a Credit
Party or any approval or consent of any Person under any Material Contract of any Credit Party, other than consents or approvals
that have been obtained and that are still in force and effect. This First Amendment to Fifth Amendment and Waiver has been duly
executed and delivered by each Credit Party party hereto.

 

     

     

    

 

(c)               
No registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority is required
in connection with the execution, delivery and performance by it of this First Amendment to Fifth Amendment and Waiver or the documents
and instruments executed in connection herewith, other than registrations, consents, approvals, notices, or other actions that
have been obtained and that are still in force and effect.

 

(d)               
Each of the Credit Parties represents and warrants that the execution, delivery and performance by each of the Credit Parties
of this First Amendment to Fifth Amendment and Waiver and the documents and instruments delivered in connection therewith have
been duly authorized by all necessary corporate action and that this First Amendment to Fifth Amendment and Waiver is a legal,
valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its terms, except as
the enforcement thereof may be subject to (i) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or
similar law affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforcement
is sought in a proceeding in equity or at law).

 

(e)               
No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation
of the transactions contemplated herein has been issued and remains in force by any Governmental Authority against any Borrower,
any Guarantor, Agent, or the Lender.

 

(f)                
No Default or Event of Default has occurred and is continuing as of the date of the effectiveness of this First Amendment
to Fifth Amendment and Waiver and after giving effect thereto, and no condition exists which constitutes a Default or an Event
of Default.

 

(g)               
Each of the Credit Parties hereby certifies that each of the representations and warranties contained in the Credit Agreement
and the other Loan Documents (as amended through the date hereof) is true and correct in all material respects (except that such
materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality
in the text thereof) on and as of the date hereof as if made on the date hereof, notwithstanding the reference to Closing Date
in such representations and warranties, except to the extent that any such representation or warranty is stated to relate solely
to an earlier date, in which case such representation or warranty shall be true and correct in all material respects (except that
such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof) on and as of such earlier date.

 

(h)               
This First Amendment to Fifth Amendment and Waiver has been entered into without force or duress, of the free will of each
Credit Party, and the decision of each Credit Party to enter into this First Amendment to Fifth Amendment and Waiver is a fully
informed decision and such Credit Party is aware of all legal and other ramifications of each decision.

 

    2 

     

    

 

(i)                
Each Credit Party has read and understands this First Amendment to Fifth Amendment and Waiver, has consulted with and been
represented by independent legal counsel of its own choosing in negotiations for and the preparation of this First Amendment to
Fifth Amendment and Waiver, has read this First Amendment to Fifth Amendment and Waiver in full and final form, and has been advised
by its counsel of its rights and obligations hereunder.

 

(j)                
The security interests granted pursuant to the Collateral Documents in the Collateral continue to be valid, binding, and
enforceable security interests which secure the Obligations and the Liens created by the Collateral Documents in the Collateral
constitute fully perfected Liens in favor of the Agent (subject only to the Liens permitted under the Credit Agreement).

 

Section
3           
Ratification of Liabilities, etc.. Each Credit Party hereby (a) acknowledges and reaffirms its obligations
owing to Agent and the Lender under each Loan Document to which it is a party, and (b) agrees that each of the Loan Documents to
which it is a party is and shall remain in full force and effect. Each Credit Party hereby (i) further ratifies and reaffirms the
validity and enforceability of all of the Liens and security interests heretofore granted, pursuant to and in connection with any
of the Loan Documents to Agent, on behalf and for the benefit of the Lender, as collateral security for the obligations under the
Loan Documents in accordance with their respective terms, and (ii) acknowledges that all of such Liens and security interests,
and all Collateral heretofore pledged as security for such obligations, continue to be and remain collateral for such obligations
from and after the date hereof (including, without limitation, from after giving effect to this First Amendment to Fifth Amendment
and Waiver).

 

Section
4           
Effect on Loan Documents. (a)  The Credit Agreement and each of the other Loan Documents
shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in
all respects. The execution, delivery, and performance of this First Amendment to Fifth Amendment and Waiver shall not operate,
except as expressly set forth herein, as a modification or waiver of any right, power, or remedy of Agent or the Lender under the
Credit Agreement or any other Loan Document. The waivers set forth in the Fifth Amendment and Waiver (as amended hereby) are limited
to the specifics thereof (including facts or occurrences on which the same are based), shall not apply with respect to any facts
or occurrences other than those on which the same are based, shall neither excuse any future noncompliance with the Loan Documents
nor operate as a waiver of any Default or Event of Default (other than the Specified Default), shall not operate as a consent to
any further waiver, consent or amendment or other matter under the Loan Documents, and shall not be construed as an indication
that any future waiver or amendment of covenants or any other provision of the Credit Agreement or any other Loan Document will
be agreed to, it being understood that the granting or denying of any waiver or amendment which may hereafter be requested by the
Credit Parties remains in the sole and absolute discretion of Agent and Lenders. To the extent that any terms or provisions of
the Fifth Amendment and Waiver (as amended hereby) conflict with those of the Credit Agreement or the other Loan Documents, the
terms and provisions of the Fifth Amendment and Waiver (as amended hereby) shall control.

 

(b)               
Upon and after the effectiveness of this First Amendment to Fifth Amendment and Waiver, each reference in the Credit Agreement
to “this Agreement”, “hereunder”, “herein”, “hereof” or words of like import referring
to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”,
“therein”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference
to the Credit Agreement as modified hereby.

 

    3 

     

    

 

(c)               
To the extent that any of the terms and conditions in any of the Loan Documents shall contradict or be in conflict with
any of the terms or conditions of the Credit Agreement, after giving effect to this First Amendment to Fifth Amendment and Waiver,
such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement
as modified hereby.

 

(d)               
This First Amendment to Fifth Amendment and Waiver is a “Loan Document” for purposes of the Credit Agreement
and the other Loan Documents.

 

(e)               
Any reference in this First Amendment to Fifth Amendment and Waiver to any agreement, instrument, or document shall include
all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements,
thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications,
renewals, replacements, substitutions, joinders, and supplements set forth herein).

 

Section
5           
Release.

 

(a)               
Effective on the date hereof, each Credit Party, for itself and on behalf of its successors, assigns, and officers, directors,
employees, agents and attorneys, and any Person acting for or on behalf of, or claiming through it, hereby waives, releases, remises
and forever discharges Agent and the Lender, each of their respective Affiliates, and each of their respective successors in title,
past, present and future officers, directors, employees, limited partners, general partners, investors, attorneys, assigns, subsidiaries,
shareholders, trustees, agents and other professionals and all other persons and entities to whom any member of the Lenders would
be liable if such persons or entities were found to be liable to such Credit Party (each a “Releasee” and collectively,
the “Releasees”), from any and all past, present and future claims, suits, liens, lawsuits, adverse consequences,
amounts paid in settlement, debts, deficiencies, diminution in value, disbursements, demands, obligations, liabilities, causes
of action, damages, losses, costs and expenses of any kind or character, whether based in equity, law, contract, tort, implied
or express warranty, strict liability, criminal or civil statute or common law (each a “Claim” and collectively,
the “Claims”), whether known or unknown, fixed or contingent, direct, indirect, or derivative, asserted or unasserted,
matured or unmatured, foreseen or unforeseen, past or present, liquidated or unliquidated, suspected or unsuspected, which such
Credit Party ever had, now has, or might hereafter have against any such Releasee which relates, directly or indirectly to the
Credit Agreement, any other Loan Document, or to any acts or omissions of any such Releasee with respect to the Credit Agreement
or any other Loan Document, or to the lenderborrower relationship evidenced by the Loan Documents, except for the duties and obligations
set forth in the Fifth Amendment and Waiver (as amended hereby). As to each and every Claim released hereunder, each Credit Party
hereby represents that it has received the advice of legal counsel with regard to the releases contained herein, and having been
so advised, specifically waives the benefit of the provisions of Section 1542 of the Civil Code of California which provides as
follows:

 

“A GENERAL RELEASE
DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

(b)               
As to each and every Claim released hereunder, each Credit Party also waives the benefit of each other similar provision
of applicable federal, provincial, or state law (including without limitation the laws of the state of New York), if any, pertaining
to general releases after having been advised by its legal counsel with respect thereto.

 

    4 

     

    

 

(c)               
Each Credit Party acknowledges that it may hereafter discover facts different from or in addition to those now known or
believed to be true with respect to such Claims and agrees that this instrument shall be and remain effective in all respects notwithstanding
any such differences or additional facts. Each Credit Party understands, acknowledges and agrees that the release set forth above
may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding
which may be instituted, prosecuted or attempted in breach of the provisions of such release.

 

(d)               
Each Credit Party, for itself and on behalf of its successors, assigns, and officers, directors, employees, agents and attorneys,
and any Person acting for or on behalf of, or claiming through it, hereby absolutely, unconditionally and irrevocably, covenants
and agrees with and in favor of each Releasee above that it will not sue (at law, in equity, in any regulatory proceeding or otherwise)
any Releasee on the basis of any Claim released, remised and discharged by such Person pursuant to the above release. Each Credit
Party further agrees that it shall not dispute the validity or enforceability of the Credit Agreement or any of the other Loan
Documents or any of its obligations thereunder, or the validity, priority, enforceability or the extent of Agent’s Lien on
any item of Collateral under the Credit Agreement or the other Loan Documents. If any Credit Party, or any of their respective
successors, assigns, or officers, directors, employees, agents or attorneys, or any Person acting for or on behalf of, or claiming
through it violate the foregoing covenant, such Person, for itself and its successors, assigns and legal representatives, agrees
to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys’ fees
and costs incurred by such Releasee as a result of such violation.

 

Section
6           
Construction. This First Amendment to Fifth Amendment and Waiver and all other agreements and documents
executed and/or delivered in connection herewith have been prepared through the joint efforts of all of the parties hereto. Neither
the provisions of this First Amendment to Fifth Amendment and Waiver or any such other agreements and documents nor any alleged
ambiguity therein shall be interpreted or resolved against any party on the ground that such party or its counsel drafted this
First Amendment to Fifth Amendment and Waiver or such other agreements and documents, or based on any other rule of strict construction.
Each of the parties hereto represents and declares that such party has carefully read this First Amendment to Fifth Amendment and
Waiver and all other agreements and documents executed in connection therewith, and that such party knows the contents thereof
and signs the same freely and voluntarily. The parties hereto acknowledge that they have been represented by legal counsel of their
own choosing in negotiations for and preparation of this First Amendment to Fifth Amendment and Waiver and all other agreements
and documents executed in connection herewith and that each of them has read the same and had their contents fully explained by
such counsel and is fully aware of their contents and legal effect.

 

Section
7           
Counterparts. This First Amendment to Fifth Amendment and Waiver may be executed in any number
of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed
to be an original, and all of which, when taken together, shall constitute but one and the same Waiver. Delivery of an executed
counterpart of this First Amendment to Fifth Amendment and Waiver by telefacsimile or other electronic method of transmission shall
be equally as effective as delivery of an original executed counterpart of this First Amendment to Fifth Amendment and Waiver.
Any party delivering an executed counterpart of this First Amendment to Fifth Amendment and Waiver by telefacsimile or other electronic
method of transmission also shall deliver an original executed counterpart of this First Amendment to Fifth Amendment and Waiver,
but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of
this First Amendment to Fifth Amendment and Waiver.

 

    5 

     

    

 

Section
8           
Severability. In case any provision in this First Amendment to Fifth Amendment and Waiver shall be
invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Waiver and the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section
9           
Further Assurances. The Borrowers and each other Credit Party agrees to, and to cause any other Credit
Party to, take all further actions and execute all further documents as the Agent may (or at the direction of the Lender, shall)
from time to time reasonably request to carry out the transactions contemplated by this First Amendment to Fifth Amendment and
Waiver and all other agreements executed and delivered in connection herewith.

 

Section
10        Section
Headings. The headings and underscoring of articles, sections and clauses have been included herein for convenience only
and shall not be considered in interpreting this First Amendment to Fifth Amendment and Waiver.

 

Section
11        Notices.
All notices, requests, and demands to or upon the respective parties hereto shall be given in accordance with the Credit Agreement.

 

Section
12        Governing
Law. This First Amendment to Fifth Amendment and Waiver shall be governed by, and construed in accordance with, the internal
laws of the State of New York.

 

Section
13        Effectiveness.
This First Amendment to Fifth Amendment and Waiver shall become effective at the time (the “Effective Date”)
that all of the following conditions precedent have been satisfied as determined by the Lender in its sole discretion:

 

(a)               
Agreement. The Agent and the Lender shall have received duly executed signature pages for this First Amendment to
Fifth Amendment and Waiver signed by the Borrowers, each other Credit Party, the Agent and the Lender.

 

(b)               
First Lien Credit Agreement Waiver. Agent and the Lender shall have received an amendment to that certain Amendment
No. 4 and Waiver to Credit Agreement, dated as of May 31, 2017, in form and substance satisfactory to the Lender, duly executed
and delivered by the parties thereto, which shall be in full force and effect.

 

(c)               
Accuracy of Representations. After giving effect to this First Amendment to Fifth Amendment and Waiver, the representations
and warranties contained herein, in the Credit Agreement and in the other Loan Documents, in each case shall be true and correct
in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties
that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though made on and
as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case
such representations and warranties shall continue to be true and correct in all material respects (except that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in
the text thereof) as of such earlier date).

 

(d)               
No Contravention. No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly,
the consummation of the transactions contemplated herein shall have been issued and remain in force by any Governmental Authority
against any Credit Party, the Agent or the Lender.

 

    6 

     

    

 

(e)               
No Default or Event of Default. After giving effect to this First Amendment to Fifth Amendment and Waiver, no Default
or Event of Default shall have occurred and be continuing as of the Effective Date.

 

Section
14        Successors
and Assign. This First Amendment to Fifth Amendment and Waiver (i) shall be binding upon the Credit Parties, the Agent
and the Lender and upon their respective nominees, successors and assigns, and (ii) shall inure to the benefit of the Credit Parties,
the Agent and the Lender.

 

Section
15        Amendments.
No provision of this First Amendment to Fifth Amendment and Waiver may be amended, modified, waiver or supplemented, except by
written agreement between Borrowers, each other Credit Party and the Lender.

 

Section
16       SUBMISSION
TO JURISDICTION; WAIVER OF JURY TRIAL. THIS FIRST AMENDMENT TO FIFTH AMENDMENT AND WAIVER SHALL BE SUBJECT TO THE PROVISIONS
REGARDING JURISDICTION AND WAIVER OF JURY TRIAL SET FORTH IN SECTIONS 11.9 AND 11.19 OF THE CREDIT AGREEMENT, AND
SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

Section
17        Time
of Essence. Time is of the essence of this First Amendment to Fifth Amendment and Waiver.

 

[Signature pages to follow]

 

    7 

     

    

 

IN WITNESS WHEREOF,
this First Amendment to Fifth Amendment and Waiver has been executed by the parties hereto as of the date first written above.

 

	 	LOWER LAKES TOWING LTD., as a Borrower
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 
	 	 
	 	LOWER LAKES TRANSPORTATION COMPANY, as a Borrower
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 
	 	 
	 	GRAND RIVER NAVIGATION COMPANY, INC., as a Borrower
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 
	 	 
	 	BLACK CREEK SHIPPING COMPANY, INC., as a Borrower
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 
	 	 
	 	RAND LOGISTICS, INC., as a Guarantor
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 
	 	 
	 	RAND LL HOLDINGS CORP., as a Guarantor
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 

 

Signature Page to First Amendment to
Fifth Amendment and Waiver to Rand Credit Agreement

 

     

     

    

 

	 	RAND FINANCE CORP., as a Guarantor
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 
	 	 
	 	LOWER LAKES SHIP REPAIR COMPANY LTD., as a Guarantor
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 

 

Signature Page to First Amendment to
Fifth Amendment and Waiver to Rand Credit Agreement

 

     

     

    

 

	 	LIGHTSHIP CAPITAL LLC, as Lender
	 	 
	 	By: /s/ Jason Perri
	 	Name: Jason Perri 
	 	Title: President 

 

Signature Page to First Amendment to
Fifth Amendment and Waiver to Rand Credit Agreement

 

     

     

    

 

	 	GUGGENHEIM CORPORATE FUNDING LLC, as Agent
	 	 
	 	By: /s/ Kevin Robinson
	 	Name: Kevin Robinson
	 	Title: Attorney-in-Fact

   

Signature Page to First Amendment to
Fifth Amendment and Waiver to Rand Credit AgreementExhibit 4.2

 

Form of Underwriter’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) JOSEPH GUNNAR & CO., LLC OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER
OR PARTNER OF JOSEPH GUNNAR & CO., LLC OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS PURCHASE WARRANT IS
NOT EXERCISABLE PRIOR TO [________________], 2018 AND VOID AFTER 5:00 P.M., EASTERN TIME, [_________________], 2022

 

WARRANT TO PURCHASE COMMON STOCK

 

HUNTING DOG CAPITAL CORP.

 

Warrant Shares: _______

Initial Exercise Date: ______,

 

THIS WARRANT TO PURCHASE
COMMON STOCK (the “Warrant”) certifies that, for value received, Joseph Gunnar & Co., LLC or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after ____, 2018 (the “Initial Exercise Date”) and, in accordance with FINRA Rule
5110(f)(2)(G)(i), prior to at 5:00 p.m. (New York time) on the date that is five (5) years following the Effective Date (the “Termination
Date”) but not thereafter, to subscribe for and purchase from Hunting Dog Capital Corp., a Delaware corporation (the
“Company”), up to ______ shares of Common Stock, par value $0.0001 per share, of the Company (the “Warrant
Shares”), as subject to adjustment hereunder. The purchase price of one share of Common Stock under this Warrant shall
be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1. Definitions.
In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

    	 	Ex. D-1	 

     

    

 

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

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

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

 

“Trading
Day” means a day on which the New York Stock Exchange is open for trading.

 

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

 

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

 

Section 2. Exercise.

 

a)                 
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after
the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the
Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of
the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise Form annexed hereto. Within three
(3) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares
specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the
cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. Notwithstanding
anything herein to the contrary, 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 the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise Form within two (2) Business Days of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on
the face hereof.

 

    	 	Ex. D-2	 

     

    

 

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

 

c)                 
Cashless Exercise. If at any time after the 6 month anniversary of the Initial Exercise Date, there is no effective registration
statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder,
then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which
the Holder shall be entitled to receive the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by
(A), where:

 

		(A) =	the VWAP on the Trading Day immediately preceding the
date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the applicable
Notice of Exercise;

 

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

 

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

 

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

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

    	 	Ex. D-3	 

     

    

 

d)                
Mechanics of Exercise.

 

i.           
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by its transfer agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is
then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by Holder, or (B) the Warrant Shares are eligible for resale by the Holder without
volume or manner-of-sale limitations pursuant to Rule 144 and, in either case, the Warrant Shares have been sold by the Holder
prior to the Warrant Share Delivery Date (as defined below), and otherwise by physical delivery of a certificate, registered in
the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder
is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is three
(3) Trading Days after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery
Date”). If the Warrant Shares can be delivered via DWAC, the transfer agent shall have received from the Company any
legal opinions or other documentation required by it to deliver such Warrant Shares without legend (subject to receipt by the Company
of reasonable back up documentation from the Holder, including with respect to affiliate status) and, if applicable and requested
by the Company prior to the Warrant Share Delivery Date, the transfer agent shall have received from the Holder a confirmation
of sale of the Warrant Shares (provided the requirement of the Holder to provide a confirmation as to the sale of Warrant Shares
shall not be applicable to the issuance of unlegended Warrant Shares upon a cashless exercise of this Warrant if the Warrant Shares
are then eligible for resale pursuant to Rule 144(b)(1)). The Warrant Shares shall be deemed to have been issued, and Holder or
any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes,
as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted)
and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares,
having been paid. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise
by the second Trading Day following the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated
damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock
on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading
Day after such liquidated damages begin to accrue) for each Trading Day after the second Trading Day following such Warrant Share
Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.

 

ii.           
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

iii.           
Rescission Rights. If the Company fails to cause its transfer agent to deliver to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise; provided,
however, that the Holder shall be required to return any Warrant Shares or Common Stock subject to any such rescinded exercise
notice concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and the
restoration of Holder’s right to acquire such Warrant Shares pursuant to this Warrant (including, issuance of a replacement
warrant certificate evidencing such restored right).

 

    	 	Ex. D-4	 

     

    

 

iv.           
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause its transfer agent to transmit to the Holder the Warrant Shares pursuant to an exercise
on or before the second Trading Day following the Warrant Share Delivery Date, and if after such date the Holder is required by
its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares
of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving
upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by
which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased
exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the
Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation
was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant
Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder
the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In
with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The
Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon
request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other
remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant
as required pursuant to the terms hereof.

 

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

 

vi.           
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto. The Company shall pay all transfer agent fees required for same-day processing of any Notice of Exercise.

 

    	 	Ex. D-5	 

     

    

 

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

 

viii.       
Signature. This Section 2 and the exercise form attached hereto set forth the totality of the procedures
required of the Holder in order to exercise this Purchase Warrant.  Without limiting the preceding sentences, no
ink-original exercise form shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization)
of any exercise form be required in order to exercise this Purchase Warrant.  No additional legal opinion, other
information or instructions shall be required of the Holder to exercise this Purchase Warrant.  The Company shall honor
exercises of this Purchase Warrant and shall deliver Shares underlying this Purchase Warrant in accordance with the terms,
conditions and time periods set forth herein.

 

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

 

    	 	Ex. D-6	 

     

    

 

Section 3. Certain
Adjustments.

 

a)                 
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.
For the purposes of clarification, the Exercise Price of this Warrant will not be adjusted in the event that the Company or any
Subsidiary thereof, as applicable, sells or grants any option to purchase, or sell or grant any right to reprice, or otherwise
dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common
Stock Equivalents, at an effective price per share less than the Exercise Price then in effect.

 

    	 	Ex. D-7	 

     

    

 

b)                 
[RESERVED]

 

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

 

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

 

    	 	Ex. D-8	 

     

    

 

e)                 
Fundamental Transaction. 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, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held
by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then,
upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the
successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the
“Alternate Consideration”) receivable by holders of Common Stock as a result of such Fundamental Transaction
for each share of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion
the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components
of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of
the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares
of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this
Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares
of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction
and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose
of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which
is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor
Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right
and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such
Successor Entity had been named as the Company herein.

 

    	 	Ex. D-9	 

     

    

 

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

 

g)                 
Notice to Holder.

 

i.            
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.          
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock,
(C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale
or transfer of all or substantially all of 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 a notice to the
Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the
applicable record or effective date hereinafter specified, stating (x) the date on which a record is to be taken for the purpose
of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders
of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective
or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their
shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger,
sale, transfer or share exchange; provided that the failure to provide such notice or any defect therein 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.

 

    	 	Ex. D-10	 

     

    

 

Section 4. Transfer
of Warrant.

 

a)                 
Transferability. Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise of
this Warrant shall be 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 the securities by any person for a period of
180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant
is being issued, except the transfer of any security:

 

i.      by
operation of law or by reason of reorganization of the Company;

 

ii.    
to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain
subject to the lock-up restriction in this Section 4(a) for the remainder of the time period;

 

iii.   
if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being
offered;

 

iv.   that
is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages
or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of the equity
in the fund; or

 

v.     the exercise
or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for the
remainder of the time period.

 

Subject to the
foregoing restriction, any applicable securities laws and the conditions set forth in Section 4(d), this Warrant and all rights
hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this
Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially
in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new
holder for the purchase of Warrant Shares without having a new Warrant issued.

 

    	 	Ex. D-11	 

     

    

 

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

 

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

 

d)                
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a
view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

Section 5.
                 Piggyback Registration Rights.
To the extent the Company does not maintain an effective registration statement for the Warrant Shares and in the further event
that the Company files a registration statement with the Commission covering the sale of its shares of Common Stock (other than
a registration statement on Form S-4 or S-8, or on another form, or in another context, in which such “piggyback” registration
would be inappropriate), then, for a period commencing on the Initial Exercise Date and terminating on the second (2nd) anniversary
of the Initial Exercise Date, the Company shall give written notice of such proposed filing to the holders of Warrant Shares as
soon as practicable but in no event less than ten (10) business days before the anticipated filing date, which notice shall describe
the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the
proposed managing underwriter or underwriters, if any, of the offering, and offer to the holders of Warrant Shares in such notice
the opportunity to register the sale of such number of shares of Warrant Shares as such holders may request in writing within five
(5) business days after receipt of such notice (a “Piggyback Registration”). The Company shall cause such Warrant Shares
to be included in such registration and shall use its best efforts to cause the managing underwriter or underwriters of a proposed
underwritten offering to permit the Warrant Shares requested to be included in a Piggyback Registration on the same terms and conditions
as any similar securities of the Company and to permit the sale or other disposition of such Warrant Shares in accordance with
the intended method(s) of distribution thereof. All holders of Warrant Shares proposing to distribute their securities through
a Piggyback Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form
with the underwriter or underwriters selected for such Piggyback Registration.

 

Section 6.                    Miscellaneous.

 

a)                 
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).

 

    	 	Ex. D-12	 

     

    

 

b)                 
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the Warrant Shares,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of
such Warrant or stock certificate.

 

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

 

d)                
Authorized Shares.

 

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

 

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

 

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

 

    	 	Ex. D-13	 

     

    

 

e)                 Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the provisions of the underwriting agreement, dated ______, 2017, by and between the Company and
Joseph Gunnar, LLC as representative of the underwriters set forth therein (the “Underwriting Agreement”).

 

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

 

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

 

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

 

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

 

j)                  Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be
adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to
waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

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

 

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

 

    	 	Ex. D-14	 

     

    

 

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

 

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

 

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

 

(Signature Page Follows)

 

    	 	Ex. D-15	 

     

    

 

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

 

	 	HUNTING DOG CAPITAL CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	Ex. D-16	 

     

    

 

NOTICE OF EXERCISE

 

		TO:	[COMPANY]

_________________________

 

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

 

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

 

 ̈
in lawful money of the United States; or

 

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

 

(3)   Please register
and issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)   Accredited
Investor. If the Warrant is being exercised via cash exercise, the undersigned is an “accredited investor” as defined
in Regulation D promulgated under the Securities Act of 1933, as amended

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity: 	 

 

	Signature of Authorized Signatory of Investing Entity: 	 

 

	Name of Authorized Signatory: 	 

 

	Title of Authorized Signatory: 	 

 

	Date: 	 

 

    	 	Ex. D-17	 

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

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

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

Dated: ______________,
_______

 

Holder’s Signature: _____________________________

 

Holder’s Address: _____________________________

 

_____________________________

 

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

 

    	 	Ex. D-18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]