Document:

EX-4.2

 Exhibit 4.2 

[Form of 3.814% Fixed/Floating Rate Notes due 2029] 
  

			
	Registered No.	  	CUSIP No. 38141G WV2
		  	ISIN No. US38141GWV21

 (Face of Security) 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE AS DEFINED HEREIN ON THE REVERSE OF THIS SECURITY AND IS REGISTERED
IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN
SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE GOLDMAN SACHS GROUP, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THIS SECURITY IS NOT A BANK DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY, NOR
IS IT AN OBLIGATION OF, OR GUARANTEED BY, A BANK. 
 (Face of Security continued on next page) 

 THE GOLDMAN SACHS GROUP, INC. 

3.814% Fixed/Floating Rate Notes due 2029 

The Goldman Sachs Group, Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company”, which term includes any successor Person under the Indenture as defined on the reverse of this Security), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of          on April 23, 2029. The
Company further promises to pay interest on said principal sum as follows: 
 Prior to April 23, 2028. The Company will pay
interest on the principal sum hereof at the rate of 3.814% per annum from and including January 23, 2018 (or from the most recent Interest Payment Date prior to April 23, 2028 to which interest has been paid or duly provided for) to
but excluding April 23, 2028 (or, if the Maturity of the principal hereof occurs prior to such date, until the earlier of such date or the date the principal is paid or made available for payment), payable semi-annually. Such interest will be
payable in arrears on April 23 and October 23 in each year, commencing on October 23, 2018 and including April 23, 2028 (each an “Interest Payment Date”), and at any Maturity of the principal hereof prior to such date.

 On and after April 23, 2028. The Company will pay interest on the principal sum hereof at a floating rate per annum of
1.158% above LIBOR (subject to adjustment by the Calculation Agent as described below), determined in accordance with the applicable provisions below and reset effective each Interest Reset Date, from and including April 23, 2028 (or from the
most recent Interest Payment Date thereafter to which interest has been paid or duly provided for) until the principal hereof is paid or made available for payment. Such interest will be payable quarterly in arrears on January 23,
April 23, July 23 and October 23 in each year, commencing on July 23, 2028 (each an “Interest Payment Date”), and at the Maturity of the principal hereof on or after April 23, 2028 

Any installment of interest that is overdue shall also bear interest at the same rate in effect during the Interest Period ending on the day
prior to the due date of such installment of interest (to the extent that the payment of such interest shall be legally enforceable), from the date any such overdue installment first becomes due until it is paid or made available for payment.
Notwithstanding the foregoing, interest on any installment of interest that is overdue shall be payable on demand, subject to the provisions in the Indenture. 

On each Interest Payment Date on or before April 23, 2028, the amount of interest payable shall be calculated by multiplying the
principal amount by an accrued interest factor for the Interest Period. Such accrued interest factor shall be expressed as a decimal and computed by multiplying the annual interest rate times the number of days in the Interest Period
in respect of which payment is being made, divided by 360, calculated on a formula basis as follows (such formula, the “30/360 (ISDA) Day Count Convention”): 
  

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 [360×(Y2–Y1)]+[30×(M2–M1)]+(D2–D1) 

360 
 where: 

“Y1” is the year, expressed as a number, in which the first day of the Interest Period falls; 

“Y2” is the year, expressed as a number, in which the day immediately following the last day included in the Interest Period falls;

 “M1” is the calendar month, expressed as a number, in which the first day of the Interest Period falls; 

“M2” is the calendar month, expressed as a number, in which the day immediately following the last day included in the Interest
Period falls; 
 “D1” is the first calendar day, expressed as a number, of the Interest Period, unless such number would be 31, in
which case D1 will be 30; and 
 “D2” is the calendar day, expressed as a number, immediately following the last day included in
the Interest Period, unless such number would be 31 and D1 is greater than 29, in which case D2 will be 30. 
 On each Interest Payment Date
after April 23, 2028, the amount of interest payable shall be calculated by the Calculation Agent by multiplying the principal amount by an accrued interest factor for the Interest Period. Such accrued interest factor shall be expressed
as a decimal and computed by multiplying the interest rate determined as set forth below for such Interest Period (also expressed as a decimal) by the Actual/360 (ISDA) Day Count Convention for such Interest Period, which is the actual number
of days in the Interest Period divided by 360. 
 Payments of interest on this Security with respect to any Interest Payment Date, or
at the Maturity of the principal hereof, will include interest accrued to but excluding such Interest Payment Date or the date of such Maturity, as the case may be. 

Notwithstanding the foregoing, interest on this Security shall not be higher than the maximum rate permitted by New York law, as it may be
modified by U.S. law of general applicability. 
 For the purposes of this Security, LIBOR to take effect on any Interest Reset Date will be
determined in the following manner: 
 (i)    LIBOR will be the London interbank offered rate per annum
for three-month deposits in U.S. dollars beginning on such Interest Reset Date, as such rate appears on the Reuters Screen LIBOR Page (as defined below) as of approximately 11:00 A.M., London time, on the day that is two London Business Days
prior to such Interest Reset Date (such date, the “LIBOR Interest Determination Date”). 
  

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 (ii)    If the Calculation Agent determines on the relevant
Interest Determination Date that the LIBOR base rate (the London interbank offered rate for three-month deposits in U.S. dollars) has been discontinued, then the Calculation Agent will use a substitute or successor base rate that it has determined
in its sole discretion is most comparable to the LIBOR base rate, provided that if the Calculation Agent determines there is an industry-accepted successor base rate, then the Calculation Agent shall use such successor base rate. If the Calculation
Agent has determined a substitute or successor base rate in accordance with the foregoing, the Calculation Agent in its sole discretion may also determine (A) the business day convention as stated in the second paragraph under “Payments
Due on a Business Day” below and in the sixth paragraph below, (B) the definition of “Business Day” set forth under “Payments Due on a Business Day” below, (C) the LIBOR Interest Determination Date to be used and
(D) any other relevant methodology for calculating such substitute or successor base rate, including any adjustment factor needed to make such substitute or successor base rate comparable to the LIBOR base rate, in a manner that is consistent
with industry-accepted practices for such substitute or successor base rate. Unless the Calculation Agent uses a substitute or successor base rate as so provided, the following will apply: 

(A)    If LIBOR does not so appear on the Reuters Screen LIBOR Page, then LIBOR will be determined on the
basis of the rates per annum at which three-month deposits in U.S. dollars are offered by four major banks in the London interbank market selected by the Calculation Agent at approximately 11:00 A.M., London time, on such LIBOR Interest
Determination Date, to prime banks in the London interbank market for a period of three months beginning on the relevant Interest Reset Date and in a Representative Amount. The Calculation Agent will request the principal London office of each such
bank to provide a quotation of its rate. If at least two quotations are provided, LIBOR for such Interest Reset Date will be the arithmetic mean of the quotations. 

(B)    If fewer than two of the requested quotations described in clause (ii) above are provided,
LIBOR for such Interest Reset Date will be the arithmetic mean of the rates per annum quoted by major banks in New York City selected by the Calculation Agent at approximately 11:00 A.M. New York City time on such LIBOR Interest Determination Date,
for loans in U.S. dollars to leading European banks for a period of three months beginning on such Interest Reset Date and in a Representative Amount. 

(C)    If no quotation is provided as described in clause (iii) above, then the Calculation Agent,
after consulting such sources as it deems comparable to any of the foregoing quotations or display page, or any such source as it deems reasonable from which to estimate LIBOR or any of the foregoing lending rates, shall determine LIBOR for such
Interest Reset Date in its sole discretion. 
  
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 References herein to LIBOR as set forth on a display page, other published
source, information vendor or other vendor officially designated by the sponsor of that rate, if there is a successor source for the display page, other published source, information vendor or other official vendor, include that successor source as
applicable as determined by the Calculation Agent. References herein to a particular heading or headings on any such sources include any successor or replacement heading or headings as determined by the Calculation Agent. 

If LIBOR is based on information obtained from a Reuters Screen, such rate will be subject to the corrections, if any,
published on such Reuters Screen within one hour of the time such information was first displayed on such source. 
 The Calculation Agent
will determine the interest rate on this Security that takes effect on any Interest Reset Date on the applicable LIBOR Interest Determination Date corresponding to such Interest Reset Date. Upon request of the Holder to the Calculation Agent, the
Calculation Agent will provide the interest rate then in effect on this Security and, if determined, the interest rate that will become effective on the next Interest Reset Date. 

For all purposes of this Security: 

The term “Interest Period” means the period beginning on and including January 23, 2018 to, but excluding, the first Interest
Payment Date and each successive period from and including an Interest Payment Date to but excluding the next Interest Payment Date (or, in any such case if applicable, to the Maturity of the principal hereof), subject to the provisions under
“Payments Due on a Business Day” below. 
 The term “Interest Reset Date” means every January 23, April 23,
July 23 and October 23, commencing on April 23, 2028, on each of which the rate of interest on this Security will be reset. If any Interest Reset Date after April 23, 2028 would otherwise be a day that is not a Business Day with
respect to this Security, then such Interest Reset Date shall be postponed to the next day that is a Business Day; provided that, if such next succeeding Business Day falls in the next calendar month, then such Interest Reset Date shall be
advanced to the immediately preceding Business Day; and provided further that any such postponement or advancement is subject to adjustment by the Calculation Agent if it determines that the LIBOR base rate has been discontinued as provided
above. Notwithstanding the foregoing, the Interest Reset Date on April 23, 2028 and any Interest Reset Date that falls on the Maturity of the principal hereof will not be changed, provided that, if any such Interest Reset Date is not a
Business Day with respect to this Security, the determination of any floating rate of interest that takes effect on such date shall be determined two London Business Days prior to such Interest Reset Date (subject to adjustment by the Calculation
Agent if it determines that the LIBOR base rate has been discontinued as provided above). 
 The term “Representative Amount” means
an amount that, in the Calculation Agent’s judgment, is representative of a single transaction in the relevant market at the relevant time. 
  

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 The term “Reuters Screen” means the display on the Thomson Reuters Eikon service or any
successor or replacement service. 
 The term “Reuters Screen LIBOR Page” means Reuters Screen LIBOR01 Page or any successor or
replacement page. 
 The interest so payable, and punctually paid or made available for payment, on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the calendar day (whether or not
a Business Day, as defined below) next preceding such Interest Payment Date (or, if such interest is to be paid on another day as provided below, next preceding such other day). Any interest so payable, but not punctually paid or made available for
payment, on any Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record Date and such Defaulted Interest may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof being given to the Holder of this Security not less than 10 days prior to such Special Record Date, or
be paid in any other lawful manner not inconsistent with the requirements of any securities exchange on which this Security may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

All percentages resulting from any calculation with respect to this Security will be rounded upward or downward, as appropriate, to the next
higher or lower one hundred-thousandth of a percentage point (e.g., 9.876541% (or .09876541) being rounded down to 9.87654% (or .0987654) and 9.876545% (or .09876545) being rounded up to 9.87655% (or .0987655)). All amounts used in or
resulting from any calculation with respect to this Security will be rounded upward or downward, as appropriate, to the nearest cent, in the case of U.S. dollars, or to the nearest corresponding hundredth of a unit, in the case of a currency other
than U.S. dollars, with one-half cent or one-half of a corresponding hundredth of a unit or more being rounded upward. 

Currency and Manner of Payment 

Payment of the principal of and premium or interest on this Security will be made in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts. Notwithstanding any other provision of this Security or the Indenture, if this Security is a Global Security, any payment in respect of this Security may be made
pursuant to the Applicable Procedures of the Depositary as permitted in the Indenture. 
 Subject to the prior paragraph and except as
provided in the next paragraph, payment of any amount payable on this Security will be made at the office or agency of the Company maintained for that purpose in The City of New York (and at any other office or agency maintained by the Company for
that purpose), against surrender of this Security in the case of any payment due at the Maturity of the principal hereof (other than any payment of interest that 
  

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first becomes due on an Interest Payment Date); provided, however, that, at the option of the Company and subject to the next paragraph, payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 
 Subject to the second
preceding paragraph, payment of any amount payable on this Security will be made by wire transfer of immediately available funds to an account maintained by the payee with a bank located in the Borough of Manhattan, The City of New York, if
(i) the principal of this Security is at least $1,000,000 and (ii) the Holder entitled to receive such payment transmits a written request for such payment to be made in such manner to the Trustee at its Corporate Trust Office, Attention:
Global Corporate Trust, on or before the fifth Business Day before the day on which such payment is to be made; provided that, in the case of any such payment due at the Maturity of the principal hereof (other than any payment of interest
that first becomes due on an Interest Payment Date), this Security must be surrendered at the office or agency of the Company maintained for that purpose in The City of New York (or at any other office or agency maintained by the Company for that
purpose) in time for the Paying Agent to make such payment in such funds in accordance with its normal procedures. Any such request made with respect to any payment on this Security payable to a particular Holder will remain in effect for all later
payments on this Security payable to such Holder, unless such request is revoked on or before the fifth Business Day before a payment is to be made, in which case such revocation shall be effective for such payment and all later payments. In the
case of any payment of interest payable on an Interest Payment Date, such written request must be made by the Person who is the registered Holder of this Security on the relevant Regular Record Date. The Company will pay any administrative costs
imposed by banks in connection with making payments by wire transfer with respect to this Security, but any tax, assessment or other governmental charge imposed upon any payment will be borne by the Holder of this Security and may be deducted from
the payment by the Company or the Paying Agent. 
 Payments Due on a Business Day 

Notwithstanding any provision of this Security or the Indenture, if any amount of principal, premium or interest would otherwise be due on this
Security on a day (the “Specified Day”) that is not a Business Day, such amount may be paid or made available for payment on the next succeeding Business Day with the same force and effect as if such amount were paid on the Specified Day,
and no interest will accrue on the amount so payable for the period from the Specified Day to such next succeeding Business Day. Interest Periods shall not be adjusted for non-Business Days, except as provided
in the next paragraph. 
 If an Interest Payment Date scheduled to occur after April 23, 2028 would otherwise be a day that is not a
Business Day, that Interest Payment Date shall be postponed to the next day that is a Business Day; provided that, if such next succeeding Business Day falls in the next calendar month, the Interest Payment Date shall be advanced to the
immediately preceding Business Day; and provided further that any such postponement or advancement is subject to adjustment by the Calculation Agent if it determines that the LIBOR base rate has been discontinued as provided above.
Notwithstanding the foregoing, an Interest Payment Date that falls on the Maturity of the principal hereof will not be changed. Any Interest Period beginning on or ending immediately prior to an Interest Payment Date that is postponed or advanced as
provided in this paragraph shall be adjusted accordingly. 
  
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 For all purposes of this Security: 

The term “Business Day” means, prior to April 23, 2028, a day that is a New York Business Day; and on or after April 23,
2028, a day that is a New York Business Day and is also a London Business Day (subject to adjustment by the Calculation Agent if it determines that the LIBOR base rate has been discontinued as provided above). 

The term “London Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking
institutions in London generally are authorized or obligated by law, regulation or executive order to close and is also a day on which dealings in U.S. dollars are transacted in the London interbank market. 

The term “New York Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking
institutions in New York City generally are authorized or obligated by law, regulation or executive order to close. 
 The provisions of
this section shall apply to this Security in lieu of the provisions of Section 1.13 of the Indenture. 
 Calculation Agent 

As used herein, the “Calculation Agent” shall initially mean Goldman Sachs & Co. LLC; provided that the Company may,
in its sole discretion, appoint any other institution (including any affiliate of the Company) to serve as any such agent from time to time. The Company will give the Trustee prompt written notice of any change in any such appointment. Insofar as
this Security provides for any such agent to obtain rates, quotes or other data from a bank, dealer or other institution for use in making any determination hereunder, such agent may do so from any institution or institutions of the kind
contemplated hereby notwithstanding that any one or more of such institutions are any such agent, affiliates of any such agent or affiliates of the Company. 

All determinations made by the Calculation Agent, absent manifest error, shall be conclusive for all purposes and binding on the Holder of
this Security and the Company. The Calculation Agent shall not have any liability therefor. 
  

 
 Reference is
hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose. 
  

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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: 
  

			
	THE GOLDMAN SACHS GROUP, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 This is one of the Securities of the series designated herein and referred to in the Indenture. 

Dated: 
  

			
	 THE BANK OF NEW YORK MELLON,

as Trustee

		
	By:	 	 
		 	Authorized Signatory

  

  
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 (Reverse of Security) 

1.    Securities and Indenture. 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”) issued and to be
issued in one or more series under a Senior Debt Indenture, dated as of July 16, 2008 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York
Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. 

2.    Series and Denominations. 

This Security is one of the series designated on the face hereof, limited to an aggregate principal amount as shall be determined and may be
increased from time to time by the Company. Any election by the Company so to increase such aggregate principal amount shall be evidenced by a certificate of an Authorized Person (as defined in the Determination of an Authorized Person,
dated January 23, 2018, with respect to this series). References herein to “this series” mean the series of Securities designated on the face hereof, provided that, for purposes of Sections 6 and 7 below, the term “series”
(and references to Securities of a series) shall be deemed to refer only to Securities having the same CUSIP number. The Securities of this series are issuable only in registered form without coupons in denominations of integral multiples
of $1,000, subject to a minimum denomination of $2,000. 
 3.    Additional Amounts.

 If the beneficial owner of this Security is a United States Alien (as defined below), the Company will pay all additional amounts that
may be necessary so that every net payment of the principal of and interest on this Security to such beneficial owner, after deduction or withholding for or on account of any present or future tax, assessment or governmental charge imposed with
respect to such payment by any U.S. Taxing Authority (as defined below), will not be less than the amount provided for in this Security to be then due and payable; provided, however, that the Company shall have no obligation to pay
additional amounts for or on account of any one or more of the following: 
 (i)    any tax, assessment
or other governmental charge imposed solely because at any time there is or was a connection between such beneficial owner (or between a fiduciary, settlor, beneficiary, shareholder or member of such beneficial owner, if such beneficial owner is an
estate, trust, partnership or corporation) and the United States (as defined below) (other than the mere receipt of a payment on, or the ownership or holding of, a Security), including because such beneficial owner (or such fiduciary, settlor,
beneficiary, shareholder or member) at any time, for U.S. federal income tax purposes: 
  

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(a) is or was a citizen or resident, or is or was treated as a resident, of the United States, (b) is or was present in the United States, (c) is or was engaged in a trade or business
in the United States, (d) has or had a permanent establishment in the United States, (e) is or was a domestic or foreign personal holding company, a passive foreign investment company or a controlled foreign corporation, (f) is or was
a corporation that accumulates earnings to avoid U.S. federal income tax or (g) is or was a “10-percent shareholder” of the Company as defined in section 871(h)(3) of the U.S. Internal Revenue
Code or any successor provision; 
 (ii)    any tax, assessment or governmental charge imposed solely
because of a change in applicable law or regulation, or in any official interpretation or application of applicable law or regulation, that becomes effective more than 15 days after the day on which the payment becomes due or is duly provided
for, whichever occurs later; 
 (iii)    any estate, inheritance, gift, sales, excise, transfer, wealth
or personal property tax or any similar tax, assessment or other governmental charge; 
 (iv)    any tax,
assessment or other governmental charge imposed solely because such beneficial owner or any other Person fails to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or
connection with the United States of the Holder or any beneficial owner of this Security, if compliance is required by statute, by regulation of the U.S. Treasury Department or by an applicable income tax treaty to which the United States is a
party, as a precondition to exemption from such tax, assessment or other governmental charge; 

(v)    any tax, assessment or other governmental charge that is payable otherwise than by deduction or
withholding from payments of principal of or interest on this Security; 
 (vi)    any tax, assessment or
other governmental charge imposed solely because the payment is to be made by a particular Paying Agent (which term may include the Company) and would not be imposed if made by another Paying Agent (which term may include the Company); 

(vii)    any tax, assessment or other governmental charge imposed solely because the Holder (1) is a
bank purchasing this Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment purposes only nor (B) buying this Security for resale to a third party that either
is not a bank or holding this Security for investment purposes only; or 
 (viii)    any combination of
the taxes, assessments or other governmental charges described in items (i) through (vii) of this Section 3. 
 Additional amounts
also will not be paid with respect to any payment of principal of or interest on this Security to any United States Alien who is a fiduciary or a partnership, or who is not the sole beneficial owner of any such payment, to the extent that the
Company would not be required to pay additional amounts to any beneficiary or settlor of such fiduciary or any member of such a partnership, or to any beneficial owner of the payment, if that Person had been treated as the beneficial owner of this
Security for this purpose. 
  
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 In addition, any amounts to be paid on this Security will be paid net of any deduction or
withholding imposed or required pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the U.S.
Internal Revenue Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the U.S. Internal Revenue Code, and no
additional amounts will be required to be paid on account of any such deduction or withholding. 
 The term “United States
Alien” means any Person who, for U.S. federal income tax purposes, is a nonresident alien individual, a foreign corporation, a foreign partnership one or more of the members of which is, for United States federal income tax purposes, a
foreign corporation, a nonresident alien individual or a nonresident alien fiduciary of a foreign estate or trust, or a nonresident alien fiduciary of an estate or trust that is not subject to U.S. federal income tax on a net income basis on income
or gain from this Security. For the purposes of this Section 3 and Section 4 only, (a) the term “United States” means the United States of America (including the states thereof and the District of Columbia), together
with the territories, possessions and all other areas subject to the jurisdiction of the United States of America and (b) the term “U.S. Taxing Authority” means the United States of America or any state, other jurisdiction or
taxing authority in the United States. 
 Except as specifically provided in this Security, the Company shall not be required to make any
payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Whenever in the Securities of this series (or in the Indenture, including in Sections 5.01(1) and (2) thereof, insofar as applicable
to this series) there is a reference, in any context, to the payment of the principal of or interest on any Security of this series, such mention shall be deemed to include mention of any payment of additional amounts to United States Aliens in
respect of such payment of principal or interest to the extent that, in such context, such additional amounts are, were or would be payable in respect thereof pursuant to this Section 3 or any corresponding section of another Security of this
series, as the case may be. Express mention of the payment of additional amounts in any provision of any Security of this series shall not be construed as excluding additional amounts in the provisions of any Security of this series (or of the
Indenture insofar as it applies to this series) where such express mention is not made. 
 4.    Redemption
at the Company’s Option. 
 (a)    The Securities of this series may be redeemed, as a whole but not
in part, at the option of the Company, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, together with interest accrued to the Redemption Date, if, as a result 

 
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of any amendment to, or change in, the laws or regulations of any U.S. Taxing Authority (as defined in Section 3 above), or any amendment to or change in any official interpretation or
application of such laws or regulations, which amendment or change becomes effective or is announced on or after January 18, 2018, the Company will become obligated to pay, on the next Interest Payment Date, additional amounts in respect of any
Security of this series pursuant to Section 3 of this Security or any corresponding section of another Security of this series. If the Company becomes entitled to redeem the Securities of this series, it may do so on any day thereafter pursuant
to the Indenture; provided, however, that (1) the Company gives the Holder of this Security notice of such redemption not more than 60 days nor less than 30 days prior to the Redemption Date as provided in the Indenture,
(2) no such notice of redemption may be given earlier than 90 days prior to the next Interest Payment Date on which the Company would be obligated to pay such additional amounts and (3) at the time such notice is given, such obligation to
pay such additional amounts remains in effect. Immediately prior to the giving of any notice of redemption of Securities pursuant to this Section 4(a), the Company will deliver to the Trustee an Officers’ Certificate stating that the
Company is entitled to effect such redemption and setting forth in reasonable detail a statement of facts showing that the conditions precedent to the right of the Company to so redeem the Securities have occurred. Interest installments due on or
prior to a Redemption Date will be payable to the Holder of this Security or one or more Predecessor Securities, of record at the close of business on the relevant record date, all as provided in the Indenture. 

(b)    In addition, the Securities of this series may be redeemed, at the Company’s option, in whole at any time or
in part from time to time, on or after July 23, 2018 (or, if any additional Securities of this series are issued after January 23, 2018, beginning six months after the last issue date for the additional Securities of this series), and to,
but excluding, April 23, 2028, at a redemption price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed or (2) as determined by the Quotation Agent described below, the sum of the present values of
the remaining scheduled payments of principal and interest, to and including April 23, 2028 (assuming for this purpose that the Securities of this series would mature on April 23, 2028 rather than the Stated Maturity of the principal
hereof), on the Securities to be redeemed, not including any portion of these payments of interest accrued as of the date on which the Securities are to be redeemed, discounted to the date on which the Securities are to be redeemed on a semi-annual
basis, applying the 30/360 (ISDA) Day Count Convention, at the Treasury Rate (as defined below) plus 20 basis points, plus, in each case, interest accrued to the Redemption Date. Notice of a redemption pursuant to this Section 4(b) must be
provided to the Holder of this Security not more than 60 days nor less than 15 days prior to the Redemption Date. Interest installments due on or prior to a Redemption Date will be payable to the Holder of this Security or one or more Predecessor
Securities, of record at the close of business on the relevant record date, all as provided in the Indenture. 
 “Treasury Rate”
means:     
  

	 	•	 	the yield, under the heading which represents the average for the week immediately prior to the date of calculation, appearing in the most recently published statistical release appearing on the website of the Board of
Governors 

  
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 -13- 

	 	 
of the Federal Reserve System or in another recognized electronic source, in each case as determined by the quotation agent in its sole discretion, and which establishes yields on actively traded
U.S. Treasury securities adjusted to constant maturity, for the maturity most closely corresponding to the remaining term of the Securities to be redeemed, assuming for this purpose that the Securities of this series would mature on April 23,
2028 (rather than the Stated Maturity of the principal hereof), or if no maturity is within three months before or after this time period, yields for the two published maturities most closely corresponding to this time period will be determined and
the Treasury Rate will be interpolated or extrapolated from those yields on a straight-line basis, rounding to the nearest month; or 

  

	 	•	 	if the release or any successor release is not published during the week preceding the calculation date or does not contain such yields, the annual rate equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue (as defined below), calculated using a price for the Comparable Treasury Issue, expressed as a percentage of its principal amount, equal to the Comparable Treasury Price (as defined below) for the Redemption Date.

 The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

“Quotation Agent” shall initially mean Goldman Sachs & Co. LLC or its successor. However, if Goldman Sachs & Co.
LLC ceases to be a primary U.S. Government securities dealer in New York City, the Company will appoint another primary U.S. Government securities dealer to serve as the Quotation Agent. 

“Comparable Treasury Issue” means, with respect to any Redemption Date, the United States Treasury security selected by the
Quotation Agent as being the most recently issued United States Treasury note or bond as displayed by Bloomberg L.P. (or any successor service) on screens PX1 through PX8 (or any other screens as may replace such screens on such service) that has a
remaining term comparable to the remaining term of the Securities to be redeemed, assuming for this purpose that the Securities of this series would mature on April 23, 2028 (rather than the Stated Maturity of the principal hereof). 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of five Reference Treasury Dealer
Quotations (as defined below) for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than five such Reference Treasury Dealer Quotations, the
average of all such quotations. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
(as defined below) and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and ask prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to the
Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
  

(Reverse of Security continued on next page) 

  
 -14- 

 “Reference Treasury Dealer” means (1) the Quotation Agent or (2) any other
primary U.S. Government securities dealer selected by the Quotation Agent after consultation with the Company. 

(c)    In addition, on each of April 23, 2028 and October 23, 2028, the Securities of this series may be
redeemed, at the Company’s option, in whole, but not in part, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, together with interest accrued and unpaid to but excluding the Redemption Date. Notice
of a redemption pursuant to this Section 4(c) must be provided to the Holder of this Security not more than 60 days nor less than 15 days prior to the Redemption Date. Interest installments due on or prior to a Redemption Date will be payable
to the Holder of this Security or one or more Predecessor Securities, of record at the close of business on the relevant record date, all as provided in the Indenture. 

5.    Defeasance. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants,
Events of Default and Covenant Breaches with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. Both of such provisions are applicable to this Security. 

6.    Modification and Waiver. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
the Company and the rights of the Holders of the Securities to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of all Securities at the time Outstanding to
be affected, considered together as one class for this purpose (such Securities to be affected may be Securities of the same or different series and, with respect to any series, may comprise fewer than all the Securities of such series). The
Indenture also contains provisions (i) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding to be affected under the Indenture, considered together as one class for this purpose (such affected
Securities may be Securities of the same or different series and, with respect to any particular series, may comprise fewer than all the Securities of such series), on behalf of the Holders of all Securities so affected, to waive compliance by the
Company with certain provisions of the Indenture and (ii) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of any series to be affected under the Indenture (with each such series considered
separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not 

 
 (Reverse of Security continued on next page) 

  
 -15- 

 
notation of such consent or waiver is made upon this Security. For the purpose of this paragraph, the term “default” means, with respect to any Securities, any event which is, or after
notice or lapse of time or both would become, an Event of Default or Covenant Breach in respect of such Securities. 

7.    Remedies. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. With respect to this Security, the only Events of Default are payment defaults that continue for 30 days and insolvency events, all as specified in the
Indenture. Any other default under or breach of the Indenture or the Securities will not give rise to an Event of Default, whether after notice, the passage of time or otherwise. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default or Covenant
Breach with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of
such Event of Default or Covenant Breach, as applicable, as Trustee and offered the Trustee indemnity reasonably satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this
series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

If so provided pursuant to the terms of any specific Securities, the above-referenced provisions of the Indenture regarding the ability of
Holders to waive certain defaults, or to request the Trustee to institute proceedings (or to give the Trustee other directions) in respect thereof, may be applied differently with regard to such Securities. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and premium (if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

8.    Transfer and Exchange. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly 
  

(Reverse of Security continued on next page) 

  
 -16- 

 
executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for
the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 As provided in the Indenture and subject
to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Security is a Global Security and is
subject to the provisions of the Indenture relating to Global Securities, including the limitations in Section 3.05 thereof on transfers and exchanges of Global Securities. 

9.    Governing Law. 

This Security and the Indenture shall be governed by and construed in accordance with the laws of the State of New York. 

10.    Terms Defined in the Indenture. 

All terms used in this Security which are defined in the Indenture but not otherwise defined herein shall have the meanings assigned to them in
the Indenture. 
  
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 -17- 

 ASSIGNMENT 
  

					
	FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
			
	   
	 	   
	 	   

	
	 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	 		
	   
	 	  
	 	  

			
	   
	 	   
	 	   

			
	   
	 	   
	 	   

	
	(Please Print or Typewrite Name and Address Including Postal Zip Code of Assignee)
			
	   
	 	   
	 	   

	
	the attached Security and all rights thereunder, and hereby irrevocably constitutes and appoints
			
	   
	 	   
	 	   

	
	to transfer said Security on the books of the Company, with full power of substitution in the premises.
			
	Date:______________________	 		 	 
		 		 	NOTICE: The signature to this assignment must correspond with the name of the Holder as written upon the face of the attached Security in every particular, without alteration or enlargement or any change
whatever.
	Signature Guaranteed	 		 
	   
	 		 
	 NOTICE: Signature must be Medallion

Signature Guaranteed.
	 

  
 -18-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 LATER OF THE EFFECTIVE DATE
(AS DEFINED BELOW) OR THE COMMENCEMENT OF SALES OF THE OFFERING TO WHICH THIS PURCHASE WARRANT RELATES TO ANYONE OTHER THAN (I)
MAXIM GROUP LLC OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER
OF MAXIM GROUP LLC OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS
PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [________________] [DATE THAT IS 180 DAYS FROM THE EFFECTIVE DATE OF THE OFFERING].
VOID AFTER 5:00 P.M., EASTERN TIME, [___________________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING].

 

COMMON
STOCK PURCHASE WARRANT

 

For
the Purchase of [_____]1 Common Shares

of

PROLUNG,
INC.

 

1.
Purchase Warrant. THIS COMMON STOCK PURCHASE WARRANT (this “Purchase Warrant”)
CERTIFIES THAT, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Maxim
Group LLC (“Holder”), as registered owner of this Purchase Warrant, is entitled, upon the terms and subject
to the limitations on exercise and the conditions hereinafter set forth, at any time or from time to time from [________________]
[DATE THAT IS ONE HUNDRED EIGHTY (180) DAYS FROM THE EFFECTIVE DATE OF THE OFFERING] (the “Commencement Date”),
and until at or before 5:00 p.m., Eastern time, on [____________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING]
(the “Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up
to [____] shares of common stock (the “Shares”), par value $0.001 per share (the “Common Stock”),
of ProLung, Inc., a Delaware corporation (the “Company”), subject to adjustment as provided in Section 6 hereof.
If the Expiration Date is a day on which banking institutions are authorized or required by law or executive order 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 [110% of the price of the shares sold in the
Offering]; 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. This Purchase Warrant is being issued in connection with a public offering of
shares of Common Stock pursuant to the Company’s registration statement on Form S-1 (File No.: 333-219735) (the “Offering”).
As used herein, the term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price,
depending on the context. As used herein, “Effective Date” means the date on which the Company’s registration
statement on Form S-1 (File No.: 333-219735) was declared effective by the Commission (as defined below).

 

 

1
NTD: To be 7.0% of the total number of shares being sold in the offering.

 

    	 

     

    

 

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. In lieu of exercising this Purchase Warrant 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 will issue to Holder Shares 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 Shares are traded on a securities exchange, the value shall be deemed to be the closing price on such exchange on the
    trading day immediately prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant;
    or
	 	 	 
	 	(ii)	if
    the Shares are actively traded over-the-counter, the value shall be deemed to be the closing bid on the trading day immediately
    prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; if there is no active
    public market in the United States, the value shall be the fair market value thereof, as determined in good faith by the Company’s
    Board of Directors.

 

    	-2-

     

    

 

3.
Transfer. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder
will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days
following the later of the Effective Date or the commencement of sales of the offering to which this Purchase Warrant relates
(the later of such dates, the “Transferability Date”) to anyone other than: (i) Maxim Group LLC (“Maxim”)
or an underwriter or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner of Maxim or of any
such underwriter or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(g)(1), or (b) cause this Purchase
Warrant or the securities issuable hereunder to 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 hereunder, except as provided
for in FINRA Rule 5110(g)(2). On and after the Transferability 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. Notwithstanding the foregoing, the registered Holder of this Purchase
Warrant agrees by his, her or its acceptance hereof, that such Holder will not sell, transfer, assign, pledge or hypothecate this
Purchase Warrant.

 

4.
Registration Rights.

 

4.1
Demand Registration.

 

4.1.1
Grant of Right. Unless a registration statement covering the exercise of this Warrant and the sale of the Shares by the
Holder is in effect and available, the Company, upon written demand (a “Demand Notice”) of the Holder(s) of
at least 51% of the Purchase Warrants and/or the underlying Shares (“Majority Holders”), agrees to register,
on up to two separate occasions, all or any portion of the Shares underlying the Purchase Warrants (collectively, the “Registrable
Securities”) (each such registration, a “Demand Registration”). On each such occasion, the Company
will file a registration statement with the U.S. Securities and Exchange Commission (the “Commission”) covering
the Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its reasonable best efforts to have
the registration statement declared effective promptly thereafter, subject to compliance with review by the Commission; provided,
however, that the Company shall not be required to comply with a Demand Notice if the Company has filed a registration
statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 4.2 hereof and either:
(i) the Holder has elected to participate in the offering covered by such registration statement or (ii) if such registration
statement relates to an underwritten primary offering of securities of the Company, until the offering covered by such registration
statement has been withdrawn or until thirty (30) days after such offering is consummated. The demand for registration may be
made at any time after the Commencement Date and for a period of no more than five (5) years from the Effective Date or the commencement
of sales of the Offering in accordance with FINRA Rule 5110(f)(2)(G)(iv). The Company covenants and agrees to give written notice
of its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Purchase Warrants and/or the Registrable
Securities within ten (10) days after the date of the receipt of any such Demand Notice.

 

    	-3-

     

    

 

4.1.2
Terms. With respect to one Demand Registration, the Company shall bear all fees and expenses attendant to such Demand Registration,
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. With respect to one additional Demand Registration,
the Holders shall bear all fees and expenses attendant to such Demand Registration. The Company agrees to use its reasonable best
efforts to cause any filings required herein to become effective promptly and to qualify or register the Registrable Securities
in such States as are reasonably requested by the Holder(s); provided, however, that in no event shall the Company
be required to register the Registrable Securities in a State in which such registration would cause: (i) the Company to be obligated
to register or license to do business in such State or submit to general service of process in such State, or (ii) the principal
shareholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any
registration statement filed pursuant to the demand right granted under Section 4.1.1 to remain effective for a period of at least
twelve (12) consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement
are first given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company
to sell the shares covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company
if the Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding
the provisions of this Section 4.1.2, the Holder shall be entitled to a demand registration under this Section 4.1.2 on up to
two (2) occasions, and such demand registration right shall terminate on the fifth anniversary of the Effective Date or the commencement
of sales of the Offering in accordance with FINRA Rule 5110(f)(2)(G)(iv).

 

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, unless a registration
statement covering the exercise of this Warrant and the sale of the Shares by the Holder is in effect and available, the Holder
shall have the right, for a period of no more than seven (7) years from the Effective Date or the commencement of sales of the
Offering in accordance with FINRA Rule 5110(f)(2)(G)(v), to include 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 of 1933, as amended (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 seventh anniversary
of the Effective Date or the commencement of sales of the Offering in accordance with FINRA Rule 5110(f)(2)(G)(v).

 

    	-4-

     

    

 

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 7(a) of the Underwriting Agreement
between Maxim Group LLC, as the representative of the several Underwriters named therein in Schedule A attached thereto, 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 Holder(s), 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 7(b) 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 offerings pursuant
to Sections 4.1 and 4.2 hereof and to each underwriter of any such offering, if any, a signed counterpart, addressed to such Holder
or underwriter, of: (i) if such registration includes an underwritten public offering, an opinion of counsel to the Company, dated
the date of the closing under any underwriting agreement related thereto, and (ii) if such registration includes an underwritten
public offering, a “cold comfort” letter dated the effective date of such registration statement and a letter dated
the date of the closing under the underwriting agreement, signed by the independent registered public accounting firm 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 in connection with the underwritten offering.

 

    	-5-

     

    

 

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 Section 4.1 and Section 4.2, 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.

 

4.3.6
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. Subject to the restrictions in Section 3 hereof and the other terms and conditions of this Purchase Warrant,
this Purchase Warrant may be exercised in whole or in part, at any time or from time to time, on any business day from the Commencement
Date until the Expiration Date. In the event of the exercise hereof in part only, upon surrender of this Purchase Warrant for
cancellation, together with the duly exercised exercise form and funds sufficient to pay the Exercise Price 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.

 

5.2
Lost Purchase Warrant. 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-

     

    

 

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 is increased by a stock dividend payable in Shares or by a split up of Shares 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, 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 is decreased by a consolidation, combination, reverse stock split or reclassification of Shares 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, 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 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, or in
the case of any merger or consolidation of the Company with or into another corporation (other than a merger or consolidation
in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
Shares), 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 (as adjusted pursuant to this Section 6.1.3) 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.

 

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 merger or consolidation of the Company with or into another corporation (other
than a merger or consolidation which does not result in any reclassification or change of the outstanding Shares), the corporation
formed by such merger or consolidation 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 merger or consolidation, by a holder of the number of Shares of the Company for which
such Purchase Warrant might have been exercised immediately prior to such merger or consolidation, 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 mergers or consolidations.

 

    	-7-

     

    

 

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, 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.
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 Markets 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.

 

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. Failure to give
such notice shall not invalidate any such action.

 

    	-8-

     

    

 

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:

 

Maxim
Group LLC

405
Lexington Avenue

New
York, NY 10174

Attn:
Jim Alfaro

Fax
No.: (212) 895-3783

 

If
to the Company:

 

ProLung,
Inc.

757
East South Temple, Suite 150

Salt
Lake City, Utah 84102

Attn:
Steven C. Eror

Fax
No: (801) 906-0333

 

9.
Miscellaneous.

 

9.1
Amendments. The Company and Maxim 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 Maxim may deem necessary or desirable and that the Company and Maxim 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.

 

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 respective successors, permitted assigns and legal representatives, 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-

     

    

 

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. 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 Maxim 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]

 

    	-10-

     

    

 

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

 

	PROLUNG, INC.	 
	 	 	 
	By:	        	 
	Name:	 	 
	Title:	 	 

 

    	-11-

     

    

 

[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 (the “Shares”)
of ProLung, Inc., a Delaware 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_______________________________

 

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.

 

    	-12-

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