Document:

Exhibit 10.11

 

AGREEMENT
OF FUNDS TRANSFER SERVICES

 

THIS AGREEMENT is dated [                        25th June, 2014              ] and
made between:

 

(1)         CHINA
MERCHANTS BANK CO., LTD., HONG KONG BRANCH (the "Bank"); and

 

(2)         HONGKONG
TAKUNG ASSETS AND EQUITY OF ARTWORKS EXCHANGE CO., LTD. (the "Company")

 

WHEREAS:

 

(A)         The
Company has an account maintained with the Bank.

 

(B)         The
Bank and the Company now wish to agree on the terms (the "Terms") of the Funds Transfer Services (the "Services")
in accordance with this Agreement. IT IS AGREED as follows:

 

1.          Definitions

 

"Bank" means
China Merchants Bank Co., Limited Hong Kong Branch;

 

"Business Day" means the day when both the
Bank and the Company are open for business except Saturdays;

 

"Company" means the company which has applied to use
the Bank's Services.

 

"Company's Account" means
the HKD denominated account with account number [0]. which is established and maintained by the Company with the Bank for retention
of the money received from the Company's customers or held for or on account of the Company's customers;

 

"Customer" means a person who has maintained an All-in-One
Card Account with the Bank and one or more trading accounts with the Company;

 

"Customer's Account" means any All-in-One Card
Account opened and maintained with the Bank;

 

"Customer's Trading Account" means any trading
account opened and maintained by the Customer with the Company;

 

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"Leased Line" means
a private data transmission line, which is established between the Bank and the Company through a telecommunication company, for
the purpose of data communication in respect of the Services;

 

"Registered Customer" means
a Customer who has been accepted or registered to use the Services by both the Bank and the Company in accordance with Clauses
2.4 and 2.5; and

 

"Services" means
the funds transfer services between a Customer's Account and the Company's Account as provided by the Bank in accordance with these
Terms. Communications to effect funds transfers between the Bank and the Company in relation to the Services will be affected through
the Leased Line.

 

1.1         In
these Terms:

 

(i)          the masculine
gender shall include the feminine gender and neuter and the singular number shall include the plural and vice
versa;

 

(ii)          a reference
to a date or time is a reference to that date or time in Hong Kong unless the context otherwise requires;

 

(iii)         the
headings are inserted for convenience only and shall not affect the interpretation of these
Terms; and

 

(iv)         a
reference to Clauses or Sub-clauses shall mean the Clauses or Sub-clauses hereto.

 

2.            Eligibility,
Accounts and Registration

 

2.1         The
Company is required to be the holder of a Company's Account to be eligible to use the Services. The Company will need to open a
Company's Account with the Bank in accordance with the Bank's usual account opening procedures and requirements, unless the Company
has already opened such an account with the Bank prior to the date of application for the Services.

 

2.2         The
Company may, in its absolute discretion and in such manner as it thinks fit, introduce the Services to its customers, provided
that in doing so it shall not make any misrepresentation to any third party in respect of the Services. The Company shall indemnify
and hold the Bank harmless against any claim by any third party
for any loss arising out of or in connection with its breach of the foregoing.

 

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2.3          A
customer of the Company, who does not have an existing Customer's Account and wishes to use the Services, shall apply to the Bank
to open a Customer's Account in accordance with the Bank's usual
account opening procedures and requirements.

 

2.4          All
customers of the Company who wish to use the Services shall apply
to be registered with the Bank (subject to approval of the Bank at its discretion) in accordance with the Bank's procedures and
requirements.

 

2.5          If
any Customer applies to be registered with the Bank to use the Services, the Bank will notify the Company, through the Leased Line,
of the full name, identity document number and Customer's Account number as well as the Customer's Trading Account number as provided
by the Customer. Upon receiving such information from the Bank, the Company will check its own record and confirm to the Bank,
through the Leased Line, whether the full name, identity document number and Customer's Trading Account number as provided by the
Customer to the Bank match with the records held by the Company. If the said information matches with its records, the Company
may at its own discretion accept the Customer's application and notify the Bank accordingly. The Bank may then at its own discretion
approve the Customer's application and put the Customer on its own services list.

 

3.            Funds
Transfer Services

 

3.1    
     On receiving an instruction from a Registered Customer to make a payment through the Services
to the Company, the Bank will debit the Customer's Account, if the Customer's Account has a sufficient and available balance,
and credit the Company's Account in accordance with the Registered Customer's instructions. The Bank will then through the
Leased Line notify the Company of the amount credited to the Company's Account and the Customer's Account number being the
beneficiary of the credit. The Company will then credit the Customer's Trading Account with the same amount accordingly.

 

3.2         The
Bank on receiving a message from a Registered Customer requesting to obtain payment from the Company, the Bank will pass the request,
through the Leased Line, to the Company with the amount requested as well as the relevant Customer's Trading Account number. The
Company will at its own discretion decide whether or not to authorize
the Bank to debit the Company's Account and to pay the Customer's Account. On receiving such an authorization from the Company
through the Leased Line, the Bank will debit the Company's Account, if the Company's Account has sufficient and available balance,
and credit the Customer's Account.

 

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3.3          The
Company, on receiving a request directly from a Registered Customer to transfer funds from the Customer's
Trading Account to the Customer's Account, may, in its absolute discretion
and if there is sufficient and available balance in the Customer's Trading Account, instruct the Bank through the Leased Line
to debit the Company's Account and credit the relevant Customer's Account.

 

3.4          The
Company may instruct the Bank through the Leased Line to effect payment to a Registered Customer or at the same time to a number
of Registered Customers. On receiving an instruction from the Company
to pay a batch of Registered Customers, the Bank will process each funds transfer in the order in which the instruction appears
in a batch.

 

3.5          If
the Company's Account does not have a sufficient and available balance, the Bank may decline to carry out the entire instruction
(for a single transfer) or such parts of the instruction (for a batch of multiple transfers) to the extent that there is no sufficient
and available balance. The Bank will not advise the Company if any instruction or part is not carried out and the Company hereby
agreed that the Company would make use of the enquiry function provided to reconcile the transactions carried out by the Bank and
the instructions given by the Company.

 

3.6          All
instructions and communications from the Company in relation to the Services will be sent to the Bank through the Leased Line or
in any manner from time to time specified by the Bank. All instructions and communications received through the Leased Line or
received by the Bank according to its record pursuant to Clause 8 below may be accepted by the Bank as valid and duly authorized
and be acted upon by the Bank without liability or further enquiry.

 

3.7          All
communications to effect funds transfers between the Bank and the Company in relation to the Services will be effected through
the Leased Line.

 

3.8          The
rental charge for the Leased Line shall be borne by the Company solely.

 

3.9         While
the Bank receives and accepts instructions from the Registered Customers and the Company on a 24-hour basis, the Bank will execute
instructions within the services hours and Business days from time to time determined by the Bank. The Bank may at its discretion
execute any instruction of a Registered Customer or the Company outside its services hours. The Company will not request the Bank
to reverse any entries by reason that the instruction is executed at a time outside the Bank's services hours.

 

3.10        Subject
to their respective agreement with
the Registered Customer, each of the Bank and the Company may at their own discretion decide whether or not and when to execute
any action envisaged in Clauses 3.1, (where such a function is available) 3.2, 3.3, and 3.4 hereof. Neither party shall be liable
to the other for any loss whatsoever arising out of or in connection with any such non-execution of any act, or delay in execution.

 

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3.11        The
Bank will set a reasonable cut-off time for receiving communications through the Leased Line in relation to funds transfer from
the Company for same day value. Communications in relation to funds transfer received after the aforesaid cut-off time will be
valued on the immediately following Business Day. The Bank may make any changes to its cut-off time by giving five (5) Business
Days' prior written notice to the Company, while changes under exceptional circumstances such as, but not limited to, system failure
or natural disasters, notice may be given to the Company as soon as practicable.

 

3.12        Each
of the Bank and the Company may, in its sole discretion, decide whether the Services will be provided to any Registered Customer
without giving any reason(s) to the other party.

 

4.            Service
Disruption

 

4.1          The
Bank may make any changes to the Services by giving forty five (45) calendar days' prior notice.

 

4.2          Occasionally
banking services may be disrupted, a service may be temporarily unavailable or a system, equipment or software may fail to function
in a normal or satisfactory manner. The Bank will not be liable for any loss or damage arising out of disruption of the banking
services unless caused by the Bank's gross negligence or willful misconduct.

 

4.3          The
Bank will not be liable for the consequences of any event beyond the Bank's reasonable control. In no event will the Bank be liable
for any indirect, special, incidental or consequential damages suffered by the Company due to or arising out of the Bank's provision
of the Services, unless such damages are direct consequences of the Bank's gross negligence or willful misconduct.

 

5.            Advertisements

 

Neither
party will refer to or use the name or logo or any other intellectual property right of the other in any way, in any advertisements
to its customers or the public or otherwise, without the prior written consent of the other party. No right to the name, logo
or other intellectual property right of either party is granted to the other under or by virtue of the Services. A party will
cease and/or withdraw from publishing any advertisement referring to the other party and the Service, if so requested by the other
and notwithstanding any prior consent.

 

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6.           Representations

 

6.1        Each
party represents to the other party that:

 

    (i)        it
is duly incorporated or organized and validly existing under the laws of the jurisdiction of its incorporation or   organization;

 

    (ii)       these
Terms are valid and binding on it and are enforceable against it.

 

6.2          (a)
The Company represents and undertakes to the Bank that it has complied and will comply with
all the relevant laws, rules and regulations on the prevention of money laundering and terrorist financing.

 

(b) The
Bank represents to the Company that it is duly licensed under the Banking Ordinance (Cap. 155) of the Laws of Hong Kong ("Banking
Ordinance") to carry out banking business.

 

6.3         Each
party repeats its above representations until either party terminates
the Services.

 

7.           Termination

 

7.1          Either
the Bank or the Company may, without reason and by giving the other of them forty five (45)
calendar days' prior written notice, cease using or providing the Services.

 

7.2          Termination
of the Services for any reason will not affect any accrued rights or obligations, nor Clauses
3.7, 4.2, 4.3, 5 and 9.1 of these Terms, which will survive termination of the Services.

 

7.3          Notwithstanding
Clauses 7.1 and 7.2, the Services shall automatically be terminated if:

 

(a)        the
license held by the Bank to carry on banking business under the Banking Ordinance expires or is cancelled, suspended, revoked or
terminated; or

 

(b)        the
continued provision of the Services by the Bank contravenes any applicable law, including statutory or regulatory requirement.

 

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7.4         Either party may terminate the Services immediately by notice if:

 

(a)         the other
party commits a breach of material obligation under these Terms and, in the case of a remediable breach, fails to remedy the breach
after receiving fourteen (14) calendar days' written notice from the non-defaulting party to do so;

 

(b)         any
representation made by the other party is proved to be incorrect or misleading in any material respect as at the date of it being
made;

 

(c)         if
the other party becomes insolvent or fails or admits in writing its inability to pay its debts as they become due; makes a general
assignment, arrangement or composition with or for the benefit
of its creditors; or has a resolution passed for its liquidation or reorganization; or

 

(d)         the
other party itself or any other person commences any proceeding, or takes any action, seeking a judgment of or arrangement for
insolvency, bankruptcy, liquidation or reorganization with respect to the other party or its debts or assets, seeking the appointment
of a trustee, receiver, liquidator, supervisor or custodian for the Company or any part of its assets, or which has a similar effect.

 

7.5         The
Bank will also be entitled to terminate the Services immediately if the Company is under investigation by any government
authority in relation to money laundering or terrorist financing.

 

8.           Notices

 

8.1           Any
notice or communication given or made pursuant to these Terms (other than instructions and communications in relation to
the Services which will be sent through the Leased Line):

 

(a)        must
be in writing;

 

(b)        will
be addressed to the recipient at its last known address or facsimile number or such other address or number as the recipient has
by five (5) Business Days' prior written notice to the other party; and

 

(c)        may
be delivered personally by leaving it at such address, by post or facsimile.

 

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8.2         Any
such notice or other communication so addressed to the other party shall be deemed to have
been delivered (I) if given or made by post shall be deemed received three (3) Business Days after the date of posting; (ii) if
given or made by hand, when delivered to the relevant address and (iii) if given or made by fax at the time of transmission. Communications
through the Leased Line or through a channel specified by the Bank are deemed to be delivered when sent.

 

9.          Confidentiality

 

9.1         The
Company and the Bank recognize and agree that the information relating to any Customer (or any Registered Customer) as may be
received by it from the other party in the course of provision or use of the Services shall be treated as confidential and
shall not be disclosed or made available to any person other than in accordance with these Terms or pursuant to any
directions, decree, or orders of a competent court or pursuant to any applicable laws or regulations requiring such
disclosure.

 

9.2          The
confidential information as stipulated in Clause 9.1 of these Terms (and only for the purpose herein) shall not include:

 

(a)         information
which has already become part of the public knowledge or literature without any unauthorized act, omission or breach of any provisions
of these Terms by the party (the "Disclosing Party") disclosing such information to a third party at the time of disclosure
or thereafter;

 

(b)         information
which was in the Disclosing Party's possession at the time of receipt of such information by the Disclosing Party as evidenced
by written records in existence at that time;

 

(c)         information
disclosed under the compulsion of any relevant law or regulation or order of any court of competent jurisdiction; and

 

(d)         information
disclosed by a party on a confidential basis to its agents, service providers and professional advisers to the extent necessary
to enable them to discharge their duties; to credit reference and reporting agencies; clearing houses, payment systems operators
and regulatory authorities.

 

10.       Miscellaneous

 

10.1       These
Terms shall be binding on and shall ensure for the benefit of the successors and permitted assigns of the Bank and the Company.
The Company shall not assign or transfer any of its rights or obligations without the written consent of the Bank.

 

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10.2        Nothing
in these Terms shall be deemed to constitute (a) in the case of the Bank, a fiduciary or
trustee for the Company, (b) in the case of the Company, an agent of the Bank, or (c) a partnership, joint venture or any other
form of association between the parties.

 

10.3        The
provision of the Services by the Bank is subject to these Terms, which supersede all prior terms, conditions and agreements between
the parties whether oral or written.

 

10.4        If
at any time one or more provisions hereof is or becomes invalid,
illegal, unenforceable or incapable of performance in any respect under the laws of any relevant jurisdiction, the validity, legality,
enforceability or performance in that jurisdiction of the remaining provisions hereof or the validity, legality, enforceability
or performance under the laws of any other relevant jurisdiction of these or any other provisions hereof shall not thereby in any
way be affected or impaired.

 

10.5        Any
amendment, waiver or variation to these Terms shall only be effective if set out in writing and signed by the Bank.

 

10.6        No
failure or delay by either the Bank or the Company in exercising any right, power or privilege under these Terms shall operate
as a waiver thereof, nor shall any single or partial exercise by either the Bank or the Company of any right, power or privilege
preclude any further exercise thereof or the exercise of any other right, power or privilege.

 

11.        Governing
Law

 

These Terms and the Agreement
are governed by and shall be construed in accordance with the laws of Hong Kong Special Administrative Region. The Bank and the
Company hereto submit to the exclusive jurisdiction of the Hong Kong courts.

 

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This Agreement has been entered into on the date stated at the
beginning of this Agreement.

 

The Bank

 

CHINA MERCHANTS BANK
CO., LTD., HONG KONG BRANCH

 

By:

 

 

The Company

 

HONGKONG TAKUNG ASSETS AND EQUITY OF ARTWORKS EXCHANGE CO.,
LTD.

 

By:

 

    	10Exhibit 4.2

 

Form of Representatives’ Warrant
Agreement

 

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) ROTH CAPITAL PARTNERS, LLC OR FELTL AND COMPANY, INC. OR AN UNDERWRITER OR A SELECTED DEALER PARTICIPATING IN THE
OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF ROTH CAPITAL PARTNERS, LLC OR FELTL AND COMPANY, INC. OR OF ANY SUCH UNDERWRITER
OR SELECTED DEALER.

 

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

 

COMMON STOCK PURCHASE WARRANT

 

For the Purchase of [_____] Shares of Common
Stock

 of 

The Joint Corp.

  

1.          Purchase
Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of [Roth Capital Partners, LLC/Feltl and
Company, Inc.] (“Holder”), as registered owner of this Purchase Warrant, to The Joint Corp., a Delaware corporation
(the “Company”), Holder is entitled, at any time or from time to time from [________________] [DATE THAT
IS ONE YEAR FROM THE EFFECTIVE DATE OF THE OFFERING] (the “Commencement Date”), and until at or before 5:00p.m.,
Eastern time, [_________] [DATE THAT IS FOUR 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 of the Company,
par value $0.001 per share (the “Shares”), subject to adjustment as provided in Section 6 hereof. If the Expiration
Date is a day on which banking institutions are authorized by law to close, then this Purchase Warrant may be exercised on the
next succeeding day which is not such a day in accordance with the terms herein. During the period commencing on the Effective
Date and 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 [125% of the price of the Company’s common stock 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. The term “Exercise Price” shall mean the initial exercise price or the
adjusted exercise price, depending on the context. The term “Effective Date” shall mean [ ], the date on which the
Registration Statement on Form S-1 (File No. 333-198860) of the Company was declared effective by the Securities and Exchange Commission.

 

    	 

    	 

    

 

		2.	Exercise.

 

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

 

2.2           Cashless
Exercise.  If at any time after the Commencement Date there is no effective registration statement registering, or no
current prospectus available for, the resale of the Shares by the Holder at the time the Holder desires to exercise this Purchase
Warrant, then in lieu of exercising this Purchase Warrant at that time by payment of cash or check payable to the order of the
Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant
(or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form
attached hereto, in which event the Company shall issue 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 Company’s common stock is traded on a securities
exchange, the value shall be deemed to be the closing price on such exchange on the trading day prior to the exercise form being
submitted in connection with the exercise of the Purchase Warrant;

 

		(ii)	if the Company’s common stock is actively traded
over-the-counter, the value shall be deemed to be the closing bid price on the trading day prior to the exercise form being submitted
in connection with the exercise of the Purchase Warrant; or

 

 

		(iii)	if there is no active public market, the value shall
be the fair market value thereof, as determined in good faith by the Company’s Board of Directors.

 

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

 

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

  

    	 

    	 

    

 

		3.	Transfer.

 

3.1           General
Restrictions. 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 Effective Date to anyone other than: (i) Roth Capital Partners, LLC (“Roth”) or Feltl and Company,
Inc. (“Feltl”) or an underwriter or a selected dealer participating in the offering contemplated by the Underwriting
Agreement (the “Offering”), or (ii) a bona fide officer or partner of Roth or Feltl or of any such underwriter
or selected dealer, provided that, in each case (i) or (ii), such transfer shall be in accordance with FINRA Rules 5110(g)(1) and 5110(g)(2)(A)(ii), 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 180 days after the Effective Date, transfers of this Purchase Warrant 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.

 

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

 

		4.	Registration Rights.

 

4.1           Demand
Registration.

 

4.1.1       Grant
of Right. The Company, upon written demand (a “Demand Notice”) of the Holder agrees to register, on
one occasion, all or any portion of the Shares underlying the Purchase Warrant (the “Registrable
Securities”), if and when the Company is eligible to use a registration
statement on Form S-3. On such occasion, the Company will file a registration statement with the Commission covering the
Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its commercially reasonable 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 during a period of three (3) years beginning on the Commencement Date. The Company
covenants and agrees to give written notice of its receipt of any Demand Notice by any Holder(s) to all other 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.

 

    	 

    	 

    

 

4.1.2       Terms.         The
Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section
4.1.1, but the Holder shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the
Holder to represent it in connection with the sale of the Registrable Securities. The Company agrees to use its commercially
reasonable efforts to cause the filing required herein to become effective promptly and to qualify or register the
Registrable Securities in such states as are reasonably requested by the Holder; 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 stockholders 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 Holder of the
Registrable Securities covered by such registration statement is first given the opportunity to sell all of such securities.
The Holder 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 only one (1) occasion and such
demand registration right shall terminate on the fourth anniversary of the effectiveness of the registration statement
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, the Holder shall have the right,
for a period of no more than six (6) years from the Effective Date in accordance with FINRA Rule 5110(f)(2)(G)(v), to include all
or any portion of the Registrable Securities as part of any other registration of securities filed by the Company (other than in
connection with a transaction of the type contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form
S-8 or any equivalent form); provided, however, that if, in c any primary or secondary 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 selling stockholders seeking to include Shares in proportion to the number of Shares sought to
be included by such selling stockholders; 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 Holder shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holder to represent
it in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish
the then Holder 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 Holder 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 fifth anniversary of the Commencement Date.

 

4.3           General
Terms.

 

4.3.1           Indemnification.
The Company shall indemnify the Holder of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holder 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 9(a) of the Underwriting Agreement between Roth, Feltl
(as representatives of the several Underwriters named in Schedule 1 attached thereto) and the Company, dated as of [______], 2014.
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 the 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 9(b) of the Underwriting Agreement pursuant
to which the Underwriters have agreed to indemnify the Company.

 

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

 

4.3.3           Documents
Delivered to Holder. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter
of any offering pursuant to Section 4.1 or Section 4.2 hereof, if any, a signed counterpart, addressed to such Holder or underwriter,
of: (i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration
statement includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related
thereto), and (ii) a “cold comfort” letter dated the effective date of such registration statement (and, if such registration
statement includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed
by the independent registered public accounting firm which has issued a report on the Company’s financial statements included
in such registration statement, in each case covering substantially the same matters with respect to such registration statement
(and the prospectus included therein) and, in the case of such accountants’ letter, with respect to events subsequent to
the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to each
Holder participating in the offering requesting the correspondence and memoranda described below and to the managing underwriter,
if any, copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating
to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter
to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration
statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall
include access to books, records and properties and opportunities to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request.

 

    	 

    	 

    

 

4.3.4           Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by the
holders of a majority of the shares covered by the Registration Statement contemplated by either Section 4.1 or 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
Holder shall be a party 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 Holder. Such Holder 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 Holder, the Shares and their
intended methods of distribution.

 

4.3.5           Documents
to be Delivered by Holder. Each Holder 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 the Company fail to comply with the provisions of Section 4.1 or Section 4.2, the Holder shall, in addition to any other
legal or other relief available to the Holder, 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 Warrant to be Issued.

 

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

 

    	 

    	 

    

 

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

 

		6.	Adjustments.

 

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

 

6.1.1   Share
Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares 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 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 share
reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or
share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the
property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder
of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant)
to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the
kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder
of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if
any reclassification also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant
to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications,
reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

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 any Purchase Warrant issued after such change may state the same Exercise Price and the same number of Shares as are stated
in the Purchase Warrant initially issued. The acceptance by any Holder of the issuance of a new Purchase Warrant reflecting a required
or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Effective Date or the computation
thereof.

 

    	 

    	 

    

 

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

 

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

 

7.            Reservation
and Listing. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose
of issuance upon exercise of the Purchase Warrant, such number of Shares as shall be issuable upon the exercise thereof. The Company
covenants and agrees that, upon exercise of the Purchase Warrant and payment of the Exercise Price therefor (or upon cashless exercise,
as the case may be), 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 stockholder. As long as the
Purchase Warrant shall be outstanding, the Company shall use its commercially reasonable efforts to cause all Shares issuable upon
exercise of the Purchase Warrant to be listed (subject to official notice of issuance) on all national securities exchanges (or,
if applicable, on the OTC Bulletin Board or any successor trading market) on which the Shares issued to the public in the Offering
may then be listed and/or quoted.

 

		8.	Certain Notice Requirements.

 

8.1           Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holder the right to vote or consent or to
receive notice as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder
of the Company. If, however, at any time prior to the expiration of the Purchase Warrant, 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 stockholders 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 stockholders of the Company at the same time and in the same manner that such notice is given to the stockholders.

 

    	 

    	 

    

 

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

 

8.3           Notice
of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to
Section 6 hereof, send notice to the Holder 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 an
executive officer of the Company.

 

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 and the address below, or (ii)
if to the Company, to the following address or to such other address as the Company may designate by notice to the Holder:

 

If to the Holder:

 

Roth Capital Partners, LLC

888 San Clemente Drive

Newport Beach, California 92660

Attn: Aaron Gurewitz, Managing Director, Head of Equity
Capital Markets

Fax: (949) 720-7227

 

Feltl and Company, Inc.

2100 LaSalle Plaza

800 LaSalle Avenue

Minneapolis, Minnesota 55402

Attn: Christopher R. Pravecek, Director of Investment
Banking

Fax: (612) 492-8899

 

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

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

666 Third Avenue

New York, New York 10017

Attn: Ivan K. Blumenthal, Esq.

Fax:  (212) 983-3115

 

If to the Company:

 

The Joint Corp.

9383 East Bahia Drive, Suite 100

Scottsdale, Arizona 85260

Attn: John Richards

  

    	 

    	 

    

 

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

 

Johnson and Colmar

2201 Waukegan Road, Suite 260

Bannockburn, Illinois 60015

Attn: Craig Colmar, Esq.

Fax: (312) 922-9283

 

		9.	Miscellaneous.

 

9.1           Amendments.
The Company, Roth and Feltl may from time to time supplement or amend this Purchase Warrant without the approval of the Holder
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,
Roth and Feltl may deem necessary or desirable and that the Company, Roth and Feltl deem shall not adversely affect the interest
of the Holder. 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 permitted assignees, respective successors, legal representatives and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions
herein contained.

 

9.5           Governing
Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the laws of the State of Delaware, 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 District Court of Minnesota or in the United States District Court for the District of Minnesota, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be
served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to
it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon
the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party (or parties) in any
such action shall be entitled to recover from the other party (or parties) 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, Roth and Feltl enter into an agreement
(“Exchange Agreement”) pursuant to which they agree that the Purchase Warrant 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]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
this Purchase Warrant to be signed by its duly authorized officer as of the ____ day of _______, 2014.

  

	THE JOINT CORP.
	 
	By:	 
	 	Name: 
	 	Title: 

 

    	 

    	 

    

 

[Form to be used to exercise Purchase
Warrant]

 

Date: __________, 20___

 

The undersigned
hereby elects irrevocably to exercise the Purchase Warrant for ______ shares of common stock, par value $0.001 per share (the “Shares”),
of The Joint Corp., 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 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 exercised.

 

	Signature	 	 
	 	 	 
	Signature Guaranteed	 	 

  

    	 

    	 

    

 

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	 	 	(Print in Block Letters)
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 

 

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

 

    	 

    	 

    

 

[Form to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

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

 

FOR VALUE RECEIVED, __________________
does hereby sell, assign and transfer unto the right to purchase __________________ shares of common stock, par value $0.001 per
share, of The Joint Corp., a Delaware corporation (the “Company”), evidenced by the Purchase Warrant and does
hereby authorize the Company to transfer such right on the books of the Company.

 

Dated: __________, 20__

 

	Signature	 	 
	 	 	 
	Signature Guaranteed	 	 

 

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

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