Document:

Exhibit 4.1

 

IDT CORPORATION

2015 STOCK OPTION AND INCENTIVE PLAN

Effective January 1, 2015 to September 16, 2024

(Amended and Restated on September 12, 2019)

 

1. Purpose;
Types of Awards; Construction.

 

The purpose of the IDT Corporation 2015 Stock
Option and Incentive Plan (the “Plan”) is to provide incentives to officers, employees, directors and consultants of
IDT Corporation (the “Company”), or any subsidiary of the Company which now exists or hereafter is organized or acquired
by the Company, to acquire a proprietary interest in the Company, to continue as officers, employees, directors or consultants,
to increase their efforts on behalf of the Company and to promote the success of the Company’s business. The provisions of
the Plan are intended to satisfy the requirements of Section 16(b) of the Securities Exchange Act of 1934, as amended, and of Section
162(m) of the Internal Revenue Code of 1986, as amended, and shall be interpreted in a manner consistent with the requirements
thereof.

 

2. Definitions.

 

As used in this Plan, the following words
and phrases shall have the meanings indicated:

 

(a) “Agreement”
shall mean a written agreement entered into between the Company and a Grantee in connection with an award under the Plan.

 

(b) “Board”
shall mean the Board of Directors of the Company.

 

(c) “Change
in Control” means a change in ownership or control of the Company effected through

 

(i) any
“person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (A) the Company, (B) any
trustee or other fiduciary holding securities under an employee benefit plan of the Company, (C) any corporation or other entity
owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of common
stock, or (D) any person who, immediately prior to the Initial Public Offering, owned more than 25% of the combined voting power
of the Company’s then outstanding voting securities), is or becomes the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of the Company (not including in the securities beneficially
owned by such person any securities issued or sold directly by the Company or any of its affiliates other than in connection with
the acquisition by the Company or its affiliates of a business) representing 25% or more of the combined voting power of the Company’s
then outstanding voting securities.

 

(d) “Class
B Common Stock” shall mean shares of Class B Common Stock, par value $.01 per share, of the Company.

 

(e) “Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

(f) “Committee”
shall mean the Compensation Committee of the Board or such other committee as the Board may designate from time to time to administer
the Plan.

 

(g)
“Company” shall mean IDT Corporation, a corporation incorporated under the laws of the State of Delaware, or any successor
corporation.

 

(h) “Continuous
Service” means that the provision of services to the Company or a Related Entity in any capacity of officer, employee, director
or consultant is not interrupted or terminated. Continuous Service shall not be considered interrupted in the case of (i) any approved
leave of absence, (ii) transfers between locations of the Company or among the Company, any Related Entity or any successor in
any capacity of officer, employee, director or consultant, or (iii) any change in status as long as the individual remains in the
service of the Company or a Related Entity in any capacity of officer, employee, director or consultant (except as otherwise provided
in the applicable Agreement). An approved leave of absence shall include, without limitation, sick leave, temporary disability,
maternity leave, military leave (including, without limitation, service in the National Guard or the Army Reserves) or any other
personal leave approved by the Committee. For purposes of Incentive Stock Options, no such leave may exceed ninety (90) days unless
reemployment upon expiration of such leave is guaranteed by statute or contract.

 

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(i) “Corporate
Transaction” means any of the following transactions:

 

(i) a
merger or consolidation of the Company with any other corporation or other entity, other than (A) a merger or consolidation which
would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving or parent entity) 80% or more of the combined voting
power of the voting securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation
or (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no “person”
(as defined in the Exchange Act) acquired 25% or more of the combined voting power of the Company’s then outstanding securities;
or

 

(ii) a
plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially
all of its assets (or any transaction having a similar effect).

 

(j) “Deferred
Stock Units” mean a Grantee’s rights to receive shares of Class B Common Stock on a deferred basis, subject to such
restrictions, forfeiture provisions and other terms and conditions as shall be determined by the Committee.

 

(k) “Disability”
shall mean a Grantee’s inability to perform his or her duties with the Company or any of its affiliates by reason of any
medically determinable physical or mental impairment, as determined by a physician selected by the Grantee and acceptable to the
Company.

 

(l) “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

(m) “Fair
Market Value” per share as of a particular date shall mean (i) the closing sale price per share of Class B Common Stock on
the national securities exchange on which the Class B Common Stock is principally traded for the last preceding date on which there
was a sale of such Class B Common Stock on such exchange, or (ii) if the shares of Class B Common Stock are then traded in an over-the-counter
market, the average of the high and low trades for the shares of Class B Common Stock in such over-the-counter market for the last
preceding date on which there was a sale of such Class B Common Stock in such market, or (iii) if the shares of Class B Common
Stock are not then listed on a national securities exchange or traded in an over-the-counter market, such value as the Committee,
in its sole discretion, shall determine.

 

(n) “Grantee”
shall mean a person who receives a grant of Options, Stock Appreciation Rights, Limited Rights, Deferred Stock Units or Restricted
Stock under the Plan.

 

(o) “Incentive
Stock Option” shall mean any option intended to be, and designated as, an incentive stock option within the meaning of Section
422 of the Code.

 

(p) “Insider”
shall mean a Grantee who is subject to the reporting requirements of Section 16(a) of the Exchange Act.

 

(q) “Insider
Trading Policy” shall mean the Insider Trading Policy of the Company, as may be amended from time to time.

 

(r) “Limited
Right” shall mean a limited stock appreciation right granted pursuant to Section 10 of the Plan.

 

(s) “Non-Employee
Director” means a member of the Board or the board of directors of any Subsidiary (other than a Subsidiary that has either
(A) a class of “equity securities” (as defined in Rule 3a11-1 promulgated under the Exchange Act) registered under
the Exchange Act or a similar foreign statute or (B) adopted any stock option plan, equity compensation plan or similar employee
benefit plan in which non-employee directors of such Subsidiary are eligible to participate), in each of clause (A) and (B), who
is not an employee of the Company or any Subsidiary.

 

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(t) “Non-Employee
Director Annual Grant” shall mean an award of shares of Restricted Stock equal to $50,000 based on the average of the high
and the low stock price on the business day prior to the Non-Employee Director Grant Date.

 

(u) “Non-Employee
Director Grant Date” shall mean January 5 of the applicable year (or the following business day if January 5 is not a business
day), or, in the case of a new Non-Employee Director joining the Board, shall mean the date of appointment as a member of the Board.

 

(v) “Nonqualified
Stock Option” shall mean any option not designated as an Incentive Stock Option.

 

(w) “Option”
or “Options” shall mean a grant to a Grantee of an option or options to purchase shares of Class B Common Stock.

 

(x) “Option
Agreement” shall have the meaning set forth in Section 6 of the Plan.

 

(y) “Option
Price” shall mean the exercise price of the shares of Class B Common Stock covered by an Option.

 

(z) “Parent”
shall mean any company (other than the Company) in an unbroken chain of companies ending with the Company if, at the time of granting
an award under the Plan, each of the companies other than the Company owns stock possessing fifty percent (50%) or more of the
total combined voting power of all classes of stock in one of the other companies in such chain.

 

(aa)“Plan” means
this IDT Corporation 2015 Stock Option and Incentive Plan, as amended or restated from time to time.

 

(bb)“Related Entity”
means any Parent, Subsidiary or any business, corporation, partnership, limited liability company or other entity in which the
Company, a Parent or a Subsidiary holds a substantial ownership interest, directly or indirectly.

 

(cc)“Related Entity Disposition”
means the sale, distribution or other disposition by the Company of all or substantially all of the Company’s interest in
any Related Entity effected by a sale, merger or consolidation or other transaction involving such Related Entity or the sale of
all or substantially all of the assets of such Related Entity.

 

(dd)“Restricted Period”
shall have the meaning set forth in Section 11(b) of the Plan.

 

(ee)“Restricted Stock”
means shares of Class B Common Stock issued under the Plan to a Grantee for such consideration, if any, and subject to such restrictions
on transfer, rights of refusal, repurchase provisions, forfeiture provisions and other terms and conditions as shall be determined
by the Committee.

 

(ff)“Retirement”
shall mean a Grantee’s retirement in accordance with the terms of any tax-qualified retirement plan maintained by the Company
or any of its affiliates in which the Grantee participates.

 

(gg)“Rule 16b-3”
shall mean Rule 16b-3, as from time to time in effect, promulgated under the Exchange Act, including any successor to such Rule.

 

(hh)“Stock Appreciation
Right” shall mean the right, granted to a Grantee under Section 9 of the Plan, to be paid an amount measured by the appreciation
in the Fair Market Value of a share of Class B Common Stock from the date of grant to the date of exercise of the right, with payment
to be made in cash or Class B Common Stock as applicable, as specified in the award or determined by the Committee.

 

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(ii) “Subsidiary”
shall mean any company (other than the Company) in an unbroken chain of companies beginning with the Company if each of the companies
other than the last company in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting
power of all classes of stock in one of the other companies in such chain.

 

(jj)“Tax Event”
shall have the meaning set forth in Section 17 of the Plan.

 

(kk)“Ten Percent Stockholder”
shall mean a Grantee who at the time an Incentive Stock Option is granted, owns stock possessing more than ten percent (10%) of
the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary.

 

3. Administration.

 

(a) The
Plan shall be administered by the Committee, the members of which may be composed of “non-employee directors” under
Rule 16b-3 and “outside directors” under Section 162(m) of the Code.

 

(b) The
Committee shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan,
to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary
or advisable in the administration of the Plan, including, without limitation, the authority to grant Options, Stock Appreciation
Rights, Limited Rights, Deferred Stock Units and Restricted Stock; to determine which Options shall constitute Incentive Stock
Options and which Options shall constitute Nonqualified Stock Options; to determine which Options (if any) shall be accompanied
by Limited Rights; to determine the Option Price for each Option; to determine the persons to whom, and the time or times at which
awards shall be granted; to determine the number of shares to be covered by each award; to interpret the Plan and any award under
the Plan; to reconcile any inconsistent terms in the Plan or any award under the Plan; to prescribe, amend and rescind rules and
regulations relating to the Plan; to determine the terms and provisions of the Agreements (which need not be identical) and to
cancel or suspend awards, as necessary; and to make all other determinations deemed necessary or advisable for the administration
of the Plan.

 

(c) All
decisions, determination and interpretations of the Committee shall be final and binding on all Grantees of any awards under this
Plan. No member of the Board or Committee shall be liable for any action taken or determination made in good faith with respect
to the Plan or any award granted hereunder.

 

(d) The
Committee may delegate to one or more executive officers of the Company the authority to (i) grant awards under the Plan to employees
of the Company and its Subsidiaries who are not executive officers or a member of the Board, (ii) execute and deliver documents
or take such other ministerial actions on behalf of the Committee with respect to awards and (iii) to make interpretations of the
Plan. The grant of authority in this Section 3(d) shall be subject to such conditions and limitations as may be determined by the
Committee. If the Committee delegates authority to any such executive officer or executive officers of the Company pursuant to
this Section 3(d), and such executive officer or executive officers grant awards pursuant to such delegated authority, references
in this Plan to the “Committee” as they relate to such awards shall be deemed to refer to such executive officer or
executive officers, as applicable.

 

4. Eligibility.

 

Awards may be granted to officers, employees,
members of the Board and consultants of the Company or of any Subsidiary. In addition to any other awards granted to Non-Employee
Directors hereunder, awards shall be granted to Non-Employee Directors pursuant to Section 14 of the Plan. In determining the persons
to whom awards shall be granted and the number of shares to be covered by each award, the Committee shall take into account the
duties of the respective persons, their present and potential contributions to the success of the Company and such other factors
as the Committee shall deem relevant in connection with accomplishing the purposes of the Plan.

 

5. Stock.

 

(a) The
maximum number of shares of Class B Common Stock reserved for the grant of awards under the Plan shall be 1,555,000, all of which
may be granted as Incentive Stock Options, subject to adjustment as provided in Section 12 of the Plan. Such shares may, in whole
or in part, be authorized but unissued shares or shares that shall have been or may be reacquired by the Company.

 

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(b) If
any outstanding award under the Plan should, for any reason expire, be canceled or be forfeited (other than in connection with
the exercise of a Stock Appreciation Right or a Limited Right), without having been exercised in full, the shares of Class B Common
Stock allocable to the unexercised, canceled or terminated portion of such award shall (unless the Plan shall have been terminated)
become available for subsequent grants of awards under the Plan, unless otherwise determined by the Committee.

 

6. Terms
and Conditions of Options.

 

(a) OPTION
AGREEMENT.  Each Option granted pursuant to the Plan shall be evidenced by a written agreement between the Company and
the Grantee (the “Option Agreement”), in such form and containing such terms and conditions as the Committee shall
from time to time approve, which Option Agreement shall comply with and be subject to the following terms and conditions, unless
otherwise specifically provided in such Option Agreement. For purposes of interpreting this Section 6, a director’s service
as a member of the Board or a consultant’s service shall be deemed to be employment with the Company.

 

(b) NUMBER
OF SHARES.  Each Option Agreement shall state the number of shares of Class B Common Stock to which the Option relates.

 

(c) TYPE
OF OPTION.  Each Option Agreement shall specifically state that the Option constitutes an Incentive Stock Option or a
Nonqualified Stock Option. In the absence of such designation, the Option will be deemed to be a Nonqualified Stock Option.

 

(d) OPTION
PRICE.  Each Option Agreement shall state the Option Price, which, in the case of an Incentive Stock Option, shall not
be less than one hundred percent (100%) of the Fair Market Value of the shares of Class B Common Stock covered by the Option on
the date of grant. The Option Price shall be subject to adjustment as provided in Section 12 of the Plan.

 

(e) MEDIUM
AND TIME OF PAYMENT.  The Option Price shall be paid in full, at the time of exercise, in cash or in shares of Class
B Common Stock having a Fair Market Value equal to such Option Price or in a combination of cash and Class B Common Stock including
a cashless exercise procedure through a broker-dealer; provided, however, that in the case of an Incentive Stock Option, the medium
of payment shall be determined at the time of grant and set forth in the applicable Option Agreement.

 

(f) TERM
AND EXERCISABILITY OF OPTIONS.  Each Option Agreement shall provide the exercisability schedule for the Option as determined
by the Committee, provided, that, the Committee shall have the authority to accelerate the exercisability of any outstanding Option
at such time and under such circumstances as it, in its sole discretion, deems appropriate. The exercise period will be ten (10)
years from the date of the grant of the Option unless otherwise determined by the Committee; provided, however, that in the case
of an Incentive Stock Option, such exercise period shall not exceed ten (10) years from the date of grant of such Option. The exercise
period shall be subject to earlier termination as provided in Sections 6(g) and 6(h) of the Plan. An Option may be exercised, as
to any or all full shares of Class B Common Stock as to which the Option has become exercisable, by written notice delivered in
person, by mail, e-mail, fax or overnight delivery to the Company’s transfer agent or other administrator designated by the
Company, specifying the number of shares of Class B Common Stock with respect to which the Option is being exercised.

 

(g) TERMINATION.  Except
as provided in this Section 6(g) and in Section 6(h) of the Plan, an Option may not be exercised unless the Grantee is then in
the employ of or maintaining a director or consultant relationship with the Company or a Subsidiary thereof (or a company or a
Parent or Subsidiary of such company issuing or assuming the Option in a transaction to which Section 424(a) of the Code applies),
and unless the Grantee has remained in Continuous Service with the Company or any Subsidiary since the date of grant of the Option
unless otherwise determined by the Committee. In the event that the employment or consultant relationship of a Grantee shall terminate
(other than by reason of death, Disability or Retirement), all Options of such Grantee that are exercisable at the time of Grantee’s
termination may, unless earlier terminated in accordance with their terms, be exercised within 180 days after the date of termination
(or such different period as the Committee shall prescribe).

 

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(h) DEATH,
DISABILITY OR RETIREMENT OF GRANTEE.  If a Grantee shall die while employed by, or maintaining a director or consultant
relationship with, the Company or a Subsidiary thereof, or within thirty (30) days after the date of termination of such Grantee’s
employment, director or consultant relationship (or within such different period as the Committee may have provided pursuant to
Section 6(g) of the Plan), or if the Grantee’s employment, director or consultant relationship shall terminate by reason
of Disability, all Options theretofore granted to such Grantee (to the extent otherwise exercisable) may, unless earlier terminated
in accordance with their terms, be exercised by the Grantee or by the Grantee’s estate or by a person who acquired the right
to exercise such Options by bequest or inheritance or otherwise by result of death or Disability of the Grantee, at any time within
180 days after the death or Disability of the Grantee (or such different period as the Committee shall prescribe). In the event
that an Option granted hereunder shall be exercised by the legal representatives of a deceased or former Grantee, written notice
of such exercise shall be accompanied by a certified copy of letters testamentary or equivalent proof of the right of such legal
representative to exercise such Option. In the event that the employment or consultant relationship of a Grantee shall terminate
on account of such Grantee’s Retirement, all Options of such Grantee that are exercisable at the time of such Retirement
may, unless earlier terminated in accordance with their terms, be exercised at any time within one hundred eighty (180) days after
the date of such Retirement (or such different period as the Committee shall prescribe). All unvested Options shall be terminated
upon death, disability or retirement, unless otherwise determined by the Committee.

 

(i) OTHER
PROVISIONS.  The Option Agreements evidencing awards under the Plan shall contain such other terms and conditions not
inconsistent with the Plan as the Committee may determine.

 

7. Nonqualified
Stock Options.

 

Options granted pursuant to this Section
7 are intended to constitute Nonqualified Stock Options and shall be subject only to the general terms and conditions specified
in Section 6 of the Plan.

 

8. Incentive
Stock Options.

 

Options granted pursuant to this Section
8 are intended to constitute Incentive Stock Options and shall be subject to the following special terms and conditions, in addition
to the general terms and conditions specified in Section 6 of the Plan:

 

(a) LIMITATION
ON VALUE OF SHARES.  To the extent that the aggregate Fair Market Value of shares of Class B Common Stock subject to
Options designated as Incentive Stock Options which become exercisable for the first time by a Grantee during any calendar year
(under all plans of the Company or any Subsidiary) exceeds $100,000, such excess Options, to the extent of the shares covered thereby
in excess of the foregoing limitation, shall be treated as Nonqualified Stock Options. For this purpose, Incentive Stock Options
shall be taken into account in the order in which they were granted, and the Fair Market Value of the shares of Class B Common
Stock shall be determined as of the date that the Option with respect to such shares was granted.

 

(b) TEN
PERCENT STOCKHOLDER.  In the case of an Incentive Stock Option granted to a Ten Percent Stockholder, (i) the Option Price
shall not be less than one hundred ten percent (110%) of the Fair Market Value of the shares of Class B Common Stock on the date
of grant of such Incentive Stock Option, and (ii) the exercise period shall not exceed five (5) years from the date of grant of
such Incentive Stock Option.

 

9. Stock
Appreciation Rights.

 

The Committee shall have authority to grant
a Stock Appreciation Right, either alone or in tandem with any Option. A Stock Appreciation Right granted in tandem with an Option
shall, except as provided in this Section 9 or as may be determined by the Committee, be subject to the same terms and conditions
as the related Option. Each Stock Appreciation Right granted pursuant to the Plan shall be evidenced by a written Agreement between
the Company and the Grantee in such form as the Committee shall from time to time approve, which Agreement shall comply with and
be subject to the following terms and conditions, unless otherwise specifically provided in such Agreement:

 

(a) TIME
OF GRANT.  A Stock Appreciation Right may be granted at such time or times as may be determined by the Committee.

 

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(b) PAYMENT.  A
Stock Appreciation Right shall entitle the holder thereof, upon exercise of the Stock Appreciation Right or any portion thereof,
to receive payment of an amount computed pursuant to Section 9(d) of the Plan.

 

(c) EXERCISE.  A
Stock Appreciation Right shall be exercisable at such time or times and only to the extent determined by the Committee, and will
not be transferable. A Stock Appreciation Right granted in connection with an Incentive Stock Option shall be exercisable only
if the Fair Market Value of a share of Class B Common Stock on the date of exercise exceeds the purchase price specified in the
related Incentive Stock Option. Unless otherwise approved by the Committee, no Grantee shall be permitted to exercise any Stock
Appreciation Right during the period beginning two weeks prior to the end of each of the Company’s fiscal quarters and ending
on the second business day following the day on which the Company releases to the public a summary of its fiscal results for such
period.

 

(d) AMOUNT
PAYABLE.  Upon the exercise of a Stock Appreciation Right, the Optionee shall be entitled to receive an amount determined
by multiplying (i) the excess of the Fair Market Value of a share of Class B Common Stock on the date of exercise of such Stock
Appreciation Right over the exercise or other base price of the Stock Appreciation Right or, if applicable, the Option Price of
the related Option, by (ii) the number of shares of Class B Common Stock as to which such Stock Appreciation Right is being exercised.

 

(e) TREATMENT
OF RELATED OPTIONS AND STOCK APPRECIATION RIGHTS UPON EXERCISE.  Upon the exercise of a Stock Appreciation Right, the
related Option, if any, shall be canceled to the extent of the number of shares of Class B Common Stock as to which the Stock Appreciation
Right is exercised. Upon the exercise or surrender of an Option granted in connection with a Stock Appreciation Right, the Stock
Appreciation Right shall be canceled to the extent of the number of shares of Class B Common Stock as to which the Option is exercised
or surrendered.

 

(f) METHOD
OF EXERCISE.  Stock Appreciation Rights shall be exercised by a Grantee only by a written notice delivered to the Company
in accordance with procedures specified by the Company from time to time. Such notice shall state the number of shares of Class
B Common Stock with respect to which the Stock Appreciation Right is being exercised. A Grantee may also be required to deliver
to the Company the underlying Agreement evidencing the Stock Appreciation Right being exercised and any related Option Agreement
so that a notation of such exercise may be made thereon, and such Agreements shall then be returned to the Grantee.

 

(g) FORM
OF PAYMENT.  Payment of the amount determined under Section 9(d) of the Plan may be made solely in whole shares of Class
B Common Stock in a number based upon their Fair Market Value on the date of exercise of the Stock Appreciation Right or, alternatively,
at the sole discretion of the Committee, solely in cash, or in a combination of cash and shares of Class B Common Stock as the
Committee deems advisable. If the Committee decides to make full payment in shares of Class B Common Stock and the amount payable
results in a fractional share, payment for the fractional share will be made in cash.

 

10. Limited
Stock Appreciation Rights.

 

The Committee shall have authority to grant
a Limited Right, either alone or in tandem with any Option. Each Limited Right granted pursuant to the Plan shall be evidenced
by a written Agreement between the Company and the Grantee in such form as the Committee shall from time to time approve, which
Agreement shall comply with and be subject to the following terms and conditions, unless otherwise specifically provided in such
Agreement:

 

(a) TIME
OF GRANT.  A Limited Right may be granted at such time or times as may be determined by the Committee.

 

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(b) EXERCISE.  A
Limited Right may be exercised only (i) during the ninety-day period following the occurrence of a Change in Control or (ii) immediately
prior to the effective date of a Corporate Transaction. A Limited Right shall be exercisable at such time or times and only to
the extent determined by the Committee, and will not be transferable except to the extent any related Option is transferable or
as otherwise determined by the Committee. A Limited Right granted in connection with an Incentive Stock Option shall be exercisable
only if the Fair Market Value of a share of Class B Common Stock on the date of exercise exceeds the purchase price specified in
the related Incentive Stock Option.

 

(c) AMOUNT
PAYABLE.  Upon the exercise of a Limited Right, the Grantee thereof shall receive in cash whichever of the following
amounts is applicable:

 

(i) in
the case of the realization of Limited Rights by reason of an acquisition of common stock described in clause (i) of the definition
of “Change in Control” (Section 2(c) of this Plan), an amount equal to the Acquisition Spread as defined in Section
10(d)(ii) below; or

 

(ii) in
the case of the realization of Limited Rights by reason of stockholder approval of an agreement or plan described in clause (i)
of the definition of “Corporate Transaction” (Section 2(j) of this Plan), an amount equal to the Merger Spread as defined
in Section 10(d)(iv) below; or

 

(iii) in
the case of the realization of Limited Rights by reason of the change in composition of the Board described in clause (ii) of the
definition of “Change in Control” or stockholder approval of a plan or agreement described in clause (ii) of the definition
of Corporate Transaction, an amount equal to the Spread as defined in Section 10(d)(v) of this Plan.

 

Notwithstanding the foregoing provisions
of this Section 10(c) (or unless otherwise approved by the Committee), in the case of a Limited Right granted in respect of an
Incentive Stock Option, the Grantee may not receive an amount in excess of the maximum amount that will enable such option to continue
to qualify under the Code as an Incentive Stock Option.

 

(d) DETERMINATION
OF AMOUNTS PAYABLE.  The amounts to be paid to a Grantee pursuant to Section 10(c) of this Plan shall be determined as
follows:

 

(i) The
term “Acquisition Price per Share” as used herein shall mean, with respect to the exercise of any Limited Right by
reason of an acquisition of Class B Common Stock described in clause (i) of the definition of Change in Control, the greatest of
(A) the highest price per share shown on the Statement on Schedule 13D or amendment thereto filed by the holder of 25% or more
of the voting power of the Company that gives rise to the exercise of such Limited Right, (B) the highest price paid in any tender
or exchange offer which is in effect at any time during the ninety-day period ending on the date of exercise of the Limited Right,
or (C) the highest Fair Market Value per share of Class B Common Stock during the ninety day period ending on the date the Limited
Right is exercised.

 

(ii) The
term “Acquisition Spread” as used herein shall mean an amount equal to the product computed by multiplying (A) the
excess of (1) the Acquisition Price per Share over (2) the exercise or other base price of the Limited Right or, if applicable,
the Option Price per share of Class B Common Stock at which the related Option is exercisable, by (B) the number of shares of Class
B Common Stock with respect to which such Limited Right is being exercised.

 

(iii) The
term “Merger Price per Share” as used herein shall mean, with respect to the exercise of any Limited Right by reason
of stockholder approval of an agreement described in clause (i) of the definition of Corporate Transaction, the greatest of (A)
the fixed or formula price for the acquisition of shares of Class B Common Stock specified in such agreement, if such fixed or
formula price is determinable on the date on which such Limited Right is exercised, (B) the highest price paid in any tender or
exchange offer which is in effect at any time during the ninety-day period ending on the date of exercise of the Limited Right,
(C) the highest Fair Market Value per share of Class B Common Stock during the ninety-day period ending on the date on which such
Limited Right is exercised.

 

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(iv) The
term “Merger Spread” as used herein shall mean an amount equal to the product. computed by multiplying (A) the excess
of (1) the Merger Price per Share over (2) the exercise or other base price of the Limited Right or, if applicable, the Option
Price per share of Class B Common Stock at which the related Option is exercisable, by (B) the number of shares of Class B Common
Stock with respect to which such Limited Right is being exercised.

 

(v) The
term “Spread” as used herein shall mean, with respect to the exercise of any Limited Right by reason of a change in
the composition of the Board described in clause (ii) of the definition of Change in Control or stockholder approval of a plan
or agreement described in clause (ii) of the definition of Corporate Transaction, an amount equal to the product computed by multiplying
(i) the excess of (A) the greater of (1) the highest price paid in any tender or exchange offer which is in effect at any time
during the ninety-day period ending on the date of exercise of the Limited Right or (2) the highest Fair Market Value per share
of Class B Common Stock during the ninety day period ending on the date the Limited Right is exercised over (B) the exercise or
other base price of the Limited Right or, if applicable, the Option Price per share of Class B Common Stock at which the related
Option is exercisable, by (ii) the number of shares of Class B Common Stock with respect to which the Limited Right is being exercised.

 

(e) TREATMENT
OF RELATED OPTIONS AND LIMITED RIGHTS UPON EXERCISE.  Upon the exercise of a Limited Right, the related Option, if any,
shall cease to be exercisable to the extent of the shares of Class B Common Stock with respect to which such Limited Right is exercised
but shall be considered to have been exercised to that extent for purposes of determining the number of shares of Class B Common
Stock available for the grant of future awards pursuant to this Plan. Upon the exercise or termination of a related Option, if
any, the Limited Right with respect to such related Option shall terminate to the extent of the shares of Class B Common Stock
with respect to which the related Option was exercised or terminated.

 

(f) METHOD
OF EXERCISE.  To exercise a Limited Right, the Grantee shall (i) deliver written notice to the Company specifying the
number of shares of Class B Common Stock with respect to which the Limited Right is being exercised, and (ii) if requested by the
Committee, deliver to the Company the Agreement evidencing the Limited Rights being exercised and, if applicable, the Option Agreement
evidencing the related Option; the Company shall endorse thereon a notation of such exercise and return such Agreements to the
Grantee. The date of exercise of a Limited Right that is validly exercised shall be deemed to be the date on which there shall
have been delivered the instruments referred to in the first sentence of this Section 10(f).

 

11. Restricted
Stock.

 

The Committee may award shares of Restricted
Stock to any eligible employee, director or consultant of the Company or of any Subsidiary. Each award of Restricted Stock under
the Plan shall be evidenced by a written Agreement between the Company and the Grantee, in such form as the Committee shall from
time to time approve, which Agreement shall comply with and be subject to the following terms and conditions, unless otherwise
specifically provided in such Agreement:

 

(a) NUMBER
OF SHARES.  Each Agreement shall state the number of shares of Restricted Stock to be subject to an award.

 

(b) RESTRICTIONS.  Shares
of Restricted Stock may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the
laws of descent and distribution, for such period as the Committee shall determine from the date on which the award is granted
(the “Restricted Period”). The Committee may also impose such additional or alternative restrictions and conditions
on the shares as it deems appropriate including, but not limited to, the satisfaction of performance criteria. Such performance
criteria may include, without limitation, sales, earnings before interest and taxes, return on investment, earnings per share,
any combination of the foregoing or rate of growth of any of the foregoing, as determined by the Committee. The Company may, at
its option, maintain issued shares in book entry form. Certificates, if any, for shares of stock issued pursuant to Restricted
Stock awards shall bear an appropriate legend referring to such restrictions, and any attempt to dispose of any such shares of
stock in contravention of such restrictions shall be null and void and without effect. During the Restricted Period, any such certificates
shall be held in a restricted account a at the transfer agent appointed by the Company. In determining the Restricted Period of
an award, the Committee may provide that the foregoing restrictions shall lapse with respect to specified percentages of the awarded
shares on successive anniversaries or other specified dates of the date of such award.

 

    9

     

    

 

(c) FORFEITURE.  Subject
to such exceptions as may be determined by the Committee, if the Grantee’s Continuous Service with the Company or any Subsidiary
shall terminate for any reason prior to the expiration of the Restricted Period of an award, any shares remaining subject to restrictions
(after taking into account the provisions of Subsection (e) of this Section 11) shall thereupon be forfeited by the Grantee and
transferred to, and retired by, the Company without cost to the Company or such Subsidiary, and such shares shall become available
for subsequent grants of awards under the Plan, unless otherwise determined by the Committee.

 

(d) OWNERSHIP.  During
the Restricted Period, the Grantee shall possess all incidents of ownership of such shares, subject to Subsection (b) of this Section
11, including the right to receive dividends with respect to such shares and to vote such shares.

 

(e) ACCELERATED
LAPSE OF RESTRICTIONS.  Upon the occurrence of any of the events specified in Section 13 of the Plan (and subject to
the conditions set forth therein), all restrictions then outstanding on any shares of Restricted Stock awarded under the Plan shall
lapse as of the applicable date set forth in Section 13. The Committee shall have the authority (and the Agreement may so provide)
to cancel all or any portion of any outstanding restrictions prior to the expiration of the Restricted Period with respect to any
or all of the shares of Restricted Stock awarded on such terms and conditions as the Committee shall deem appropriate.

 

11A.Deferred Stock Units.

 

The Committee may award Deferred Stock Units
to any outside director, eligible employee or consultant of the Company or of any Subsidiary. Each award of Deferred Stock Units
under the Plan shall be evidenced by a written Agreement between the Company and the Grantee, in such form as the Committee shall
from time to time approve, which Agreement shall comply with and be subject to the following terms and conditions, unless otherwise
specifically provided in such Agreement:

 

(a) NUMBER
OF SHARES.  Each Agreement for Deferred Stock Units shall state the number of shares of Class B Common Stock to be subject
to an award.

 

(b) RESTRICTIONS.  Deferred
Stock Units may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws
of descent and distribution, until shares of Class B Common Stock are payable with respect to an award. The Committee may impose
such vesting restrictions and conditions on the payment of shares as it deems appropriate including the satisfaction of performance
criteria. Such performance criteria may include sales, earnings before interest and taxes, return on investment, earnings per share,
any combination of the foregoing or rate of growth of any of the foregoing, as determined by the Committee.

 

(c) FORFEITURE.  Subject
to such exceptions as may be determined by the Committee, if the Grantee’s Continuous Service with the Company or any Subsidiary
shall terminate for any reason prior to the Grantee becoming fully vested in the award, then the Grantee’s rights under any
unvested Deferred Stock Units shall be forfeited without cost to the Company or such Subsidiary.

 

(d) OWNERSHIP.  Until
shares are delivered with respect to Deferred Stock Units, the Grantee shall not possess any incidents of ownership of such shares,
including the right to receive dividends with respect to such shares and to vote such shares.

 

    10

     

    

 

(e) ACCELERATED
LAPSE OF RESTRICTIONS.  Upon the occurrence of any of the events specified in Section 13 of the Plan (and subject to
the conditions set forth therein), all restrictions then outstanding on any Deferred Stock Units awarded under the Plan shall lapse
as of the applicable date set forth in Section 13. The Committee shall have the authority (and the Agreement may so provide) to
cancel all or any portion of any outstanding restrictions prior to the expiration of any restricted period with respect to any
or all of the shares of Deferred Stock Units awarded on such terms and conditions as the Committee shall deem appropriate.

 

12. Effect
of Certain Changes.

 

(a) ADJUSTMENTS
UPON CHANGES IN CAPITALIZATION.  In the event of any extraordinary liquidating dividend, stock dividend, recapitalization,
merger, consolidation, stock split, warrant or rights issuance, or combination or exchange of such shares, or other similar transactions,
the Committee shall equitably adjust (i) the number of shares of Class B Common Stock available for awards under the Plan, (ii)
the number and/or kind of shares covered by outstanding awards and (iii) the Option Price per share of Options or the applicable
market value of Stock Appreciation Rights or Limited Rights, in each such case so as to reflect such event and preserve the value
of such awards; provided, however, that any fractional shares resulting from such adjustment shall be eliminated. This provision
shall not apply to cash dividends or returns of capital.

 

(b) CHANGE
IN CLASS B COMMON STOCK.  In the event of a change in the Class B Common Stock as presently constituted that is limited
to a change of all of its authorized shares of Class B Common Stock into the same number of shares with a different par value or
without par value, the shares resulting from any such change shall be deemed to be the Class B Common Stock within the meaning
of the Plan.

 

13. Corporate
Transaction; Change in Control; Related Entity Disposition.

 

(a) CORPORATE
TRANSACTION.  In the event of a Corporate Transaction, each award which is at the time outstanding under the Plan shall
automatically become fully vested and exercisable and, in the case of an award of Restricted Stock or an award of Deferred Stock
Units, shall be released from any restrictions on transfer (except with regard to the Insider Trading Policy and such other agreements
between the Grantee and the Company) and repurchase or forfeiture rights, immediately prior to the specified effective date of
such Corporate Transaction. Effective upon the consummation of the Corporate Transaction, all outstanding awards of Options, Stock
Appreciation Rights and Limited Rights under the Plan shall terminate, unless otherwise determined by the Committee. However, all
such awards shall not terminate if the awards are, in connection with the Corporate Transaction, assumed by the successor corporation
or Parent thereof.

 

(b) CHANGE
IN CONTROL.  In the event of a Change in Control (other than a Change in Control which is also a Corporate Transaction),
each award which is at the time outstanding under the Plan automatically shall become fully vested and exercisable and, in the
case of an award of Restricted Stock or an award of Deferred Stock Units, shall be released from any restrictions on transfer and
repurchase or forfeiture rights, immediately prior to the specified effective date of such Change in Control.

 

(c) RELATED
ENTITY DISPOSITION.  The Continuous Service of each Grantee (who is primarily engaged in service to a Related Entity
at the time it is involved in a Related Entity Disposition) shall terminate effective upon the consummation of such Related Entity
Disposition, and each outstanding award of such Grantee under the Plan shall become fully vested and exercisable and, in the case
of an award of Restricted Stock or an award of Deferred Stock Units, shall be released from any restrictions on transfer (except
with regard to the Insider Trading Policy and such other agreements between the Grantee and the Company). Unless otherwise determined
by the Committee, the Continuous Service of a Grantee shall not be deemed to terminate (and each outstanding award of such Grantee
under the Plan shall not become fully vested and exercisable and, in the case of an award of Restricted Stock or an award of Deferred
Stock Units, shall not be released from any restrictions on transfer) if (i) a Related Entity Disposition involves the spin-off
of a Related Entity, for so long as such Grantee continues to remain in the service of such entity that constituted the Related
Entity immediately prior to the consummation of such Related Entity Disposition (“SpinCo”) in any capacity of officer,
employee, director or consultant or (ii) an outstanding award is assumed by the surviving corporation (whether SpinCo or otherwise)
or its parent entity in connection with a Related Entity Disposition.

 

    11

     

    

 

(d) SUBSTITUTE
AWARDS.  The Committee may grant awards under the Plan in substitution of stock-based incentive awards held by employees,
consultants or directors of another entity who become employees, consultants or directors of the Company or any Subsidiary by reason
of a merger or consolidation of such entity with the Company or any Subsidiary, or the acquisition by the Company or a Subsidiary
of property or equity of such entity, upon such terms and conditions as the Committee may determine, and such awards shall not
count against the share limitation set forth in Section 5 of the Plan.

 

14. Non-Employee
Director Restricted Stock.

 

The provisions of this Section 14 shall apply
only to certain grants of Restricted Stock to Non-Employee Directors, as provided below. Except as set forth in this Section 14,
the other provisions of the Plan shall apply to grants of Restricted Stock to Non-Employee Directors to the extent not inconsistent
with this Section. For purposes of interpreting Section 6 of the Plan and this Section 14, a Non-Employee Director’s service
as a member of the Board or the board of directors of any Subsidiary shall be deemed to be employment with the Company.

 

(a) GENERAL.
Non-Employee Directors shall receive Restricted Stock in accordance with this Section 14. Restricted Stock granted pursuant to
this Section 14 shall be subject to the terms of such section and shall not be subject to discretionary acceleration of vesting
by the Committee. Unless determined otherwise by the Committee, Non-Employee Directors shall not receive separate and additional
grants hereunder for being a Non-Employee Director of (i) the Company and a Subsidiary or (ii) more than one Subsidiary.

 

(b) INITIAL
GRANTS OF RESTRICTED STOCK. A Non-Employee Director who first becomes a Non-Employee Director shall receive a pro-rata amount (based
on projected quarters of service to the following Non-Employee Director Grant Date) of a Non-Employee Director Annual Grant on
his date of appointment as a Non-Employee Director.

 

(c) ANNUAL
GRANTS OF RESTRICTED STOCK. On each Non-Employee Director Grant Date, each Non-Employee Director shall receive a Non-Employee Director
Annual Grant.

 

(d) VESTING
OF RESTRICTED STOCK. Restricted Stock granted under this Section 14 shall be fully vested on the date of grant.

 

15. Period
During which Awards May Be Granted.

 

Awards may be granted pursuant to the Plan
from time to time commencing on January 1, 2015 until September 16, 2024 (ten (10) years from September 17, 2014, the date the
Board initially adopted the Plan). No awards shall be effective prior to the approval of the Plan by a majority of the Company’s
stockholders.

 

16. Transferability
of Awards.

 

(a) Incentive
Stock Options and Stock Appreciation Rights may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any
manner other than by the laws of descent and distribution and may be exercised, during the lifetime of the Grantee, only by the
Grantee or his or her guardian or legal representative.

 

(b) Nonqualified
Stock Options shall be transferable in the manner and to the extent acceptable to the Committee, as evidenced by a writing signed
by the Company and the Grantee. Nonqualified Stock Options (together with any Stock Appreciation Rights or Limited Rights related
thereto) shall be transferable by a Grantee as a gift to the Grantee’s “family members” (as defined in Form S-8)
under such terms and conditions as may be established by the Committee; provided that the Grantee receives no consideration for
the transfer. Notwithstanding the transfer by a Grantee of a Nonqualified Stock Option, the transferred Nonqualified Stock Option
shall continue to be subject to the same terms and conditions as were applicable to the Nonqualified Stock Option immediately before
the transfer (including, without limitation, the Insider Trading Policy) and the Grantee will continue to remain subject to the
withholding tax requirements set forth in Section 17 hereof.

 

    12

     

    

 

(c) The
terms of any award granted under the Plan, including the transferability of any such award, shall be binding upon the executors,
administrators, heirs and successors of the Grantee.

 

(d) Restricted
Stock shall remain subject to the Insider Trading Policy after the expiration of the Restricted Period. Deferred Stock Units shall
remain subject to the Insider Trading Policy after payment thereof.

 

17. Agreement
by Grantee regarding Withholding Taxes.

 

If the Committee shall so require, as a condition
of exercise of an Option, Stock Appreciation Right or Limited Right, the expiration of a Restricted Period or payment of a Deferred
Stock Unit (each, a “Tax Event”), each Grantee shall agree that no later than the date of the Tax Event, the Grantee
will pay to the Company or make arrangements satisfactory to the Committee regarding payment of any federal, state or local taxes
of any kind required by law to be withheld upon the Tax Event. Unless determined otherwise by the Committee, a Grantee shall permit,
to the extent permitted or required by law, the Company to withhold federal, state and local taxes of any kind required by law
to be withheld upon the Tax Event from any payment of any kind due to the Grantee. Unless otherwise determined by the Committee,
any such above-described withholding obligation may, in the discretion of the Company, be satisfied by the withholding by the Company
or delivery to the Company of Class B Common Stock.

 

18. Rights
as a Stockholder.

 

Except as provided in Section 11(d) of the
Plan, a Grantee or a transferee of an award shall have no rights as a stockholder with respect to any shares covered by the award
until the date of the issuance of such shares to him or her. No adjustment shall be made for dividends (ordinary or extraordinary,
whether in cash, securities or other property) or distribution of other rights for which the record date is prior to the date such
shares are issued, except as provided in Section 12(a) of the Plan.

 

19. No
Rights to Employment; Forfeiture of Gains.

 

Nothing in the Plan or in any award granted
or Agreement entered into pursuant hereto shall confer upon any Grantee the right to continue as a director of, in the employ of,
or in a consultant relationship with, the Company or any Subsidiary or to be entitled to any remuneration or benefits not set forth
in the Plan or such Agreement or to interfere with or limit in any way the right of the Company or any such Subsidiary to terminate
such Grantee’s employment or consulting relationship. Awards granted under the Plan shall not be affected by any change in
duties or position of a Grantee as long as such Grantee continues to be employed by, or in a consultant relationship with, or a
director of the Company or any Subsidiary. The Agreement for any award under the Plan may require the Grantee to pay to the Company
any financial gain realized from the prior exercise, vesting or payment of the award in the event that the Grantee engages in conduct
that violates any non-compete, non-solicitation or non-disclosure obligation of the Grantee under any agreement with the Company
or any Subsidiary, including, without limitation, any such obligations provided in the Agreement.

 

20. Beneficiary.

 

A Grantee may file with the Committee a written
designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such
designation. If no designated beneficiary survives the Grantee, the executor or administrator of the Grantee’s estate shall
be deemed to be the Grantee’s beneficiary.

 

    13

     

    

 

21. Authorized
Share Approval; Amendment and Termination of the Plan.

 

(a) AUTHORIZED
SHARE APPROVAL.  The Plan was adopted by the Board on September 17, 2014. The Plan was ratified by the Company’s
stockholders on December 15, 2014, with 500,000 shares of Class B Common Stock authorized for awards under the Plan. The Plan shall
become effective on January 1, 2015 and shall terminate on September 16, 2024. The Board amended the Plan on September 24, 2015
and October 13, 2016 to increase the amount of authorized shares under the Plan to 600,000 and then 700,000, respectively, shares
of Class B Common Stock. The Company’s stockholders ratified such amendments to the Plan on December 14, 2015 and December
14, 2016, respectively. The Board amended the Plan on September 28, 2017 to increase the amount of authorized shares under the
Plan to 1,030,000 shares of Class B Common Stock. The Company’s stockholders ratified such amendment to the Plan on December
14, 2017. The Board amended the Plan on November 15, 2018 to increase the amount of authorized shares under the Plan to 1,130,000
shares of Class B Common Stock. The Company’s stockholders ratified such amendment to the Plan on December 13, 2018. The
Board further amended the Plan on September 12, 2019 to (i) increase the amount of authorized shares under the Plan to 1,555,000
shares of Class B Common Stock and (ii) change the Non-Employee Director Annual Grant from 4,000 shares of Restricted Stock to
Restricted Stock equal to $50,000 based on the average of the high and the low stock price on the business day prior to the Non-Employee
Director Grant Date. The Company’s stockholders ratified such amendment to the Plan on December 12, 2019.

 

(b) AMENDMENT
AND TERMINATION OF THE PLAN.  The Board, or the Committee if so delegated by the Board, at any time and from time to
time may suspend, terminate, modify or amend the Plan; however, unless otherwise determined by the Board, or the Committee if applicable,
an amendment that requires stockholder approval in order for the Plan to continue to comply with any law, regulation or stock exchange
requirement shall not be effective unless approved by the requisite vote of stockholders. Except as provided in Section 13(a) of
the Plan, no suspension, termination, modification or amendment of the Plan may adversely affect any award previously granted,
unless the written consent of the Grantee is obtained.

 

22. Governing
Law.

 

The Plan and all determinations made and
actions taken pursuant hereto shall be governed by the laws of the State of Delaware.

 

 

14Exhibit 4.3

 

COMMON STOCK PURCHASE WARRANT

 

ADYNXX, INC.

 

	Warrant Shares:        	 	Initial Exercise Date:           , 2019
	 	 	Issue Date:           , 2019

 

THIS WARRANT TO PURCHASE COMMON STOCK (the
 “Warrant”) certifies that, for value received,              
or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after [ISSUE DATE] (the “Initial Exercise Date”) and on
or prior to 5:00 p.m. (New York City time) on      , 20241
(the “Termination Date”) but not thereafter, to subscribe for and purchase from Adynxx, Inc.,
a Delaware corporation (the “Company”), up to        shares (as subject to adjustment
hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this
Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

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

 

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

 

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

 

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

 

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

 

“Common Stock”
means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities
may hereafter be reclassified or changed.

 

“Common Stock Equivalents”
means any securities of the Company or any subsidiaries of the Company which would entitle the holder thereof to acquire at any
time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

 

1
Insert the date that is the [__] year anniversary of the Initial Exercise Date; provided, however, that, if such
date is not a Trading Day, insert the immediately following Trading Day.

 

     

     

    

 

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

 

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

 

“Registration Statement”
means the Company’s registration statement on Form S-1 (File No. 333-232169).

 

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

 

“Trading Day”
means a day on which the Common Stock is traded on a Trading Market.

 

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

 

“Transfer Agent”
means Action Stock Transfer Corporation, the current transfer agent of the Company, with a mailing address of 2469 E. Fort Union
Blvd, Suite 214, Salt Lake City, Utah 84121, and any successor transfer agent of the Company.

 

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

 

“Warrants”
means this Warrant and other Common Stock purchase warrants issued by the Company pursuant to the Registration Statement.

 

Section 2.                                    
Exercise.

 

(a)                                
Exercise of Warrants. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other
office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder
appearing on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the
form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and
(ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein)
following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price to the Company for the Warrant
Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless
the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original
Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice
of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically

 

     

     

    

 

surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been
exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading
Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding
number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder
and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company
shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder
and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any
given time may be less than the amount stated on the face hereof.

 

Without limiting the rights of a Holder to
receive Warrant Shares on a “cashless exercise” and without limiting the liquidated damages provision in Section 2(d)(i) and
the buy-in provision in Section 2(d)(iv), in no event will the Company be required to net cash settle a Warrant exercise.

 

(b)                                
Exercise Price. The exercise price per Warrant Share under this Warrant shall be $[•], subject to adjustment hereunder
(the “Exercise Price”).

 

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

 

(A) =   as applicable: (i) the
VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both
executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and
delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at
the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of
Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the
time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular
trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours
after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the
VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of
Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours”
on such Trading Day;

 

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

 

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

 

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

  

(d)                            
Mechanics of Exercise.

 

     

     

    

 

i.                                     
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is
then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise
and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder
or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified
by the Holder in the Notice of Exercise by the date that is the earlier of (i) the earlier of (A) two (2) Trading
Days after the delivery to the Company of the Notice of Exercise and (B) one (1) Trading Day after delivery of the aggregate
Exercise Price to the Company and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery
to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the
Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares
with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that
payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two
(2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of
the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of
Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty,
for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable
Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth (5th) Trading Day after such liquidated
damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or
Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long
as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the
standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to
the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

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

 

iii.                                   
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.                                   
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with
the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if
after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s
brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares
which the Holder anticipated receiving upon

 

     

     

    

 

such exercise but did not receive (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase
price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained
by multiplying (1) the number of Warrant Shares that the Company was required to deliver, but failed to deliver, to the Holder
in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation
was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant
Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder
the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In
with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000.
The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and,
upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue
any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of
the Warrant as required pursuant to the terms hereof.

 

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

 

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

 

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

 

(e)                                 
Holder’s Exercise Limitations . The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving
effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
 “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and
its Affiliates and Attribution Parties shall include the number of shares of Common Stock

 

     

     

    

 

issuable upon exercise of this Warrant
with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities
of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. 
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated
in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being
acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of
the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion
of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall
be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each
case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this
Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission,
as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company
or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of
a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the number of shares of
Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving
effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution
Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “ Beneficial Ownership
Limitation” shall be [9.99/4.99%] of the number of shares of the Common Stock outstanding immediately after giving effect
to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase
or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance
of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall
continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice
is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in
strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be
defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a
successor holder of this Warrant.

 

Section 3.                                    
Certain Adjustments.

 

(a)                                
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues
by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any)

 

     

     

    

 

outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall
become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

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

 

(c)                                 
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock other than as set forth
in Section 3(a), by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock
or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement
or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each
such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders
of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to
the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall
be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation).

 

(d)                                
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the
Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all
or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock
are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders
of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions
effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant
to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company,
directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other

 

     

     

    

 

business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group
of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any
shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other
Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each
Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction,
at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number
of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and/or
any additional consideration (the “Alternate Consideration “) receivable as a result of such Fundamental Transaction
by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental
Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such
exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based
on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and
the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to
the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s
option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or,
if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder
by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant
on the date of the consummation of such Fundamental Transaction; provided, however, if the Fundamental Transaction
is not within the Company’s control, including not approved by the Company’s Board of Directors, Holder shall only
be entitled to receive from the Company or any Successor Entity, as of the date of consummation of such Fundamental Transaction,
the same type or form of consideration (and in the same proportion), at the Black Scholes Value (as defined below) of the unexercised
portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental
Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common
Stock are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction.
 “Black Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained
from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation
of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding
to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental
Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained
from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental
Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price
per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental
Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public announcement of such Fundamental
Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction and (D) a remaining
option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination
Date.  The payment of the Black Scholes Value will be made by wire transfer of immediately available funds within five Business
Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause
any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”)
to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant
to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable
delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this
Warrant a security of the Successor Entity evidenced by a written

 

     

     

    

 

instrument substantially similar in form and substance to this
Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity)
equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations
on the exercise of this Warrant) prior to such Fundamental Transaction, and with an Exercise price which applies the Exercise price
hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to
such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental
Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental
Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental
Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity),
and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant
with the same effect as if such Successor Entity had been named as the Company herein.

 

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

 

(f)           
Notice to Holder.

 

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

 

ii.         
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for
or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company
shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company
is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby
the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or
involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause
to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the
Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified,
a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled
to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, liquidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as
of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock
for securities, cash or other property deliverable upon such reclassification, consolidation, liquidation, merger, sale, transfer
or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not
affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in
this Warrant constitutes, or contains, 

 

     

     

    

 

material, non-public information
regarding the Company or any subsidiaries of the Company, the Company shall simultaneously file such notice with the Commission
pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing
on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set
forth herein.

 

(g)       Voluntary
Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term
of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for
any period of time deemed appropriate by the board of directors of the Company.

 

Section 4.             
Transfer of Warrant.

 

(a)          
Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within two (2) Trading
Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if
properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a
new Warrant issued.

 

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

 

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

 

Section 5.              
Miscellaneous.

 

(a)          
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or
other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3.

 

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

 

     

     

    

 

certificate, if mutilated, the
Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such
Warrant or stock certificate.

 

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

 

(d)          
Authorized Shares.

 

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

 

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

 

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

 

(e)          
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight

 

     

     

    

 

delivery (with evidence of delivery) to such party
at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of
this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action
or proceeding.

 

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

 

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

 

(h)          
Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without
limitation, any Notice of Exercise, shall be in writing and delivered personally, by email, or sent by a nationally recognized
overnight courier service, addressed to the Company, at Adynxx, Inc., 100 Pine Street, Suite 500, San Francisco, California
94111, Attention: Principal Financial Officer, email address: rorr@adynxx.com, or such other facsimile number, email address or
address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries
to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally
recognized overnight courier service addressed to each Holder at the facsimile number,  e-mail address or address of such
Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and
effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time)
on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or via e-mail at the email address set forth in this Section on a day that is not a Trading Day or
later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice
is required to be given.  To the extent that any notice provided hereunder constitutes, or contains, material, non-public
information regarding the Company or any subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K.

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

(Signature Page Follows)

 

     

     

    

 

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

 

	 	ADYNXX, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

TO:         ADYNXX, INC.

 

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

 

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

 

 ̈ in lawful
money of the United States; or

 

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

 

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

 

The Warrant Shares shall be delivered to the following DWAC
Account Number:

 

 

[SIGNATURE OF HOLDER]

 

 

	Name of Investing Entity:	 
	Signature of Authorized Signatory of Investing Entity:	 
	Name of Authorized Signatory:	 
	Title of Authorized Signatory:	 
	Date:	 

 

     

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute
this form and supply required information.  Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant
and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please Print)
	Address:	 
	 	(Please Print)

 

	Phone Number:	 
	 	 
	Email Address:	 
	 	 
	Dated:	 
	 	 
	Holder’s Signature:	 
	 	 
	Holder’s Address:

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