Document:

Exhibit 10.5

 

Appendix
C

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT

 

HEALTHCARE
TRIANGLE, Inc.

Initial
Exercise Date: _______, 2020

 

THIS
COMMON STOCK PURCHASE WARRANT (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 the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m.
(New York City time) on [_____], 202_[1] (the “Termination Date”) but not thereafter, to subscribe
for and purchase from Healthcare Triangle, Inc., a Delaware corporation (the “Company”), up to 50%
of the number of shares of Common Stock issuable upon the full conversion of the Note (as subject to adjustment hereunder,
the “Warrant Shares”), provided, however, if (i) there is an Event of Default under Section 7(a)(i) of the
Note or (ii) the Maturity Date (as defined in the Note) of the Note is extended pursuant to Section 2(d) of the Note, then, the
amount of Warrant Shares to be received by the Holder shall be automatically increased from 50% of
the maximum number of shares of Common Stock issuable upon the full conversion of the Note to 75% of
the maximum number of shares of Common Stock issuable upon the full conversion of the Note. For purposes of calculating the number
of Warrant Shares issuable hereunder only, the number of shares of Common Stock issuable upon conversion of the Note shall be
deemed to equal (x) 100% of the original principal amount plus any actual unpaid accrued interest on the Note on the date of such
calculation plus any actual fees and any and all other actual outstanding amounts owing under the Note on the date of such calculation
divided by (y) the Conversion Price.

 

[1]
Insert the date that is the two year anniversary of the date of the initial Closing, provided that, if such date is not
a Business Day, insert the immediately following Business Day.

 

 

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. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that
certain Securities Purchase Agreement (the “Purchase Agreement”), dated as of ________________, 2020, by and
among the Company and the purchasers signatory thereto.

Section
2.Exercise.

a)                 
Exercise of Warrant. 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 of a duly
executed facsimile copy or PDF copy submitted by e-mail (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) Business Days and (ii) the number of Trading
Days comprising the Standard Settlement Period (as defined in Section 2(d)(i)) following the date of exercise as aforesaid, the
Holder shall deliver to the Company the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise
by wire transfer or cashier’s check drawn on a United States bank. 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) Business 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.

b)                 
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be equal to 1.20 multiplied by the
Conversion Price (as defined in the Note) (representing a 120% of the Conversion Price), subject to adjustment hereunder (the
“Exercise Price”).

c)                 
Intentionally Omitted.

		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, following the
consummation of a Liquidity Event, 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) the Warrant Shares
are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144, 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 earliest of (i) two (2) Business Days after the delivery to the Company of the Notice
of Exercise, (ii) one (1) Business Day after delivery of the aggregate Exercise Price to the Company and (iii) 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 (but not
Rule 144) 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 is received
within the earlier of (i) two (2) Business 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 volume weighted average
price of the Common Stock on the date of the applicable Notice of Exercise), $10 per Business Day (increasing to $20 per Trading
Day on the fifth (5th) Business Day after such liquidated damages begin to accrue) for each Business Day after such
Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. Following consummation of
a Liquidity Event 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, following a Liquidity Event, 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 (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 product of (1) the number of Warrant Shares that
the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell
order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion
of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall
be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company
timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having
a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

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

vi.                 
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise 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. The Company shall pay all attorney fees required for the issuance
of attorney legal opinions for removal of restrictive legends on 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 unconverted 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 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 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 Equity Sales. If and whenever, at any time while this Warrant is outstanding, the Company issues or sells, announces
any offer, sale, or other disposition of, or in accordance with this Section 3 is deemed to have issued, sold or granted (or makes
an announcement regarding the same), any shares of Common Stock and/or Common Stock Equivalents (including the issuance or sale
of shares of Common Stock owned or held by or for the account of the Company, but excluding any securities issued or sold or deemed
to have been issued or sold solely in connection with an Exempt Issuance) for a consideration per share (the “New Issuance
Price”) less than a price equal to the Exercise Price in effect immediately prior to such issuance or sale or deemed
issuance or sale (such Exercise Price then in effect is referred to herein as the “Applicable Price”) (the
foregoing a “Dilutive Issuance”), then immediately after such Dilutive Issuance, (1) the Exercise Price then
in effect shall be reduced to an amount equal to the New Issuance Price and (2) the number of Warrant Shares issuable hereunder
shall be increased such that the aggregate Exercise Price payable hereunder, after taking into account the decrease in the Exercise
Price, shall be equal to the aggregate Exercise Price prior to such adjustment (subject to adjustment as provided herein). For
all purposes of the foregoing (including, without limitation, determining the adjusted Exercise Price and the New Issuance Price
under this Section 3(b)), the following shall be applicable:

  

i.
Issuance of Options. If the Company in any manner grants, issues or sells (or enters into any agreement to grant, issue
or sell) any Options (as defined below) and the lowest price per share for which one Common Stock is at any time issuable upon
the exercise of any such Option (as defined below) or upon conversion, exercise or exchange of any Common Stock Equivalents issuable
upon exercise of any such Option (as defined below) or otherwise pursuant to the terms thereof is less than the Applicable Price,
then such Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting
or sale of such Option (as defined below) for such price per share. For purposes of this Section 3(b)(i), the “lowest price
per share for which one Common Stock is at any time issuable upon the exercise of any such Options (as defined below) or upon
conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise of any such Option (as defined below)
or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration
(if any) received or receivable by the Company with respect to any one share of Common Stock upon the granting, issuance or sale
of such Option (as defined below), upon exercise of such Option (as defined below) and upon conversion, exercise or exchange of
any Common Stock Equivalents issuable upon exercise of such Option (as defined below) or otherwise pursuant to the terms thereof
and (y) the lowest exercise price set forth in such Option (as defined below) for which one Common Stock is issuable (or may become
issuable assuming all possible market conditions) upon the exercise of any such Options (as defined below) or upon conversion,
exercise or exchange of any Common Stock Equivalents issuable upon exercise of any such Option (as defined below) or otherwise
pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Option (or any other Person)
upon the granting, issuance or sale of such Option (as defined below), upon exercise of such Option (as defined below) and upon
conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise of such Option (as defined below) or otherwise
pursuant to the terms thereof plus the value of any other consideration received or receivable by, or benefit conferred on, the
holder of such Option (as defined below) (or any other Person). Except as contemplated below, no further adjustment of the Exercise
Price shall be made upon the actual issuance of such shares of Common Stock or of such Common Stock Equivalents upon the exercise
of such Options (as defined below) or otherwise pursuant to the terms of or upon the actual issuance of such shares of Common
Stock upon conversion, exercise or exchange of such Common Stock Equivalents. “Option” means any rights, warrants
or options to subscribe for or purchase shares of Common Stock or Convertible Securities, other than option issued in an Exempt
Issuance. “Convertible Securities” means any shares or other security (other than Options) that is at any time
and under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles
the holder thereof to acquire, any shares of Common Stock.

 

ii.
Issuance of Convertible Securities. If the Company in any manner issues or sells (or enters into any agreement to issue
or sell) any Common Stock Equivalents and the lowest price per share for which one share of Common Stock is at any time issuable
upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price,
then such shares of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time
of the issuance or sale of such Common Stock Equivalents for such price per share. For the purposes of this Section 3(b)(ii),
the “lowest price per share for which one Common Stock is at any time issuable upon the conversion, exercise or exchange
thereof or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts
of consideration (if any) received or receivable by the Company with respect to one Common Stock upon the issuance or sale of
the Common Stock Equivalents and upon conversion, exercise or exchange of such Common Stock Equivalents or otherwise pursuant
to the terms thereof and (y) the lowest conversion price set forth in such Common Stock Equivalents for which one share of Common
Stock is issuable (or may become issuable assuming all possible market conditions) upon conversion, exercise or exchange thereof
or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Common Stock
Equivalents (or any other Person) upon the issuance or sale of such Common Stock Equivalents plus the value of any other consideration
received or receivable by, or benefit conferred on, the holder of such Common Stock Equivalents (or any other Person). Except
as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common
Stock upon conversion, exercise or exchange of such Common Stock Equivalents or otherwise pursuant to the terms thereof, and if
any such issuance or sale of such Common Stock Equivalents is made upon exercise of any Options for which adjustment of this Warrant
has been or is to be made pursuant to other provisions of this Section 3(b), except as contemplated below, no further adjustment
of the Exercise Price shall be made by reason of such issuance or sale.

 

iii.
Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional
consideration, if any, payable upon the issue, conversion, exercise or exchange of any Common Stock Equivalents, or the rate at
which any Common Stock Equivalents are convertible into or exercisable or exchangeable for shares of Common Stock increases or
decreases at any time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an
event referred to in Section 3(a)), the Exercise Price in effect at the time of such increase or decrease shall be adjusted to
the Exercise Price which would have been in effect at such time had such Options or Common Stock Equivalents provided for such
increased or decreased purchase price, additional consideration or increased or decreased conversion rate, as the case may be,
at the time initially granted, issued or sold. For purposes of this Section 3(b)(iii), if the terms of any Option or Common
Stock Equivalents that was outstanding as of the date this Warrant was issued are increased or decreased in the manner described
in the immediately preceding sentence, then such Option or Common Stock Equivalents and the shares of Common Stock deemed issuable
upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease.
No adjustment pursuant to this Section 3(b) shall be made if such adjustment would result in an increase of the Exercise
Price then in effect.

 

iv.
Change in Option Price or Rate of Conversion. If any Option and/or Common Stock Equivalents and/or Adjustment Right (as
defined below) is issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company
(as determined by the Holder, the “Primary Security”, and such Option and/or Common Stock Equivalents and/or Adjustment
Right (as defined below), the “Secondary Securities”), together comprising one integrated transaction, (or one or
more transactions if such issuances or sales or deemed issuances or sales of securities of the Company either (A) have at least
one investor or purchaser in common, (B) are consummated in reasonable proximity to each other and/or (C) are consummated under
the same plan of financing) the aggregate consideration per share of Common Stock with respect to such Primary Security shall
be deemed to be equal to the difference of (x) the lowest price per share for which one Common Stock was issued (or was deemed
to be issued pursuant to Section 3(b)(i) or 3(b)(ii) above, as applicable) in such integrated transaction solely with respect
to such Primary Security, minus (y) with respect to such Secondary Securities, the sum of (I) the Black Scholes Consideration
Value (as defined below) of each such Option, if any, (II) the fair market value (as determined by the Holder in good faith) or
the Black Scholes Consideration Value (as defined below), as applicable, of such Adjustment Right (as defined below), if any,
and (III) the fair market value (as determined by the Holder) of such Common Stock Equivalents, if any, in each case, as determined
on a per share basis in accordance with this Section 3(b)(iv). If any shares of Common Stock, Options or Common Stock Equivalents
are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor (for the purpose of determining
the consideration paid for such Common Stock, Option or Common Stock Equivalents, but not for the purpose of the calculation of
the Black Scholes Consideration Value (as defined below)) will be deemed to be the net amount of consideration received by the
Company therefor. If any shares of Common Stock, Options or Common Stock Equivalents are issued or sold for a consideration other
than cash, the amount of such consideration received by the Company (for the purpose of determining the consideration paid for
such Common Stock, Option or Common Stock Equivalents, but not for the purpose of the calculation of the Black Scholes Consideration
Value (as defined below)) will be the fair value of such consideration, except where such consideration consists of publicly traded
securities, in which case the amount of consideration received by the Company for such securities will be the arithmetic average
of the volume weighted average prices of such security for each of the five (5) Trading Days immediately preceding the date of
receipt. If any shares of Common Stock, Options or Common Stock Equivalents are issued to the owners of the non-surviving entity
in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor (for the purpose
of determining the consideration paid for such shares of Common Stock, Option or Common Stock Equivalents, but not for the purpose
of the calculation of the Black Scholes Consideration Value (as defined below)) will be deemed to be the fair value of such portion
of the net assets and business of the non-surviving entity as is attributable to such shares of Common Stock, Options or Common
Stock Equivalents (as the case may be). The fair value of any consideration other than cash or publicly traded securities will
be determined jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after
the occurrence of an event requiring valuation (the “Valuation Event”), the fair value of such consideration will
be determined within five (5) Trading Days after the tenth (10th) day following such Valuation Event by an independent, reputable
appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon
all parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company). “Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance
or sale (or deemed issuance or sale hereunder) of Common Stock (other than rights of the type described in Sections 3(c) and 3(d)
hereof) that could result in a decrease in the net consideration received by the Company in connection with, or with respect to,
such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights).

 

v.
Change in Option Price or Rate of Conversion. If the Company takes a record of the holders of shares of Common Stock for
the purpose of entitling them (A) to receive a dividend or other distribution payable in shares of Common Stock, Options or in
Common Stock Equivalents or (B) to subscribe for or purchase shares of Common Stock, Options or Common Stock Equivalents, then
such record date will be deemed to be the date of the issuance or sale of the shares of Common Stock deemed to have been issued
or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right
of subscription or purchase (as the case may be).

 

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

d)                 
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of
capital or otherwise (including, without limitation, any distribution of 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, that, 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).

e)                 
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons
whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares
of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock
of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable 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 (as defined below) of the remaining unexercised portion of this Warrant
on the date of the consummation of such Fundamental Transaction. “Black Scholes Value” means the value of this
Warrant based on the Black-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 volume weighted average price immediately prior to
the public announcement of such Fundamental Transaction and (y) the last volume weighted average price 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 and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant
to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable
delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this
Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this
Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity)
equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations
on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise
price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant
to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such
exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of
such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of
any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date
of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents 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 and the other Transaction Documents with the same effect as if such Successor Entity
had been named as the Company herein.

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

g)                 
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.

h)                 
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,
merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that
holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure
to 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 of the Subsidiaries, the Company shall simultaneously file such notice with
the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the
period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise
be expressly set forth herein.

 

i)                  
Piggyback Registration Rights. The Company shall include all shares issuable upon exercise of this Warrant on: (i) the
next registration statement the Company files with the SEC; (ii) the subsequent registration statement if such previous registration
statement is withdrawn, (iii) any amendment to any registration statement previously filed but not effective as of the Initial
Exercise Date. Failure to do so will result in the amount of Warrant Shares being automatically increased by twenty-five percent
(25%).

 

Section
4.Transfer of Warrant.

a)                 
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d)
hereof and to the provisions of Section 4.1 of the Purchase Agreement, 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 three (3) Business 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 Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

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

d)                 
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 4.01 of the Purchase
Agreement.

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

Section
5.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 determined in accordance with the provisions of the Purchase Agreement.

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

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

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

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

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

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

l)                  
Amendment; Waivers. This Warrant may be modified or amended or the provisions hereof waived with the written consent of
the Company and the Holder. Further, any modifications, amendments or waivers of the provisions hereof shall be subject to Section
5.05 of the Purchase Agreement.

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.

o)                 
Equal Treatment of Holders. No consideration (including any modification of this Warrant) shall be offered or paid to any
Person (as such term is defined in the Purchase Agreement) to amend or consent to a waiver or modification of any provision hereof
unless the same consideration is also offered to all of the Holders. For clarification purposes, this provision constitutes a
separate right granted to each Holder by the Company and negotiated separately by each Holder, and is intended for the Company
to treat the Holders as a class and shall not in any way be construed as the Holders acting in concert or as a group with respect
to the Warrants or the shares of Common Stock issuable upon exercise of the Warrants.

 

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

 

 

(Signature
Page Follows)

    	1 

    	 

    

 

 

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.

 

 

	Healthcare
        triangle, INC.

         

         

	By:

                                                         Name:

                                                         Title: 

 

 

    	2 

    	 

    

NOTICE
OF EXERCISE

 

To:[_______________________

 

(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.

Payment
shall take the form of lawful money of the United States; or

(2)  
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:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

Name
of Authorized Signatory: ___________________________________________________________________

Title
of Authorized Signatory: ____________________________________________________________________

Date:
________________________________________________________________________________________

 

 

    	3 

    	 

    

 

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:	
	 

        Phone
        Number:

        Email
        Address:
	(Please
        Print)

        ______________________________________

        ______________________________________

	Dated:
    _______________ __, ______	 
	Holder’s
    Signature:	 
	Holder’s
    Address:	 

 

    	4Exhibit 10.6 

HEALTHCARE
TRIANGLE, INC.

2020
STOCK INCENTIVE PLAN

 

1. 
Purposes of the Plan. The purposes
of this 2020 Stock Incentive Plan are to attract and retain the best available personnel for positions of substantial responsibility,
to provide additional incentive to Employees and Consultants, and to promote the success of the Company’s business. Options
granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options, as determined by the Administrator at the
time of grant of an Option and subject to the applicable provisions of Section 422 of the Code and the regulations promulgated
thereunder. Restricted Stock may also be granted under the Plan.

 

 2. Definitions. As used herein, the following definitions shall apply:

 

 (a) “Administrator” means the Board or a Committee.

(b) 
“Affiliate” means (i)
an entity other than a Subsidiary which, together with the Company, is under common control of a third person or entity and (ii)
an entity other than a Subsidiary in which the Company and /or one or more Subsidiaries own a controlling interest.

 

(c) 
“Applicable Laws” means
all applicable laws, rules, regulations and requirements, including, but not limited to, all applicable U.S. federal or state
laws, any Stock Exchange rules or regulations, and the applicable laws, rules or regulations of any other country or jurisdiction
where Options or Restricted Stock are granted under the Plan or Participants reside or provide services, as such laws, rules,
and regulations shall be in effect from time to time.

 

 (d) “Award” means any award of an Option or Restricted Stock under the Plan.

 

(e) “Board” means
the Board of Directors of the Company.

 

(f) 
“California Participant”
means a Participant whose Award is issued in reliance on Section 25102(o) of the California Corporations Code.

 

(g) 
“Cashless Exercise”
means a program approved by the Administrator in which payment
of the Option exercise price or tax withholding obligations or other required deductions may be satisfied, in whole or in part,
with Shares subject to the Option, including by delivery of an irrevocable direction to a securities broker (on a form prescribed
by the Company) to sell Shares and to deliver all or part of the sale proceeds to the Company in payment of such amount.

 

(h) 
“Cause” for termination
of a Participant’s Continuous Service Status will exist (unless another definition is provided in an applicable Option Agreement,
Restricted Stock Purchase Agreement, employment agreement or other applicable written agreement) if the Participant’s Continuous
Service Status is terminated for any of the following reasons: (i) any material breach by Participant of any material written
agreement between Participant and the Company and Participant’s failure to cure such breach within 30 days after receiving
written notice thereof; (ii) any failure by Participant to comply with the Company’s material written policies or rules
as they may be in effect from time to time; (iii) neglect or persistent unsatisfactory performance
of Participant’s duties and Participant’s failure to cure such condition within 30 days after receiving written
notice thereof; (iv) Participant’s repeated failure to follow reasonable and lawful instructions from the Board or Chief
Executive Officer and Participant’s failure to cure such condition within 30 days after receiving written notice thereof;
(v) Participant’s conviction of, or plea of

    	1 

    	 

    

guilty
or nolo contendre to, any crime that results in, or is reasonably expected to result in, material harm to the business or reputation
of the Company; (vi) Participant’s commission of or participation in an act of fraud against the Company; (vii) Participant’s
intentional material damage to the Company’s business, property or reputation; or (viii) Participant’s unauthorized
use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom the Participant owes
an obligation of nondisclosure as a result of his or her relationship with the Company. For purposes of clarity, a termination
without “Cause” does not include any termination that occurs as a result of Participant’s death or disability.
The determination as to whether a Participant’s Continuous Service Status has been terminated for Cause shall
be made in good faith by the Company and shall be final and binding on the Participant. The foregoing definition does not
in any way limit the Company’s ability to terminate a Participant’s employment or consulting relationship at any time,
and the term “Company” will be interpreted to include any Subsidiary, Parent, Affiliate, or any successor thereto,
if appropriate.

 

(i) 
“Change of Control”
means (i) a sale of all or substantially all of the Company’s assets other than to an Excluded Entity (as defined below),
(ii) a merger, consolidation or other capital reorganization or business combination transaction of the Company with or into another
corporation, limited liability company or other entity other than an Excluded Entity, or (iii) the consummation of a transaction,
or series of related transactions, in which any “person” (as such term is used in Sections 13(d) and 14(d) of the
Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly,
of all of the Company’s then outstanding voting securities.

 

Notwithstanding
the foregoing, a transaction shall not constitute a Change of Control if its purpose is to (A) change the jurisdiction of the
Company’s incorporation, (B) create a holding company that will be owned in substantially the same proportions by the persons
who hold the Company’s securities immediately before such transaction, or (C) obtain funding for the Company in a financing
that is approved by the Company’s Board. An “Excluded Entity”
means a corporation or other entity of which the holders of voting capital stock of the Company outstanding immediately prior
to such transaction are the direct or indirect holders of voting securities representing at least a majority of the votes entitled
to be cast by all of such corporation’s or other entity’s voting securities outstanding immediately after such transaction.

 

(j) “Code” means
the Internal Revenue Code of 1986, as amended.

 

(k) 
“Committee” means one
or more committees or subcommittees of the Board consisting of two (2) or more Directors (or such lesser or greater number of
Directors as shall constitute the minimum number permitted by Applicable Laws to establish a committee or sub-committee of the
Board) appointed by the Board to administer the Plan in accordance with Section 4 below.

 

(l) 
“Common Stock” means
the Company’s common stock, par value $0.00001 per share, as adjusted pursuant to Section 10 below.

 

(m) “Company” means
Healthcare Triangle, Inc., a Delaware corporation.

(n) 
“Consultant” means
any person or entity, including an advisor but not an Employee, that renders, or has rendered, services to the Company, or any
Parent, Subsidiary or Affiliate and is compensated for such services, and any Director whether compensated for such services or
not.

 

(o) 
“Continuous Service Status”
means the absence of any interruption or termination of service as an Employee or Consultant. Continuous Service Status as
an Employee or Consultant shall not be considered interrupted or terminated in the case of: (i) Company approved sick leave; (ii)
military leave; (iii) any other bona fide leave of absence approved by the Company, provided

    	2 

    	 

    

that,
if an Employee is holding an Incentive Stock Option and such leave exceeds 3 months then, for purposes of Incentive Stock Option
status only, such Employee’s service as an Employee shall be deemed terminated on the 1st day following such 3-month period
and the Incentive Stock Option shall thereafter automatically become a Nonstatutory Stock Option in accordance with Applicable
Laws, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise
pursuant to a written Company policy. Also, Continuous Service Status as an Employee or Consultant shall not be considered interrupted
or terminated in the case of a transfer between locations of the Company or between the
Company, its Parents, Subsidiaries or Affiliates, or their respective successors, or a change in status from an Employee
to a Consultant or from a Consultant to an Employee.

 

(p) “Director” means
a member of the Board.

 

(q)
”Disability” means
“disability” within the meaning of Section 22(e)(3) of the Code.

 

(r) “Employee” means
any person employed by the Company, or any Parent, Subsidiary or Affiliate, with the status of employment determined
pursuant to such factors as are deemed appropriate by the Company in its sole discretion, subject to any requirements of
Applicable Laws, including the Code. The payment by the Company of a director’s fee shall not be sufficient to
constitute “employment” of such director by the Company or any Parent, Subsidiary or Affiliate

 

(s)
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

(t) 
“Fair Market Value”
means, as of any date, the per share fair market value of the Common Stock, as determined by the Administrator in good faith on
such basis as it deems appropriate and applied consistently with respect to Participants. Whenever possible, the determination
of Fair Market Value shall be based upon the per share closing price for the Shares as reported in The Wall Street Journal
for the applicable date.

 

(u) 
“Family Members” means
any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships) of the Participant,
any person sharing the Participant’s household (other than a tenant or employee), a trust in which these persons (or the
Participant) have more than 50% of the beneficial interest, a foundation in which these persons (or the Participant) control the
management of assets, and any other entity in which these persons (or the Participant) own more than 50% of the voting interests.

 

(v) 
“Incentive Stock Option”
means an Option intended to, and which does, in fact, qualify as an incentive stock option within the meaning of Section 422
of the Code.

 

(w) 
“Involuntary Termination”
means (unless another definition is provided in the applicable Option Agreement, Restricted Stock Purchase Agreement, employment
agreement or other applicable written agreement) the termination of a Participant’s Continuous Service Status other than
for

(i) 
death, (ii) Disability or (iii) for Cause by
the Company or a Parent, Subsidiary, Affiliate or successor thereto, as appropriate.

 

(x) 
“Listed Security” means
any security of the Company that is listed or approved for listing on a national securities exchange or designated or approved
for designation as a national market system security on an interdealer quotation system by the Financial Industry Regulatory Authority
(or any successor thereto).

    	3 

    	 

    

(y) 
“Nonstatutory Stock Option”
means an Option that is not intended to, or does not, in fact, qualify as an Incentive Stock Option.

 

(z) “Option” means
a stock option granted pursuant to the Plan.

(aa)
“Option Agreement” means a written document, the form(s) of which shall be approved from time to time
by the Administrator, reflecting the terms of an Option granted under the Plan and includes any documents attached to or incorporated
into such Option Agreement, including, but not limited to, a notice of stock option grant and a form of exercise notice.

 

(bb)
“Option Exchange Program” means a program approved by the Administrator whereby outstanding Options
(i) are exchanged for Options with a lower exercise price, Restricted Stock, cash or other property or (ii) are amended to decrease
the exercise price as a result of a decline in the Fair Market Value.

 

(cc)
“Optioned Stock” means
Shares that are subject to an Option or that were issued pursuant to the exercise of an Option.

 

(dd)“Optionee”
means an Employee or Consultant who receives an Option.

(ee)
 “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending
with the Company if, at the time of grant of the Award, each of the corporations other than the Company owns stock possessing
50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation
that attains the status of a Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such
date.

 

(ff)“Participant”
means any holder of one or more Awards or Shares issued pursuant

to
an Award.

 

(gg)“Plan”
means this 2020 Stock Incentive Plan.

(hh)“Restricted
Stock” means Shares acquired pursuant to a right to purchase or

receive
Common Stock granted pursuant to Section 8 below.

 

(ii) 
“Restricted Stock Purchase Agreement”
means a written document, the form(s) of which shall be approved from time to time by the Administrator, reflecting the terms
of Restricted Stock granted under the Plan and includes any documents attached to such agreement.

 

(jj)“Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act, as amended from time to time, or any successor provision.

 

(kk)“Share”
means a share of Common Stock, as adjusted in accordance with Section

10
below.

 

(ll)“Stock
Exchange” means any stock exchange or consolidated stock price

reporting
system on which prices for the Common Stock are quoted at any given time.

 

(mm)
“Securities Act” means the Securities Act of 1933, as amended.

    	4 

    	 

    

(nn)
“Subsidiary” means
any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if, at the time of grant
of the Award, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more
of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that
attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of
such date.

 

(oo)
“Ten Percent Holder” means
a person who owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Parent or
Subsidiary measured as of an Award’s date of grant.

 

3. 
Stock Subject to the Plan. Subject to the provisions of Section 10 below, the maximum aggregate number of Shares
that may be issued under the Plan is 2,200,000, all of which may be issued under the Plan pursuant to Incentive Stock Options.
The Shares issued under the Plan may be authorized, but unissued, or reacquired Shares. If an Award should expire or become unexercisable
for any reason without having been exercised in full, or is surrendered pursuant to an Option Exchange Program, the unissued Shares
that were subject thereto shall, unless the Plan shall have been terminated, continue to be available under the Plan for issuance
pursuant to future Awards. In addition, any Shares which are retained by the Company upon
exercise of an Award in order to satisfy the exercise or purchase price for such Award or any withholding taxes due with
respect to such Award shall be treated as not issued and shall continue to be available under the Plan for issuance pursuant to
future Awards. Shares issued under the Plan and later forfeited to the Company due to the failure to vest or repurchased by the
Company at the original purchase price paid to the Company for the Shares (including, without limitation, upon forfeiture to or
repurchase by the Company in connection with the termination of a Participant’s
Continuous Service Status) shall again be available for future grant under the Plan. Notwithstanding the foregoing, subject to
the provisions of Section 10 below, in no event shall the maximum aggregate number of Shares that may be issued under the Plan
pursuant to Incentive Stock Options exceed the number set forth in the first sentence of this Section 3 plus, to the extent allowable
under Section 422 of the Code and the Treasury Regulations promulgated there under, any Shares that again become available for
issuance pursuant to the remaining provisions of this Section 3.

 

4.
Administration of the Plan.

 

(a) 
General. The Plan shall be administered
by the Board, a Committee appointed by the Board, or any combination thereof, as determined by the Board. The Plan may be administered
by different administrative bodies with respect to different classes of Participants and, if permitted by Applicable Laws, the
Board may authorize one or more officers of the Company to make Awards under the Plan to Employees and Consultants (who are not
subject to Section 16 of the Exchange Act) within parameters specified by the Board.

 

(b) 
Committee Composition. If a Committee
has been appointed pursuant to this Section 4, such Committee shall continue to serve in its designated capacity until otherwise
directed by the Board. From time to time the Board may increase the size of any Committee and appoint additional members thereof,
remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies (however caused) and dissolve
a Committee and thereafter directly administer the Plan, all to the extent permitted by Applicable Laws and, in the case of a
Committee administering the Plan in accordance with the requirements of Rule 16b-3 or Section 162(m) of the Code, to the extent
permitted or required by such provisions.

    	5 

    	 

    

(c) 
Powers of the Administrator. Subject
to the provisions of the Plan and, in the case of a Committee, the specific duties delegated by the Board to such Committee, the
Administrator shall have the authority, in its sole discretion:

 

(i) 
to determine the Fair Market Value in accordance
with Section 2(t) above, provided that such determination shall be applied consistently with respect to Participants under the
Plan;

 

(ii)
to select the Employees and Consultants to whom
Awards may from time to time be granted;

 

under the Plan; 

 

(iii)
to determine the number of Shares to be covered by each Award;

 

(iv)
to approve the form(s) of agreement(s) and other related documents used 

 

(v) to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder, which
terms and conditions include but are not limited to the exercise or purchase price, the time or times when Awards may vest
and/or be exercised (which may be based on performance criteria), the circumstances (if any) when vesting will be accelerated
or forfeiture restrictions will be waived, and any restriction or limitation regarding any Award, Optioned Stock, or
Restricted Stock;

 

(vi) 
to amend any outstanding Award or agreement related
to any Optioned Stock or Restricted Stock, including any amendment adjusting vesting (e.g., in connection with a change in the
terms or conditions under which such person is providing services to the Company), provided that no
amendment shall be made that would materially and adversely affect the rights of any Participant without his or her consent;

 

(vii) 
to determine whether and under what circumstances
an Option may be settled in cash under Section 7(c)(iii) below instead of Common Stock;

 

(viii) 
subject to Applicable Laws, to implement an Option
Exchange Program and establish the terms and conditions of such Option Exchange Program without consent of the holders of capital
stock of the Company, provided that no amendment or adjustment to an Option that would materially and adversely affect
the rights of any Participant shall be made without his or her consent;

 

(ix) 
to approve addenda pursuant to Section 17 below
or to grant Awards to, or to modify the terms of, any outstanding Option Agreement or Restricted Stock Purchase Agreement or any
agreement related to any Optioned Stock or Restricted Stock held by Participants who are foreign nationals or employed outside
of the United States with such terms and conditions as the Administrator deems necessary or appropriate to accommodate differences
in local law, tax policy or custom which deviate from the terms and conditions set forth in this Plan to the extent necessary
or appropriate to accommodate such differences; and

 

(x) 
to construe and interpret the terms of the Plan,
any Option Agreement or Restricted Stock Purchase Agreement, and any agreement related to any Optioned Stock or Restricted Stock,
which constructions, interpretations and decisions shall be final and binding on all Participants.

 

(d) 
Indemnification. To the maximum
extent permitted by Applicable Laws, each member of the Committee (including officers of the Company, if applicable), or of the
Board, as applicable,

    	6 

    	 

    

shall
be indemnified and held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed
upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which
he or she may be a party or in which he or she may be involved by reason of any action taken
or failure to act under the Plan or pursuant to the terms and conditions of any Award except for actions taken in bad faith
or failures to act in bad faith, and (ii) any and all amounts paid by him or her in settlement thereof, with the Company’s
approval, or paid by him or her in satisfaction of any judgment in any such claim, action,
suit, or proceeding against him or her, provided that such member shall give the Company an opportunity, at its own expense,
to handle and defend any such claim, action, suit or proceeding before he or she undertakes to handle and defend it on his or
her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which
such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, by contract, as a matter of law,
or otherwise, or under any other power that the Company may have to indemnify or hold harmless each such person.

 

5. Eligibility.

(a) 
Recipients of Grants. Nonstatutory
Stock Options and Restricted Stock may be granted to Employees and Consultants. Incentive Stock Options may be granted only to
Employees, provided that Employees of Affiliates shall not be eligible to receive Incentive Stock Options.

 

(b) 
Type of Option. Each Option shall
be designated in the Option Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option.

 

(c) 
ISO $100,000 Limitation. Notwithstanding
any designation under Section 5(b) above, to the extent that the aggregate Fair Market Value
of Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by any
Optionee during any calendar year (under all plans of the Company or any Parent or Subsidiary) exceeds $100,000, such excess Options
shall be treated as Nonstatutory Stock Options. For purposes of this Section 5(c), Incentive Stock Options shall be taken into
account in the order in which they were granted, and the Fair Market Value of the Shares subject to an Incentive Stock Option
shall be determined as of the date of the grant of such Option.

 

(d) 
No Employment Rights. Neither the
Plan nor any Award shall confer upon any Employee or Consultant any right with respect to continuation of an employment or consulting
relationship with the Company (any Parent, Subsidiary or Affiliate), nor shall it interfere in any way with such Employee’s
or Consultant’s right or the Company’s (Parent’s, Subsidiary’s or Affiliate’s) right to terminate
his or her employment or consulting relationship at any time, with or without cause.

 

6. Term
of Plan. The Plan shall become effective upon its adoption by the Board and shall continue in effect for a term of
10 years unless sooner terminated under Section 13 below.

 

7.
Options.

(a) 
Term
of Option. The term of each Option shall be the term stated
in the Option Agreement; provided that the term shall be no more than 10 years from the date of grant thereof or such shorter
term as may be provided in the Option Agreement and provided further that, in the case of an Incentive Stock Option granted to
a person who at the time of such grant is a Ten Percent Holder, the term of the Option shall be 5 years from the date of grant
thereof or such shorter term as may be provided in the Option Agreement.

 

(b) Option
Exercise Price and Consideration.

 

    	7 

    	 

    

(i) 
Exercise Price. The per Share exercise
price for the Shares to be issued pursuant to the exercise of an Option shall be such price as is determined by the Administrator
and set forth in the Option Agreement, but shall be subject to the following:

 

(1)
In the case of an Incentive Stock Option

(A). 
granted to an Employee who at the time of grant is a Ten Percent Holder, the per Share exercise price shall be no less than 110%
of the Fair Market Value on the date of grant;

 

(B). 
granted to any other Employee, the per Share
exercise price shall be no less than 100% of the Fair Market Value on the date of grant;

 

(2) 
Except as provided in subsection (3) below, in the case of a Nonstatutory Stock Option the per Share exercise price shall be such
price as is determined by the Administrator, provided that, if the per Share exercise price is less than 100% of the Fair Market
Value on the date of grant, it shall otherwise comply with all Applicable Laws, including Section 409A of the Code; and

 

(3) 
Notwithstanding the foregoing, Options may be
granted with a per Share exercise price other than as required above pursuant to a merger or other corporate transaction.

 

(ii) 
Permissible Consideration. The
consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined
by the Administrator (and, in the case of an Incentive Stock Option and to the extent required by Applicable Laws, shall be determined
at the time of grant) and may consist entirely of (1) cash; (2) check; (3) to the extent permitted under, and in accordance with,
Applicable Laws, delivery of a promissory note with such recourse, interest, security and redemption provisions as the Administrator
determines to be appropriate (subject to the provisions of Section 152 of the General Corporation Law); (4) cancellation of indebtedness;

(5)
other previously owned Shares that have a Fair Market Value on the date of surrender equal to the aggregate exercise price of
the Shares as to which the Option is exercised; (6) a Cashless Exercise; (7) such other consideration and method of payment permitted
under Applicable Laws; or (8) any combination of the foregoing methods of payment. In making its determination as to the type
of consideration to accept, the Administrator shall consider if acceptance of such consideration may be reasonably expected to
benefit the Company and the Administrator may, in its sole discretion, refuse to accept a particular form of consideration at
the time of any Option exercise.

 

(c) Exercise
o f Option.

 

(i) General.

(1) Exercisability.
Any Option granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator,
consistent with the terms of the Plan and reflected in the Option Agreement, including vesting requirements and/or performance
criteria with respect to the Company, and Parent, Subsidiary or Affiliate, and/or the Optionee.

 

(2) 
Leave of Absence. The Administrator
shall have the discretion to determine whether and to what extent the vesting of Options shall be tolled during any leave of absence;
provided, however, that in the absence of such determination, vesting of Options shall continue during any paid leave and shall
be tolled during any unpaid leave (unless otherwise required by Applicable Laws).

    	8 

    	 

    

Notwithstanding
the foregoing, in the event of military leave, vesting shall toll during any unpaid portion of such leave, provided that, upon
an Optionee’s returning from military leave (under conditions that would entitle him or her to protection upon such return
under the Uniform Services Employment and Reemployment Rights Act), he or she shall be given vesting credit with respect to Options
to the same extent as would have applied had the Optionee continued to provide services
to the Company (or any Parent, Subsidiary or Affiliate, if applicable) throughout the leave on the same terms as he or she was
providing services immediately prior to such leave.

 

(3) 
Minimum Exercise Requirements.
An Option may not be exercised for a fraction of a Share. The Administrator may require that an Option be exercised as to a minimum
number of Shares, provided that such requirement shall not prevent an Optionee from exercising the full number of Shares as to
which the Option is then exercisable.

 

(4) 
Procedures for and Results of Exercise. An Option shall be deemed exercised when written notice of such exercise
has been received by the Company in accordance with the terms of the Option Agreement by the person entitled to exercise the Option
and the Company has received full payment for the Shares with respect to which the Option is exercised and has paid, or made arrangements
to satisfy, any applicable taxes, withholding, required deductions or other required payments in accordance with Section 9 below.
The exercise of an Option shall result in a decrease in the number of Shares that thereafter may be available, both for purposes
of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.

 

(5) 
Rights as Holder of Capital Stock. Until the issuance of the Shares (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other
rights as a holder of capital stock shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option.
No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock is issued, except
as provided in Section 10 below.

 

(ii) 
Termination of Continuous Service Status.
The Administrator shall establish and set forth in the applicable Option Agreement the terms and conditions upon which
an Option shall remain exercisable, if at all, following termination of an Optionee’s Continuous Service Status, which provisions
may be waived or modified by the Administrator at any time. To the extent that an Option Agreement does not specify the terms
and conditions upon which an Option shall terminate upon termination of an Optionee’s Continuous Service Status, the following
provisions shall apply:

 

(1) 
General Provisions. If the Optionee (or other person entitled to exercise the Option) does not exercise the Option
to the extent so entitled within the time specified below, the Option shall terminate and the Optioned Stock underlying the unexercised
portion of the Option shall revert to the Plan. In no event may any Option be exercised after the expiration of the Option term
as set forth in the Option Agreement (and subject to this Section 7).

 

(2) 
Termination other than Upon Disability or Death or for Cause. In the event of termination of an Optionee’s
Continuous Service Status other than under the circumstances set forth in the subsections (3) through (5) below, such Optionee
may exercise any outstanding Option at any time within 3 month(s) following such termination to the extent the Optionee is vested
in the Optioned Stock.

 

(3)  Disability
of Optionee.In the event of termination of an Optionee’s Continuous Service Status as a result of his or
her Disability, such Optionee may exercise any outstanding Option at any time within 12 month(s) following such termination
to the extent the Optionee is vested in the Optioned Stock.

 

    	9 

    	 

    

 

(4) 
Death of Optionee. In the event of the death of an Optionee during the period of Continuous Service Status since
the date of grant of any outstanding Option, or within 3 month(s) following termination
of the Optionee’s Continuous Service Status, the Option may be exercised by any beneficiaries designated in accordance
with Section 15 below, or if there are no such beneficiaries, by the Optionee’s estate, or by a person who acquired the
right to exercise the Option by bequest or inheritance, at any time within 12 month(s) following the date the Optionee’s
Continuous Service Status terminated, but only to the extent the Optionee is vested in the Optioned Stock.

 

(5) 
Termination for Cause. In the event of termination of an Optionee’s Continuous Service Status for Cause, any
outstanding Option (including any vested portion thereof) held by such Optionee shall immediately terminate in its entirety upon
first notification to the Optionee of termination of the Optionee’s Continuous Service Status for Cause. If an Optionee’s
Continuous Service Status is suspended pending an investigation of whether the Optionee’s Continuous Service Status will
be terminated for Cause, all the Optionee’s rights under any Option, including the right to exercise the Option, shall be
suspended during the investigation period. Nothing in this Section 7(c)(ii)(5) shall in any way limit the Company’s right
to purchase unvested Shares issued upon exercise of an Option as set forth in the applicable Option Agreement.

 

(iii) 
Buyout Provisions. The Administrator
may at any time offer to buy out for a payment in cash or Shares an Option previously granted under the Plan based on such terms
and conditions as the Administrator shall establish and communicate to the Optionee at the time that such offer is made.

 

8. Restricted
Stock.

(a) 
Rights to Purchase. When a right
to purchase or receive Restricted Stock is granted under the Plan, the Company shall advise the recipient in writing of the terms,
conditions and restrictions related to the offer, including the number of Shares
that such person shall be entitled to purchase, the price to be paid, if any (which shall be as determined by the Administrator,
subject to Applicable Laws, including any applicable securities laws), and the time within which such person must accept such
offer. The permissible consideration for Restricted Stock shall be determined by the Administrator and shall be the same as is
set forth in Section 7(b)(ii) above with respect to exercise of Options. The offer to purchase Shares shall be accepted by execution
of a Restricted Stock Purchase Agreement in the form determined by the Administrator.

 

(b)Repurchase
Option.

(i) 
General. Unless the Administrator
determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company a repurchase option exercisable upon the
voluntary or involuntary termination of the Participant’s Continuous Service Status for any reason (including death or Disability)
at a purchase price for Shares equal to the original purchase price paid by the purchaser to the Company for such Shares and may
be paid by cancellation of any indebtedness of the purchaser to the Company. The repurchase option shall lapse at such rate as
the Administrator may determine.

 

(ii) 
Leave of Absence. The Administrator
shall have the discretion to determine whether and to what extent the lapsing of Company repurchase rights shall continue during
any paid leave and shall be tolled during any unpaid leave of absence; provided, however, that in the absence of such determination,
such lapsing shall be tolled during any leave (unless otherwise required by

    	10 

    	 

    

Applicable
Laws). Notwithstanding the foregoing, in the event of military leave, the lapsing of Company repurchase rights shall toll during
any unpaid portion of such leave, provided that, upon a Participant’s returning from military leave (under conditions that
would entitle him or her to protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he
or she shall be given vesting credit with respect to Shares purchased pursuant to the Restricted Stock Purchase Agreement to the
same extent as would have applied had the Participant continued to provide services to the Company (or any Parent, Subsidiary
or Affiliate, if applicable) throughout the leave on the same terms as he or she was providing services immediately prior to such
leave.

 

(c) 
Other Provisions. The Restricted
Stock Purchase Agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined
by the Administrator in its sole discretion. In addition, the provisions of Restricted Stock Purchase Agreements need not be the
same with respect to each Participant.

 

(d) 
Rights as a Holder of Capital Stock.
Once the Restricted Stock is purchased, the Participant shall have the rights equivalent to those of a holder of capital stock,
and shall be a record holder when his or her purchase and the issuance of the Shares is entered upon the records of the duly authorized
transfer agent of the Company. No adjustment will be made for a dividend or other right for which the record date is prior to
the date the Restricted Stock is purchased, except as provided in Section 10 below.

 

9. Taxes.

(a) 
As a condition of the grant, vesting and exercise
of an Award, the Participant (or in the case of the Participant’s death or a permitted transferee, the person holding or
exercising the Award) shall make such arrangements as the Administrator may require for the satisfaction of any applicable U.S.
federal, state, local or foreign tax, withholding, and any other required deductions or payments that may arise in connection
with such Award. The Company shall not be required to issue any Shares under the Plan until such obligations are satisfied.

 

(b) 
The Administrator may, to the extent permitted
under Applicable Laws, permit a Participant (or in the case of the Participant’s death or a permitted transferee, the person
holding or exercising the Award) to satisfy all or part of his or her tax, withholding, or any other required deductions or payments
by Cashless Exercise or by surrendering Shares (either directly or by stock attestation) that he or
she previously acquired; provided that, unless specifically permitted by the Company, any such Cashless Exercise must be
an approved broker-assisted Cashless Exercise or the Shares withheld in the Cashless Exercise must be limited to avoid financial
accounting charges under applicable accounting guidance and any such surrendered Shares must have been previously held for any
minimum duration required to avoid financial accounting charges under applicable accounting guidance. Any payment of taxes by
surrendering Shares to the Company may be subject to restrictions, including, but not limited to, any restrictions required by
rules of the Securities and Exchange Commission.

 

10. 
AdjustmentsUponChangesinCapitalization,MergerorCertainOther
Transactions.

 

(a) 
Changes in Capitalization. Subject to any action
required under Applicable Laws by the holders of capital stock of the Company, (i) the numbers and class of Shares or other stock
or securities: (x) available for future Awards under Section 3 above and (y) covered by each outstanding Award, (ii) the exercise
price per Share of each such outstanding Option, and (iii) any repurchase price per Share applicable to Shares issued pursuant
to any Award, shall be automatically proportionately adjusted in the event of a stock split, reverse stock split, stock dividend,
combination, consolidation, reclassification of the Shares or subdivision of the Shares. In the event of any increase or decrease
in the number of issued

    	11 

    	 

    

Shares
effected without receipt of consideration by the Company, a
declaration of an extraordinary dividend with respect to the Shares payable in a form other than Shares in an amount that has
a material effect on the Fair Market Value, a recapitalization (including a recapitalization through a large nonrecurring cash
dividend), a rights offering, a reorganization, merger, a spin-off, split-up, change in corporate structure or a similar occurrence,
the Administrator shall make appropriate adjustments, in its discretion, in one or more of (i) the numbers and class of Shares
or other stock or securities: (x) available for future Awards under Section 3 above and (y) covered by each outstanding Award,
(ii) the exercise price per Share of each outstanding Option and (iii) any repurchase price per Share applicable to Shares issued
pursuant to any Award, and any such adjustment by the Administrator shall be made in the Administrator’s sole and absolute
discretion and shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares
of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason
thereof shall be made with respect to, the number or price of Shares subject to an Award. If, by reason of a transaction described
in this Section 10(a) or an adjustment pursuant to this Section 10(a), a Participant’s Award agreement or agreement related
to any Optioned Stock or Restricted Stock covers additional or different shares of stock or securities, then such additional or
different shares, and the Award agreement or agreement related to the Optioned Stock or Restricted Stock in respect thereof, shall
be subject to all of the terms, conditions and restrictions which were applicable to the Award, Optioned Stock and Restricted
Stock prior to such adjustment.

 

(b) 
Dissolution or Liquidation. In
the event of the dissolution or liquidation of the Company, each Award will terminate immediately prior to the consummation of
such action, unless otherwise determined by the Administrator.

 

(c) 
Corporate Transactions. In the
event of (i) a transfer of all or substantially all of the Company’s assets, (ii) a merger, consolidation or other capital
reorganization or business combination transaction of the Company with or into another corporation, entity or person, or (iii)
the consummation of a transaction, or series of related transactions, in which any “person” (as such term is used
in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange
Act), directly or indirectly, of more than 50% of the Company’s then outstanding
capital stock (a “Corporate Transaction”),
each outstanding Award (vested or unvested) will be treated as the Administrator determines, which determination may be
made without the consent of any Participant and need not treat all outstanding Awards (or portion thereof) in an identical manner.
Such determination, without the consent of any Participant, may provide (without limitation) for one or more of the following
in the event of a Corporate Transaction: (A) the continuation of such outstanding Awards by the Company (if the Company is the
surviving corporation); (B) the assumption of such outstanding Awards by the surviving corporation or its parent; (C) the substitution
by the surviving corporation or its parent of new options or equity awards for such Awards; (D) the cancellation of such Awards
in exchange for a payment to the Participants equal to the excess of (1) the Fair Market Value of the Shares subject to such Awards
as of the closing date of such Corporate Transaction over (2) the exercise price or purchase price paid or to be paid for the
Shares subject to the Awards; or (E) the cancellation of any outstanding Options or an outstanding right to purchase Restricted
Stock, in either case, for no consideration.

 

11. Non-Transferability
of Awards.

(a) 
General. Except as set forth in
this Section 11, Awards may not be sold, pledged, assigned, hypothecated, transferred
or disposed of in any manner other than by will or by the laws of descent or distribution. The designation of a beneficiary by
a Participant will not constitute a transfer. An Option may be exercised, during the lifetime of the holder of the Option, only
by such holder or a transferee permitted by this Section 11.

    	12 

    	 

    

(b)  Limited
Transferability Rights. Notwithstanding anything else in this Section 11, the Administrator may in its sole
discretion provide that any Nonstatutory Stock Options may be transferred by instrument to an inter vivos or testamentary
trust in which the Options are to be passed to beneficiaries upon the death of the trustor (settlor) or by gift to Family
Members. Further, beginning with (i) the period when the Company begins to rely on the exemption described
in Rule 12h-1(f)(1) promulgated under the Exchange Act, as determined by the Board in its sole discretion, and (ii) ending on
the earlier of (A) the date when the Company ceases to rely on such exemption, as determined by the Board in its sole
discretion, or (B) the date when the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act, an Option, or prior to exercise, the Shares subject to the Option, may not be pledged, hypothecated or
otherwise transferred or disposed of, in any manner, including by entering into any short position, any “put equivalent
position” or any “call equivalent position” (as defined in Rule 16a- 1(h) and Rule 16a-1(b) of the Exchange
Act, respectively), other than to (i) persons who are Family Members through gifts or domestic relations orders, or (ii) to
an executor or guardian of the Participant upon the death or disability of the Participant. Notwithstanding the foregoing
sentence, the Board, in its sole discretion, may permit transfers of Nonstatutory Stock Options to the Company or in
connection with a Change of Control or other acquisition transactions involving the Company to the extent permitted by Rule
12h-1(f).

 

12. 
Time of Granting Awards. The date of grant of an Award shall, for all purposes, be the date on which the Administrator
makes the determination granting such Award, or such other date as is determined by the Administrator.

 

13. 
Amendment and Termination of the Plan. The Board may at any time amend or terminate the Plan, but no amendment or
termination shall be made that would materially and adversely affect the rights of any Participant under any outstanding Award,
without his or her consent. In addition, to the extent necessary and desirable to comply with Applicable Laws, the Company shall
obtain the approval of holders of capital stock with respect to any Plan amendment in such a manner and to such a degree as required.

 

14. 
Conditions Upon Issuance of Shares. Notwithstanding any other provision of the Plan or any agreement entered into
by the Company pursuant to the Plan, the Company shall not be obligated, and shall have no liability for failure, to issue or
deliver any Shares under the Plan unless such issuance or delivery would comply with Applicable Laws, with such compliance determined
by the Company in consultation with its legal counsel. As a condition to the exercise of any Option or purchase of any Restricted
Stock, the Company may require the person exercising the Option or purchasing the Restricted Stock to represent and warrant at
the time of any such exercise or purchase that the Shares are being purchased only for investment and without any present intention
to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is advisable or required
by Applicable Laws. Shares issued upon exercise of Options or purchase of Restricted Stock prior to the date, if ever, on which
the Common Stock becomes a Listed Security shall be subject to a right of first refusal in favor of the Company pursuant to which
the Participant will be required to offer Shares to the Company before selling or transferring them to any third party on such
terms and subject to such conditions as is reflected in the applicable Option Agreement or Restricted Stock Purchase Agreement.

 

15. 
Beneficiaries. If permitted by the Company, a Participant may designate one or more beneficiaries with respect to
an Award by timely filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed
form with the Company at any time before the Participant’s death. Except as otherwise provided in an Award Agreement, if
no beneficiary was designated or if no designated beneficiary survives the Participant, then after a Participant’s death
any vested Award(s) shall be transferred or distributed to the Participant’s estate or to any person who has the right to
acquire the Award by bequest or inheritance.

    	13 

    	 

    

16. 
Approval of Holders of Capital Stock.
If required by Applicable Laws, continuance of the Plan shall be subject to approval
by the holders of capital stock of the Company within 12 months before or after the date the Plan is adopted or, to the
extent required by Applicable Laws, any date the Plan is amended. Such approval shall
be obtained in the manner and to the degree required under Applicable Laws.

 

17. 
Addenda. The Administrator may approve such addenda to the Plan as it may consider necessary or appropriate for
the purpose of granting Awards to Employees or Consultants, which Awards may contain such terms and conditions as the Administrator
deems necessary or appropriate to accommodate differences in local law, tax policy or custom, which may deviate from the terms
and conditions set forth in this Plan. The terms of any such addenda shall supersede the terms of the Plan to the extent necessary
to accommodate such differences but shall not otherwise affect the terms of the Plan as in effect for any other purpose.

 

18. 
Information to Holders of Options. In the event the Company is relying
on the exemption provided by Rule 12h-1(f) under the Exchange Act, the Company shall provide the information described in Rule
701(e)(3), (4) and (5) of the Securities Act of 1933, as amended, to all holders of Options in accordance with the requirements
thereunder until such time as the Company becomes subject to the reporting requirements
of Section 13 or 15(d) of the Exchange Act. The Company may request that holders of Options agree to keep the information to be
provided pursuant to this Section confidential. If the holder does not agree to keep the information to be provided pursuant to
this Section confidential, then the Company will not be required to provide the information unless otherwise required pursuant
to Rule 12h- 1(f)(1) of the Exchange Act.

    	14 

    	 

    

ADDENDUM
A

HEALTHCARE
TRIANGLE, INC.

2020
STOCK INCENTIVE PLAN

(California
Participants)

 

 

Prior
to the date, if ever, on which the Common Stock becomes a Listed Security and/or the Company
is subject to the reporting requirements of the Exchange Act, the terms set forth herein shall apply to Awards issued to
California Participants. All capitalized terms used herein but not otherwise defined shall have the respective meanings set forth
in the Plan.

 

1. 
The following rules
shall apply to any Option in the event of termination
of the Participant’s Continuous Service Status:

 

(a) 
If such termination was for reasons other than
death, “Permanent Disability” (as defined below), or Cause, the Participant shall have at least 30 days after the
date of such termination to exercise his or her Option to the extent the Participant is entitled to exercise on his or her termination
date, provided that in no event shall the Option be exercisable after the expiration of the term as set forth in the Option Agreement.

 

(b) 
If such termination was due to death or Permanent
Disability, the Participant shall have at least 6 months after the date of such termination to exercise his or her Option to the
extent the Participant is entitled to exercise on his or her termination date, provided that in no event shall the Option be exercisable
after the expiration of the term as set forth in the Option Agreement.

 

“Permanent
Disability” for purposes of this Addendum shall mean the inability of the Participant, in the opinion of a qualified
physician acceptable to the Company, to perform the major duties of the Participant’s position with the Company or any Parent
or Subsidiary because of the sickness or injury of the Participant.

 

2. 
Notwithstanding anything to the contrary in Section 10(a) of the Plan, the Administrator shall in any event make such adjustments
as may be required by Section 25102(o) of the California Corporations Code.

 

3. 
Notwithstanding anything stated herein to the contrary, no Option shall be exercisable on or after the 10th anniversary of the
date of grant and any Award agreement shall terminate on or before the 10th anniversary of the date of grant.

 

4. 
The Company shall furnish summary financial information (audited or unaudited) of the Company’s financial condition and
results of operations, consistent with the requirements of Applicable Laws, at least annually to each California Participant during
the period such Participant has one or more Awards outstanding, and in the case of an individual who acquired Shares pursuant
to the Plan, during the period such Participant owns such Shares; provided, however,
the Company shall not be required to provide such information if (i) the issuance is limited to key persons whose duties in connection
with the Company assure their access to equivalent information or (ii) the Plan or any agreement complies with all conditions
of Rule 701 of the Securities Act of 1933, as amended; provided that for purposes of determining such compliance, any registered
domestic partner shall be considered a “family member” as that term is defined in Rule 701.

 

 

HEALTHCARE
TRIANGLE, INC. - ADDENDUM A TO STOCK INCENTIVE PLAN

 

    	15

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