Document:

EXHIBIT 4.2

 

WARRANT

 

 

 

	Holder:	 	 	Warrant Number:  	 

 

NEITHER
THE SECURITIES
REPRESENTED BY THIS
CERTIFICATE NOR THE
SECURITIES
ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF
1933, AS
AMENDED (THE “ACT”),
OR ANY
STATE SECURITIES
LAWS, AND NEITHER
SUCH SECURITIES
NOR ANY
INTEREST THEREIN MAY
BE OFFERED,
SOLD, ASSIGNED  OR
 OTHERWISE 
TRANSFERRED  UNLESS
 (1)  A REGISTRATION
 STATEMENT WITH
RESPECT THERETO IS EFFECTIVE
UNDER THE
ACT AND
ANY APPLICABLE
STATE SECURITIES
LAWS, OR
(2) AN
EXEMPTION FROM
SUCH REGISTRATION
EXISTS AND THE COMPANY
RECEIVES AN
OPINION OF COUNSEL
TO THE HOLDER
OF SUCH
SECURITIES,
WHICH COUNSEL AND OPINION
ARE SATISFACTORY TO
THE COMPANY,
THAT SUCH SECURITIES
MAY BE
OFFERED, SOLD,
PLEDGED, ASSIGNED
OR TRANSFERRED
IN THE MANNER
CONTEMPLATED WITHOUT AN
EFFECTIVE REGISTRATION
STATEMENT UNDER THE
ACT OR APPLICABLE
STATE SECURITIES
LAWS.

 

	Issuance Date:	 	 	Number of Shares:  	 
	Term:		 	Exercise Price:	

 

 

 

VERTICAL
HEALTH SOLUTIONS, INC. d/b/a
ONPOINT MEDICAL DIAGNOSTICS

 

WARRANT
TO PURCHASE COMMON
STOCK

 

Vertical
Health Solutions,
Inc. d/b/a
OnPoint Medical
Diagnostics, a Florida corporation
(the “Company”), for
value received, hereby
issues to
the Holder
this Warrant (the “Warrant”)
to purchase
shares (each such
share as
from time
to time
adjusted as
hereinafter
provided being
a “Warrant Share”
and all such
shares being
the “Warrant Shares”)
of the
Company’s Common
Stock (as
defined below), at the
Exercise Price (as
defined below),
as adjusted from
time to
time as provided
herein, on or
before the ten year
anniversary of the issuance
date (the “Expiration
Date”), all
subject to the
following terms and
conditions.

 

As
used in this
Warrant, (i) “Business Day”
means any
day other
than Saturday,
Sunday or any other
day on
which commercial
banks in
the City
of Minneapolis, Minnesota,
are authorized
or required by law
or executive order
to close; (ii)
“Common Stock”
means the common
stock of the
Company, par value
$0.001 per share,
including any
securities issued or
issuable with respect
thereto or
into which or
for which such
shares may be
exchanged for, or
converted into, pursuant to
any stock
dividend, stock split,
stock combination, recapitalization,
reclassification, reorganization or
other similar event;
(iii) “Exercise Price” means $1.25 per share
of Common Stock, subject to
adjustment as provided herein; and (iv) “Affiliate” means any Person that,
directly or indirectly, through one or more intermediaries, controls, is
controlled by, or is under
common control with, a
Person, as such terms are
used and construed
in Rule 144 promulgated under the
Securities Act of 1933, as amended (the “Act”).

 

1.DURATION
AND EXERCISE OF
WARRANTS

 

(a)
 Exercise Period. 
The
Holder may
exercise this Warrant
in whole
or in
part on
any Business Day
on or before
5:00 P.M., Central Time,
on the Expiration
Date, at
which time
this Warrant
shall become void and of no value.

 

(b)Exercise
Procedures.

 

(i)
 While  this 
Warrant  remains 
outstanding  and  exercisable 
in  accordance with Section 1(a),
the Holder
may exercise
this Warrant in
whole or in
part at any
time and
from time
to time
by:

    	 

    	 

    

 

(A) 
surrender of this
Warrant, with a
duly executed
copy of
the notice
of exercise attached
as Exhibit
A (the “Notice of
Exercise”), to
the secretary of  the Company
at the Company’s
principal offices or
at such
other office or
agency as
the Company
may specify
in writing
to the Holder; and

 

(B)
 payment of
the then applicable Exercise Price per share multiplied by the number
of Warrant Shares
being purchased upon
exercise of the
Warrant (such amount,
the “Aggregate Exercise
Price”)
made in
the form
of cash, or
by certified
check, bank
draft or money
order payable in
lawful money
of the United
States of
America or
in the
form of
a Cashless
Exercise to
the extent permitted in Section
1(b)(ii) below.

 

(ii)
 Notwithstanding anything contained herein to the contrary, the Holder may, in its sole
discretion, exercise this
Warrant in
whole or in
part and,
in lieu
of making
the cash payment
otherwise contemplated to
be made
to the
Company upon
such exercise in
payment of
the Aggregate Exercise
Price, elect instead to
receive upon such
exercise the “Net
Number” of shares
of Common
Stock determined according to the following formula (a “Cashless Exercise”):

 

X = Y
* (A -
B) 

A

 

For purposes of the foregoing formula:

 

X = the number of Warrant Shares to be issued to
the Holder

Y =
the number of Warrant Shares with respect to which the Warrant is being exercised

A =
the fair value per share of Common Stock on the date of exercise of this Warrant

B =
the then-current Exercise Price of the Warrant

 

Solely
for the purposes
of this paragraph,
“fair value” shall
be determined either
(A) reasonably and in good faith by the Board of Directors of the Company as
of the date which the Notice of Exercise is deemed to have been sent to the Company, or (B) as the average of the closing sales
prices, as quoted on the
primary
national or
regional stock
exchange on which
the Common
Stock is
listed, or,
if not listed,
the OTC
Bulletin Board or
similar quotation system
if quoted thereon,
on the twenty
(20) trading days immediately preceding the date on which the Notice of Exercise
is deemed to have been sent to the
Company, whichever of
(A) or (B)
is greater.

 

(iii)
Exercise of
this Warrant
is subject
to satisfaction
of either
of the two
following conditions at the time of exercise:

 

(A)
the  Company 
shall  have
 in 
effect  a  Registration
 Statement  with 
the Securities and
Exchange Commission with
respect to its
issuance of shares
upon the
exercise of this Warrant; or

(B)
 the exercise
of this Warrant
shall qualify
for an exemption
from the registration requirements under
applicable federal and
state laws and
regulations with respect to
the issuance of
securities and the
Holder shall execute
and deliver
such documentation
as shall be
necessary to qualify the issuance of the Warrant Shares from such registration
requirements.

 

(iv) 
Upon the exercise
of this
Warrant in
compliance with the
provisions of
this Section 1(b),
the Company
shall promptly
issue and cause
to be
delivered to
the Holder a
certificate for the Warrant Shares
purchased by the Holder.  Each exercise of this Warrant shall be effected immediately
prior to the close of business on the date (the “Date of Exercise”) which the conditions set forth in Section

1(b)
have been
satisfied.  On
or before
the first Business
Day following
the date
on which the Company
has received each
of the
Notice of Exercise
and the
Aggregate Exercise Price
(or notice
of a
Cashless

Exercise
in accordance
with Section
1(b)(ii)) (the “Exercise
Delivery Documents”),
the Company
shall

transmit
to the
Company’s transfer
agent (the “Transfer
Agent”) a direction to
issue the Warrant
Shares due the
Holder. Upon delivery
of the Exercise
Notice and Aggregate
Exercise Price referred
to in Section

1(b)(i)(A)
above (or notice
of a Cashless
Exercise in
accordance with Section
1(b)(ii)), the Holder
shall

be
deemed for all corporate
purposes to
have become the
holder of record of
the Warrant Shares
with respect to
which this
Warrant has
been exercised, irrespective
of the
date of delivery
of the certificates
evidencing such Warrant
Shares. If
this Warrant
is submitted in
connection with any
exercise pursuant to this
Section 1(a) and
the number of
Warrant Shares represented
by this
Warrant submitted for
exercise is greater  than 
the  actual 
number  of 
Warrant  Shares being  acquired 
upon such  an  exercise, then 
the Company shall as soon as practicable and in no event later than three (3)
Business Days after any exercise and at
its own expense,
issue a new
Warrant (in accordance
with Section 1(c))
of like tenor representing the
right to purchase
the number of
Warrant Shares purchasable
immediately prior to
such exercise under
this Warrant, less the
number of Warrant Shares
with

    	 

    	 

    

 respect to
which this
Warrant is exercised.
No fractional shares
of Common
Stock are
to be issued upon
the exercise of this Warrant,
but rather the number
of shares of
Common Stock
to be issued
shall be rounded up to
the nearest whole number.
The Company
shall pay
any and
all taxes which
may be
payable with
respect to the issuance
and delivery of Warrant Shares upon exercise
of this Warrant.

 

(c)
 Partial Exercise. 
This Warrant
shall be
exercisable, either
as an
entirety or,
from time
to time, for
part only
of the
number of
Warrant Shares
referenced by
this Warrant.
If this
Warrant is exercised in part, the Company shall issue, at its expense, a new
Warrant, in substantially the form of this Warrant, referencing such reduced number of Warrant Shares which remain subject to this
Warrant.

 

(d)
 Disputes.  In
the case of
a dispute as
to the
determination of the
Exercise Price
or the arithmetic
calculation of the
Warrant Shares, the
Company shall promptly
issue to the
Holder the number
of Warrant Shares that are not disputed and resolve such dispute in accordance with Section
14.

 

2. 
ISSUANCE OF WARRANT
SHARES

 

(a)
 The Company
covenants that all
Warrant Shares
will, upon
issuance in
accordance with the terms of this
Warrant, be (i) duly authorized, fully paid and non-assessable,
and (ii) free from all liens, charges and security
interests, with the
exception of claims arising
through the acts
or omissions
of the Holder and except as arising from applicable Federal and state securities
laws.

 

(b)
 The
Company shall
register this
Warrant upon records to
be maintained by
the Company for
that purpose in
the name
of the record
holder of
such Warrant from
time to
time. The
Company may
deem and
treat the
registered Holder of
this Warrant as
the absolute owner thereof
for the purpose
of any exercise thereof, any distribution
to the Holder thereof and for all other purposes.

 

(c)
 The Company
will not, by
amendment of
its certificate of
incorporation, by-laws
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 to be observed or performed hereunder by the Company, but will
at all times in good faith assist in the
carrying out of all
the provisions of this Warrant
and in
the taking
of all the
action as
may be necessary or
appropriate in order
to protect
the rights of the
Holder to
exercise this Warrant,
or against impairment of such rights.

 

3.ADJUSTMENTS
OF EXERCISE PRICE,
NUMBER AND TYPE
OF WARRANT SHARES

 

(a)
 The Exercise
Price and
the number of
shares purchasable upon
the exercise of
this Warrant shall
be subject to adjustment
from time
to time
upon the occurrence
of certain
events described in this Section 3(a).

 

(i)
Subdivision or Combination
of Stock.
In case
the Company
shall at
any time subdivide
(whether by
way of stock dividend,
stock split
or otherwise)
its outstanding
shares of
Common Stock into
a greater number of shares,
the Exercise Price
in effect
immediately prior to
such subdivision shall be
proportionately reduced
and the Warrant Shares
shall be
proportionately increased, and conversely,
in case the outstanding shares of Common Stock of the Company shall be combined (whether
by way
of stock combination, reverse stock
split or otherwise) into
a smaller number of
shares, the Exercise Price in
effect immediately prior
to such
combination shall be
proportionately increased
and the number of Warrant Shares
shall be proportionately decreased.  The
Exercise Price and the Warrant
Shares, as so adjusted, shall be readjusted in the same manner upon the happening
of any successive event or events described in this Section 3(a)(i).

 

(ii) Dividends
in Stock,
Property, Reclassification. If
at any
time, or
from time
to time, the
Holders of Common
Stock (or any
shares of stock
or other securities at the time receivable upon the exercise of this Warrant)
shall have received or become entitled to receive, without payment therefore:

 

(A)
 any
shares of stock
or other securities
which are at
any time
directly or indirectly
convertible into or
exchangeable for
Common Stock,
or any
rights or options
to subscribe
for, purchase or otherwise acquire any of the foregoing by way of dividend
or other distribution, or

 

(B)
 additional stock
or other securities
or property
(including cash) by
way of spin-off,
split-up,
reclassification, combination of
shares or
similar corporate
rearrangement, (other than shares
of Common
Stock issued as
a stock
split or adjustments
in respect
of which
shall be covered
by the terms of Section 3(a)(i)
above),

    	 

    	 

    

 

 

then
and in each
such case, the
Exercise Price and
the number of
Warrant Shares
to be obtained
upon exercise
of this Warrant
shall be
adjusted proportionately, and the Holder
hereof shall, upon
the exercise of
this Warrant, be
entitled to receive,
in addition to
the number of
shares of Common
Stock receivable thereupon, and without
payment of
any additional
consideration therefor, the amount
of stock
and other securities
and property
(including cash in
the cases referred
to in
clause (ii) above)
which such Holder
would hold on
the date of
such exercise had
he been the
holder of record of
such Common
Stock as of
the date on which
holders of
Common Stock
received or became
entitled to
receive such shares
or all
other additional stock
and other securities
and property.
 The
Exercise Price and
the Warrant Shares, as
so adjusted, shall
be readjusted
in the
same manner
upon the happening of any successive
event or events described in this Section 3(a)(ii).

 

(iii)
 Reorganization, Reclassification,
Consolidation, Merger or
Sale.  If 
any recapitalization,  reclassification
 or  reorganization 
of  the 
capital  stock 
of  the  Company,
 or  any consolidation
or merger
of the
Company with
another corporation, or
the sale of
all or substantially
all of its assets
or other
transaction shall be
effected in such
a way that
holders of Common
Stock shall be
entitled to receive stock, securities, or other assets or property (an “Organic Change”), then, as a condition
of such Organic
Change, lawful and adequate
provisions shall be
made by
the Company
whereby the Holder hereof shall thereafter
have the right to purchase and receive (in lieu of the shares of the Common Stock of
the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented
by this Warrant) such shares of stock,
securities or other assets or property
as may be issued or payable with respect
to or in exchange
for a number of outstanding
shares of such Common Stock equal to
the number of
shares of such
stock immediately theretofore purchasable
and receivable assuming the  full  exercise
of  the  rights 
represented  by 
this  Warrant. 
In  the 
event  of 
any  Organic 
Change, appropriate provision
shall be made by the Company with respect to the rights and interests of the
Holder of this
Warrant to the
end that
the provisions hereof
(including, without limitation,
provisions for adjustments
of the Exercise
Price and of
the number of
shares purchasable and
receivable upon the exercise of
this Warrant) shall thereafter be applicable,
in relation
to any shares
of stock, securities or assets
thereafter  deliverable  upon
 the exercise  hereof. The
Company  will
 not  effect
 any 
such consolidation, merger or sale unless, prior to
the consummation thereof, the successor corporation (if other
than the Company) resulting from
such consolidation or merger
or the corporation purchasing such assets shall
assume by
written instrument reasonably
satisfactory in form
and substance to
the Holders executed
and mailed
or delivered to
the registered Holder
hereof at
the last address of
such Holder appearing
on the
books of
the Company,
the obligation
to deliver
to such
Holder such shares
of stock, securities
or assets as, in
accordance with the
foregoing provisions, such
Holder may be
entitled to purchase. In any
event,
the successor corporation
(if other than
the Company)
resulting from
such consolidation or merger or
the corporation purchasing such
assets shall be
deemed to
assume such obligation to deliver to
such Holder such shares of stock,
securities or assets
even in
the absence of a written instrument
assuming such obligation to the extent such assumption occurs by operation of law.

 

(b) 
Certificate as to Adjustments.
Upon the occurrence of
each adjustment or
readjustment pursuant to this
Section 3,
the Company
at its
expense shall promptly
compute such adjustment
or readjustment in
accordance with the
terms hereof and
furnish to
each Holder of this Warrant
a certificate setting
forth such adjustment or readjustment and showing in detail the facts upon which such
adjustment or readjustment is
based. The Company
shall promptly
furnish or
cause to
be furnished to
such Holder
a like certificate setting forth: (i) such adjustments and readjustments; and (ii) the number of shares and the amount,
if any, of other property which at the time would be received upon the exercise of the Warrant.

 

4.TRANSFERS
AND EXCHANGES OF
WARRANT AND WARRANT
SHARES

 

(a)
 Registration of
Transfers and Exchanges.
Subject
to Section
4(c), upon
the Holder’s surrender
of this
Warrant, with a
duly executed copy
of the Assignment
Notice attached as
Exhibit B, to
the secretary of the Company at
its principal offices or at such other office or
agency as the Company may
specify in
writing to the
Holder, the
Company shall
register the transfer of
all or any portion
of this Warrant.
Upon such registration of
transfer the Company
shall issue a
new Warrant, in
substantially the form of this Warrant,
evidencing the acquisition rights transferred to the transferee and a new Warrant, in similar form,
evidencing
the remaining acquisition rights not
transferred, to the Holder requesting the
transfer.

 

(b)
 Warrant Exchangeable
for Different
Denominations. The  Holder 
may  exchange 
this Warrant for a
new Warrant or
Warrants, in
substantially the form
of this Warrant,
evidencing in
the aggregate the
right to
purchase the number
of Warrant
Shares which
may then
be purchased hereunder,
each of
such new
Warrants to
be dated the
date of
such exchange
and to
represent the right to
purchase such number
of Warrant Shares
as shall
be designated
by the
Holder. The
Holder shall
surrender this Warrant with duly
executed instructions regarding such re-certification
of this Warrant
to the Secretary
of the Company
at its
principal offices or
at such
other office or
agency as
the Company
may
specify in writing to the Holder.

 

(c)
 Restrictions on
Transfers. This Warrant
may
not be transferred
at any
time without (i) registration
under the Act
or (ii) an
exemption from
such registration and
a written opinion
of legal counsel
addressed to the Company
that the
proposed transfer
of the Warrant may
be effected without registration
under the Act,
which opinion will
be in form
and from
counsel reasonably
satisfactory to
the Company.

    	 

    	 

    

 

(d)
 Permitted Transfers
and Assignments. 
Notwithstanding  any
 provision  to
 the contrary in
this Section 4,
the Holder may
transfer, with or
without consideration, this
Warrant or any
of the Warrant Shares
(or a
portion thereof) to
any Affiliate
of the
Holder without obtaining
the opinion from
counsel that may be
required by
Section 4(c)(ii), provided that the
Holder delivers
to the
Company and its counsel (i)
a written opinion
of counsel (which opinion will
be in form,
substance and scope customary for
opinions of counsel in
comparable transactions) to the effect
that such transfer may
be made without registration under
the Securities Act
and under applicable
state securities or blue
sky laws; (ii)
that the holder or
transferee execute and deliver to
the Company and investment
letter in form
and substance acceptable to the Company and (iii) that the transferee be an “accredited
investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under
the Securities Act or as a “qualified institutional buyer” as defined
in Rule 144A(a) under the Securities Act in a transaction pursuant to Rule 144A.

 

5. 
MUTILATED OR MISSING
WARRANT

 

If
this Warrant is
mutilated, lost,
stolen or
destroyed, upon request by
the Holder,
the Company will,
at its expense, issue,
in exchange
for and upon
cancellation of
the mutilated
Warrant, or in substitution for
the lost, stolen or
destroyed Warrant,
a new Warrant, in
substantially the form
of this Warrant, representing the right to acquire the equivalent number of
Warrant Shares, provided however, as a prerequisite to
the issuance of
a substitute Warrant, the Company
may require satisfactory
evidence of loss, theft or destruction as well as an indemnity from the Holder
of a lost, stolen or destroyed Warrant.

 

6. 
PAYMENT OF TAXES

 

The
Company will
pay all
transfer and
stock issuance
taxes attributable to
the preparation, issuance and
delivery of this Warrant and
the Warrant Shares (and replacement Warrants) including,
without limitation, all documentary
and stamp taxes;
provided, however,
that the
Company shall
not be required to pay any tax in
respect of the transfer of this Warrant, or the issuance or delivery of certificates for
Warrant Shares or
other securities in
respect of the
Warrant Shares to
any person
or entity
other than to the Holder or its
transferee.

 

7. 
FRACTIONAL WARRANT SHARES

 

No
fractional Warrant Shares shall be issued upon exercise of this Warrant. The Company, in lieu of
issuing any
fractional Warrant Share,
shall round up
the number
of Warrant Shares
issuable to nearest
whole share.

 

8. 
NO STOCK
RIGHTS AND LEGEND

 

No
holder of this Warrant, as
such, shall be entitled to
vote or be deemed the
holder of any other
securities of
the Company
which may
at any
time be issuable
on the exercise hereof,
nor shall
anything contained herein be
construed to confer
upon the holder of
this Warrant, as
such, the rights
of a stockholder of
the Company
or the right to vote for the election of directors or upon any matter submitted to
stockholders at any
meeting thereof, or
give or
withhold consent
to any
corporate action or to
receive notice of
meetings or other
actions affecting
stockholders (except as
provided herein), or to
receive dividends or subscription rights or otherwise (except as provide herein).

 

Each
certificate for Warrant
Shares initially issued
upon the exercise
of this Warrant,
and each certificate for Warrant
Shares issued to any subsequent transferee of any such certificate, shall be stamped or otherwise imprinted with a legend in substantially
the following form:

 

"THE
SECURITIES REPRESENTED
BY THIS
CERTIFICATE HAVE NOT
BEEN REGISTERED
UNDER THE SECURITIES
ACT OF
1933, AS AMENDED
(THE “ACT”), OR
ANY STATE
SECURITIES
LAWS, AND NEITHER
SUCH SECURITIES NOR
ANY INTEREST THEREIN
MAY BE OFFERED, SOLD,
PLEDGED, ASSIGNED OR
OTHERWISE TRANSFERRED UNLESS
(1) A REGISTRATION
STATEMENT WITH
RESPECT THERETO IS
EFFECTIVE
UNDER THE
ACT AND ANY APPLICABLE
STATE SECURITIES
LAWS, OR (2) AN
EXEMPTION FROM SUCH
REGISTRATION EXISTS
AND THE COMPANY
RECEIVES AN OPINION
OF COUNSEL TO
THE HOLDER OF SUCH
SECURITIES, WHICH COUNSEL AND OPINION
ARE REASONABLY SATISFACTORY
TO THE COMPANY,
THAT SUCH SECURITIES
MAY BE
OFFERED, SOLD, PLEDGED,
ASSIGNED OR TRANSFERRED
IN THE
MANNER CONTEMPLATED
WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT
UNDER THE
ACT OR
APPLICABLE STATE SECURITIES
LAWS.”

 

9. 
NOTICES

 

All
notices, consents, waivers,
and other
communications under
this Warrant
must be
in writing
and will be
deemed given
to a
party when (a)
delivered to
the appropriate address
by hand
or by nationally
recognized
overnight courier service
(costs prepaid); (b)
sent by facsimile
or e-mail
with confirmation of
transmission by
the transmitting equipment;
(c) 

    	 

    	 

    

received
or rejected by
the addressee, if sent by
certified mail, return
receipt requested, if
to the
registered Holder hereof;
or (d)
seven days after the
placement of the
notice into
the mails (first class
postage prepaid), to
the Holder
at the address, facsimile
number, or e-mail
address furnished by the
registered Holder to
the Company (whether per the Agency Agreement or otherwise),
or if to
the Company, to
it at
7760 France Avenue
South, 11th Floor, Minneapolis,
MN 55435, Attn: William Cavanaugh, Facsimile: (888) 370-2819 (or to such other address,
facsimile number, or e-mail address as
the Holder
or the
Company as
a party
may designate
by notice the other
party) with a
copy to Morgan,
Lewis & Bockius LLP,
502 Carnegie Center, Princeton,
NJ 08540, Attn: Emilio Ragosa, Esq., Facsimile: (609) 919-6701.

 

10. 
AMENDMENT AND
WAIVER

 

This
Warrant and any
provision hereof may
be changed, waived,
discharged or terminated
only by an instrument in writing signed by the Company and the registered Holder of this Warrant.

 

11. 
SEVERABILITY

 

If
a court of
competent jurisdiction
holds any provision
of this Warrant
invalid or
unenforceable, the other
provisions of
this Warrant
will remain in
full force and
effect. Any
provision of this
Warrant held invalid or
unenforceable only
in part
or degree will
remain in
full force and
effect to
the extent not
held invalid or unenforceable.

 

12.BINDING
EFFECT

 

This
Warrant shall be
binding upon
and inure
to the
sole and
exclusive benefit of
the Company, its
successors and assigns,
the registered Holder
or Holders from
time to
time of this
Warrant and the Warrant Shares.

 

13.SURVIVAL
OF RIGHTS
AND DUTIES

 

This
Warrant shall terminate and
be of
no further force and
effect on the earlier of
5:00 P.M., Central Time, on the
Expiration Date or the date on which this Warrant has been exercised.

 

14.GOVERNING
LAW

 

This
Warrant will be governed by and construed under the laws of the State of Minnesota
without regard to conflicts of laws principles that would require the application of any other law.

 

15.DISPUTE
RESOLUTION

 

In
the case
of a dispute
as to
the determination of
the Exercise
Price or the
arithmetic calculation of the
Warrant Shares, the
Company shall
submit the disputed
determinations or
arithmetic calculations via facsimile
within two Business Days of receipt of the Notice of Exercise giving rise to such dispute, as the 
case  may 
be,  to 
the Holder.  If 
the  Holder 
and  the 
Company  are
 unable to 
agree  upon
 such determination
or calculation
of the Exercise
Price or the
Warrant Shares
within three Business Days
of such disputed
determination or
arithmetic calculation being submitted
to the
Holder, then the Company
shall, within two Business
Days submit via facsimile (a) the
disputed determination of the
Exercise Price to an independent, reputable investment bank selected by the
Company and approved by the Holder or (b) the disputed
arithmetic calculation of
the Warrant
Shares to the
Company’s independent, outside
accountant. The Company shall cause
at its expense the investment bank or
the accountant, as the case
may be, to
perform the determinations or calculations
and notify the Company and the Holder
of the results
no later than ten (10)
Business Days
from the
time it
receives the disputed determinations or
calculations. Such
investment bank’s or
accountant’s determination or
calculation, as the
case may be, shall be binding upon
all parties absent demonstrable error.

 

 

16.NOTICES OF RECORD DATE

 

Upon
(a) any establishment
by the
Company of
a record date
of the
holders of any
class of securities for
the purpose of
determining the
holders thereof who
are entitled to receive
any dividend or
other distribution, or
right or option to
acquire securities of
the Company,
or any
other right,
or (b) any capital
reorganization, reclassification, recapitalization,
merger or
consolidation of the Company
with or into any
other corporation,
any transfer
of all
or substantially all the
assets of
the Company,
or any voluntary
or involuntary dissolution, liquidation or
winding up
of the Company,
or the sale,
in a
single transaction, of a
majority
of the Company’s
voting stock (whether newly issued, or
from treasury, or
previously issued and
then outstanding, or
any combination
thereof), the Company
shall mail
to the
Holder at least
ten (10) Business
Days, or
such longer period
as

    	 

    	 

    

 may
be required by
law, prior to
the record date specified therein, a notice specifying (i) the date established
as the record date for the purpose of such dividend,
distribution, option or
right and a
description of such
dividend, option
or right, (ii)
the date  on 
which  any 
such  reorganization,  reclassification,
transfer,  consolidation,  merger,
 dissolution,

liquidation
or winding
up, or sale
is expected
to become
effective and
(iii) the date,
if any,
fixed as to
when the holders of record of Common Stock shall be entitled to exchange their shares of Common Stock for
 securities  or 
other  property  deliverable 
upon  such 
reorganization,  reclassification,  transfer,
consolation, merger,
dissolution, liquidation or
winding up.

 

17. 
RESERVATION OF SHARES

 

The
Company shall
reserve and
keep available out
of its authorized
but unissued shares of
Common Stock for
issuance upon the
exercise of
this Warrant, free from preemptive
rights, such
number of shares of Common Stock for which this Warrant shall from time to
time be exercisable.

 

18. 
NO THIRD
PARTY RIGHTS

 

This
Warrant is
not intended, and will
not be
construed, to
create any rights
in any
parties other than
the Company and
the Holder, and
no person or
entity may assert
any rights as
third-party beneficiary hereunder.

 

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

 

 

	VERTICAL HEALTH SOLUTIONS, INC. 
	

	Signature
	
	Printed Name
	
	Title

    	 

    	 

    

 

EXHIBIT A

 

EXERCISE FORM

 

(To be executed by the Holder of Warrant if
such Holder

desires to exercise Warrant)

 

To Vertical Health Solutions, Inc. d/b/a OnPoint
Medical Diagnostics (“VHS”):

 

The undersigned hereby
irrevocably elects to exercise this Warrant and to purchase thereunder, ___________________ full shares of VHS common stock issuable
upon exercise of the Warrant and delivery of:

 

 

(1)$_________ (in cash
as provided for in the foregoing Warrant) and any applicable taxes payable by the undersigned pursuant to such Warrant; and

 

(2)__________ shares
of Common Stock (pursuant to a Cashless Exercise in accordance with Section 1(b)(ii) of the Warrant) (check here if the undersigned
desires to deliver an unspecified number of shares to be equal the number sufficient to effect a Cashless Exercise).

 

The undersigned requests
that certificates for such shares be issued in the name of the registered Holder, printed below:

 

 

_________________________________________

(name)

 

 

 

 

_________________________________________

(address)

 

 

_________________________________________

(social security or federal employer identification
number)

 

 

The undersigned hereby
agrees to execute and deliver to the Company such additional documents as the Company may reasonably request to qualify the issuance
of the shares subject to this notice under an effective registration of such issuance under applicable federal and state laws regulating
the issuance of securities or for an exemption from such requirements.

 

(Signature): ___________________________________

 

(Dated:) ____________________________________

    	 

    	 

    

 

EXHIBIT B

 

FORM OF ASSIGNMENT

 

FOR VALUE RECEIVED,
___________________________________ hereby sells, assigns and transfers to each assignee set forth below all of the rights of the
undersigned under the Warrant (as defined in and evidenced by the attached Warrant) to acquire the number of Warrant Shares set
opposite the name of such assignee below and in and to the foregoing Warrant with respect to said acquisition rights and the shares
of VHS issuable upon exercise of the Warrant:

 

 

	Name of Assignee	Address	Number of Shares
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

If
the total of
the Warrant Shares are
not all of
the Warrant Shares
evidenced by
the foregoing Warrant, the
undersigned requests that a new Warrant
evidencing the right
to acquire
the Warrant Shares not so assigned
be issued in the name of and delivered to the undersigned.

 

 

 

Name of Holder (print): 

 

(Signature): 
 

 

(By:) 
 

 

(Title:)
 

 

(Dated):EXHIBIT 4.3 

 

NEITHER THIS CONVERTIBLE PROMISSORY
NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”) OR THE SECURITIES LAWS OF ANY STATE. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE
144 UNDER THE ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN APPLICABLE EXEMPTION THEREFROM.

 

CONVERTIBLE PROMISSORY NOTE

	Purchaser:	 	 	Issuance Date:	 
	Principal Amount:	$	 	Maturity Date:	 

 

For value received,
Vertical Health Solutions, Inc. d/b/a OnPoint Medical Diagnostics, a Florida corporation (the “Company”) hereby promises
to pay the Purchaser the Principal Amount (as set forth above), plus any accrued but unpaid Interest (as defined below). This Note
is one of a series of Notes issued to certain investors (this Note, together with such other Notes, shall be collectively referenced
herein as the “Notes”) by the Company in an aggregate principal amount of Five Hundred Thousand Dollars ($500,000).

1.                 
Interest; Payments.

1.1             
Simple interest on the unpaid Principal Amount shall accrue at the rate of 12% per annum (“Interest”)
and will begin to accrue upon the Issuance Date. Interest shall be calculated based on a 365-day year and charged for the actual
number of days elapsed.

1.2             
All payments of the Principal Amount and Interest shall be in lawful money of the United States
of America. All payments shall be applied first to accrued Interest, and thereafter to the Principal Amount. If any payments on
this Note become due on a Saturday, Sunday or a public holiday under the laws of the State of Minnesota, such payment shall be
made on the next succeeding business day and such extension of time shall be included in computing Interest in connection with
such payment.

2.                 
Conversion.

2.1             
Mandatory Conversion. 

(a)               
Qualified Financing. If, at any time prior to the repayment or conversion of this Note
(as provided herein), the Company issues and sells shares of its capital stock to investors (the “Investors”) in a
Qualified Financing (as defined herein), then the outstanding principal balance of this Note and accrued but unpaid Interest thereon
shall convert into the capital stock sold at the first closing of the Qualified Financing at a conversion price equal to the lesser
of (i) the price per share (or conversion price) paid by the Investors purchasing such stock at such first closing of the Qualified
Financing or (ii) the Conversion Price. For purposes of this Note the term “Qualified Financing” shall mean the sale
of the Company’s capital stock, in one transaction or series of related transactions after the date hereof, for an aggregate
sales price of at least Two Million Dollars ($2,000,000), paid in cash and/or by conversion of indebtedness of the Company, excluding
conversion of the Notes. Any such conversion with regard to this Note shall be implemented only if all of the Notes are simultaneously
being converted. 

(b)              
Change of Control. In the event of a “Change in Control” (as defined below)
of the Company prior to the repayment or conversion of this Note (as provided herein), all outstanding principal and unpaid accrued
Interest due on this Note shall convert into that number of shares (the “Shares”) of common stock, par value $0.001
per share, of the Company (“Common Stock”) as is determined by dividing such outstanding Principal Amount and accrued
Interest by $0.125 per share (adjusted to reflect subsequent stock dividends, stock splits, combinations or recapitalizations)
(the “Conversion Price”), or such other securities on terms and conditions agreed upon by the Company and Requisite
Purchasers (as defined below). For purposes of this Note, a “Change in Control” shall be deemed to be occasioned by,
and to include, (i) the acquisition of the Company by another entity by means of any transaction (including, without limitation,
any stock acquisition, reorganization, merger or consolidation), or (ii) a sale of all or substantially all of the assets of the
Company (including, for purposes of this section, intellectual property rights which, in the aggregate, constitute substantially
all of the Company’s material assets). Notwithstanding the above, a preferred stock financing or reincorporation transaction
for purposes of changing the Company’s state of incorporation shall not be deemed a Change in Control transaction. Any such
conversion with regard to this Note shall be implemented only if all of the Notes are simultaneously being converted. 

(c)               
Maturity. On the Maturity Date of this Note, all outstanding principal and unpaid accrued
Interest due on this Note shall convert into that number of shares of Common Stock as is determined by dividing such outstanding
Principal Amount and Accrued Interest by $0.125 per share.

2.2             
Optional Conversion. At any time on or prior to the Maturity Date, all or any
portion of the outstanding Principal Amount of and all accrued Interest under this Note may be converted, at the option of the
Purchaser, into that number of Shares as is determined by dividing such outstanding Principal Amount and accrued Interest by the
Conversion Price. To convert this Note, the Purchaser shall deliver written notice substantially in the form attached to this Note
(the “Conversion Notice”), to the Company at its address as set forth herein. The date upon which the conversion shall
be effective (the “Conversion Date”) shall be deemed to be the date set forth in the Conversion Notice.

2.3             
Fraction Shares. No fractional shares of the Company’s capital stock will be
issued upon conversion of this Note. In lieu of any fractional share to which Purchaser would otherwise be entitled, the Company
will pay to Purchaser in cash the amount of the unconverted Principal Amount and Interest balance of this Note that would otherwise
be converted into such fractional share. 

2.4             
Effect of Conversion. Upon conversion of this Note pursuant to this Section 2,
Purchaser shall surrender this Note, duly endorsed, at the principal offices of the Company. Upon conversion of this Note pursuant
to Section 2.1, this Note will be deemed converted on the date that is immediately prior to the close of business on the
date of the surrender of this Note, otherwise, the Note will be deemed converted on the Conversion Date. At its expense, the Company
will, as soon as practicable thereafter, issue and deliver to Purchaser, at Purchaser’s address as set forth on the signature
page hereto or such other address requested by Purchaser, a certificate or certificates for the number of shares to which Purchaser
is entitled upon such conversion (bearing such legends as are required by any agreement entered into in connection with the any
such conversion or applicable state and federal securities laws), together with a replacement Note (if any Principal Amount is
not converted) and any other securities and property to which Purchaser is entitled upon such conversion under the terms of this
Note, including a check payable to Purchaser for any cash amounts payable as a result of any fractional shares as described herein.

3.                 
Warrant. In consideration of and in conjunction with purchase of this Note,
the Company shall simultaneously issue the Purchaser a warrant, substantially in the form attached hereto as Exhibit A (each,
a “Warrant”), to purchase a number of shares of Common Stock (the “Warrant Shares”) equal to the Principal
Amount (one Warrant Share for each One Dollar ($1.00) of Principal Amount). The Warrant shall be exercisable for a period of ten
years from the Issuance Date and shall have an exercise price of $0.50 per share.

4.                 
Representations And Warranties Of The Purchaser.

4.1             
Purchase for Own Account. The Purchaser understands that the Note, the Shares, the
Warrants and the Warrant Shares (collectively, the “Securities”), have not been registered under the Act on the basis
that no distribution or public offering of the stock of the Company is to be effected. The Purchaser realizes that the basis for
the exemption may not be present if, notwithstanding its representations, the Purchaser has a present intention of acquiring the
Securities for a fixed or determinable period in the future, selling (in connection with a distribution or otherwise), granting
any participation in, or otherwise distributing the Securities. The Purchaser represents that it is acquiring the Securities solely
for its own account and beneficial interest for investment and not for sale or with a view to distribution of the Securities or
any part thereof, has no present intention of selling (in connection with a distribution or otherwise), granting any participation
in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention.

4.2             
Information and Sophistication. The Purchaser hereby: (i) acknowledges that it has
received all the information it has requested from the Company and it considers necessary or appropriate for deciding whether to
acquire the Securities, (ii) represents that it has had an opportunity to ask questions and receive answers from the Company regarding
the terms and conditions of the offering of the Securities and to obtain any additional information necessary to verify the accuracy
of the information given the Purchaser and (iii) further represents that it has such knowledge and experience in financial and
business matters that it is capable of evaluating the merits and risk of this investment.

4.3             
Ability to Bear Economic Risk. The Purchaser acknowledges that investment in the Securities
involves a high degree of risk, and represents that it is able, without materially impairing its financial condition, to hold the
Securities for an indefinite period of time and to suffer a complete loss of its investment.

4.4             
Rule 144. The Purchaser is aware that none of the Securities may be sold pursuant to
Rule 144 adopted under the Act unless certain conditions are met, including, among other things, the existence of a public market
for the shares, the availability of certain current public information about the Company, the resale following the required holding
period under Rule 144 and the number of shares being sold during any three month period not exceeding specified limitations. Purchaser
is aware that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company presently has no plans
to satisfy these conditions in the foreseeable future.

4.5             
Accredited Investor Status. The Purchaser is an “Accredited Investor” as
such term is defined in Rule 501 under the Act.

4.6             
Further Limitations on Disposition. Without in any way limiting the representations
set forth above, the Purchaser further agrees not to make any disposition of all or any portion of the Securities unless and until:

(a)               
There is then in effect a Registration Statement under the Act covering such proposed disposition
and such disposition is made in accordance with such Registration Statement; or

(b)              
The Purchaser shall have notified the Company of the proposed disposition and shall have furnished
the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by
the Company, such Purchaser shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company,
that such disposition will not require registration under the Act or any applicable state securities laws.

(c)               
Notwithstanding the provisions of paragraphs (a) and (b) above, no such registration
statement or opinion of counsel shall be necessary for a transfer by the Purchaser to (i) any shareholder, partner, retired partner,
member or former member of the Purchaser for no additional consideration, (ii) any affiliate, including affiliated funds, for no
additional consideration or (iii) transfers by gift, will or intestate succession to any spouse or lineal descendants or ancestors,
if all transferees agree in writing to be subject to the terms hereof to the same extent as if they were Purchasers hereunder.

5.                 
Default; Remedies.

5.1             
Each of the following shall constitute an event of default (each, an “Event of Default”)
under this Note:

(a)               
The Company shall fail to pay (i) when due any Principal Amount or Interest payment on
the due date hereunder or (ii) any other payment required under the terms of this Note on the date due and such payment shall
not have been made within five days of the Company’s receipt of the Purchaser’s written notice to the Company of such
failure to pay; 

(b)              
The Company shall fail to observe or perform any other covenant, obligation, condition or
agreement contained this Note and (i) such failure shall continue for 15 days, or (ii) if such failure is not curable
within such 15-day period, but is reasonably capable of cure within 30 days, either (A) such failure shall continue for 30
days or (B) the Company shall not have commenced a cure in a manner reasonably satisfactory to Purchaser within the initial
15-day period; or

(c)               
The Company files any petition or action for relief under any bankruptcy, reorganization,
insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes
any general assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing;

(d)              
An involuntary petition is filed against the Company (unless such petition is dismissed or
discharged within thirty (30) days) under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee,
assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property
of the Company; or 

(e)               
The Company’s stockholders or board of directors affirmatively vote to liquidate, dissolve,
or wind up the Company or the Company otherwise ceases to carry on its ongoing business operations.

5.2             
Upon the occurrence and during the continuance of any Event of Default, all unpaid Principal
Amount on this Note, accrued and unpaid Interest thereon and all other amounts owing hereunder shall, at the option of the Purchaser,
and, upon the occurrence of any Event of Default pursuant to Sections 5.1 (c), (d) or (e) of this Note, automatically, be
immediately due, payable and collectible by Purchaser pursuant to applicable law. Purchaser shall have all rights and may exercise
all remedies available to it under law, successively or concurrently.

6.                 
Ranking. The Notes shall rank junior to all indebtedness of the Company existing
as of the Issuance Date.

7.                 
Prepayment. The Company may not prepay this Note prior to the Maturity Date
without the consent of the Purchaser.

8.                 
Waiver; Payment Of Fees And Expenses. The Company waives presentment and demand
for payment, notice of dishonor, protest and notice of protest of this Note, and shall pay all costs of collection when incurred,
including, without limitation, reasonable attorneys’ fees, costs and other expenses. The right to plead any and all statutes
of limitations as a defense to any demands hereunder is hereby waived to the full extent permitted by law. No delay by Purchaser
shall constitute a waiver, election or acquiescence by it.

9.                 
Transaction Fees and Expenses. The Company and the Purchaser shall pay their
own costs and expenses in connection with the preparation, execution and delivery of this Note and the other transaction documents.

10.             
Cumulative Remedies. Purchaser’s rights and remedies under this Note shall
be cumulative. Purchaser shall have all other rights and remedies not inconsistent herewith as provided under the UCC, by law or
in equity. No exercise by Purchaser of one right or remedy shall be deemed an election, and no waiver by Purchaser of any Event
of Default shall be deemed a continuing waiver of such Event of Default or the waiver of any other Event of Default.

11.             
Miscellaneous.

11.1         
Governing Law. The terms of this Note shall be construed in accordance with the laws
of the State of Minnesota, as applied to contracts entered into by Minnesota residents within the State of Minnesota, and to be
performed entirely within the State of Minnesota.

11.2         
Successors and Assigns; Assignment. The terms and conditions of this Note shall inure
to the benefit of and be binding upon the respective successors and assigns of the parties. Neither party may assign this Note
or delegate any of its rights or obligations hereunder without the written consent of the other party.

11.3         
Titles and Subtitles. The titles and subtitles used in this Note are used for convenience
only and are not to be considered in construing or interpreting the Note.

11.4         
Notices. All notices required or permitted hereunder shall be in writing and shall
be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) five (5) days after having been sent by
registered or certified mail, return receipt requested, postage prepaid, or (c) one (1) day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the
Purchaser at the address, facsimile number, or e-mail address set forth on the signature page hereto, or if to the Company, to
it at 7760 France Avenue South, 11th Floor, Minneapolis, MN 55435, Attn: William Cavanaugh, Facsimile: (888) 370-2819 (or to such
other address, facsimile number, or e-mail address as the Purchaser or the Company as a party may designate by notice the other
party) with a copy (which shall not constitute notice) to Morgan, Lewis & Bockius LLP, 502 Carnegie Center, Princeton, NJ 08540,
Attn: Emilio Ragosa, Esq., Facsimile: (609) 919-6701.

11.5         
Amendment; Modification; Waiver. This Note (and the other Notes) may be amended, modified
or waived with the written consent of the Company and the holders of a majority of the outstanding principal amount of the Notes
(the “Requisite Purchasers”). Notwithstanding the foregoing, no amendment or waiver of any provision of any Notes (i)
shall be affected unless all Notes are treated similarly and not disproportionately, and (ii) shall not be binding on the Company
(unless consented to in writing by the Company) if such amendment or waiver would increase the financial obligations of the Company
under this Note (regardless of whether such amendment or waiver applies identically to all other Notes).

11.6         
Usury. In the event any Interest is paid on this Note which is deemed to be in excess
of the then legal maximum rate, then that portion of the Interest payment representing an amount in excess of the then legal maximum
rate shall be deemed a payment of the Principal Amount and applied against the Principal Amount of this Note.

11.7         
Counterparts. This Note may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument.

[SIGNATURE PAGE TO FOLLOW]

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Convertible Promissory Note as of the day and year first written above.

	PURCHASER	 	VERTICAL HEALTH SOLUTIONS, INC.
	 	 	 
	Signature	 	Signature
	 	 	
	Printed Name	 	Printed Name
	 	 	
	Address line 1	 	Title
	 	 
	Address line 2	 
	 	 
	Address line 2	 
	 	 
	Phone Number	 
	 	 
	Email Address	 

 

    	 

    	 

    

 

 

NOTICE OF CONVERSION

(To be executed by the Purchaser in order to
convert the Note)

 

The undersigned hereby irrevocably elects to
convert as identified below the Convertible Promissory Note issued by Vertical Health Solutions, Inc. d/b/a OnPoint Medical Diagnostics
(the “Company”) into shares of Common Stock of the Company according to the conditions of conversion stated therein,
as of the Conversion Date written below:

 

Select One:

 

	 	All of the Principal and Interest accrued through the date of the conversion

 

	 	$ ___________________ of principal and accrued interest

 

 

 

Conversion Date: ____________________

 

 

	PURCHASER	 
	 	 
	Signature	 
	
         

         

        SHARES TO BE REGISTERED AND DELIVERED AS
        FOLLOWS:

         

         
	 
	Printed Name	 
	 	 
	Address Line 1	 
	 	 
	Address line 2	 
	 	 
	
        Address line 3

         

         
	 
	
        Phone number

         

         
	 
	Email address	 

    	 

    	 

    

EXHIBIT A

FORM OF WARRANT

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