Document:

Promissory
Note

 

FOR
VALUE RECEIVED, Digiliti Money, Inc. a Delaware corporation (“Borrower”), having an office at Southwest Tech
Center A, 18671 Lake Drive East, Minneapolis, MN 55317 , unconditionally promises to pay to the order of James L. Davis (“Lender”),
with an office at 6446 Flying Cloud Drive, Eden Prairie, MN 55344 the principal sum of One Hundred Fifty Thousand Dollars ($150,000)
(the “Loan”) outstanding hereunder together with all accrued interest thereon, as provided in this Promissory
Note (the “Note”).

 

1.
Repayment. This Note shall be repaid in six monthly installments of $25,726.82, which includes interest. Unless Lender
otherwise designates in writing to the Borrower, such monthly installment shall be paid to KLC Financial on behalf of Lender

 

2.
Payments.
Payments made under this Note shall be in accordance with the following:

 

2.1
Manner of Payments.
All payments of interest and principal shall be made in lawful money of the United States of America.

 

2.2
Application of Payments.
All payments, including insufficient payments, shall be credited, regardless of their designation by Borrower, first to collection
expenses due hereunder, then to interest due and payable but not yet paid, and the remainder, if any, to principal.

 

3.
Interest.
Interest under this Note shall be as follows:

 

3.1
Interest Rate.
If any portion of this Note is not paid when due, Borrower shall pay interest to Lender on the unpaid principal amount of the
Loan outstanding hereunder, accruing from the date such payment was due to the date on which the entire principal sum hereof has
been paid in full, computed on the basis of the actual number of days elapsed in a 365 day year, at a rate per annum which shall
be equal to 10%, compounded annually as of the last day of each calendar year. In no event shall interest exceed the maximum legal
rate permitted by law.

 

3.2
Interest Payable.
Any interest which shall become payable pursuant to Section 3.1 shall be payable ON DEMAND. Borrower may make whole or partial
interest payments at any time prior to demand, without penalty and without affecting any other provisions of this Note.

 

4.
Representations and Warranties of Borrower.
Borrower hereby represents and warrants as of the date of this Note, as follows:

 

4.1
Existence.
Borrower is a corporation duly incorporated/, validly existing and in good standing under the laws of its state of organization.

 

4.2
Power and Authority.
Borrower has the power and authority, and the legal right, to execute and deliver this Note and to perform its obligations hereunder.

 

    	 	 	 

    	 

    

 

4.3
Authorization, Execution and Delivery.
The execution and delivery of this Note by Borrower and the performance of its obligations hereunder have been duly authorized
by all necessary corporate action in accordance with all applicable laws. Borrower has duly executed and delivered this Note.

 

4.4
Enforceability.
This Note is a valid, legal and binding obligation of Borrower, enforceable against Borrower in accordance with its terms except
as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings
in equity or at law).

 

4.5
No Approvals.
No consent or authorization of, filing with, notice to or other act by, or in respect of, any governmental authority or any other
person is required in order for Borrower to execute, deliver, or perform any of its obligations under this Note.

 

4.6
No Violations. The execution
and delivery of this Note and the consummation by Borrower of the transactions contemplated hereby do not and will not (a) violate
any provision of Borrower’s organizational documents; (b) violate any law or order applicable to Borrower or by which any
of its properties or assets may be bound; or (c) constitute a default under any material agreement or contract by which Borrower
may be bound.

 

5.
Representations and Warranties of Lender. Lender hereby represents and warrants as of the date of this Note, as follows:

 

5.1
Acquisition of Securities. Lender is acquiring the warrant (“Warrant”) referred to herein and common stock
(“Common Stock”) received upon exercise of the warrant (the “Underlying Shares,” and together with the
Warrants, the “Securities”) as principal for its own account and has no direct or indirect arrangement or understandings
with any other persons to distribute or regarding the distribution of the Securities. Lender understands that the Common Stock,
Warrant and Underlying Shares are “restricted securities” and have not been registered under the Securities Act or
any applicable state securities law and is acquiring the Securities as principal for its own account and not with a view to or
for distributing or reselling the Securities or any part thereof in violation of the Securities Act or any applicable state securities
law, has no present intention of distributing any of the Securities in violation of the Securities Act or any applicable state
securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the
distribution of the Securities in violation of the Securities Act or any applicable state securities law. 

 

5.2 Accredited
Investor. At the time such Lender was offered the Securities, it was, and as of the date hereof it is, and on each date on
which it exercises the Warrant, it will be an “accredited investor” as defined in Rule 501 under the Securities Act.

 

5.3 Legend.
Lender acknowledges the Warrant and Underlying Shares will include an appropriate legend identifying the Securities as restricted
securities.

 

    	 	 	 

    	 

    

 

6.
Events of Default. The occurrence and continuance of any of the following shall constitute an Event of Default hereunder:

 

6.1
Failure to Pay. The Borrower fails to pay any monthly installment when due and such failure continues for 5 days after
written notice to the Borrower.

 

6.2
Bankruptcy.

 

(a)
the Borrower commences any case, proceeding or other action (i) under any existing or future law relating to bankruptcy, insolvency,
reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate
it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition
or other relief with respect to it or its debts or (ii) seeking appointment of a receiver, trustee, custodian, conservator or
other similar official for it or for all or any substantial part of its assets, or the Borrower makes a general assignment for
the benefit of its creditors; or

 

(b)
there is commenced against the Borrower any case, proceeding or other action of a nature referred to in Section 6.2(a) above which
(i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged
or unbonded for a period of 30 days

 

7.
Remedies. Upon the occurrence of any Event of Default and at any time thereafter during the continuance of such Event of
Default, Lender may at its option, by written notice to the Borrower declare the entire principal amount of this Note, together
with all accrued interest thereon and all other amounts payable hereunder, immediately due and payable provided, however
that, if an Event of Default described in Section 6.2 shall occur, the principal of and accrued interest on this Note shall become
immediately due and payable without any notice, declaration or other act on the part of the Lender.

 

8.
Miscellaneous.
Lender and Borrower further agree as follows:

 

8.1
Notices.
All notices, requests or other communications required or permitted to be delivered hereunder shall be delivered in writing at
the addresses set forth above of this Note or such other address as either Borrower or Lender may from time to time specify in
writing. Notices mailed by certified or registered mail or sent by hand or overnight courier service shall be deemed to have been
given when received. Notices sent by facsimile during the recipient’s normal business hours shall be deemed to have been
given when sent (and if sent after normal business hours shall be deemed to have been given at the opening of the recipient’s
business on the next business day). Notices sent by e-mail shall be deemed received upon the sender’s receipt of an acknowledgment
from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgment).

 

8.2
Warrants. As an additional inducement to Lender to advance amounts hereunder, Borrower shall issue to Lender a warrant
to acquire 47,319 shares of Borrower’s common stock at 3.17 per share. Such warrants shall be exercisable for five years
from the date of issuance and shall be on Borrower’s standard form.

 

    	 	 	 

    	 

    

 

8.3
Origination Fee. Borrower shall pay Lender’s
origination fee in the amount of $12,970.00 to KLC Financial.

 

8.4
Governing Law.
This Note and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising
out of or relating to this Note and the transactions contemplated hereby shall be governed by the laws of the State of Minnesota,
excluding its conflicts of law provisions.

 

8.5
Waiver of Jury Trial.
BORROWER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY.

 

8.6
Counterparts, Integration, Effectiveness.
This Note and any amendments, waivers, consents or supplements hereto may be executed in counterparts, each of which shall constitute
an original, but all taken together shall constitute a single contract. This Note constitutes the entire contract between the
parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with
respect thereto. Delivery of an executed counterpart of a signature page to this Note by facsimile or in electronic (i.e., “pdf”
or “tif”) format shall be effective as delivery of a manually executed counterpart of this Note.

 

8.7
Successors and Assigns.
This Note may not be assigned, transferred or negotiated by Lender to any entity without the consent of Borrower. Borrower may
not assign or transfer this Note or any of its rights hereunder without the prior written consent of Lender. This Note shall inure
to the benefit of and be binding upon the parties hereto and their permitted successors and assigns.

 

8.8
Amendment and Waiver.
No term of this Note may be waived, modified or amended except by an instrument in writing signed by both of the parties hereto.
Any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given.

 

8.9
Headings.
The headings of the various Sections and subsections herein are for reference only and shall not define, modify, expand or limit
any of the terms or provisions hereof.

 

8.10
No Waiver; Cumulative Remedies.
No failure to exercise and no delay in exercising on the part of Lender, of any right, remedy, power or privilege hereunder shall
operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers
and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

8.11
Severability.
If any term or provision of this Note is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other term or provision of this Note or invalidate or render unenforceable such term or
provision in any other jurisdiction.

 

[signature
page follows]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Note as of June 30, 2017.

 

	 	Digiliti
    Money, Inc., as Borrower
	 	 	 
	 	By:	/s/
    Bryan Meier 
	 	Name:	Bryan
    Meier
	 	Title:	CFO
	 	 	 
	 	By:	/s/
    James L. Davis
	 	Name:	James
    L. DavisNEITHER
THIS WARRANT NOR ANY OF THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OR
UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION. BY ACQUIRING THIS WARRANT, HOLDER REPRESENTS THAT HOLDER WILL NOT SELL OR
OTHERWISE DISPOSE OF THIS WARRANT OR THE SECURITIES FOR WHICH IT MAY BE EXERCISED WITHOUT REGISTRATION OR COMPLIANCE WITH AN EXEMPTION
FROM REGISTRATION UNDER THE AFORESAID ACTS AND THE RULES AND REGULATIONS THEREUNDER.

 

WARRANT
TO PURCHASE COMMON STOCK

 

Warrant
No.: W2017-06-30 JD

Number
of Shares of Common Stock: 47,319

Date
of Issuance: June 30, 2017 (“Issuance Date”)

 

This
Certifies That, for value received, James L.
Davis. (including any permitted and registered assigns, the “Holder”), is entitled to purchase from Digiliti
Money, Inc., a Delaware corporation (the “Company”), up to 47,319 shares of Common Stock (the “Warrant
Shares”) at the Exercise Price then in effect.

 

Capitalized
terms used in this Warrant to Purchase Common Stock (this “Warrant”) shall have the meanings set forth in the
body of this Warrant or in Section 13 below. For purposes of this Warrant, the term “Exercise Price” shall
mean $3.17 per share, subject to adjustment as provided herein, and the term “Exercise Period” shall
mean the period commencing on the Issuance Date and ending on 5:00 p.m. New York time on the five-year anniversary thereof.

 

1.
EXERCISE OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised
in whole or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached hereto
as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. The Holder
shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the
Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original
Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. On or before the
third Trading Day (the “Warrant Share Delivery Date”) following the date on which the Company shall have received
the Exercise Notice, and upon receipt by the Company of (i) payment to the Company of an amount equal to the applicable Exercise
Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise
Price” and together with the Exercise Notice, the “Exercise Delivery Documents”) in cash or by wire
transfer of immediately available funds or (ii) notification from the Holder that this Warrant is being exercised pursuant to
a Cashless Exercise, as defined below, the Company shall (or direct its transfer agent to) issue and dispatch by overnight courier
to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name
of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise.
Upon delivery of the Exercise Delivery Documents, 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 Section
1(c) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant
Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than three Business
Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section 6) 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.

 

    	 

    	 

    

 

(b)
No Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes
of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise
would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder
otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then-current fair market
value of a Warrant Share by such fraction.

 

(c)
Cashless Exercise. The Holder may, in its sole discretion, at any time prior to the effective date of a registration statement
filed by the Company or any Subsidiary under the Securities Act covering the Warrant Shares, 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”):

 

Net
Number = (A x B) – (A x C)

B

 

For
purposes of the foregoing formula:

 

	 	A
    =	the
    total number of shares with respect to which this Warrant is then being exercised.
	 	 	 
	 	B
    =	the
    Weighted Average Price of the shares of Common Stock for the five consecutive Trading Days ending on the date immediately
    preceding the date of the Exercise Notice.
	 	 	 
	 	C
    =	the
    Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

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2.
ADJUSTMENTS. The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

 

(a)
Subdivision or Combination of Common Stock. If the Company at any time on or after the Issuance Date subdivides (by any
stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into
a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced
and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Issuance Date combines
(by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller
number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the
number of Warrant Shares will be proportionately decreased. Any adjustment under this Section shall become effective at the close
of business on the date the subdivision or combination becomes effective.

 

(b)
Distribution of Assets. 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 or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant,
then, in each such case:

 

(i)
any Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders
of shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such
record date, to a price determined by multiplying such Exercise Price by a fraction (i) the numerator of which shall be the Closing
Sale Price of the shares of Common Stock on the Trading Day immediately preceding such record date minus the value of the Distribution
(as determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the
denominator of which shall be the Closing Sale Price of the shares of Common Stock on the Trading Day immediately preceding such
record date; and

 

(ii)
the number of Warrant Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable
immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock
entitled to receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding clause
(i); provided, however, that in the event that the Distribution is of shares of common stock of a company (other than the Company)
whose common stock is traded on a national securities exchange or a national automated quotation system (“Other Shares
of Common Stock”), then the Holder may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of
an increase in the number of Warrant Shares, the terms of which shall be identical to those of this Warrant, except that such
warrant shall be exercisable into the number of shares of Other Shares of Common Stock that would have been payable to the Holder
pursuant to the Distribution had the Holder exercised this Warrant immediately prior to such record date and with an aggregate
exercise price equal to the product of the amount by which the exercise price of this Warrant was decreased with respect to the
Distribution pursuant to the terms of the immediately preceding clause (i) and the number of Warrant Shares calculated in accordance
with the first part of this clause (ii).

 

    	3 

    	 

    

 

3.
FUNDAMENTAL TRANSACTIONS. If, at any time while this Warrant is outstanding, (i) the Company effects any merger of the
Company with or into another entity and the Company is not the surviving entity (such surviving entity, the “Successor
Entity”), (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related
transactions, (iii) any tender offer or exchange offer (whether by the Company or by another individual or entity, and approved
by the Company) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares of Common
Stock for other securities, cash or property and the holders of at least 50% of the Common Stock accept such offer, or (iv) the
Company effects any reclassification 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 (other than as a result of a subdivision or combination
of shares of Common Stock covered by Section 2(a) above) (in any such case, a “Fundamental Transaction”), then,
upon any subsequent exercise of this Warrant, the Holder shall have the right to receive the number of shares of Common Stock
of the Successor Entity or of the Company and any additional consideration (the “Alternate Consideration”)
receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a holder
of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event (disregarding any
limitation on exercise contained herein solely for the purpose of such determination). 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. To the extent necessary to effectuate the
foregoing provisions, any Successor Entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent
with the foregoing provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration.

 

4.
NON-CIRCUMVENTION. The Company covenants and agrees that it will not, by amendment of its certificate of incorporation,
bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, 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, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required
to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the
par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect,
(ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, for so long as this Warrant
is outstanding, have authorized and reserved, free from preemptive rights, a sufficient number of shares of Common Stock to provide
for the exercise of the rights represented by this Warrant (without regard to any limitations on exercise).

 

5.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of itself,
shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing contained
in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this
Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company.

 

    	4 

    	 

    

 

6.
REISSUANCE.

 

(a)
Lost, Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms
as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

(b)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new
Warrant which is the same as the Issuance Date.

 

7.
TRANSFER.

 

(a)
Notice of Transfer. The Holder agrees to give written notice to the Company before transferring this Warrant or transferring
any Warrant Shares of such Holder’s intention to do so, describing briefly the manner of any proposed transfer. Promptly
upon receiving such written notice, the Company shall present copies thereof to the Company’s counsel. If the proposed transfer
may be effected without registration or qualification (under any federal or state securities laws), the Company, as promptly as
practicable, shall notify the Holder thereof, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of
Warrant Shares received upon the previous exercise of this Warrant, all in accordance with the terms of the notice delivered by
the Holder to the Company; provided, however, that an appropriate legend may be endorsed on this Warrant or the certificates for
such Warrant Shares respecting restrictions upon transfer thereof necessary or advisable in the opinion of counsel and satisfactory
to the Company to prevent further transfers which would be in violation of Section 5 of the Securities Act and applicable state
securities laws; and provided further that the prospective transferee or purchaser shall execute the Assignment of Warrant attached
hereto as Exhibit B and such other documents and make such representations, warranties, and agreements as may be required
solely to comply with the exemptions relied upon by the Company for the transfer or disposition of the Warrant or Warrant Shares.

 

(b)
If the proposed transfer or disposition of this Warrant or such Warrant Shares described in the written notice given pursuant
to this Section 7 may not be effected without registration or qualification of this Warrant or such Warrant Shares, the Holder
will limit its activities in respect to such transfer or disposition as are permitted by law.

 

8.
NOTICES. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile at or prior to 5:30 p.m. (Minneapolis time) on a Trading Day, (b) the next Trading Day after the date
of transmission, if such notice or communication is delivered via facsimile on a day that is not a Trading Day or later than 5:30
p.m. (Minneapolis time) on any Trading Day, (c) the third Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The
address for such notices and communications shall be as set forth in the Exercise Notice. The Company shall provide the Holder
with prompt written notice (i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, the
calculation of such adjustment and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record
(A) with respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or
sales of any stock or other securities directly or indirectly convertible into or exercisable or exchangeable for shares of Common
Stock or other property, pro rata to the holders of shares of Common Stock or (C) for determining rights to vote with respect
to any Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to
the public prior to or in conjunction with such notice being provided to the Holder.

 

    	5 

    	 

    

 

9.
AMENDMENT AND WAIVER. The terms of this Warrant may be amended or waived (either generally or in a particular instance
and either retroactively or prospectively) only with the written consent of the Company and the Holder. In addition, the restrictions
set forth in Section 1(d) can be waived, as to a particular original purchaser of Preferred Stock and its affiliates, pursuant
to a writing signed and delivered by the Company and such original Purchaser prior to the execution and delivery of this Warrant.

 

10.
GOVERNING LAW. This Warrant and all rights, obligations and liabilities hereunder shall be governed by, and construed in
accordance with, the internal laws of the State of Minnesota, without giving effect to the conflicts-of-law principles thereof.

 

11.
DISPUTE RESOLUTION. A dispute as to the determination of the Exercise Price, the Closing Sale Price, or the arithmetic
calculation of the Warrant Shares, the Company or the Holder (as the case may be) shall submit the disputed determinations or
arithmetic calculations via facsimile (a) within two Business Days after receipt of the applicable notice giving rise to such
dispute to the Company or the Holder, as the case may be, or (b) if no notice gave rise to such dispute, at any time after the
Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to agree upon such determination
or calculation of the Exercise Price, Closing Sale Price or the Warrant Shares within three Business Days of such disputed determination
or arithmetic calculation being submitted to the Company or the Holder, as the case may be, then the Company shall, within two
Business Days thereafter submit via facsimile (x) the disputed determination of the Exercise Price or Closing Sale Price to an
independent, reputable investment bank selected by the Company and approved by the Holder or (y) 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 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
manifest error.

 

12.
ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and
conditions contained herein.

 

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13.
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)
“Bloomberg” means Bloomberg Financial Markets.

 

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

 

(c)
“Closing Sale Price” means, for any security as of any date, (i) the last closing trade price for such security
on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and
does not designate the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported
by Bloomberg, or (ii) if the foregoing does not apply, the last trade price of such security in the over-the-counter market for
such security as reported by Bloomberg, or (iii) if no last trade price is reported for such security by Bloomberg, the average
of the bid and ask prices of any market makers for such security as reported by the OTC Markets. If the Closing Sale Price cannot
be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such
date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately
adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation
period.

 

(d)
“Commission” means the United States Securities and Exchange Commission.

 

(e)
“Common Stock” means the Company common stock, par value $0.0001 per share, and any other class of securities
into which such securities may hereafter be reclassified or changed.

 

(f)
“Common Stock Equivalents” means any securities of the Company that would entitle the holder thereof to acquire
at any time Common Stock, including without limitation any debt, preferred stock, rights, options, warrants or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
Common Stock.

 

(g)
“Exchange Act” means the Securities Exchange Act of 1934, and the rules and regulations thereunder.

 

(h)
“Exempt Issuance” means the issuance of (i) shares of Common Stock or options to employees, officers, directors or
consultants of the Company pursuant to any stock or option plan duly adopted by a majority of the non-employee members of the
Board of Directors of the Company or a majority of the members of a committee of non-employee directors established for such purpose
(for the avoidance of doubt, including the Company’s 2014 Associate Stock Purchase Plan intended to qualify under Section
422 of the Internal Revenue Code of 1986), (ii) any Common Stock upon the exercise or conversion of securities that are issued
and outstanding as of the date hereof, (iii) securities issued pursuant to acquisitions or strategic transactions approved by
a majority of the disinterested directors of the Company, (iv) shares of Common Stock issued in connection with regularly scheduled
dividend payments on the Series C Preferred Stock, and (v) shares of Common Stock issued pursuant to any loan or leasing arrangement,
real property leasing arrangement, or debt financing from a bank approved by the Board of Directors of the Company.

 

(i)
“Principal Market” means the primary national securities exchange on which the Common Stock is then traded.

 

(j)
“Securities Act” means the Securities Act of 1933, and the rules and regulations thereunder.

 

(k)
“Trading Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Principal Market,
(ii) if the Common Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading
occurs on any over-the-counter markets, or (iii) if trading does not occur on the over-the-counter markets, any Business Day.

 

*
* * * * * *

 

    	7 

    	 

    

 

In
Witness Whereof, the Company has caused this
Warrant to be duly executed as of the Issuance Date.

 

	 	DIGILITI
    MONEY, INC.
	 	 
		/s/
    Bryan Meier
	 	Bryan
    Meier
	 	Executive
    Vice President & Chief Financial Officer

 

    	 

    	 

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

(To
be executed by the registered holder to exercise this Warrant to Purchase Common Stock)

 

The
Undersigned holder hereby exercises the right
to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of Digiliti Money, Inc., a Delaware
corporation (the “Company”), evidenced by the attached copy of the Warrant to Purchase Common Stock (the “Warrant”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

	1.	Form
of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as (check one):

 

[  ]
a cash exercise with respect to _________________ Warrant Shares; and/or

 

[  ]
a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

	2.
    	Payment
    of Exercise Price. In the event that the holder has elected a cash exercise with respect to some or all of the Warrant
    Shares to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________
    to the Company in accordance with the terms of the Warrant.
	 	 
	3.	 Delivery
    of Warrant Shares. The Company shall deliver to the holder __________________ Warrant Shares in accordance with the terms
    of the Warrant.

 

	Date:
    	________________________	 	 
	 	 	 	 
	 	 	 	 
	 	 	(Print Name of Registered Holder)
	 	 	 	 
	 	 	By:
    	 
	 	 	Name:
    	 
	 	 	Title:
    	 
	 	 	Address:	 
	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT
B

 

ASSIGNMENT
OF WARRANT

 

(To
be signed only upon authorized transfer of the Warrant)

 

For
Value Received, the undersigned hereby sells,
assigns, and transfers unto ____________________ the right to purchase _______________ shares of common stock of Digiliti Money,
Inc., to which the within Warrant to Purchase Common Stock relates and appoints ____________________, as attorney-in-fact, to
transfer said right on the books of Digiliti Money, Inc. with full power of substitution and re-substitution in the premises.
By accepting such transfer, the transferee has agreed to be bound in all respects by the terms and conditions of the within Warrant.

 

	Dated:
    	________________________	 
	 	 	 
	 	 	 
	 	 	(Signature)
    *
	 	 	 
	 	 	 
	 	 	(Name)
	 	 	 
	 	 	 
	 	 	(Address)
	 	 	 
	 	 	 
	 	 	(Social
    Security or Tax Identification No.)

 

*
The signature on this Assignment of Warrant must correspond to the name as written upon the face of the Warrant to Purchase Common
Stock in every particular without alteration or enlargement or any change whatsoever. When signing on behalf of a corporation,
partnership, trust or other entity, please indicate your position(s) and title(s) with such entity.

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