Document:

EXHIBIT 4.1FORM OF WARRANT

 

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS (COLLECTIVELY,
THE “LAWS”). THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR
ASSIGNED IN THE ABSENCE OF EITHER (I) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE LAWS, OR (II) AN OPINION
OF COUNSEL PROVIDED TO THE ISSUER IN FORM, SUBSTANCE AND SCOPE REASONABLY ACCEPTABLE TO THE ISSUER TO THE EFFECT THAT REGISTRATION
IS NOT REQUIRED UNDER THE LAWS DUE TO AN AVAILABLE EXCEPTION TO OR EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE LAWS.

 

 

PAID, INC.

 

WARRANT TO PURCHASE COMMON STOCK

 

	Warrant No. 2015--__	Number
of Shares: _________
	 	 (pre- 10/7/15 Reverse
Stock Split)

 

Original Issue Date: _________, 2015

Reverse Stock Split Date: October 7, 2015

 

Paid, Inc., a Delaware
corporation (the “Company”), hereby certifies that, for value received, ________________________, and permitted assigns,
the registered holder hereof (“Holder”), is entitled, subject to the terms set forth below, to purchase from the Company
upon surrender of this Warrant, at any time after the date hereof, but not after 5:00 P.M. Boston time on the Expiration Date (as
defined herein) __________ fully paid and nonassessable shares of Common Stock (as defined herein) of the Company (each a “Warrant
Share” and collectively the “Warrant Shares”) at a purchase price per share equal to $.00175 (the “Warrant
Exercise Price”) in lawful money of the United States. The number of Warrant Shares purchasable hereunder and the Warrant
Exercise Price are subject to adjustment as provided in Section 9 below.

 

Section 1.

 

(a)Definitions.
The following words and terms used in this Warrant shall have the following meanings:

 

“Common Stock”
means (a) the Company’s common stock and (b) any capital stock into which such Common Stock shall have been changed or any
capital stock resulting from a reclassification of such Common Stock.

 

“Expiration Date”
means the date which is five (5) years from the date of this Warrant or, if such date falls on a Saturday, Sunday or other day
on which banks are required or authorized to be closed in the State of Delaware (a “Holiday”), the next preceding date
that is not a Holiday.

 

    	 		 

     

    

  

"Per Share Market
Value" means on any particular date (a) the last closing bid price per share of the Common Stock on such date on the over
the counter market or a registered national stock exchange on which the Common Stock is then listed, or if there is no such price
on such date, then the closing bid price on such exchange or quotation system on the date nearest preceding such date, or (b) if
the Common Stock is not listed or traded then on the over the counter market or any registered national stock exchange, the last
closing bid price for a share of Common Stock in the over-the-counter market, as reported by the over the counter market or similar
organization or agency succeeding to its functions of reporting prices) at the close of business on such date, or (c) if the Common
Stock is not then publicly traded the fair market value of a share of Common Stock as determined by an Independent Appraiser selected
in good faith by the majority Holders; provided, however, that the Company, after receipt of the determination by
such Independent Appraiser, shall have the right to select an additional Independent Appraiser, in which case, the fair market
value shall be equal to the average of the determinations by each such Independent Appraiser; and provided, further
that all determinations of the Per Share Market Value shall be appropriately adjusted for any stock dividends, stock splits or
other similar transactions during such period. The determination of fair market value by an Independent Appraiser shall be based
upon the fair market value of the Company determined on a going concern basis as between a willing buyer and a willing seller and
taking into account all relevant factors determinative of value, and shall be final and binding on all parties. In determining
the fair market value of any shares of Common Stock, no consideration shall be given to any restrictions on transfer of the Common
Stock imposed by agreement or by federal or state securities laws, or to the existence or absence of, or any limitations on, voting
rights.

 

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

 

“Transfer”
shall include any disposition of this Warrant or any Warrant Shares, or of any interest in either thereof which would constitute
a sale thereof within the meaning of the Securities Act of 1933, as amended, or applicable state securities laws.

 

“Warrant”
shall mean this Warrant and all Warrants issued in exchange, transfer or replacement of any thereof.

 

(b)Other Definitional
Provisions.

 

(i)Except
as otherwise specified herein, all references herein (A) to the Company shall be deemed to include the Company’s successors;
and (B) to any applicable law defined or referred to herein, shall be deemed references to such applicable law as the same may
have been or may be amended or supplemented from time to time.

 

(ii)When
used in this Warrant, unless the otherwise specified in a particular instance, the words “herein,” “hereof,”
and “hereunder,” and words of similar import, shall refer to this Warrant as a whole and not to any provision of this
Warrant, and the words “Section,” “Schedule,” and “Exhibit” shall refer to Sections of, and
Schedules and Exhibits to, this Warrant unless otherwise specified.

 

(iii)Whenever
the context so requires the neuter gender includes the masculine or feminine, and the singular number includes the plural, and
vice versa.

 

    	 		 

     

    

  

Section 2. Exercise
of Warrant.

 

(a)Subject to the
terms and conditions hereof, this Warrant may be exercised by the Holder, as a whole or in part, at any time prior to 5:00 P.M.
Boston Time on the Expiration Date. Holder may exercise fifty percent (50%) of the Warrant Shares immediately and the remaining
fifty percent (50%) no earlier than eight (8) months after the Original Issue Date. The rights represented by this Warrant
may be exercised by the Holder, as a whole or from time to time in part (except that this Warrant shall not be exercisable as to
or into fractional shares) by (i) delivery of a written notice, in the form attached as Exhibit I hereto (an “Exercise Form”),
of the Holder’s election to exercise this Warrant, which notice shall specify the number of Warrant Shares to be purchased,
(ii) payment to the Company of an amount equal to the Warrant Exercise Price multiplied by the number of Warrant Shares as to which
the Warrant is being exercised (plus any applicable issue or transfer taxes) in immediately available funds (either by wire transfer
or a certified or cashier’s check drawn on a United States bank), for the number of Warrant Shares as to which this Warrant
shall have been exercised, and (iii) the surrender of this Warrant, properly endorsed, at the principal office of the Company (or
at such other agency or office of the Company as the Company may designate by notice to the Holder).

 

The Warrant Shares
so purchased shall be deemed to be issued to the Holder or Holder’s designees, as the record owner of such Warrant Shares,
as of the date on which this Warrant shall have been surrendered, the completed Exercise Form shall have been delivered, and payment
shall have been made for such Warrant Shares as set forth above.

 

Notwithstanding anything
to the contrary in this Warrant, in no event may the Holder exercise this Warrant in whole or in part unless the Holder is an “accredited
investor” as defined in Regulation D under the Securities Act.

 

In the event of any
exercise of the rights represented by this Warrant in compliance with this Section 2(a), a certificate or certificates for the
Warrant Shares so purchased, registered in the name of, or as directed by, the Holder, shall be delivered to, or as directed by,
the Holder within three (3) business days after such rights shall have been so exercised or, at the request of the Holder (provided
that a registration statement under the Securities Act providing for the resale of the Warrant Stock is then in effect or that
the shares of Warrant Stock are otherwise exempt from registration), issued and delivered to the Depository Trust Company (“DTC”)
account on the Holder’s behalf via the Deposit Withdrawal Agent Commission System (“DWAC”) within a reasonable
time, not exceeding three (3) Trading Days after such exercise, and the Holder hereof shall be deemed for all purposes to be the
Holder of the shares of Warrant Stock so purchased as of the date of such exercise. Notwithstanding the foregoing to the contrary,
the Company or its transfer agent shall only be obligated to issue and deliver the shares to the DTC on a Holder’s behalf
via DWAC if such exercise is in connection with a sale or other exemption from registration by which the shares may be issued without
a restrictive legend and the Company and its transfer agent are participating in DTC through the DWAC system. The Holder shall
deliver this original Warrant, or an indemnification reasonably acceptable to the Company undertaking with respect to such Warrant
in the case of its loss, theft or destruction, at such time that this Warrant is fully exercised. With respect to partial exercises
of this Warrant, the Company shall keep written records for the Holder of the number of shares of Warrant Stock exercised as of
each date of exercise.

 

(b)Unless this
Warrant shall have expired or shall have been fully exercised, the Company shall issue a new Warrant identical in all respects
to the Warrant exercised except (i) it shall represent rights to purchase the number of Warrant Shares purchasable immediately
prior to such exercise under the Warrant exercised, less the number of Warrant Shares with respect to which such Warrant is exercised,
and (ii) the Holder thereof shall be deemed to have become the Holder of record of such Warrant Shares immediately prior to the
close of business on the date on which the Warrant is surrendered and payment of the amount due in respect of such exercise and
any applicable taxes is made, irrespective of the date of delivery of such share certificate, except that, if the date of such
surrender and payment is a date when the stock transfer books of the Company are properly closed, such person shall be deemed to
have become the Holder of such Warrant Shares at the opening of business on the next succeeding date on which the stock transfer
books are open.

 

    	 		 

     

    

  

(c)In the case
of any dispute with respect to an exercise, the Company shall promptly issue such number of Warrant Shares as are not disputed
in accordance with this Section. The Company shall submit the disputed calculations to the Company’s independent accounting
firm within five (5) business days of receipt of the Exercise Form. The accountant shall audit the calculations and notify the
Company and the Holder of the results no later than ten (10) business days from the date it receives the disputed calculations.
The accountant’s calculation shall be deemed conclusive absent manifest error. The Company shall then issue the appropriate
number of shares of Common Stock in accordance with this Section.

 

(d)In addition
to any other rights available to the Holder, if the Company fails to cause its transfer agent to transmit to the Holder a certificate
or certificates representing the Warrant Stock pursuant to an exercise on or before the Delivery Date, and if after such date the
Holder is required by its broker to purchase (in an open market transaction or otherwise) shares of Common Stock to deliver in
satisfaction of a sale by the Holder of the Warrant Stock which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (1) pay in cash to the Holder the amount by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the
number of shares of Warrant Stock that the Company was required to deliver to the Holder in connection with the exercise at issue
times (B) the price at which the sell order giving rise to such purchase obligation was executed, and (2) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of shares of Warrant Stock for which such exercise was
not honored or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied
with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price
giving rise to such purchase obligation of $10,000, under clause (1) of the immediately preceding sentence the Company shall be
required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder
in respect of the Buy-In, together with applicable confirmations and other evidence reasonably requested by the Company. Nothing
herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely
deliver certificates representing shares of Common Stock upon exercise of this Warrant as required pursuant to the terms hereof.

 

(e)This Warrant may be transferred
by a Holder, in whole or in part, without the consent of the Company. If transferred pursuant to this paragraph, this Warrant may
be transferred on the books of the Company by the Holder hereof in person or by duly authorized attorney, upon surrender of this
Warrant at the principal office of the Company, properly endorsed (by the Holder executing an assignment in the form attached hereto)
and upon payment of any necessary transfer tax or other governmental charge imposed upon such transfer. This Warrant is exchangeable
at the principal office of the Company for Warrants to purchase the same aggregate number of shares of Warrant Stock, each new
Warrant to represent the right to purchase such number of shares of Warrant Stock as the Holder hereof shall designate at the time
of such exchange. All Warrants issued on transfers or exchanges shall be dated the Original Issue Date and shall be identical with
this Warrant except as to the number of shares of Warrant Stock issuable pursuant thereto. Notwithstanding anything contained to
the contrary in this paragraph 2 (e), no Holder may use, apply or exercise the Warrant or the common shares underlying the Warrant
to knowingly conduct or cause to conduct a short sale in the Company’s common stock, and each such Holder takes the Warrant
subject to such prohibition.

 

    	 		 

     

    

  

(f)The Company
will, at the time of or at any time after each exercise of this Warrant, upon the request of the Holder hereof, acknowledge in
writing the extent, if any, of its continuing obligation to afford to such Holder all rights to which such Holder shall continue
to be entitled after such exercise in accordance with the terms of this Warrant, provided that if any such Holder shall
fail to make any such request, the failure shall not affect the continuing obligation of the Company to afford such rights to such
Holder.

Section 3. Covenants.
The Company covenants and agrees that all Warrant Shares which may be issued upon the exercise of the rights represented by this
Warrant will, upon issuance and upon payment by the Holder of the Warrant Exercise Price, be validly issued, fully paid and nonassessable.
The Company further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised,
the Company will at all times have authorized and reserved a sufficient number of shares of Common Stock to provide for the exercise
of the rights then represented by this Warrant and that the par value of said shares will at all times be less than or equal to
the applicable Warrant Exercise Price.

 

Section 4. Taxes.
The Company shall not be required to pay any tax or taxes attributable to the initial issuance of the Warrant Shares or any permitted
transfer involved in the issue or delivery of any certificates for Warrant Shares in a name other than that of the registered Holder
hereof or upon any permitted transfer of this Warrant.

 

Section 5. Warrant
Holder Not Deemed a Stockholder. No Holder, as such, of this Warrant shall be entitled to vote or receive dividends or be deemed
the Holder of shares of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the
Holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any
corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of this
Warrant of the Warrant Shares which he or she is then entitled to receive upon the due exercise of this Warrant. Notwithstanding
the foregoing, the Company will provide the Holder of this Warrant with copies of the same notices and other information given
to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders.

 

Section 6. No Limitation
on Corporate Action. No provisions of this Warrant and no right or option granted or conferred hereunder shall in any way limit,
affect or abridge the exercise by the Company of any of its corporate rights or powers to recapitalize, amend its Certificate of
Incorporation, reorganize, consolidate or merge with or into another corporation, or to transfer all or any part of its property
or assets, or the exercise of any other of its corporate rights and powers provided that however the Company shall not by any action
including, without limitation, amending the Articles of Incorporation or the by-laws of the Company, or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other action, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out
of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of the Holder
hereof against dilution (to the extent specifically provided herein) or impairment. Without limiting the generality of the foregoing,
the Company will (i) not permit the par value, if any, of its Common Stock to exceed the then effective Warrant Price, (ii) not
amend or modify any provision of the Articles of Incorporation or by-laws of the Company in any manner that would adversely affect
the rights of the Holders of the Warrants, (iii) take all such action as may be reasonably necessary in order that the Company
may validly and legally issue fully paid and nonassessable shares of Common Stock, free and clear of any liens, claims, encumbrances
and restrictions (other than as provided herein) upon the exercise of this Warrant, and (iv) use its best efforts to obtain all
such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be reasonably necessary
to enable the Company to perform its obligations under this Warrant.

 

    	 		 

     

    

  

Section 7. Representations
of Holder. The Holder of this Warrant, by the acceptance hereof, represents that it is acquiring this Warrant and the Warrant
Shares for its own account for investment and not with a view to, or for sale in connection with, any distribution hereof or of
any of the shares of Common Stock or other securities issuable upon the exercise thereof, and not with any present intention of
distributing any of the same. Upon exercise of this Warrant, the Holder shall, if requested by the Company, confirm in writing,
in a form satisfactory to the Company, that the Warrant Shares so purchased are being acquired solely for the Holder’s own
account and not as a nominee for any other party, for investment, and not with a view toward distribution or resale. If such Holder
cannot make such representations because they would be factually incorrect, it shall be a condition to such Holder’s exercise
of the Warrant that the Company receive such other representations as the Company considers reasonably necessary to assure the
Company that the issuance of its securities upon exercise of the Warrant shall not violate any United States or state securities
laws. The Holder of this Warrant, by the acceptance hereof, represents that it is an “accredited investor” as that
term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act. The Holder represents and warrants that it
will not use, apply or exercise the Warrant or the common shares underlying the Warrant to knowingly conduct or cause to conduct
a short sale in the Company’s common stock, and each such Holder takes the Warrant subject to such prohibition.

 

Section 8. Transfer;
Opinions of Counsel; Restrictive Legends. The Holder of this Warrant understands that (i) this Warrant and the Warrant Shares
have not been and are not being registered under the Securities Act or any state securities laws (other than as herein), and may
not be offered for sale, sold, assigned or transferred unless (a) subsequently registered thereunder, or (b) pursuant to an exemption
from such registration; (ii) any sale of such securities made in reliance on Rule 144 promulgated under the Securities Act may
be made only in accordance with the terms of said Rule and further, if said Rule is not applicable, any resale of such securities
under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that
term is defined in the Securities Act) may require compliance with some other exemption under the Securities Act or the rules and
regulations of the Securities and Exchange Commission thereunder; and (iii) neither the Company nor any other person is under any
obligation to register such securities (other than as described herein) under the Securities Act or any state securities laws or
to comply with the terms and conditions of any exemption thereunder. The Warrant Shares receivable upon exercise of this Warrant
shall contain (or not) such restrictive legend(s) as may be required by applicable law.

 

Section 9. Adjustments.

 

(a)Recapitalization, Reorganization,
Reclassification, Consolidation, Merger or Sale.

 

    	 		 

     

    

  

(i) In case the Company
after the Original Issue Date shall do any of the following (each, a "Triggering Event"): (a) consolidate or merge with
or into any other Person and the Company shall not be the continuing or surviving corporation of such consolidation or merger,
or (b) permit any other Person to consolidate with or merge into the Company and the Company shall be the continuing or surviving
Person but, in connection with such consolidation or merger, any Capital Stock of the Company shall be changed into or exchanged
for Securities of any other Person or cash or any other property, or (c) transfer all or substantially all of its properties or
assets to any other Person, or (d) effect a capital reorganization or reclassification of its Capital Stock, then, and in the case
of each such Triggering Event, proper provision shall be made to the Warrant Price and the number of shares of Warrant Stock that
may be purchased upon exercise of this Warrant so that, upon the basis and the terms and in the manner provided in this Warrant,
the Holder of this Warrant shall be entitled upon the exercise hereof at any time after the consummation of such Triggering Event,
to the extent this Warrant is not exercised prior to such Triggering Event, to receive at the Warrant Price as adjusted to take
into account the consummation of such Triggering Event, in lieu of the Common Stock issuable upon such exercise of this Warrant
prior to such Triggering Event, the Securities, cash and property to which such Holder would have been entitled upon the consummation
of such Triggering Event if such Holder had exercised the rights represented by this Warrant immediately prior thereto (including
the right of a shareholder to elect the type of consideration it will receive upon a Triggering Event), subject to adjustments
(subsequent to such corporate action) as nearly equivalent as possible to the adjustments provided for elsewhere in this Warrant,
and the Warrant Price shall be adjusted to equal the product of (A) the closing price of the common stock of the continuing or
surviving corporation as a result of such Triggering Event as of the date immediately preceding the date of the consummation of
such Triggering Event multiplied by (B) the quotient of (i) the Warrant Price divided by (ii) the Per Share Market Value of the
Common Stock as of the date immediately preceding the Original Issue Date; provided, however, the Holder at its option may elect
to receive an amount in cash equal to the value of this Warrant calculated in accordance with the Black-Scholes formula. Immediately
upon the occurrence of a Triggering Event, the Company shall notify the Holder in writing of such Triggering Event and provide
the calculations in determining the number of shares of Warrant Stock issuable upon exercise of the new warrant and the adjusted
Warrant Price. Upon the Holder’s request, the continuing or surviving corporation as a result of such Triggering Event shall
issue to the Holder a new warrant of like tenor evidencing the right to purchase the adjusted number of shares of Warrant Stock
and the adjusted Warrant Price pursuant to the terms and provisions of this Warrant. Notwithstanding the foregoing to the contrary,
this Section 9(a)(i) shall only apply if the surviving entity pursuant to any such Triggering Event is a company that has a class
of equity securities registered pursuant to the Securities Exchange Act of 1934, as amended, and its common stock is listed or
quoted on a national securities exchange, national automated quotation system or the over the counter market. In the event that
the surviving entity pursuant to any such Triggering Event is not a public company that is registered pursuant to the Securities
Exchange Act of 1934, as amended, or its common stock is not listed or quoted on a national securities exchange, national automated
quotation system or the over the counter market, then the Holder shall have the right to demand that the Company pay to the Holder
an amount in cash equal to the value of this Warrant calculated in accordance with the Black-Scholes formula. Notwithstanding
anything herein to the contrary, the Warrant Exercise Price and number of Warrant Shares are based on the pre-Reverse Stock Split
date, and the Number of Warrants shares and pricing shall be adjusted based on the reverse stock split that occurred on or around
October 7, 2015, in the manner set forth in subsection (b) below.

 

(ii)In the event that the Holder
has elected not to exercise this Warrant prior to the consummation of a Triggering Event and has also elected not to receive an
amount in cash equal to the value of this Warrant calculated in accordance with the Black-Scholes formula pursuant to the provisions
of Section 9(a)(i) above, so long as the surviving entity pursuant to any Triggering Event is a company that has a class of equity
securities registered pursuant to the Securities Exchange Act of 1934, as amended, and its common stock is listed or quoted on
a national securities exchange, national automated quotation system or the over the counter market, the surviving entity and/or
each Person (other than the Company) which may be required to deliver any Securities, cash or property upon the exercise of this
Warrant as provided herein shall assume, by written instrument delivered to, and reasonably satisfactory to, the Holder of this
Warrant, (A) the obligations of the Company under this Warrant (and if the Company shall survive the consummation of such Triggering
Event, such assumption shall be in addition to, and shall not release the Company from, any continuing obligations of the Company
under this Warrant) and (B) the obligation to deliver to such Holder such Securities, cash or property as, in accordance with the
foregoing provisions of this subsection (a), such Holder shall be entitled to receive, and the surviving entity and/or each such
Person shall have similarly delivered to such Holder an opinion of counsel for the surviving entity and/or each such Person, which
counsel shall be reasonably satisfactory to such Holder, or in the alternative, a written acknowledgement executed by the President
or Chief Financial Officer of the Company, stating that this Warrant shall thereafter continue in full force and effect and the
terms hereof (including, without limitation, all of the provisions of this subsection (a)) shall be applicable to the Securities,
cash or property which the surviving entity and/or each such Person may be required to deliver upon any exercise of this Warrant
or the exercise of any rights pursuant hereto.

 

    	 		 

     

    

  

(b)Stock Dividends, Subdivisions
and Combinations. If at any time the Company shall:

 

(i)make or issue or set a record
date for the holders of the Common Stock for the purpose of entitling them to receive a dividend payable in, or other distribution
of, shares of Common Stock,

 

(ii) subdivide its outstanding
shares of Common Stock into a larger number of shares of Common Stock, or

 

(iii) combine its outstanding shares
of Common Stock into a smaller number of shares of Common Stock,

 

then (1) the number of shares of Common
Stock for which this Warrant is exercisable immediately after the occurrence of any such event shall be adjusted to equal the number
of shares of Common Stock which a record holder of the same number of shares of Common Stock for which this Warrant is exercisable
immediately prior to the occurrence of such event would own or be entitled to receive after the happening of such event, and (2)
the Warrant Price then in effect shall be adjusted to equal (A) the Warrant Price then in effect multiplied by the number of shares
of Common Stock for which this Warrant is exercisable immediately prior to the adjustment divided by (B) the number of shares of
Common Stock for which this Warrant is exercisable immediately after such adjustment.

 

(c)Certain Other Distributions.
If at any time the Company shall make or issue or set a record date for the holders of the Common Stock for the purpose of entitling
them to receive any dividend or other distribution of:

 

(i)cash (other than a cash dividend
payable out of earnings or earned surplus legally available for the payment of dividends under the laws of the jurisdiction of
incorporation of the Company),

 

(ii)any evidences of its indebtedness,
any shares of stock of any class or any other securities or property of any nature whatsoever (other than cash, Common Stock Equivalents
or Additional Shares of Common Stock), or

 

(iii)any warrants or other rights
to subscribe for or purchase any evidences of its indebtedness, any shares of stock of any class or any other securities or property
of any nature whatsoever (other than cash, Common Stock Equivalents or Additional Shares of Common Stock),

 

then (1) the number of shares of Common
Stock for which this Warrant is exercisable shall be adjusted to equal the product of the number of shares of Common Stock for
which this Warrant is exercisable immediately prior to such adjustment multiplied by a fraction (A) the numerator of which shall
be the Per Share Market Value of Common Stock at the date of taking such record and (B) the denominator of which shall be such
Per Share Market Value minus the amount allocable to one share of Common Stock of any such cash so distributable and of the fair
value (as determined in good faith by the Board of Directors of the Company and supported by an opinion from an investment banking
firm mutually agreed upon by the Company and the Holder) of any and all such evidences of indebtedness, shares of stock, other
securities or property or warrants or other subscription or purchase rights so distributable, and (2) the Warrant Price then in
effect shall be adjusted to equal (A) the Warrant Price then in effect multiplied by the number of shares of Common Stock for which
this Warrant is exercisable immediately prior to the adjustment divided by (B) the number of shares of Common Stock for which this
Warrant is exercisable immediately after such adjustment. A reclassification of the Common Stock (other than a change in par value,
or from par value to no par value or from no par value to par value) into shares of Common Stock and shares of any other class
of stock shall be deemed a distribution by the Company to the holders of its Common Stock of such shares of such other class of
stock within the meaning of this Section 9(c) and, if the outstanding shares of Common Stock shall be changed into a larger or
smaller number of shares of Common Stock as a part of such reclassification, such change shall be deemed a subdivision or combination,
as the case may be, of the outstanding shares of Common Stock within the meaning of Section 9(b).

 

    	 		 

     

    

 

(d)Other
Provisions applicable to Adjustments under this Section. The following provisions shall be applicable to the making of adjustments
of the number of shares of Common Stock for which this Warrant is exercisable and the Warrant Price then in effect provided for
in this Section 9:

 

(i)Computation of Consideration.
To the extent that any Additional Shares of Common Stock or any Common Stock Equivalents (or any warrants or other rights therefor)
shall be issued for cash consideration, the consideration received by the Company therefor shall be the amount of the cash received
by the Company therefor, or, if such Additional Shares of Common Stock or Common Stock Equivalents are offered by the Company for
subscription, the subscription price. In connection with any merger or consolidation in which the Company is the surviving corporation
(other than any consolidation or merger in which the previously outstanding shares of Common Stock of the Company shall be changed
to or exchanged for the stock or other securities of another corporation), the amount of consideration therefore shall be, deemed
to be the fair value, as determined reasonably and in good faith by the Board, of such portion of the assets and business of the
nonsurviving corporation as the Board may determine to be attributable to such shares of Common Stock or Common Stock Equivalents,
as the case may be. The consideration for any Additional Shares of Common Stock issuable pursuant to any warrants or other rights
to subscribe for or purchase the same shall be the consideration received by the Company for issuing such warrants or other rights
plus the additional consideration payable to the Company upon exercise of such warrants or other rights. The consideration for
any Additional Shares of Common Stock issuable pursuant to the terms of any Common Stock Equivalents shall be the consideration
received by the Company for issuing warrants or other rights to subscribe for or purchase such Common Stock Equivalents, plus the
consideration paid or payable to the Company in respect of the subscription for or purchase of such Common Stock Equivalents, plus
the additional consideration, if any, payable to the Company upon the exercise of the right of conversion or exchange in such Common
Stock Equivalents. In the event of any consolidation or merger of the Company in which the Company is not the surviving corporation
or in which the previously outstanding shares of Common Stock of the Company shall be changed into or exchanged for the stock or
other securities of another corporation, or in the event of any sale of all or substantially all of the assets of the Company for
stock or other securities of any corporation, the Company shall be deemed to have issued a number of shares of its Common Stock
for stock or securities or other property of the other corporation computed on the basis of the actual exchange ratio on which
the transaction was predicated, and for a consideration equal to the fair market value on the date of such transaction of all such
stock or securities or other property of the other corporation. In the event any consideration received by the Company for any
securities consists of property other than cash, the fair market value thereof at the time of issuance or as otherwise applicable
shall be as determined in good faith by the Board. In the event Common Stock is issued with other shares or securities or other
assets of the Company for consideration which covers both, the consideration computed as provided in this Section 9(f)(i) shall
be allocated among such securities and assets as determined in good faith by the Board.

 

    	 		 

     

    

  

(ii)When Adjustments to Be Made.
The adjustments required by this Section 9 shall be made whenever and as often as any specified event requiring an adjustment shall
occur, except that any adjustment of the number of shares of Common Stock for which this Warrant is exercisable that would otherwise
be required may be postponed (except in the case of a subdivision or combination of shares of the Common Stock, as provided for
in Section 9(b)) up to, but not beyond the date of exercise if such adjustment either by itself or with other adjustments not previously
made adds or subtracts less than one percent (1%) of the shares of Common Stock for which this Warrant is exercisable immediately
prior to the making of such adjustment. Any adjustment representing a change of less than such minimum amount (except as aforesaid)
which is postponed shall be carried forward and made as soon as such adjustment, together with other adjustments required by this
Section 9 and not previously made, would result in a minimum adjustment or on the date of exercise. For the purpose of any adjustment,
any specified event shall be deemed to have occurred at the close of business on the date of its occurrence.

 

(iii)Fractional Interests.
In computing adjustments under this Section 9, fractional interests in Common Stock shall be taken into account to the nearest
one one-hundredth (1/100th) of a share provided that nothing herein shall require the Company to issue fractional shares
of stock.

 

(iv)When
Adjustment Not Required. If the Company shall take a record of the holders of its Common Stock for the purpose of entitling
them to receive a dividend or distribution or subscription or purchase rights and shall, thereafter and before the distribution
to stockholders thereof, legally abandon its plan to pay or deliver such dividend, distribution, subscription or purchase rights,
then thereafter no adjustment shall be required by reason of the taking of such record and any such adjustment previously made
in respect thereof shall be rescinded and annulled.

(g)Form of Warrant
after Adjustments. The form of this Warrant need not be changed because of any adjustments in the Warrant Price or the number
and kind of Securities purchasable upon the exercise of this Warrant.

 

(h)Escrow of Warrant Stock.
If after any property becomes distributable pursuant to this Section 9 by reason of the taking of any record of the holders of
Common Stock, but prior to the occurrence of the event for which such record is taken, and the Holder exercises this Warrant, any
shares of Common Stock issuable upon exercise by reason of such adjustment shall be deemed the last shares of Common Stock for
which this Warrant is exercised (notwithstanding any other provision to the contrary herein) and such shares or other property
shall be held in escrow for the Holder by the Company to be issued to the Holder upon and to the extent that the event actually
takes place, upon payment of the current Warrant Price. Notwithstanding any other provision to the contrary herein, if the event
for which such record was taken fails to occur or is rescinded, then such escrowed shares shall be cancelled by the Company and
escrowed property returned.

 

Section 10. Lost,
Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen or destroyed, the Company shall, on receipt of an indemnification
undertaking reasonably satisfactory to the Company, issue a new Warrant of like denomination and tenor as the Warrant so lost,
stolen or destroyed. In the event the Holder hereof asserts such loss, theft or destruction of this Warrant, the Company may require
such Holder to post a bond issued by a surety reasonably satisfactory to the Company with respect to the issuance of such new Warrant.

 

Section 11. Notice.
Any notices required or permitted to be given under the terms of this Warrant shall be sent by mail or delivered personally or
by courier and shall be effective five days after being placed in the mail, if mailed, certified or registered, return receipt
requested, or upon receipt, if delivered personally or by courier or by facsimile, in each case properly addressed to the party
to receive the same. The Company’s address is 200 Friberg Parkway, Suite 4004, Westborough, MA 01581. The Holder’s
notice address shall be as set forth on the signature line below. Each party shall provide notice to the other party of any change
in address.

 

    	 		 

     

    

  

Whenever the Warrant
Price or Warrant Share Number shall be adjusted pursuant to Section 9 hereof, the Company shall cause its Chief Financial Officer
to prepare and execute a certificate setting forth, in reasonable detail, the event requiring the adjustment, the amount of the
adjustment, the method by which such adjustment was calculated (including a description of the basis on which the Board made any
determination hereunder), and the Warrant Price and Warrant Share Number after giving effect to such adjustment, and shall cause
copies of such certificate to be delivered to the Holder of this Warrant promptly after each adjustment. Any dispute between the
Company and the Holder of this Warrant with respect to the matters set forth in such certificate may at the option of the Holder
of this Warrant be submitted to a national or regional accounting firm reasonably acceptable to the Company and the Holder, provided
that the Company shall have ten (10) days after receipt of notice from such Holder of its selection of such firm to object thereto,
in which case such Holder shall select another such firm and the Company shall have no such right of objection. The firm selected
by the Holder of this Warrant as provided in the preceding sentence shall be instructed to deliver a written opinion as to such
matters to the Company and such Holder within thirty (30) days after submission to it of such dispute. Such opinion shall be final
and binding on the parties hereto. The costs and expenses of the initial accounting firm shall be paid equally by the Company and
the Holder and, in the case of an objection by the Company, the costs and expenses of the subsequent accounting firm shall be paid
in full by the Company.

 

Section 12. Miscellaneous.
This Warrant and any term hereof may be changed, waived, discharged, or terminated only by an instrument in writing signed by the
party or Holder hereof against which enforcement of such change, waiver, discharge or termination is sought. This Warrant shall
be governed by and interpreted under the laws of the State of Delaware. Headings are for convenience only and shall not affect
the meaning or construction of any of the provisions hereof. This Warrant shall be binding upon the Company and its successors
and assigns and shall inure to the benefit of the Holder and its successors and assigns. The Holder may not assign this Warrant
except in accordance with applicable federal and state securities laws. The Holder shall immediately notify the Company with respect
to any permitted assignment of this Warrant.

 

Section 13. Date.
This Warrant, in all events, shall be wholly void and of no effect after the close of business on the Expiration Date, except that
notwithstanding any other provisions hereof, the provisions of Section 8 shall continue in full force and effect after such date
as to any Warrant Shares or other securities issued upon the exercise of this Warrant.

 

Section 14. Governing
Law; Jurisdiction. This Warrant shall be governed by and construed in accordance with the internal laws of the Commonwealth
of Massachusetts, without giving effect to any of the conflicts of law principles which would result in the application of the
substantive law of another jurisdiction. This Warrant shall not be interpreted or construed with any presumption against the party
causing this Warrant to be drafted. The Company and the Holder agree that venue for any dispute arising under this Warrant will
lie exclusively in the state or federal courts located in Worcester County, Massachusetts, and the parties irrevocably waive any
right to raise forum non conveniens or any other argument that Massachusetts is not the proper venue. The Company and the
Holder irrevocably consent to personal jurisdiction in the state and federal courts of the state of Massachusetts. The Company
and the Holder consent to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at
the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing in this Section 14 shall affect or limit any right to serve process in any other manner
permitted by law. The Company and the Holder hereby agree that the prevailing party in any suit, action or proceeding arising out
of or relating to this Warrant, shall be entitled to reimbursement for reasonable legal fees from the non-prevailing party. The
parties hereby waive all rights to a trial by jury.

 

    	 		 

     

    

  

Section15.Modification
and Severability. If, in any action before any court or agency legally empowered to enforce any provision contained herein,
any provision hereof is found to be unenforceable, then such provision shall be deemed modified to the extent necessary to make
it enforceable by such court or agency. If any such provision is not enforceable as set forth in the preceding sentence, the unenforceability
of such provision shall not affect the other provisions of this Warrant, but this Warrant shall be construed as if such unenforceable
provision had never been contained herein.

 

Section 16.Headings.
The headings of the Sections of this Warrant are for convenience of reference only and shall not, for any purpose, be deemed a
part of this Warrant.

 

 

	 	PAID, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	 	W. Austin Lewis,
IV, President

 

ACCEPTED AND AGREED:

 

_______________________________

 

By: ______________________________

__________________, duly authorized

Address:

 

    	 		 

     

    

  

EXHIBIT I TO WARRANT

 

 

EXERCISE FORM TO BE EXECUTED BY THE REGISTERED
HOLDER TO EXERCISE THIS WARRANT

 

PAID, INC.

 

 

The undersigned hereby exercises the right
to purchase the number of Warrant Shares covered by the Warrant attached hereto as specified below according to the conditions
thereof and herewith makes payment of U.S. $_____________, the aggregate Warrant Exercise Price of such Warrant Shares in full
pursuant to the terms and conditions of the Warrant.

 

(i)The undersigned agrees not to offer,
sell, transfer or otherwise dispose of any Common Stock obtained upon exercise of the Warrant, except under circumstances that
will not result in a violation of the 1933 Act or applicable state securities laws.

 

(ii)The undersigned requests that the
stock certificates for the Warrant Shares be issued, and a Warrant representing any unexercised portion hereof be issued, pursuant
to the terms of the Warrant in the name of the Holder (or such other person(s) indicated below) and delivered to the undersigned
(or designee(s)) at the address or addresses set forth below.

 

Dated:_____________, 20__.

 

 

HOLDER:
_____________________

 

 

By: ________________________________________

Name:
_____________________________________

Title:
_____________________________________

 

Address: _____________________________

 

 

Number of Warrant Shares

Being Purchased: ________________________EX-4.1

 Exhibit 4.1 

SUPPLEMENTAL INDENTURE 

TO INDENTURE DATED JANUARY 10, 2014 

THIS SUPPLEMENTAL INDENTURE dated as of July 28, 2015, among LAMAR MEDIA CORP., a Delaware corporation (the “Company”),
the undersigned Guarantors party hereto, LAMAR ALLIANCE AIRPORT ADVERTISING COMPANY, a Nevada corporation (the “New Guarantor”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee (the “Trustee”). 

WHEREAS, each of the Company and the Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the
Trustee an Indenture, dated as of January 10, 2014 (the “Indenture”), providing for the issuance of 5 3/8% Senior Notes due 2024 (the “Notes”); 

WHEREAS, New Guarantor desires to provide a guarantee (the “Guarantee”) of the obligations of the Company under the Notes and
the Indenture, in accordance with Article 10 of the Indenture; 
 WHEREAS, pursuant to Section 8.01 of the Indenture, the Company, the
Trustee, the Guarantors and the New Guarantor are authorized to execute and deliver this Supplemental Indenture; and 
 WHEREAS, the Company
has complied with all conditions precedent provided for in the Indenture relating to this Supplemental Indenture. 
 NOW THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

1. Definitions. All terms used herein without definition have the meanings ascribed to them in the Indenture. 

2. Guarantee. New Guarantor hereby agrees to provide a full and unconditional guarantee on the terms and subject to the conditions set
forth in the Indenture, including but not limited to Article 10 thereof, in the form and substance of Exhibit B to the Indenture. 
 3.
Effectiveness of Supplemental Indenture. This Supplemental Indenture shall become effective upon the execution and delivery of this Supplemental Indenture by the Company, the Guarantors, the New Guarantor and the Trustee. 

4. Indenture Remains in Full Force and Effect. This Supplemental Indenture shall form a part of the Indenture for all purposes and,
except as supplemented or amended hereby, all other provisions in the Indenture and the Notes, to the extent not inconsistent with the terms and provisions of this Supplemental Indenture, shall remain in full force and effect. 

 5. Headings. The headings of the Articles and Sections of this Supplemental Indenture are
inserted for convenience of reference and shall not be deemed a part thereof. 
 6. Counterparts. This Supplemental Indenture may be
executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

7. Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New
York, without regard to principles of conflicts of laws. 
 8. Trustee Disclaimer. The Trustee is not responsible for the validity or
sufficiency of this Supplemental Indenture nor for the recitals hereof. 
 IN WITNESS WHEREOF, the undersigned have caused this Supplemental
Indenture to be duly executed as of the day and year first above written. 
  

			
	New Guarantor:
	
	 LAMAR ALLIANCE AIRPORT ADVERTISING

COMPANY, a Nevada corporation

		
	By:	 	/s/ Keith A. Istre
		 	Keith A. Istre, Executive Vice President and
		 	Chief Financial Officer

  

			
	Company:
	
	LAMAR MEDIA CORP.
		
	By:	 	/s/ Keith A. Istre
		 	Name: Keith A. Istre
		 	Title:   Executive Vice President and
		 	            Chief Financial Officer

  
 2 

 
			
	Guarantors:
	
	LAMAR TRANSIT, LLC
		
	By:	 	Its Managing Member,
		 	Lamar TRS Holdings, LLC, a Delaware
		 	limited liability company
		
	By:	 	Its Managing Member,
		 	Lamar Media Corp., a Delaware
		 	corporation
		
	By:	 	/s/ Keith A. Istre
		 	Keith A. Istre, Executive Vice President and
		 	Chief Financial Officer
	
	COLORADO LOGOS, INC.
	FLORIDA LOGOS, INC.
	KANSAS LOGOS, INC.
	LAMAR ADVERTISING OF MICHIGAN, INC.
	LAMAR ADVERTISING OF YOUNGSTOWN, INC.
	LAMAR ADVERTISING SOUTHWEST, INC.
	LAMAR ELECTRICAL, INC.
	LAMAR OCI SOUTH CORPORATION
	LAMAR OHIO OUTDOOR HOLDING CORP.
	LAMAR PENSACOLA TRANSIT, INC.
	MICHIGAN LOGOS, INC.
	MINNESOTA LOGOS, INC.
	NEBRASKA LOGOS, INC.
	NEVADA LOGOS, INC.
	NEW MEXICO LOGOS, INC.
	OHIO LOGOS, INC.
	SOUTH CAROLINA LOGOS, INC.
	TENNESSEE LOGOS, INC.
	TLC PROPERTIES, INC.
	UTAH LOGOS, INC.
		
	By:	 	/s/ Keith A. Istre
		 	Name: Keith A. Istre
		 	Title:   Executive Vice President and
		 	            Chief Financial Officer

  
 3 

 
			
	ARIZONA LOGOS, L.L.C.
	DELAWARE LOGOS, L.L.C.
	GEORGIA LOGOS, L.L.C.
	KENTUCKY LOGOS, LLC
	LOUISIANA INTERSTATE LOGOS, L.L.C.
	MAINE LOGOS, L.L.C.
	MISSISSIPPI LOGOS, L.L.C.
	MISSOURI LOGOS, LLC
	MONTANA LOGOS, LLC
	NEW JERSEY LOGOS, L.L.C.
	OKLAHOMA LOGOS, L.L.C.
	PENNSYLVANIA LOGOS, LLC
	VIRGINIA LOGOS, LLC
	WASHINGTON LOGOS, L.L.C.
	WISCONSIN LOGOS, LLC
		
	By:	 	Interstate Logos, L.L.C., its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

	
	INTERSTATE LOGOS, L.L.C.
	THE LAMAR COMPANY, L.L.C.
		
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

  
 4 

 
			
	LAMAR ADVERTISING OF COLORADO SPRINGS, L.L.C.
	LAMAR ADVERTISING OF LOUISIANA, L.L.C.
	LAMAR ADVERTISING OF PENN, LLC
	LAMAR ADVERTISING OF SOUTH DAKOTA, L.L.C
	LAMAR FLORIDA, L.L.C.
	LAMAR OCI NORTH, L.L.C.
	LAMAR TENNESSEE, L.L.C.
		
	By:	 	The Lamar Company, L.L.C., its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

	
	LAMAR TEXAS LIMITED PARTNERSHIP
		
	By:	 	The Lamar Company, L.L.C., its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

	
	TLC FARMS, L.L.C.
	TLC Properties, L.L.C.
		
	By:	 	TLC Properties, Inc., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

  
 5 

 
			
	OUTDOOR PROMOTIONS WEST, LLC
		
	By:	 	Lamar Transit, LLC, its Managing Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

	
	LAMAR ADVANTAGE GP COMPANY, LLC
	LAMAR ADVANTAGE LP COMPANY, LLC
	TRIUMPH OUTDOOR HOLDINGS, LLC
		
	By:	 	Lamar Central Outdoor, LLC, its Managing Member
		
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

	
	LAMAR CENTRAL OUTDOOR, LLC
		
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

  
 6 

 
			
	LAMAR AIR, L.L.C.
		
	By:	 	The Lamar Company, L.L.C., its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

	
	OUTDOOR MARKETING SYSTEMS, L.L.C.
		
	By:	 	LAMAR TRANSIT, LLC, its Managing Member
	By:	 	LAMAR TRS HOLDINGS, LLC, its Managing Member
	By:	 	LAMAR MEDIA CORP., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

	
	LAMAR ADVANTAGE OUTDOOR COMPANY, L.P.
		
	By:	 	Lamar Advantage GP Company, LLC, its General Partner
		
	By:	 	Lamar Central Outdoor, LLC, its Managing Member
		
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

  
 7 

 
			
	LAMAR ADVANTAGE HOLDING COMPANY
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

	
	LAMAR INVESTMENTS, LLC
		
	By:	 	LAMAR TRS HOLDINGS, LLC, its Managing Member
		
	By:	 	LAMAR MEDIA CORP., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

	
	LAMAR SERVICE COMPANY, LLC
		
	By:	 	 LAMAR TRS HOLDINGS, LLC
 its Managing
Member

		
	By:	 	LAMAR MEDIA CORP., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

  
 8 

 
			
	LAMAR TRS HOLDINGS, LLC
		
	By:	 	LAMAR MEDIA CORP., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

	
	TLC PROPERTIES II, LLC
		
	By:	 	LAMAR INVESTMENTS, LLC, its Managing Member
		
	By:	 	LAMAR TRS HOLDINGS, LLC, its Managing Member
		
	By:	 	LAMAR MEDIA CORP., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

	
	TRIUMPH OUTDOOR RHODE ISLAND, LLC
		
	By:	 	LAMAR TRANSIT, LLC, its Managing Member
		
	By:	 	LAMAR TRS HOLDINGS, LLC, its Managing Member
		
	By:	 	LAMAR MEDIA CORP., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

  
 9 

 
			
	LAMAR OBIE COMPANY, LLC
		
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	/s/ Keith A. Istre
		 	 Name:    Keith A. Istre

		 	 Title:      Executive Vice President and
Chief Financial Officer

	
	Trustee:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	/s/ Lawrence M. Kusch
		 	Name: Lawrence M. Kusch
		 	Title: Vice President

  
 10

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