Document:

Exhibit 4.3

 

Warrant Certificate No. [__] – 
[__]

 

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

 

COMMON STOCK PURCHASE WARRANT

 

BOLDFACE
GROUP, INC.

 

	Warrant Shares: [___________]	Initial Exercise Date: March 28, 2013

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on March 27,
2018 (the “Termination Date”) but not thereafter, to subscribe for and purchase from BOLDFACE Group, Inc., a
Nevada corporation (the “Company”), up to the number of shares indicated above (subject to adjustment as provided
herein) of Common Stock (the “Warrant Shares”). The purchase price of one share of Common Stock under this Warrant
shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated March 28, 2013, among the Company and the purchasers signatory thereto.

 

 

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Section 2.  Exercise.

 

(a)               
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part,
at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or
such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of
the

 

Holder appearing on the
books of the Company) of a duly executed facsimile copy of the Notice of Exercise form annexed hereto. Within three (3) Business
Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified
in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless
exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has
purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is
delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant
Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in
an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within five (5) Business Days of receipt of such notice. THE HOLDER AND ANY ASSIGNEE, BY ACCEPTANCE OF THIS WARRANT,
ACKNOWLEDGE AND AGREE THAT, BY REASON OF THE PROVISIONS OF THIS PARAGRAPH, FOLLOWING THE PURCHASE OF A PORTION OF THE WARRANT SHARES
HEREUNDER, THE NUMBER OF WARRANT SHARES AVAILABLE FOR PURCHASE HEREUNDER AT ANY GIVEN TIME MAY BE LESS THAN THE AMOUNT STATED ON
THE FACE HEREOF.

 

(b)              
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $0.50, subject
to adjustment hereunder (the “Exercise Price”).

 

(c)               
Cashless Exercise. The Holder may, in its sole discretion, exercise this Warrant, in whole or in part, at any time
by means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate for the number of
Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = the
VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless
exercise,” as set forth in the applicable Notice of Exercise;

 

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

 

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

 

Notwithstanding the
foregoing, provided that a registration statement covering the resale of the Warrant Shares by the Holder has (x) been declared
effective by the U.S. Securities and Exchange Commission (the “SEC”) and (y) remained effective for a period
of one year, any Cashless Exercise right hereunder shall thereupon terminate.

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(d)                 
Mechanics of Exercise.

 

i.                 
Delivery of Certificates upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the
Transfer Agent to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through
its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system
and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the
Warrant Shares by the Holder or (B) the shares are eligible for resale by the Holder without volume or manner-of-sale limitations
pursuant to Rule 144, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise by the
date that is seven (7) Business Days after the latest of (A) the delivery to the Company of the Notice of Exercise, (B) surrender
of this Warrant (if required), and (C) payment of the aggregate Exercise Price as set forth above (including by cashless exercise,
if permitted) (such date, the “Warrant Share Delivery Date”). The Warrant Shares shall be deemed to have been
issued, and the Holder or any other person so designated to be named therein shall be deemed to have become a holder of record
of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price
(or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi)
hereof prior to the issuance of such shares, having been paid. If the Company fails for any reason to deliver to the Holder certificates
evidencing the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the
Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based
on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10.00 per Trading Day (increasing to $20.00
per Trading Day on the eleventh Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant
Share Delivery Date until such certificates are delivered or the Holder rescinds such exercise or the Holder and the Company agree
to otherwise.

 

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

 

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

 

iv.                 
Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder
for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and
expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names
as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be
issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment
Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient
to reimburse it for any transfer tax incidental thereto.

 

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

 

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(e)               
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall
not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving
effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number
of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock
issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of
shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any
other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on
conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. 
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder
that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act
and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion
of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion
of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation
to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number
of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with
the SEC, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company
or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of
a Holder, the Company shall within three (3) Trading Days confirm orally and in writing to the Holder the number of shares of Common
Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date
as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior notice to the Company,
may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership
Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to
the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e)
shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is
delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict
conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent
with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to
properly give effect to such limitation. The limitations contained in this paragraph shall apply to any successor holder of this
Warrant.

 

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Section 3.  Certain
Adjustments.

 

(a)               
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

Simultaneously with
any adjustment to the Exercise Price pursuant to this paragraph (a) of this Section 3, the number of Warrant Shares that may be
purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate
Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in
effect immediately prior to such adjustment (without regard to any limitations on exercise contained herein).

 

(b)              
Subsequent Equity Sales.

 

(i)                 
If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall sell or grant
any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale,
grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents, at an effective price per
share less than the Exercise Price then in effect (such lower price, the “New Issuance Price” and such issuances
collectively, a “Dilutive Issuance”) (it being understood and agreed that if the holder of the Common Stock
or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions,
floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued
in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share that is less than
the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive
Issuance at such effective price), then simultaneously with the consummation of each Dilutive Issuance the Exercise Price shall
be reduced and only reduced by multiplying the Exercise Price by a fraction, the numerator of which is the number of shares of
Common Stock issued and outstanding immediately prior to the Dilutive Issuance plus the number of shares of Common Stock which
the offering price for such Dilutive Issuance would purchase at the then Exercise Price, and the denominator of which shall be
the sum of the number of shares of Common Stock issued and outstanding immediately prior to the Dilutive Issuance plus the number
of shares of Common Stock so issued or issuable in connection with the Dilutive Issuance (the “Adjusted Price”);
provided, that the Exercise Price shall not be reduced below $0.10 (subject to adjustment for stock splits, reverse splits and
similar capital adjustments). Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued.
Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance.

 

(ii)                 
The Company shall promptly notify the Holder, in writing, following the issuance or deemed issuance of any Common Stock
or Common Stock Equivalents subject to this Section 3(b), indicating therein the applicable issuance price, or applicable reset
price, exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”).
For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon
the occurrence of any Dilutive Issuance, the Holder is entitled to exercise the Warrant at the Adjusted Price regardless of whether
the Holder accurately refers to the Adjusted Price in the Notice of Exercise.

 

(iii)                 
For clarity, no adjustment of the number of Warrant Shares shall be made upon any adjustment of the Exercise Price pursuant
to this Section 3(b).

 

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(iv)                 
If the purchase or exercise price provided for in any Common Stock Equivalents, or the rate at which any Common Stock Equivalents
are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases at any time, the Exercise
Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been in effect
at such time had such Common Stock Equivalents provided for such increased or decreased purchase price, additional consideration
or increased or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of
this Section 3((b)(iv), if the terms of any Common Stock Equivalents that was outstanding as of the date of issuance of this Warrant
are increased or decreased in the manner described in the immediately preceding sentence, then such Common Stock Equivalents and
the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as
of the date of such increase or decrease.

 

(v)                 
No adjustment pursuant to this Section 3(b) shall be made if such adjustment would result in an increase of the Exercise
Price then in effect.

 

 

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(c)               
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the
outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held
by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then,
upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the
successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the
“Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of
a Fundamental Transaction that is (1) an all cash transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3
under the Exchange Act, or (3) a Fundamental Transaction involving a person or entity not traded on a national securities exchange,
the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently
with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant
from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised
portion of this Warrant on the date of the consummation of such Fundamental Transaction. “Black Scholes Value”
means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function
on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction
for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to
the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an
expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the
Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per
share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash
consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to the time between
the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The Company shall cause
any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”)
to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance
with the provisions of this Section 3(f) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder,
deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such
Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this
Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative
value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents
with the same effect as if such Successor Entity had been named as the Company herein.

 

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

 

(e)               
Notice to Holder.

 

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

 

                                         
ii.                       
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale
or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock
is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder
at its last address as it shall appear upon the Warrant Register (as defined below) of the Company, at least five (5) calendar
days, or such longer period as may be required by law, prior to the applicable record or effective date hereinafter specified,
a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights
or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to
such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is
expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities,
cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided
that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate
action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material,
non-public information regarding the Company or any of the Subsidiaries, the Company shall use its best efforts to simultaneously
file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this
Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except
as may otherwise be expressly set forth herein.

 

 

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Section 4.  Transfer
of Warrant.

 

(a)               
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section
4(d) hereof and to the provisions of Section 4.3 of the Purchase Agreement, this Warrant and all rights hereunder (including, without
limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto
duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of
such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the
purchase of Warrant Shares without having a new Warrant issued.

 

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

 

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

 

(d)              
Transfer Restrictions. If,
at the time of the surrender of this Warrant in connection with any transfer of this
Warrant, the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration
statement under the Securities Act and under applicable state securities or
blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements
pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this
Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

 

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

 

 

    	9

    	 

    

 

Section 5.Miscellaneous.

 

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

 

(b)              
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall include, if determined necessary by the Company, the posting of any bond), and upon surrender and
cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate
of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

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

 

(d)              
Authorized Shares.

 

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

 

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

 

    	10

    	 

    

 

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

 

(e)               
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be determined in accordance with the provisions of the Purchase Agreement.

 

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

 

(g)              
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding
the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

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

 

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

 

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

 

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

 

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

 

    	11

    	 

    

 

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

 

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

 

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

(Signature Page Follows)

 

 

    	12

    	 

    

 

 

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

 

BOLDFACE Group, Inc.

 

 

 

By: _____________________________

Name:  Nicole Ostoya

Title:  Chief Executive
Officer and President

 

 

 

    	 

    	 

    

NOTICE OF EXERCISE

 

To:boldface
Group, Inc.

1309 Pico Blvd., Suite A

Santa Monica, CA 90405

Attention: Chief Financial Officer

 

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

 

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

 

 ̈ $_________
(in lawful money of the United States as provided for in the foregoing Warrant) and any applicable taxes payable by the
undersigned pursuant to such Warrant; or

 

 ̈ __________
shares of Common Stock for cancellation (pursuant to a cashless exercise in accordance with the formula set forth in
subsection 2(c) of this Warrant) (check here if the undersigned desires to deliver an unspecified number of shares equal to
the number sufficient to effect a Cashless Exercise [___])

 

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

 

_______________________________________

 

_______________________________________

(Please print name, address and social security
or

federal employer identification number (if
applicable))

 

(4)[if applicable]
The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

 

_______________________________________

 

_______________________________________

 

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

 

____________________________

(Signature of Authorized Signatory of Holder)

 

Name of Holder (print):______________________________________________

Name of Authorized Signatory:________________________________________

Title of Authorized Signatory:_________________________________________

Date:_____________________________________________________________

 

    	 

    	 

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

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

 

	Name of Assignee	Address	Number of Shares
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

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

 

	Name of Holder (print):	 
	(Signature of Authorized Signatory of Holder):	 
	(Name of Authorized Signatory):	 
	(Title of Authorized Signatory):	 
	Date:	 

NOTE:  The
signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or
enlargement or any change whatsoever. Officers of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.Ex 10.21

 

xG Technology 

 

Engineering Services Agreement

 

    	1

    	 

    

 

AGREEMENT FOR ENGINEERING SERVICES

 

PARTIES

 

THIS AGREEMENT, effective the 24th
day of November, 2012, by and between xG Technology, Inc., (“XGT”) doing business at 240 South
Pineapple Avenue, Suite 701, Sarasota, Florida 34236, and Choctaw Telephone Company, Inc., (hereinafter “Choctaw”
or “Customer”) doing business at P. O. Box 428, Louisburg, KS 66053. XGT and Customer are collectively referred
to as the “Parties” or each “Party” throughout this Agreement. 

 

BACKGROUND

 

WHEREAS, XGT has conducted a Preliminary
Engineering Survey & Network Estimate of the cost to design, build a high-quality, affordable wireless broadband network for
Customer;

 

WHEREAS simultaneous with this Agreement,
Customer enters into a separate Equipment Purchase Agreement for specific quantities of xMax wireless broadband equipment, which
is incorporated by reference as if fully set forth herein;

 

WHEREAS, upon successful Performance Test
Acceptance of said equipment, Customer desires XGT to perform certain work as described in this Agreement and the Addenda attached
to this Agreement, and XGT desires to perform such work and deliver such services as described in this Agreement and the Addenda
attached hereto;

 

NOW THEREFORE, in consideration of the
mutual covenants and promises hereinafter set forth, the parties hereto agree as follows:

 

AGREED TERMS

 

ARTICLE I

 

SERVICES

Customer hereby retains XGT to render the
services (the “Engineering Services”) described and defined in the Addenda from time to time and for the time being
agreed between Customer and XGT and attached to and made a part of this Agreement. XGT hereby agrees to render the services as
so described. It is understood that XGT may render such services through its own employees (“Employees”) or through
independent subcontractors under subcontract with XGT (“Subcontractors”). If XGT renders services through Subcontractors,
prior to any such services being performed, XGT will obtain a written agreement from the Subcontractors by which the Subcontractors
agree to be bound and perform services in accordance with the terms of this Agreement, including but not limited to the confidentiality
provisions provided under Article IX, in a form approved by Customer prior to its execution. Such Employees and Subcontractors
are herein referred to as “XGT’s Personnel”. If the Customer desires XGT to perform certain additional work beyond
the work already described in this Agreement and the Addenda for the time being attached to this Agreement, then Customer shall
give notice to XGT and, if the provision and terms of provision of such services are mutually agreed with XGT, such agreement shall
be reflected in a new Addendum that shall be attached to and made a part of this Agreement.

 

    	2

    	 

    

 

ARTICLE II

 

COMPENSATION

As compensation for all Engineering Services
performed in accordance with the terms and conditions of this Agreement and the Addenda hereto, Customer agrees to pay to
XGT the sums set forth in such Addenda, at the times and places, and upon the milestones (if any) set forth in the relevant Addenda.
Compensation shall be due and payable for work actually performed by XGT in accordance with this Agreement, and the sums set forth
in the relevant Addenda are the sole and entire compensation due to XGT from Customer for such Engineering Services.

 

All compensation to XGT’s Personnel,
income, FICA, VAT, sales or any other duties or taxes levied on XGT or XGT’s Personnel by reason of payments made or consideration
delivered by Customer to XGT, shall be responsibility of and borne by XGT.

 

ARTICLE III

 

REPORTING RESPONSIBILITIES

Customer may designate at the commencement
of this Agreement, and from time to time thereafter, one or more of its officers or technical managers to whom XGT shall report
and be responsible. Such Customer officer or technical manager shall designate the services to be performed by XGT as provided
by a mutually agreed Addendum, and arrange, at Customer discretion, any meetings or conferences with any other officers
or technical managers of Customer or any subsidiary or affiliate of Customer, or with third parties. All instructions
from Customer to XGT shall be made in written form and acknowledged by XGT. XGT’s Personnel shall perform work, and arrange
delivery to Customer, all services as set forth in Addenda for the time being attached to this Agreement.

 

    	3

    	 

    

 

ARTICLE IV

 

TERM, TERMINATION OF AGREEMENT AND RESCISSION OPTION

 

This Agreement is effective as of the date
first set forth above, and shall, without prejudice to any obligation or commitment incurred up until such point in time, continue
until terminated as set forth herein.

 

XGT shall commence and render services
for such term and duration hereunder as set forth in the Addenda for the time being attached to this Agreement.

 

In the event of any termination hereof,
any and all compensation due and payable to XGT shall be prorated to reflect services actually rendered and expenses incurred by
XGT to date of termination in accordance with the terms of this Agreement, and Customer’s obligation to XGT shall be limited
to compensation up to the effective date of termination.

 

Either party may elect to terminate this
Agreement for any reason upon delivery of written notice to the other party, which will be effective ninety (90) days after delivery
of the notice.

 

Either party may elect to terminate this
Agreement immediately upon delivery of written notice upon any material failure, inability or refusal by the other party to perform
its obligations under this Agreement, and such party may thereafter pursue any remedies it may have at law or otherwise.

In addition to the termination options
above, Customer shall have the right to rescind this Agreement upon thirty (30) days’ notice if XGT fails to obtain FCC approval
within One-Hundred and Twenty Days of the Effective Date of this Agreement or if the product contemplated by this Agreement is
determined, by Customer in its sole discretion, not to be commercial viable.

 

ARTICLE V

 

REPORTS/SOFTWARE

XGT agrees that XGT and XGT’s Personnel
will make all reports and present all deliverables specified in the Addenda upon completion of the tasks hereunder. XGT and XGT’s
Personnel will prepare and submit written progress reports as may be requested by Customer from time to time.

 

All reports and documents and software
prepared pursuant to this Agreement by XGT or XGT’s Personnel relating to tasks or projects hereunder shall be delivered
to Customer in accordance with the applicable Addenda. XGT agrees to maintain adequate records and files of all work and activities
of XGT and XGT’s Personnel under this Agreement.

 

ARTICLE VI

 

INDEPENDENT CONTRACTOR

XGT, XGT’s Personnel, and Customer
are independent entities. Nothing in this Agreement is intended to create the relationship of employer and employee between Customer
and XGT, or between Customer and any of XGT’s Personnel. Customer shall not make any deductions related to employer-employee
relationships. Neither XGT nor any of XGT’s Personnel shall be entitled to or qualified under any employee benefit plans,
including (but not limited to) pension, health, and insurance, provided by Customer for its employees.

 

    	4

    	 

    

 

Neither party has any authority to act
as the agent of the other, or to bind the other Party to any Agreement or undertaking whatsoever.

 

ARTICLE VII

 

INDEMNITY

Each party agrees to indemnify and hold
the other harmless from and against any liability, loss, damages (including but not limited to consequential damages, lost profits,
damage to good will, costs, and expenses) and attorney’s fees incurred as a result of the other party’s conduct , whether
the claims are based in tort or contract. XGT further indemnifies and holds Choctaw harmless from and against any liability, loss,
damages (including but not limited to consequential damages, lost profits, damage to good will, costs, and or expenses) and attorney’s
fees incurred as a result of any conduct of XGT’s Personnel.

 

ARTICLE VIII

 

FORCE MAJEURE

XGT shall not be liable for any damage,
delays or failures to perform any obligation hereunder caused by factors beyond its reasonable ability to control, including (without
limitation) changes in government regulations, acts of God, labor shortages, strikes, slowdowns, or other combined action of workmen,
fires, floods, earthquakes, severe weather, serious accidents, epidemics, quarantines, wars, insurrections or riots, acts of civil
or military authorities, transportation embargoes, destruction of production facilities, delays, shortages or interruptions to
delivery of components and materials, , to the extent that (i) the delay extends more than thirty (30) days, (ii) was not caused
by or the result of any conduct of XGT and (iii) was not reasonably foreseeable by XGT. In the event of an concurrence under Article
VIII, XGT may in its sole discretion allocate available goods among customers as it may determine or cancel orders without liability
for any part thereof not shipped to the Customer upon refunding any allocable advance payments received for the canceled portion.

 

ARTICLE IX

 

CONFIDENTIAL AND PROPRIETARY INFORMATION

The Parties shall keep confidential and
not disclose to any third party any technical, commercial, business related, financial or company information received in relation
to this Agreement.

 

It is explicitly understood and agreed
that under no circumstances, and notwithstanding anything to the contrary contained herein, shall this Agreement including any
addenda, amendment or other instrument hereto, be interpreted to assign or otherwise transfer any industrial or intellectual property
of a Party hereto to the other.

 

    	5

    	 

    

 

Confidential Information shall mean any
information and data of a confidential nature, including but not limited to proprietary, developmental, technical, marketing, sales,
operating, performance, cost, trade secrets, know-how, policy, business, and process information, computer programming techniques,
and all record bearing media containing or disclosing such information or techniques. Confidential Information shall not be deemed
to be in the public domain merely because any part of said information is embodied in general disclosures or because individual
features, components, or combinations thereof are now or become known to the public.

 

Each party agrees not to use the other
Party’s Confidential Information for any other purpose than as specified by the other Party in writing.

 

Copies and embodiments of, and media containing,
any and all Confidential Information of a Party, its parent, subsidiaries or affiliates, including but not limited to documents,
records, notebooks, shall remain the property of such Party, its parent, subsidiaries, or affiliates, respectively, and shall be
returned to the respective owner thereof upon request, and in any event no later than any expiration or termination date of this
Agreement. Copies of, and media containing, any and all Confidential Information which is the property of third parties contracting
or engaged in research, development, or business arrangements with a Party, its parent, subsidiaries or affiliates, shall
be delivered to such Party in accordance with the instructions of such Party and in any event no later than any expiration
or termination date of this Agreement.

 

The Parties’ respective obligations
under this Article IX shall survive any termination or expiration of this Agreement. Any liabilities, damages, or remedies incurred
or limited do to material breach of this Article IX will not be limited in any manner by any other provision of this Agreement.

 

The parties shall advise all of their respective
employees, officers, agents, and representatives including any Subcontractors or XGT Personnel , of the terms and conditions of
this Agreement regarding Confidential Information, require them to observe such conditions with respect to Confidential Information.
For any Subcontractors, , prior to any such services being performed, XGT will obtain a written agreement from the Subcontractors
by which the Subcontractors agree to be bound and perform services in accordance with the terms of this Agreement, including but
not limited to the confidentiality provisions provided under this Article, in a form approved by Customer prior to its execution.

 

    	6

    	 

    

 

ARTICLE X

 

PROPRIETARY RIGHTS

 

Each Party shall continue
to own all Background Technology (meaning all intellectual property rights and know-how, technical design, engineering and test
data, manufacturing methodology, software, algorithms and other information and technology already owned or possessed by, known
to, developed by or for one of the parties independent of the contract work performed hereunder, or with respect to which a Party
may grant licenses to the other Party hereunder prior to or outside of the performance of this Agreement) it has provided to the
other Party hereunder.

 

Technology developed by XGT and which does not to any extent
contain any of Customer’s Background Technology shall be the property of XGT.

 

ARTICLE XI

 

WAIVER

Failure by any party hereto to enforce
any of the provisions of this Agreement, or any rights with respect hereto, or failure to exercise any election provided for herein,
shall in no way be considered a waiver of such provisions, rights, or elections or in any way affect the validity of this Agreement.
The failure by any party to enforce any of said provisions, rights or elections shall not prejudice such party from later enforcing
or exercising the same or any other provisions, rights, or elections it may have under this Agreement.

 

ARTICLE XII

 

NOTICES

All notices provided for in this Agreement
shall be given in writing either by personal delivery of such notice, or by certified mail, return receipt requested addressed
to the parties at the following addresses:

 

	XGT:	xG Technology, Inc.
	 	240 South Pineapple Avenue, Suite 701,
	 	Sarasota, Florida 34236,
	 	 
	Customer:	Choctaw Telephone Co., Inc.
	 	Attn:  __________________________
	 	P.O. Box 468
	 	Louisburg, KS 76360
	 	 
	With copy to:	John T. Palter
	 	Riney Palter PLLC
	 	5949 Sherry Lane, Suite 1616
	 	Dallas, Texas 75225

 

    	7

    	 

    

 

ARTICLE XIII

 

MODIFICATIONS MUST BE IN WRITING

The terms and conditions of this Agreement
shall not be modified or rescinded by agreement, conduct or waiver unless specifically agreed to in writing and executed by each
of the Parties’ duly authorized representative.

 

ARTICLE XIV

 

SEVERABILITY

The invalidity or unenforceability by law
of all, or part of this Agreement shall not invalidate the remainder of the Agreement and will not affect the other provisions
hereof, and this Agreement will be construed in all respects as if such invalid or unenforceable provision were omitted.

 

ARTICLE XV

 

HEADINGS AND TITLES

All headings and titles in this Agreement
have been inserted only to facilitate reference and shall not be taken into account in the interpretation of this Agreement.

 

ARTICLE XVI

 

ASSIGNMENT

Neither party shall have the right to assign
or transfer any duties, rights or obligations due hereunder without the express written consent of the other party.

 

ARTICLE XVII

 

ENTIRE AGREEMENT

This Agreement constitutes and expresses
the entire agreement of the parties as to the services and deliveries to be provided hereunder. Except for the Non-Disclosure Agreement
signed by the parties on September 4th 2012 which remains in full force and effect, all other previous matters, agreements,
understandings and representations of whatever nature relating to this Agreement, either oral or written, are hereby superseded
or canceled. No subsequent modification shall be valid unless and until reduced to writing and signed by the parties hereto.

 

ARTICLE XVIII

 

WARRANTY AND LIABILITY FOR DEFECTS

XGT warrants
that the Services will be performed in accordance with the highest professional standards of workmanship and materially conform
to agreed specifications in accordance with federal law. XGT further warrants that during the duration of the Agreement and for
a period of two (2) years after the effective termination date, XGT will take any action reasonably necessary to rectify, correct,
repair or replace any non-conforming, defective or failing products and provide Services necessary to maintain the xMax
wireless broadband network contemplated by this Agreement . 

 

    	8

    	 

    

 

ARTICLE XIX

 

BILLING

XGT’s invoices are to be submitted
monthly in accordance with the applicable Addendum for services provided as at the date of invoice. All payments shall be made
in U. S. dollars. Terms shall net 30 days. Statements shall be addressed to:

 

xG Technology

240 S. Pineapple Ave. Suite 701

Sarasota, FL 34236

Attn: Roger Branton, CFO

 

ARTICLE XX

 

CHOICE OF LAW AND CONSENT TO JURISDICTION

This Agreement shall be construed and governed
by the laws of the State of Florida. Customer agrees that any action to collect payment of an invoice or enforce any of provision
of this Agreement may be brought in a court of competent jurisdiction in Sarasota County, Florida.

 

ARTICLE XXI

 

MARKETING

The Parties agree that this contract can
be publicly announced and jointly marketed for the mutual benefit of each.

 

ARTICLE XXII

 

INSURANCE

XGT shall maintain general liability insurance
in the aggregate amount of $3,000,000 and professional liability insurance in the aggregate amount of $3,000,000, which provides
errors and omissions coverage for any act or omission by XGT based on the Services contemplated by this Agreement and any related
services. XGT shall further obtain insurance providing coverage for any injury to XGT’s Personnel, including workers’
compensation insurance for its employees.

 

    	9

    	 

    

 

ARTICLE XXIII

 

ATTORNEY’S FEES. 

The prevailing Party to any dispute related
to this Agreement or the enforcement of this Agreement shall be entitled to reasonable and necessary attorney’s fees and
costs from the non-prevailing Party.

 

IN WITNESS WHEREOF, the Parties
hereto have caused this Agreement to be executed in duplicate and their signatures affixed thereto as of the day and year first
above written.

 

	xG Technology, Inc.	 	Choctaw Telephone Co., Inc.
	240 South Pineapple Avenue, Suite 701	 	P.O. Box 428,
	Sarasota, FL 34236, U.S.A.	 	Louisburg, KS 66053
	 	 	 	 	 
	By:	/s/ John C. Coleman	 	By:	/s/ Larry C. Townes
	 	 	 	 	 
	Title:	 CEO	 	Title: 	President
	 	 	 	 	 
	Date: 	11/24/2012	 	 	 

 

    	10

    	 

    

 

	ADDENDUM AUTHORIZATION	Addendum No: 01
	 	Date:  ______

 

The rates, terms and conditions set forth
in this addendum and the Agreement dated 24th day of November 2012 between xG Technology, Inc. and Choctaw
Telephone Company, Inc. (“Choctaw”), shall apply for the tasks defined in this addendum.

 

	I.	Job Classification:	Engineering Services Contract

 

	II.	Engagement Description and General Obligations of the Parties:

 

In General:
XGT will provide engineering services to design and build an xMax wireless broadband network for the Choctaw telephone
company operating in Choctaw, TX.. This network will provide a wireless voice and data network for businesses and private residences
in Choctaw Telephone Company service area.

 

More Specifically: 

 

	III.	Delivery of Tasks:  The list of deliveries to be performed by the parties is below:
	-	Engineering Plan 
	-	Inventory of tower assets and locations
	-	Preliminary coverage testing from tower locations
	-	Spectrum analysis and range testing
	-	Design of backhaul network & Internet capacity sizing
	-	Network installation
	-	Network coverage and performance testing
	-	Network training provided to Customer
	-	Network handover to Customer
	-	Warranty Service - separate agreement
	-	 

 

	IV.	Terms:            Start:     _____________             Duration:  ____________

 

	V.	Cost:

 

XGT will charge Engineering & Installations
Services at an hourly rate of

 

Program Manager/ Sr. Engineer = $180

Installation Engineer= $180

Network Technician = $105

Installation Technician =$100

.

Actual time and materials to be paid by
Customer following receipt from XGT from a monthly invoice for services provided up to the date of invoice and not previously billed
to, and paid by, Customer. The chart below is a preliminary estimate for the entire project.

 

    	11

    	 

    

 

	Item	 	Qty.	 	 	Unit Price	 	 	Ext. Price	 
	Backhaul - Redlines 5 Backhaul links	 	 	2	 	 	$	5,500	 	 	$	11,000	 
	ATAs for dial tone	 	 	10	 	 	$	30	 	 	$	300	 
	Ethernet hubs- 1 hub at all sites to bridge 3 xAPs	 	 	2	 	 	$	100	 	 	$	200	 
	Tower Sites Materials	 	 	1	 	 	$	7,000	 	 	$	28,000	 
	Telephone pole site materials (not including poles)	 	 	1	 	 	$	2,500	 	 	$	2,500	 
	New Cell Tower Materials (if required)	 	 	1	 	 	$	75,000	 	 	$	75,000	 
	Transportation	 	 	1	 	 	$	15,000	 	 	$	15,000	 
	Power service drops	 	 	2	 	 	$	2,000	 	 	$	2,000	 
	Misc equip and installation	 	 	1	 	 	 	10,000	 	 	$	10,000	 
	Installation Services Estimate
	4 man install team (labor + per diem) per man day	 	 	10	 	 	$	5,500	 	 	$	55,500	 
	Engineering Services Estimate
	Network Design & Project Management	 	 	1	 	 	 	25,000	 	 	$	25,000	 
	Network Training	 	 	1	 	 	 	25,000	 	 	$	25,000	 

 

ACCEPTANCE AUTHORIZATION

 

	           xG Technology, Inc.	 	           Choctaw Telephone Co., Inc.
	 	 	 	 	 
	By	 	 	By:	/s/ Larry C. Townes
	 	 	 	 	 
	Title	 	 	Title	President
	 	 	 	 	 
	Date 	 	 	Date 	11/13/2012

 

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