Document:

Exhibit
10.1

 

NEITHER
THIS SENIOR CONVERTIBLE PROMISSORY NOTE NOR ANY SECURITIES ISSUABLE UPON ITS CONVERSION HAVE BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS AND MAY ONLY BE ACQUIRED
FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. THIS SENIOR CONVERTIBLE
PROMISSORY NOTE AND THE SECURITIES ISSUABLE UPON ITS CONVERSION MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE SECURITIES ACT AND QUALIFICATION UNDER APPLICABLE STATE LAW, WITHOUT
AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED UNDER THE SECURITIES ACT.

 

TARONIS
FUELS, INC.

 

FORM
OF

SENIOR
CONVERTIBLE PROMISSORY NOTE

 

Dated:
___________, 2021 (“Issuance Date”)

 

FOR
VALUE RECEIVED, TARONIS FUELS, INC., a Delaware corporation (the “Company”), hereby promises to pay to [__________]
(the “Holder”), or its registered permitted assigns, the principal amount of [_______] United Stated Dollars
($[______] USD) together with interest thereon calculated from the Issuance Date in accordance with the provisions of this Senior Convertible
Promissory Senior Note (as amended, modified and supplemented from time to time, this “Note”).

 

Certain
capitalized terms are defined in Section 10 hereof.

 

1. Payment
of Interest. Interest on this Note shall accrue monthly in arrears at a rate per annum equal to the Applicable Federal Rate. For
purposes hereof, the “Applicable Federal Rate” shall mean the IRS published rate in accordance with section
1274(d) of the Internal Revenue Code, as amended, together with the regulations promulgated thereunder from time to time, for short-term
loans compounded on a monthly basis. All interest will be computed on the basis of the actual number of days elapsed, commencing on the
Issuance Date, and a year of 365 days. Interest on this Note shall be payable only (x) on the Maturity Date pursuant to Section 2, (y)
upon any conversion pursuant to Section 3, or (z) on the date of any prepayment pursuant Section 4 (subject at all times to Holder’s
right to convert pursuant to Section 3(d) below), in each case only in the form of the Company’s Common Stock, Conversion Securities
or Non-Qualified Conversion Securities as provided in the relevant Section. In no event shall any interest to be paid under the Notes
exceed the maximum rate permitted by law. In any such event, the Note shall automatically be deemed amended to permit interest charges
at an amount equal to, but not greater than, the maximum rate permitted by law.

 

2. Maturity
Date. The entire principal amount of this Note shall be due and payable in full on March 31, 2022 (such date, the “Maturity
Date”) upon the tender of such Note by Holder, as provided in Section 3(b). The accrued but unpaid interest on this Note
through the Maturity Date, and so long thereafter until payment is tendered in full, shall be due and payable in the form of the Company’s
Common Stock upon the Maturity Date or any earlier prepayment date, in which case the conversion price shall be the Alternative Conversion
Price (as defined below).

 

    	 

     

    

 

3. Conversion.

 

(a) Mandatory
Conversion upon Qualified Offering. The principal and interest evidenced by this Note shall be mandatorily converted upon the closing
of a Qualified Offering into the identical security or securities (the “Conversion Security”) issued at such
Qualified Offering as set forth in this Section 3(a). Upon the closing of a Qualified Offering the outstanding principal amount of, and
all accrued but unpaid interest through the date of such closing on, this Note will automatically be converted into a number of shares
of the Conversion Security equal to the number derived by dividing (x) the principal amount of the Note plus any accrued and unpaid interest
through the date of such closing thereon by (y) the price paid for the Conversion Security by investors in connection with the Qualified
Offering.

 

(b) Mandatory
Conversion upon Alternative Conversion Event. In the event that a Qualified Offering has not occurred, the principal and interest
evidenced by this Note shall be mandatorily converted on the earlier of: (A) the Maturity Date; or (B) immediately prior to (but subject
to consummation of) a Business Combination (such event, an “Alternative Conversion Event”). Upon the occurrence
of the applicable Alternative Conversion Event, the outstanding principal amount of, and all accrued but unpaid interest through the
Alternative Conversion Event on, this Note will automatically be converted into a number of shares of Common Stock equal to the number
derived by dividing (x) the principal amount of the Note plus any accrued and unpaid interest through the Alternative Conversion Event
thereon by (y) the Alternative Conversion Price.

 

(c) Voluntary
Conversion upon Non-Qualified Offering. If the Company consummates an offering of securities that constitutes a Non-Qualified Offering,
Holder may elect, in the exercise of its sole discretion, to convert this Note into a number of shares of the identical security or securities
(the “Non-Qualified Conversion Security”) issued pursuant to such Non-Qualified Offering equal to the number
derived by dividing (x) the principal amount of the Note plus any accrued and unpaid interest through the date of such closing thereon
by (y) the price paid for the Non-Qualified Conversion Securities by investors in connection with the Non-Qualified Offering.

 

(d) Voluntary
Conversion upon Prepayment. In the event that the Company elects to prepay this Note, in whole or in part, pursuant to Section 4
hereof, Holder may elect, in the exercise of its sole discretion, to convert this Note into a number of shares of Common Stock equal
to the number derived by dividing (x) the principal amount of the Note plus any accrued and unpaid interest through the date of prepayment
by (y) the Alternative Conversion Price.

 

(e) Elective
Voluntary Conversion. At any time after the one hundred eightieth (180th) day following the Issuance Date, and with five (5) Business
Days advanced written notice to the Company, Holder may elect, in the exercise of its sole discretion, to convert this Note into a number
of shares of Common Stock equal to the number derived by dividing (x) the principal amount of the Note plus any accrued and unpaid interest
through the date of conversion by (y) the Alternative Conversion Price.

 

(f) Fractional
Shares. No fractional shares shall be issued upon a conversion. In lieu of any fractional shares to which Holder would otherwise
be entitled, the Company shall round up to the nearest whole share.

 

(g) Notice
of Conversion. Upon the conversion of this Note into Conversion Securities, Non-Qualified Conversion Securities or Common Stock,
as applicable, pursuant hereto, the Holder shall deliver a dated and signed notice of conversion (the “Notice of Conversion”),
a copy of which is attached to this Note as Exhibit A, acknowledging the conversion of the full principal amount of this Note
and any accrued but unpaid interest through the date of such conversion into Conversion Securities, Non-Qualified Conversion Securities
or Common Stock, as applicable. Notices of Conversion shall be deemed delivered on the date sent, if personally delivered, to the Company’s
Corporate Secretary at the Company’s principal place of business, or when actually received if sent by another method. The Notice
of Conversion shall be accompanied by the original Note.

 

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(h) Issuance
of Conversion Securities, Non-Qualified Conversion Securities or Common Stock. As soon as possible after the conversion has been
effected (but in any event within two (2) Business Days), the Company shall deliver to the converting Holder a certificate or certificates
representing the Conversion Securities, Non-Qualified Conversion Securities or Common Stock, as applicable, issuable by reason of such
conversion in such name or names and such denomination or denominations as the converting Holder has specified. The issuance of Conversion
Securities, Non-Qualified Conversion Securities or Common Stock upon conversion of this Note shall be made without charge to the holder
hereof in respect thereof or other cost incurred by the Company or acquirer in connection with such conversion. Upon conversion of this
Note, the Company shall take all such actions as are necessary in order to ensure that the Conversion Securities, Non-Qualified Conversion
Securities or Common Stock issuable upon conversion of the Note shall be validly issued, fully paid and nonassessable.

 

(i) Reservation
of Common Stock. The Company shall at all times reserve and keep available out of its authorized but unissued shares of capital stock,
solely for the purpose of issuance upon conversion hereunder or pursuant to the terms of any Conversion Securities or Non-Qualified Conversion
Securities, such number of shares of Common Stock or other capital stock issuable upon conversion. All shares of such capital stock which
are so issuable shall, when issued, be duly and validly issued, fully paid and non-assessable and free from all taxes, liens and charges.
The Company shall take all such actions as may be necessary to assure that all such shares of capital stock may be so issued without
violation of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which such shares
of capital stock.

 

4. Prepayment.
The principal amount of this Note may be prepaid, in whole or in part, at any time from time to time at the option of the Company, together
with accrued interest through the date of prepayment, which interest shall be paid in the form of the Company’s Common Stock, in
which case the conversion price shall be the Alternative Conversion Price; provided, that any prepayment will at all times be
subject to Holder’s conversion right set forth in Section 3(d) hereof; provided, further, that in no event shall
the Company be required or permitted to pay the principal amount of this Note in cash without the prior written consent of Bridging Finance
Inc. (“Bridging”).

 

5. Ranking.
The Note constitutes senior indebtedness of the Company and will rank equally with all of the Company’s other senior unsecured
and unsubordinated indebtedness from time to time outstanding. Holder agrees, by its acceptance of this Note, for itself and for each
future permitted holder (if any) of this Note, that the obligations evidenced by this Note are effectively subordinated to any secured
indebtedness of the Company to the extent of the value of the assets securing such indebtedness.

 

6. Method
of Payments.

 

(a) Payment.
Subject to the terms of this Note, the Company shall pay all sums for principal, interest, or otherwise becoming due on this Note held
by the Holder not later than 5:00 p.m. New York time, on the date such payment is due, in immediately available funds, in accordance
with the payment instructions that the Holder may designate in writing, without the presentation or surrender of such Note or the making
of any notation thereon. Any payment made after 5:00 p.m. New York time, on a Business Day will be deemed made on the next following
Business Day. If the due date of any payment in respect of this Note would otherwise fall on a day that is not a Business Day, such due
date shall be extended to the next succeeding Business Day, and interest shall be payable on any principal so extended for the period
of such extension. All amounts payable under this Note shall be paid free and clear of, and without reduction by reason of, any deduction,
set-off or counterclaim.

 

(b) Replacement.
Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Note and, in the
case of any such loss, theft or destruction of this Note, upon receipt of an indemnity reasonably satisfactory to the Company or, in
the case of any such mutilation, upon the surrender and cancellation of this Note, the Company, at its expense, will execute and deliver,
in lieu thereof, a new Note of like tenor and dated the date of such lost, stolen, destroyed or mutilated Note.

 

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7. Representations,
Warranties and Agreements of the Company. The Company represents, warrants and covenants to Holder as of the date hereof and, with
respect to Section 7(g) only, for so long as this Note remains outstanding, as follows:

 

(a) Due
Incorporation, Corporate Power, Qualification. The Company (i) is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware; (ii) has the power and authority to own, lease and operate its properties and carry on its business
as now conducted; and (iii) is duly qualified, licensed to do business and in good standing as a foreign corporation in each jurisdiction
where the failure to be so qualified or licensed would reasonably be expected to have a material adverse effect.

 

(b) Authority.
The execution, delivery and performance by the Company of this Note and the consummation of the transactions contemplated hereby (i)
are within the power of the Company and (ii) have been duly authorized by all necessary actions on the part of the Company.

 

(c) Enforceability.
This Note and each other document executed, or to be executed, by the Company in connection with this Note has been, or will be, duly
executed and delivered by the Company and constitutes, or will constitute, a legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except as limited by bankruptcy, insolvency, or other laws of general application relating
to or affecting the enforcement of creditors’ rights generally and general principles of equity.

 

(d) Disclosures.
The Company has made available to Holder all the information reasonably available to the Company that Holder has requested for deciding
whether to purchase this Note and the Company has disclosed to Holder all other matters known to it that, either individually or in the
aggregate, would reasonably be expected to have a material adverse effect, including, without limitation, that the Company’s Board
of Directors has commenced an investigation into the Company’s previously issued accounting results and internal controls and that
the Company anticipates that it will need to restate financial results as disclosed by the Company on a Current Report on Form 8-K filed
with the SEC on April 12, 2021.

 

(e) Issuance
of the Securities. The securities issued upon the conversion of this Note will, when issued, be duly and validly issued, fully paid
and nonassessable, free and clear of all liens imposed by the Company other than restrictions on transfer provided for under applicable
law or hereunder.

 

(f) Private
Placement. Assuming the accuracy of the Holder’s representations and warranties set forth below, no registration under the
Securities Act is required for the offer and sale of this Note or the Conversion Securities, Non-Qualified Conversion Securities or Common
Stock issuable upon conversion of this Note.

 

(g) Notices.
The Company will promptly notify Holder in writing of (1) the occurrence of any Event of Default, (2) any proposed Qualified Offering,
Non-Qualified Offering or Business Combination, and (3) any material action, suit or proceeding at law or in equity or by or before any
governmental instrumentality or other agency.

 

8. Representations,
Warranties and Agreements of Holder. Holder represents and warrants to the Company as of the date hereof and covenants and agrees
as follows:

 

(a) Authority.
The execution, delivery and performance by Holder of this Note and the consummation of the transactions contemplated hereby (i) are within
the power of Holder and (ii) have been duly authorized by all necessary actions on the part of Holder.

 

(b) Enforceability.
This Note has been, or will be, duly executed and delivered by Holder and constitutes, or will constitute, a legal, valid and binding
obligation of Holder, enforceable against Holder in accordance with its terms, except as limited by bankruptcy, insolvency, or other
laws of general application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity.

 

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(c) Securities
Law Compliance. Holder has been advised that the Note and the underlying securities have not been registered under the Securities
Act and any applicable state securities laws and, therefore, cannot be resold unless it or they are registered under the Securities Act
and applicable state securities laws or unless an exemption from such registration requirements is available. Holder is aware that the
Company is under no obligation to affect any such registration with respect to the Note or the underlying securities or to file for or
comply with any exemption from registration. Holder has not been formed solely for the purpose of making this investment and is purchasing
the Note for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the
distribution thereof, and Holder has no present intention of selling, granting any participation in, or otherwise distributing the same.
Holder has such knowledge and experience in financial and business matters that Holder is capable of evaluating the merits and risks
of such investment, is able to incur a complete loss of such investment without impairing Holder’s financial condition and is able
to bear the economic risk of such investment for an indefinite period of time. Holder is an “accredited investor” as such
term is defined in Rule 501 of Regulation D under the Securities Act and shall submit to the Company such further assurances of such
status as may be reasonably requested by the Company. The residency of Holder (or, in the case of a partnership or corporation, such
entity’s principal place of business) is correctly set forth beneath Holder’s name on the signature page hereto.

 

(d) No
“Bad Actor” Disqualification Events. Neither (i) Holder, (ii) its directors, executive officers, general partners or
managing members, if any, nor (iii) any beneficial owner of any of Holder’s voting equity securities (in accordance with Rule 506(d)
of the Act), if any, if such beneficial owner is deemed to own 20% or more of Holder’s outstanding voting securities (calculated
on the basis of voting power) is subject to any disqualifications described in Rule 506(d)(1)(i) through (viii) of the Securities Act
(“Disqualification Events”), except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iii) or (d)(3)
under the Securities Act and disclosed reasonably in advance of the date hereof in writing in reasonable detail to the Company.

 

(e) Investigation.
Holder has conducted its own independent investigation and analysis of the Company. In entering into this Note, Holder has relied solely
upon its own investigation and analysis and the representations and warranties of the Company contained herein. Holder acknowledges that,
other than as expressly set forth in this Note, neither the Company nor any of its respective directors, officers, employees, Affiliates,
agents or representatives make any representation or warranty, either express or implied, as to the accuracy or completeness of any of
the information provided or made available to Holder or its agents or representatives prior to the execution of this Note. Holder is
not relying upon any representation, warranty or agreement with respect to the accuracy or completeness of the information (written or
oral) provided to Holder in connection with the transactions contemplated hereby, or with respect to the appropriateness, suitability
or sufficiency of such information for the purpose of enabling Holder to evaluate such investment, other than the representations, warranties
and agreements of the Company expressly contained in this Note. Holder acknowledges that it has received all information requested by
it to make an investment decision.

 

(f) No
General Solicitation. Neither Holder, nor any of its directors, officers, employees, Affiliates, agents or representatives, if any,
has either directly or indirectly, including, through a broker or finder: (a) engaged in any general solicitation or (b) published any
advertisement in connection with the offer and sale of this Note. Holder has a preexisting personal or business relationship with the
Company or its directors, officers, employees, Affiliates, agents or representatives.

 

(g) Legends.
Holder understands that any Conversion Securities, Non-Qualified Conversion Securities or Common Stock issued pursuant to this Note may
be notated with one or all of the following legends:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE. THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND
SUCH LAWS.”

 

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The
requirement that the Conversion Securities, Non-Qualified Conversion Securities or Common Stock contain the legend set forth above shall
cease and terminate when such securities are transferred pursuant to Rule 144 or when earlier permitted by Rule 144. In connection with
the consummation of any transfer of shares pursuant to Rule 144, the Company shall, upon surrender of certificates containing such legend
and, if reasonably required by the Company, subject to receipt of an opinion of counsel reasonably acceptable to the Company (at Company’s
expense), cause to be delivered to the holder of any such securities as to which the requirement for such legend shall have terminated,
one or more new certificates evidencing such securities not bearing such legend.

 

(h) Big
Boy Representation. Holder acknowledges that the Company has advised Holder that the Company and its directors, officers, employees,
advisors, counsel and other representatives may possess non-public information regarding the Company’s business and prospects not
known to Holder which Holder may deem material to its decision whether to purchase this Note if Holder were provided with the information
(the “Excluded Information”). The Company does not intend to disclose any of the Excluded Information until
the Company has a duty to do so under applicable law or, even if there is no such duty, the Company otherwise determines it would be
in the best interests of the Company’s stockholders to disclose the Excluded Information. Holder, for itself and for each future
permitted holder (if any) of this Note (who shall be deemed to have notice of this waiver), and on behalf of its Affiliates, investors,
directors, officers, employees, financial advisors, attorneys, agents or representatives (collectively the “Waiving Parties”),
hereby:

 

(i) agrees
that neither the Company, nor its directors, officers, employees, attorneys, financial advisors, agents, representatives, successors
or assigns (collectively the “Released Parties”) shall have any liability to any Waiving Party with respect
to the existence, possession or non-disclosure of any Excluded Information, whether arising directly or indirectly, primarily or secondarily,
by contract or operation of law or otherwise, including as a matter of contribution, indemnification, set-off, rescission, or reimbursement;

 

(ii) waives
any right, claim or cause of action, at law or in equity, arising in favor of or for the benefit of any Waiving Party from or relating
to, directly or indirectly, the existence, possession or non-disclosure of any Excluded Information, and relinquishes all rights and
remedies accorded by applicable law to a buyer of securities with respect to the Note and the underlying securities to the maximum extent
permitted by law, as well as all rights to participate in any claim, action or remedy others may now or hereafter have with respect to
the foregoing;

 

(iii) with
respect to the purchase and sale of the Note and the underlying securities, releases and discharges each of the Released Parties of and
from any and all suits, demands, obligations, liabilities, claims and causes of action, contingent or otherwise, of every kind and nature,
at law and in equity, which any Waiving Party may have against any Released Party, to the extent arising from or in connection with the
existence, possession or non-disclosure of any Excluded Information whether asserted, unasserted, absolute, contingent, known or unknown;
and

 

(iv) represents
that (i) it has not assigned any claim or possible claim against the Released Parties, (ii) it fully intends to release all claims against
the Released Parties as set forth above, and (iii) it has been advised by, and has consulted with, counsel with respect to the execution
and delivery of this Section 8(h) and has been fully apprised of the consequences of the waivers and releases set forth in this Section
8(h).

 

It
is the intent of Holder (A) to commit to use all commercially reasonable efforts to cause each Waiving Party to comply with the terms
of this Section 8(h) and (B) that each Released Party be a third-party beneficiary of this Section 8(h).

 

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9. Events
of Default. If any of the following events take place prior to the earlier of (x) any conversion pursuant to Section 3 or (y) the
payment in full of the obligations evidenced by this Note (each, an “Event of Default”), Holder at its option
may, so long as such event exists, declare all principal and accrued and unpaid interest thereon and all other amounts payable under
this Note immediately due and payable; provided, that this Note shall automatically become due and payable without any declaration
in the case of an Event of Default specified in clause (b), (c), (d), or (e), below:

 

(a) The
Company shall fail to pay when due any principal payment on the due date hereunder and such payment shall not have been made within ten
(10) Business Days thereafter;

 

(b) The
Company files a petition in voluntary bankruptcy or requests reorganization under any provision of any bankruptcy, reorganization or
insolvency law or consents to the filing of any petition against it under such law;

 

(c) Proceedings
for the appointment of a receiver, trustee or custodian of the Company or of all or a substantial part of the assets or property thereof,
or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts
thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered
or such proceeding shall not be dismissed or discharged within sixty (60) days of commencement;

 

(d) The
Company makes a formal or informal general assignment for the benefit of its creditors, or admits in writing its inability to pay debts
generally when they become due, or consents to the appointment of a receiver or liquidator of the Company or of all or substantially
all of its property;

 

(e) The
Company dissolves, liquidates or ceases business activity, or transfers all or substantially all of its assets to an unaffiliated third
party;

 

(f) Any
material inaccuracy of any representation or warranty of the Company set forth in this Note; or

 

(g) The
Company materially breaches any of its agreements set forth in this Note, unless such breach is capable of cure, in which case the Company
shall have fifteen (15) Business Days to cure such breach following written notice from Holder.

 

10. Definitions.

 

“Affiliate”
means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common
control with such Person, including without limitation any general partner, managing member, officer, director or trustee of such Person,
or any venture capital fund or registered investment company now or hereafter existing that is controlled by one or more general partners,
managing members or investment adviser of, or shares the same management company or investment adviser with, such Person.

 

“Alternative
Conversion Price” means the volume weighted average price of the Common Stock for the ten (10) full trading days ending
on the second (2nd) Business Day before the date of conversion, which price shall be adjusted for any stock split (reverse or forward),
stock dividend, combination, or other recapitalization or reclassification of the Common Stock effected during such ten (10) full trading
day period.

 

“Business
Combination” means (i) the consummation of a merger or consolidation of the Company with or into another entity (except
a merger or consolidation in which the holders of capital stock of the Company immediately prior to such merger or consolidation continue
to hold a majority of the outstanding voting securities of the capital stock of the Company or the surviving or acquiring entity immediately
following the consummation of such transaction); (ii) the closing of the transfer (whether by merger, consolidation or otherwise), in
a single transaction or series of related transactions, to a “person” or “group” (within the meaning of Section
13(d) and Section 14(d) of the Exchange Act) of the Company’s capital stock if, after such closing, such person or group would
become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the outstanding voting
securities of the Company (or the surviving or acquiring entity); or (iii) the closing of the sale, transfer or other disposition, in
a single transaction or series of related transactions, of all or substantially all of the Company’s assets. For the avoidance
of doubt, a transaction will not constitute a “Business Combination” if its sole purpose is to change the state of the Company’s
incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s
securities immediately prior to such transaction.

 

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“Business
Day” means a day (other than a Saturday or Sunday) on which banks generally are open in New York, New York for the conduct
of substantially all of their activities.

 

“Common
Stock” means the common stock of the Company, par value $0.000001 per share.

 

“Non-Qualified
Offering” means the closing of the sale of equity securities of the Company (which may include warrants), whether in a
private offering or pursuant to an effective registration statement under the Securities Act, resulting in less than US $3,500,000.00
of gross proceeds to the Company.

 

“Person”
means any person or entity of any nature whatsoever, specifically including an individual, a firm, a company, a corporation, a partnership,
a limited liability company, a trust or other entity.

 

“Qualified
Offering” means the closing of the sale of equity securities of the Company (which may include warrants), whether in a
private placement or pursuant to an effective registration statement under the Securities Act, resulting in at least US $3,500,000.00
of gross proceeds to the Company.

 

11. Successors
and Assigns; Transfer of this Note.

 

(a) Subject
to the restrictions on transfer described in this Section 11, the rights and obligations of the Company and Holder shall be binding upon
and benefit the permitted successors, assigns, heirs, administrators and transferees of the parties.

 

(b) Neither
this Note nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole or in
part, by either party without the prior written consent of the other party; provided, that notwithstanding the forgoing, Holder
may at any time and from time to time assign to one or more Affiliates of Holder all or any portion of its rights and obligations under
this Note.

 

(c) Holder
may not pledge or grant a security interest in all or any portion of its rights under this Note to secure any obligations of the Holder.

 

12. Waiver
and Amendment. Subject to Section 5 hereof, any provision of this Note may be amended, waived or modified only upon the written consent
(including by electronic mail) of the Company and Holder.

 

13. Notices.
All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in writing and
faxed, transmitted via electronic mail message, mailed or delivered to each party at the respective addresses, facsimile numbers, or
email addresses of the parties as set forth on the signature page hereto, or at such other address, facsimile number, or email address
as the Company or Holder shall have furnished to the other party in writing. All such notices and communications will be deemed effectively
given upon the earlier of actual receipt or (a) personal delivery to the party to be notified; (b) when sent, if sent by electronic mail
or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s
next Business Day; (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid;
or (iv) one (1) Business Day after the Business Day of deposit with a nationally recognized overnight courier, freight prepaid, specifying
next-day delivery, with written verification of receipt.

 

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14. Payment.
Any payment required pursuant to the terms of this Note shall be made in lawful tender of the United States and in immediately available
funds.

 

15. Waivers.
Subject to the notice requirements set forth in Section 13, the Company hereby waives notice of default, presentment or demand for payment,
protest or notice of nonpayment or dishonor and all other notices or demands relative to this instrument.

 

16. Governing
Law. This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance with
the laws of the State of New York, without regard to the conflicts of law provisions of the State of New York, or of any other state,
providing for the application of the laws of any other jurisdiction.

 

17. Waiver
of Jury Trial. Each of the Company and Holder hereby agrees to waive its respective rights to a jury trial of any claim or cause
of action based upon or arising out of this Note.

 

18. Fees
and Expenses. Each party shall be responsible for its own fees and expenses incurred in connection with the negotiation, execution
and delivery of this Note.

 

19. Headings.
The headings of the sections and paragraphs of this Note are inserted for convenience only and do not constitute a part of this Note.

 

20. Severability.
If any provision of this Note is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Note
will remain in full force and effect. Any provision of this Note held invalid or unenforceable only in part or degree will remain in
full force and effect to the extent not held invalid or unenforceable.

 

21. Cancellation.
After all principal, premiums (if any) and accrued interest at any time owed on this Note have been paid in full, or this Note has been
converted, this Note will be surrendered to the Company for cancellation and will not be reissued.

 

22. Counterparts;
Electronic Signature. This Note may be executed in any number of counterparts and with counterpart signature pages delivered via
facsimile or other electronic transmission, and each such counterpart and counterpart signature page shall be deemed to be an original
instrument, but all such counterparts together shall constitute but one agreement.

 

[Signature
page follows]

 

    	9

     

    

 

IN
WITNESS WHEREOF, the Company has executed and delivered this Senior Convertible Promissory Note on the date first written above.

 

	 	COMPANY:
	 	 
	 	Taronis Fuels, Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address: 	24980
    N. 83rd Avenue, Suite 100
	 	 	Peoria,
    Arizona 85383
	 	Email:	 

 

	  	 	 
	 	HOLDER:	 
	 	 	       
	 	[___________]
	 	 	 
	 	By:	
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address: 	 
	 	 	 
	 	Email:	 

 

[Signature
Page to Senior Convertible Promissory Note]

 

    	 

     

    

 

EXHIBIT
A

 

NOTICE
OF CONVERSION

 

(To
Be Signed Only Upon Conversion of the

Senior
Convertible Promissory Note)

 

The
undersigned, the holder of the enclosed Senior Convertible Promissory Note (the “Note”) hereby surrenders such
Note for conversion into [__] shares of Common Stock, [__] Conversion Securities or [__] Non-Qualified Conversion
Securities [check one] of Taronis Fuels, Inc. (the “Shares”) to the extent of $_________unpaid
principal amount and any accrued and unpaid interest of such Note, and requests that the certificates for such shares be issued in the
name of, and delivered to:

 

Name:_______________________________________

 

Address:_____________________________________

 

____________________________________________

 

____________________________________________

 

Acknowledgement
and Agreement. The undersigned, acknowledges and agree that the undersigned: (a) is purchasing the Shares in accordance with and
subject to the terms and conditions of the Note, a copy of which the undersigned has read and understands and to which the undersigned
hereby expressly assents, and (b) that the Shares shall remain subject to the legend obligations set forth in Section 8(g) of the Note
following conversion of the Note. This understanding, acknowledgment and agreement shall inure to the benefit of and be binding on my
heirs, executors, administrators, successors and assigns.

 

Signature:____________________________________

 

(Signature
must conform in all respects to name of Holder as specified on the face of the Note)

 

Name:_______________________________________

 

Title
(if any):__________________________________

 

Dated:_______________________________________

 

Address:_____________________________________Exhibit
4.3

 

PRE-FUNDED
COMMON STOCK PURCHASE WARRANT

 

Alset
EHome International Inc.

 

	Warrant
    Shares: _______	Initial
    Exercise Date: [*], 2021	 
	 	 	 
	 	Issue
    Date: [*], 2021	 

 

CUSIP:

 

ISIN:

 

THIS
PRE-FUNDED 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
until this Warrant is exercised in full (the “Termination Date”) but not thereafter, to subscribe for and purchase
from Alset EHome International Inc., a Delaware corporation (the “Company”), up to ______ shares (as subject
to adjustment hereunder, the “Warrant Shares”) of Common Stock. 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. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated
in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day
from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices),
the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share
of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the
Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“Business Day”
means any day other than Saturday, Sunday or other day on which commercial banks in The City of New
York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks
shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”,
“non-essential employee”  or any other similar orders or restrictions or the closure of any physical branch locations
at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers)
of commercial banks in The City of New York generally are open for use by customers on such day.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
Common Stock.

 

    	 

     

    

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Registration
Statement” means the Company’s registration statement on Form S-1 (File No. [*]).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company
formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
 the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

“Transfer
Agent” means Direct Transfer, LLC, the current transfer agent of the Company, with a mailing address of 1 Glenwood Ave.,
Suite 1001, Raleigh, North Carolina 27603 and a facsimile number of 919.481.6222, and any successor transfer agent of the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Stock are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions
of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair
market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority
in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be
paid by the Company.

 

“Warrants”
means this Warrant and other Pre-Funded Common Stock purchase warrants issued by the Company pursuant to the Registration Statement.

 

    	 

     

    

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Subject to the provisions of Section 2(e) herein, exercise of the purchase rights represented by this
Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination
Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the
Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2)
Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein)
following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified
in the applicable Notice of Exercise by wire transfer of immediately available funds 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.
No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization)
of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant
has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three
(3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant
resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering
the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.
The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases.
The Company shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. The
Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph,
following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder
at any given time may be less than the amount stated on the face hereof.

 

b)
Exercise Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.01 per Warrant
Share, was pre-funded to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other
than the nominal exercise price of $0.01 per Warrant Share) shall be required to be paid by the Holder to any Person to effect
any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid
aggregate exercise price under any circumstance or for any reason whatsoever, including in the event this Warrant shall not have
been exercised prior to the Termination Date. The remaining unpaid exercise price per share of Common Stock under this Warrant
shall be $0.01, subject to adjustment hereunder (the “Exercise Price”).

 

c)
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A)
    =	as
    applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
    of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
    executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
    (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii)
    at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice
    of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P.
    as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed
    during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until
    two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or
    (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and
    such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading
    hours” on such Trading Day;
	 	 	 
	 	(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.

 

    	 

     

    

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company
agrees not to take any position contrary to this Section 2(c).

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if 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) this Warrant is being exercised via cashless exercise,
and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder
or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified
by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the
Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and
(iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of
Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder
shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this
Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate
Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and
(ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the
Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share
Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10
per Trading Day (increasing to $20 per Trading Day on the fifth (5th) Trading Day after such liquidated damages begin to accrue)
for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.
The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding
and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed
in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the
date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered
on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any time after the time
of execution of the Underwriting Agreement, dated [*], 2021 between the Company and Aegis Capital Corp., the Company agrees to
deliver the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date.

 

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

 

    	 

     

    

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

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

 

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

 

vi.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

    	 

     

    

 

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

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number
of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude
the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant
beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or
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 or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being
acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d)
of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status
as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on
the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed
with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of
a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date
as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder,
upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that
the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after
giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section
2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day
after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable
to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    	 

     

    

 

Section
3. Certain Adjustments.

 

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

 

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

 

c)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to all (or substantially all) of holders of shares of Common
Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other
similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such
case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders
of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to
the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the
Holder exceeding the Beneficial Ownership Limitation).

 

    	 

     

    

 

d)
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
or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition
of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase
offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common
Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the
holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions
effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant
to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company,
directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with
another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common
Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or
affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each
a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the
right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise
of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the
surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result
of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately
prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For
purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting
the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice
as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice
as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. 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 in accordance with the provisions
of this Section 3(d) 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 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 with the same effect as if such Successor Entity had been named as the Company herein.

 

e)
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.

 

    	 

     

    

 

f)
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 deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

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 (or
any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange
whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary
or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause
to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the
Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified,
a notice (unless such information is filed with the Commission, in which case a notice shall not be required) stating (x) the
date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a
record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

Section
4. Transfer of Warrant.

 

a)
Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading
Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if
properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a
new Warrant issued.

 

    	 

     

    

 

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

 

c)
Warrant Register. The Warrant Agent shall register this Warrant, upon records to be maintained by the Warrant Agent for
that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company
and the Warrant Agent 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.

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting
rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i),
except as expressly set forth in Section 3. Without limiting the rights of a Holder to receive Warrant Shares on a “cashless
exercise” pursuant to Section 2(c) or to receive cash payments contemplated pursuant to Sections 2(d)(i)
and 2(d)(iv), in no event, including if the Company is for any reason unable to issue and deliver Warrant Shares upon exercise
of this Warrant as required pursuant to the terms hereof, shall the Company be required to net cash settle an exercise of this
Warrant or cash settle in any other form.

 

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 (including the posting
of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

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

 

d)
Authorized Shares.

 

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

 

    	 

     

    

 

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

 

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

 

e)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) 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
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either
party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action,
suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding. Notwithstanding the foregoing, nothing
in this paragraph shall limit or restrict the federal district court in which a Holder may bring a claim under the federal securities
laws.

 

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. No provision of
this Warrant shall be construed as a waiver by the Holder of any rights which the Holder may have under the federal securities
laws and the rules and regulations of the Commission thereunder. Without limiting any other provision of this Warrant, 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 and all notices or other communications or deliveries to be provided by the Holders hereunder including, without
limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally
recognized overnight courier service, addressed to the Company, at 4800 Montgomery Lane, Suite 210, Bethesda, MD 20814, Attention:
Chief Executive Officer, facsimile number: _________, email address: [*], or such other facsimile number, email address
or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or
sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address or
address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall
be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via
facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City
time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via
facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading
Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice
is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information
regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a
Current Report on Form 8-K.

 

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,
on the one hand, and the Holder, on the other hand.

 

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)

 

    	 

     

    

 

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.

 

	 	ALSET
    EHOME INTERNATIONAL INC.
	 	 	                           
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

     

    

 

NOTICE
OF EXERCISE

 

	To:	Alset
    EHome International Inc.

 

(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; or

 

[  ]
if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

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

 

_______________________________

 

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: _______________________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

 

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 purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please
    Print)
	 	 
	Address:	 
	 	(Please
    Print)
	 	 
	Phone
    Number:	 
	 	 
	Email
    Address:	 
	 	 
	Dated:
    _______________ __, ______	 

 

	Holder’s
    Signature:	 	 
	 	 	 
	Holder’s
    Address:	 	 

 

	(Signature
    Guaranteed):	Date:	___________________,
    _____

 

Signature
to be guaranteed by an authorized officer of a chartered bank, trust company or medallion guaranteed by an investment dealer who
is a member of a recognized stock exchange.

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