Document:

Exhibit 10.2

 

Separation
Agreement and Mutual Release

 

 

Separation
Agreement and Mutual Release (this “Agreement”)
dated January 22, 2020 (the “Effective Date”), by and among (i) SITO Mobile, Ltd., a Delaware corporation
(the “Company”), and (ii) Thomas Pallack (“Executive”). The Company and Executive
are sometimes referred to herein individually as a “Party” and together as the “Parties.”

 

 Recitals

 

A.
Executive and the Company entered into that certain Employment Agreement dated as of June 2, 2017 (the “Employment
Agreement”).

 

B.
Executive has resigned as the Company’s Chief Executive Officer and as a member of the Board of Directors of the Company
(the “Board”) effective as of January 31, 2020 or such earlier date as the Company shall request on
or after the Effective Date (the “Resignation Date”), and the Company has accepted such resignation.

 

C.
The Parties dispute the basis under the Employment Agreement and otherwise on which the Executive resigned as an employee and
officer of the Company, and desire to resolve such dispute, upon the terms and subject to the conditions hereinafter set forth.

 

D.
All references to dollars herein shall be deemed to refer to lawful currency of the United States of America.

 

E.
Unless otherwise defined, all capitalized terms used herein shall have the respective meanings ascribed to such terms in Section
23.

 

Accordingly,
in consideration of the foregoing, and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Parties hereby agree as follows:

 

1.
Acknowledgement of Resignation; Termination of Employment Agreement; No Further Obligations. The Company and Executive
acknowledge, agree and confirm that (i) Executive has resigned as the Company’s Chief Executive Officer and as a member
of the Board, and from all other positions, if any, that Executive holds with the Company or any of its Affiliates, and (ii) except
as specifically provided in the following sentence, the Employment Agreement is terminated and of no further force or effect whatsoever,
in each case effective as of the Resignation Date. Notwithstanding the foregoing, the Parties acknowledge and agree that Section
6 of the Employment Agreement, entitled “Restrictive Covenants,” and Section 7.5 of the Employment
Agreement, entitled “Indemnification,” shall continue to remain in full force and effect in accordance with
their respective terms, and Executive shall retain all other rights to indemnification arising under Company’s Certificate
of Incorporation and By-Laws. The Company shall continue to include coverage for Executive under its existing directors’
and officers’ liability insurance policy or policies (the “D&O Policy”) (pursuant to the Company’s
tail insurance coverage with respect to his alleged acts or omissions during the period that he served as an officer of the Company)
for a period of three (3) years from the Effective Date, so long as the Company is able to include and maintain such coverage
for Executive under the D&O Policy on commercially reasonable terms. In the event the Company is unable to renew the D&O
Policy following the expiration of the current term of such D&O Policy on commercially reasonable terms, shall use its commercially
reasonable efforts to obtain a replacement directors’ and officers’ liability insurance policy or policies (a “Replacement
D&O Policy”), which Replacement D&O Policy shall provide coverage to Executive upon the foregoing terms
and conditions; provided that in any event, Executive shall be entitled to no less favorable protection under the Replacement
D&O Policy as is provided to other former executives of the Company. Neither Party shall have any obligation to the Other
Party either in respect of the period prior to or following the Effective Date, other than as specifically provided in this Agreement
and in the Indemnification Agreement dated the date hereof between the Parties (the “Indemnification Agreement”).
The Parties acknowledge and agree that (i) Executive has resigned as the Company’s Chief Executive Officer and as a member
of the Board voluntarily and as mutually agreed with the Company, (ii) the resignation by Executive is not the result of any claim
or threatened claim by either Party against the Other Party, and (iii) the payments to be made to the Executive and the other
promises of the Parties made herein constitute full and adequate consideration for the agreement of the Parties reflected herein.

 

    1

     

    

 

2.
Consideration. As full consideration for a release of claims and the other promises and covenants set forth herein and
as payment of all amounts owed or otherwise payable by the Company to Executive for his service as an employee of the Company,
and in lieu of and in satisfaction in full of payment of the compensation to which Executive is otherwise entitled, the Company
shall, and hereby agrees to:

 

a.
Pay Executive an amount equal to $69,873.82 (the “Cash Severance Amount”), less applicable withholdings,
which represents (i) $49,999.98 of unpaid salary, (ii) $11,538.46 of accrued unused vacation, (iii) $3,335.38 of unreimbursed
expenses and (iv) a total of $5,000 of attorneys’ fees incurred by Executive in connection with the preparation and negotiation
of this Agreement, all of which is payable to Outten & Golden LLP, in accordance with to the following schedule:

 

		A.	$20,000
on or before January 31, 2020; and

 

		B.	$5,000
on or before the 20th day of each subsequent month, beginning February 20, 2020, until the entire Cash Severance Amount
has been paid in full.

 

b.
Waive 100% of the applicable premium otherwise payable for continuation of health insurance coverage for Executive, his spouse
and eligible dependents under The Consolidated Omnibus Budget Reconciliation Act for a period equal to the earlier of (a) December
31, 2020 or (b) obtaining comparable coverage from new employment.

 

The
payments and reimbursements as provided above in this Section 2, including, without limitation, the Cash Severance Amount,
are collectively referred to herein as the “Executive Compensation.” The Executive Compensation shall
be subject to reduction to reflect all tax withholdings and other deductions required by law be withheld and shall be paid to
Executive in accordance with subparagraphs (a) and (b) of this Section 2. Neither the Company nor any of its subsidiaries
or Affiliates shall be required to make any other payments or provide any further benefits to Executive in connection with this
Agreement, the Employment Agreement or any other agreement, purported or actual, between the Company and Executive or to which
Executive is a party or purported beneficiary.

 

3.
Mutual Non-Disparagement.

 

a.
Executive, on behalf of himself and each of his Affiliates, heirs, executors, administrators, trustees and assigns
(collectively referred to herein as the “Executive Group”), hereby agrees to forbear from making,
causing to be made, publishing, ratifying or endorsing any and all statements, comments or communications that could
constitute disparagement of the Company or any member of the Company Group (as defined in Section 6(a)) or that may be
considered to be derogatory or detrimental to the good name or business reputation of the Company or any member of the
Company Group.

 

    2

     

    

 

b.
The Company, on behalf of itself and each member of the Company Group, but specifically excluding for purposes of this Section
3(b) the former officers, directors, Representatives and agents and employees of the Company, its subsidiaries and its Affiliates,
hereby agrees to forbear from making, causing to be made, publishing, ratifying or endorsing any and all statements, comments
or communications that could constitute disparagement of Executive or any or that may be considered to be derogatory or detrimental
to the good name or business reputation of Executive.

 

c.
Notwithstanding anything herein to the contrary, nothing in this Agreement shall prevent any Party from (i) initiating or
cooperating in any governmental proceeding, (ii) making truthful statements to the extent necessary with respect to any
litigation or arbitration involving any agreement between the Parties or from providing truthful testimony pursuant to a
legally-issued subpoena or similar legal compulsion, (iii) reporting possible violations of law to a governmental agency or
entity, or requiring a Party to seek authorization from, or notification to, the Other Party of such reports, whether
pursuant to Section 21F of the Exchange Act, Rule 21F promulgated thereunder or by the rules of the Nasdaq Stock Market, or
(iv) responding truthfully and publicly to incorrect, disparaging or derogatory public statements to the extent reasonably
necessary to correct or refute such public statements.

 

4.
No Litigation.

 

a.
Except as provided in Section 5 and in the proviso at the end of Section 6(a), Executive covenants and agrees that
he shall not, and he shall not permit, encourage or cooperate with any of his Representatives or Affiliates to, directly or indirectly,
alone or in concert with others, encourage, pursue, or assist any other person to threaten, initiate or pursue, any lawsuit, claim
or proceeding before any court or governmental, administrative or regulatory body (collectively and individually, a “Legal
Proceeding”) against the Company or any member of the Company Group or any of their respective Affiliates or Representatives,
except for any Legal Proceeding initiated solely to remedy a breach of or to enforce this Agreement (including the other rights
preserved by this Agreement in Section 1 hereof); provided that the foregoing shall not prevent Executive or any
member of the Executive Group, or any of their respective Affiliates or Representatives, from responding to a Legal Requirement
in connection with any Legal Proceeding if such Legal Proceeding has not been initiated by, or on behalf of, or at the suggestion
of, Executive or any member of the Executive Group, or any of their respective Affiliates or Representatives; and provided,
further that, in the event Executive or any member of the Executive Group, or any of their respective Affiliates or Representatives
or any of his Representatives receives notice or becomes aware of such Legal Requirement, such Person shall give prompt written
notice of such Legal Requirement to the Company. Further, Executive shall use its best efforts to prevent each of its Associates
that is not an Affiliate of Executive to observe the prohibitions set forth in this Section 4(a).

 

b.
The Company covenants and agrees that it shall not, and it shall not permit, encourage or cooperate with any of its
Representatives or Affiliates to, directly or indirectly, alone or in concert with others, encourage, pursue, or assist any
other person to threaten, initiate or pursue, any Legal Proceedings against Executive or any member of the Executive Group,
or any of their respective Affiliates or Representatives, except for (i) any Legal Proceeding initiated solely to remedy a
breach of or to enforce this Agreement (including the other rights preserved by this Agreement in Section 1 hereof); provided
that the foregoing shall not prevent the Company or any member of the Company Group, or any of their respective Affiliates or
Representatives, from responding to a Legal Requirement in connection with any Legal Proceeding if such Legal Proceeding has
not been initiated by, or on behalf of, or at the suggestion of, the Company or any member of the Company Group, or any of
their respective Affiliates or Representatives; and provided, further that in the event the Company or any
member of the Company Group, or any of their respective Affiliates or Representatives, receives such Legal Requirement, such
Person shall give prompt written notice of such Legal Requirement to Executive, and (ii) any Legal Proceedings against
Executive or any member of the Executive Group based on claims that Executive has committed fraud as against the Company or
any of its Affiliates to the extent that such claims are based on information not known to the Company (or its applicable
Affiliates) at the time of this Agreement; the Company (and its Affiliates) acknowledge that it/they are unaware of any basis
for any such claims of fraud at this time. Further, the Company shall use its best efforts to prevent each of its Associates
that is not an Affiliate of the Company to observe the prohibitions set forth in this Section 4(b).

 

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5.
Permitted Activities. Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement shall prohibit
or restrict Employee from:

 

a.
Initiating communications directly with, or responding to any inquiry from, or providing testimony before, the U.S. Equal Employment
Opportunity Commission, or any other self-regulatory organization or any other state or federal regulatory authority;

 

b.
Making any disclosure of relevant, necessary and truthful information or documents:

 

		i.	pursuant
to any applicable federal law;

		ii.	as
otherwise required by law or legal process;

		iii.	in
connection with any charge, action, investigation or proceeding relating to this Agreement; or

		iv.	to
the Company’s legal department.

 

6.
Mutual Releases.

 

a.
Executive, on behalf of himself and each member of the Executive Group, generally releases and discharges each of the Company
and its predecessors, successors (by merger or otherwise), subsidiaries, Affiliates and assigns, together with each and every
of their respective present, past and future officers, directors, Representatives and agents and heirs and executors of same
(collectively referred to herein as the “Company Group”) from any and all claims, actions, causes
of action, demands, liens, agreements, contracts, covenants, actions, suits, causes of action, obligations, promises,
controversies, complaints, debts, dues, costs, expenses, damages, judgments, orders and liabilities, of whatever kind or
nature, direct or indirect, in law, equity or otherwise, whether known or unknown (“Claims”), that
Executive ever had, now has or may in the future have against the Company or any member of the Company Group arising out of
Executive’s prior relationship with the Company or Executive’s rights or status as an officer of the Company or
relating to any other matter, thing or event occurring up to and including the date of this Agreement including, without
limitation, any and all Claims for attorneys' fees and costs with respect to the released Claims in excess of the $5,000
reimbursement of attorneys’ fees referred to in Section 2(a)(iv); provided that the foregoing is not
intended to and shall not have the effect of (i) terminating or limiting in any way Executive’s rights to
indemnification and advancement of expenses under the Company's Certificate of Incorporation or Bylaws, the Indemnification
Agreement between the Parties, or under the Delaware General Corporation Law; or (ii) limiting the ability of Executive to
enforce this Agreement; (iii) waiving or releasing any rights or claims based on events that occur after the Effective Date;
or (iv) limiting, reducing or eliminating any of the benefits which Executive is entitled to receive solely in his
capacity as a shareholder of the Company, provided that, for the avoidance of doubt, Executive is hereby waiving and
relinquishing any and all rights in and to any and all shares of the Company’s capital stock or any rights or options
to acquire shares of the Company’s capital stock that have not vested or that may not be exercised, as the case may be,
as of January 31, 2020, whether under the Employment Agreement or otherwise.

 

    4

     

    

 

b.
The Company, on behalf of itself and each member of the Company Group, but specifically excluding for purposes of this Section
6(b) the former officers, directors, Representatives and agents and employees of the Company, its subsidiaries and its Affiliates,
generally releases and discharges Executive and each member of the Executive Group from any and all Claims that the Company or
any member of the Company Group ever had, now has or may in the future have against Executive or any member of the Executive Group
arising out of Executive’s prior relationship with the Company or Executive’s rights or status as an officer of the
Company or relating to any other matter, thing or event occurring up to and including the date of the this Agreement including,
without limitation, any and all Claims for attorneys' fees and costs with respect to the released Claims; provided that
the foregoing is not intended to and shall not have the effect of limiting the ability of the Company to enforce this Agreement
or waiving or releasing any rights or claims based on events that occur after the Effective Date.

 

c.
Each Party represents and warrants that it has not heretofore transferred or assigned, or purported to transfer or assign, to
any person, firm, or corporation any claims, demands, obligations, losses, causes of action, damages, penalties, costs, expenses,
attorneys’ fees, liabilities or indemnities herein released. Each Party further represents and warrants that neither it
nor any assignee has filed any lawsuit against the Other Party or any of the Other Party’s respective Affiliates or Representatives.

 

d.
Each Party waives any and all rights (to the extent permitted by state law, federal law, principles of common law or any
other law), which may have the effect of limiting the releases as set forth in this Section 6. Without limiting the
generality of the foregoing, each Party acknowledges that there is a risk that the damages and costs that it believes it has
suffered or will suffer may turn out to be other than or greater than those now known, suspected, or believed to be true.
Facts on which each Party has been relying in entering into this Agreement may later turn out to be other than or different
from those now known, suspected or believed to be true. Each Party acknowledges that in entering into this Agreement, it has
expressed that it agrees to accept the risk of any such possible unknown damages, claims, facts, demands, actions, and causes
of action. Each Party acknowledges and agrees that the releases and covenants provided for in this Section 6 are
binding, unconditional and final as of the date hereof.

 

7.
No Announcement; SEC Filing.

 

a.
Except as provided below in this Section 7, no announcement shall be made, whether public or private, regarding the subject
of this Agreement or the matters referred to herein, except to the extent that disclosure of this Agreement and such matters is
legally required.

 

b.
Except as provided in Section 7(c), no Party or any of its Affiliates, or any of their respective Representatives, shall
issue any press release, public announcement or other public statement (including, without limitation, in any filing required
or voluntarily made under the Exchange Act) concerning the subject matter of this Agreement without the prior written consent
of the Other Party.

 

c.
No later than four (4) Business Days following the execution of this Agreement, the Company shall, if required, based on the
advice of its outside legal counsel, file with the SEC a Current Report on Form 8-K, reporting its entry into this Agreement
(the “Form 8-K”).

 

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8.
Confidentiality.

 

a.
Each Party acknowledges that certain information concerning the business and affairs of any Other Party (“Confidential
Information”) has been or may be disclosed to such Other Party and its Representatives by such Party or its Representatives.
For the avoidance of doubt, the term “Confidential Information” shall include, without limitation, any information
relating to the discussions or negotiations between the Company and its Representatives, on the one hand, and Executive and his
Representatives, on the other hand, and any other matter concerning the Company or Executive. Each Party agrees that the Confidential
Information shall be kept confidential and that each Party and their respective Affiliates and Representatives shall not disclose
any of the Confidential Information of any Other Party in any manner whatsoever without the specific prior written consent of
such Other Party unless pursuant to paragraph (b) below; provided that no Party shall be prohibited from exercising
any legally protected whistleblower rights (including under Rule 21F under the Exchange Act); and provided, further
that the term “Confidential Information” shall not include information that (i) was in or enters the public domain,
or was or becomes generally available to the public, other than as a result of the disclosure by such Party or any of its Representatives
in violation of the terms of this Agreement or any other confidentiality agreement, or under any other contractual, legal, fiduciary
or binding obligation of any such Party or any of its Representatives; or (ii) was independently developed or acquired by such
Party without violating any of the obligations of such Party or any of its Representatives under this Agreement or any other confidentiality
agreement, or under any other contractual, legal, fiduciary or binding obligation of such Party or any of its Representatives
and without use of any Confidential Information of any Other Party. Each Party shall undertake reasonable precautions to safeguard
and protect the confidentiality of the Confidential Information, to accept responsibility for any breach of this Section 8
by any of its Representatives, including taking all reasonable measures (including Legal Proceedings) to restrain its Representatives
from prohibited or unauthorized disclosures or uses of Confidential Information.

 

b.
In the event that any Party or any of its Representatives is required to disclose any Confidential Information by oral
questions, interrogatories, requests for information or documents, subpoenas, civil investigative demands, court order,
operation of law, or similar processes (a “Legal Requirement”), such Party and its Representatives
shall (i) provide any Other Party prompt written notice of such Legal Requirement so that such Other Party may seek an
appropriate protective order or waive compliance with the provisions of this Agreement; and (ii) consult with any Other Party
as to the advisability of taking legally available steps to resist or narrow any disclosure pursuant to such Legal
Requirement. If, in the absence of a protective order or the receipt of a waiver hereunder, such Party is advised by its
legal counsel that it is legally required to disclose such Confidential Information, such Party may disclose to the person
that served the Legal Requirement that portion (and only that portion) of the Confidential Information that such counsel has
advised it is required to be disclosed; provided that such Party shall give any Other Party written notice as far in
advance of its disclosure as is reasonably practicable and shall cooperate using commercially reasonable efforts in assisting
such Other Party in connection with seeking to obtain an order or other reliable assurance that confidential treatment shall
be accorded to such portion of the Confidential Information required to be disclosed.

 

c.
For the avoidance of doubt, the obligations under this Section 8 shall be in addition to, and not in lieu of, any
Parties’ confidentiality obligations under applicable law.

 

9.
No Solicitation. Executive agrees that from the Effective Date until the first anniversary of the Effective Date, he shall
not, directly or indirectly (i) solicit the employment or engagement of services of any Person who is or, in the twelve (12) months
prior to the Effective Date, was an employee of or consultant to the Company or any of its Affiliates, (ii) hire any such Person,
(iii) persuade, induce, or attempt to persuade or induce, any such Person to leave his or her employment with the Company or any
of its Affiliates, or to refrain from providing services to the Company or any of its Affiliates, or (iv) solicit or induce, or
in any manner attempt to solicit or induce, or cause or authorize any other Person to solicit or induce any Person on his, her,
or its behalf, as applicable, to cease, diminish or not commence doing business with the Company or any of its Affiliates. Notwithstanding
the foregoing, nothing shall preclude the hiring of any such Person who: (A) responds to a generalized solicitation through advertisements
in newspapers, trade journals, on the internet, or by any other similar medium, so long as such solicitations are not directed
at employees of the Company or any of its Affiliates; (B) is referred by search firms, employment agencies, or other similar Persons,
provided that such Persons have not been specifically instructed by Executive or any of his Affiliates, or any of their respective
Representatives, as applicable, to solicit such employees of the Company or any of its Affiliates; or (C) initiated a discussion
on his or her own volition regarding such employment with Executive or any of his Affiliates, without any direct or indirect solicitation
by him or her, as applicable, or by his or her Affiliates, as applicable.

 

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10.
Affiliates and Associates. Each Party shall (i) cause its Affiliates to comply with the terms of this Agreement and shall
be responsible for any breach of this Agreement by any such Affiliate and (ii) use its best efforts to cause its Associates that
are not also Affiliates to comply with the terms of this Agreement. A breach of this Agreement by an Affiliate of any Party, if
such Affiliate is not a Party, shall be deemed to occur if such Affiliate engages in conduct that would constitute a breach of
this Agreement if such Affiliate was a Party.

 

11.
Representations and Warranties.

 

a.
Executive represents and warrants to the Company that:

 

i.
he has full power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate
the transactions contemplated hereby; and

 

ii.
this Agreement has been duly and validly executed and delivered by Executive, constitutes a valid and binding obligation and agreement
of Executive and is enforceable against Executive in accordance with its terms;

 

b.
The Company hereby represents and warrants to Executive that:

 

i.
it has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate
the transactions contemplated hereby; and

 

ii.
this Agreement has been duly and validly authorized, executed and delivered by it, constitutes a valid and binding obligation
and agreement of the Company and is enforceable against the Company in accordance with its terms.

 

12.
No Admission. Neither this Agreement nor any of its provisions shall be offered or received in evidence against any Party
in any action or proceeding, except an action or proceeding to enforce this Agreement. Nothing contained in this Agreement shall
constitute an admission by any Party, or the correctness, of any of the allegations by any Other Party, and shall not be considered
as an admission by any Party of liability, wrongdoing or anything improper.

 

13.
Expenses; Attorneys’ Fees. Company shall pay directly or reimburse Executive, at his election, for attorneys’
fees and expenses incurred in connection with his employment, his resignation, or the negotiation and preparation of this Agreement,
including but not limited to, legal fees and expenses, accounting fees and expenses and the fees and expenses of its other advisors.

 

14.
Entire Agreement. This Agreement, together with the Indemnification Agreement, contains the entire agreement of the Parties
with respect to the subject matter hereof, supersedes all prior agreements and understandings, both written and oral, between
the Parties with respect to the subject matter hereof.

 

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15.
Assignment; Binding Effect. This Agreement shall not be assignable by operation of law or otherwise by a Party without
the consent of any Other Party. Subject to the foregoing sentence, this Agreement shall be binding upon, inure to the benefit
of, and be enforceable by and against the permitted respective heirs, executors, administrators, successors and assigns of each
Party.

 

16.
Severability. If any term or provision of this Agreement shall be held to be invalid or unenforceable for any reason, then
such term or provision shall be ineffective to the extent of such invalidity or unenforceability without invalidating the remaining
terms or provisions hereof, and such term or provision shall be deemed modified to the extent necessary to make it enforceable.

 

17.
Partial Invalidity. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or invalidated. It is hereby stipulated and declared
to be the intention of the Parties that the Parties would have executed the remaining terms, provisions, covenants and restrictions
without including any of such which may be hereafter declared invalid, void or unenforceable. In addition, the Parties agree to
use their reasonable best efforts to agree upon and substitute a valid and enforceable term, provision, covenant or restriction
for any of such that is held invalid, void or enforceable by a court of competent jurisdiction.

 

18.
Advice of Counsel. Each Party is hereby advised to seek the advice of counsel. Each Party hereby acknowledges that he,
she, or it, as applicable, is acting of his, her, or its own free will, that he, she, or it, as applicable, has been afforded
a reasonable time to read and review the terms of this Agreement, and that he, she, or it, as applicable, is voluntarily entering
into this Agreement with full knowledge of its provisions and effects.

 

19.
Amendments. Neither this Agreement nor any term hereof may be orally changed, waived, discharged, or terminated, except
by a written agreement signed by the Parties hereto.

 

20.
Governing Law; Jurisdiction; Jury Waiver. This Agreement, and any disputes arising out of or related to this Agreement
(whether for breach of contract, tortious conduct or otherwise), shall be governed by, and construed in accordance with, the laws
of the State of New York, without giving effect to any conflict of laws principles that would otherwise require the application
of the laws of any other jurisdiction. The Parties agree that exclusive jurisdiction and venue for any Legal Proceeding arising
out of or related to this Agreement shall exclusively lie in the Federal and state courts located in the Borough of Manhattan,
in the City and State of New York, and any appellate court from any such Federal or state courts. Each Party waives any objection
it may now or hereafter have to the laying of venue of any such Legal Proceeding, and irrevocably submits to personal jurisdiction
in any such court in any such Legal Proceeding and hereby further irrevocably and unconditionally waives and agrees not to plead
or claim in any court that any such Legal Proceeding brought in any such court has been brought in any inconvenient forum. Each
Party consents to accept service of process in any such Legal Proceeding by service of a copy thereof upon its legal counsel,
as indicated in Section 22 of this Agreement, with a copy delivered to it by certified or registered mail, postage prepaid,
return receipt requested, addressed to it at the address set forth in Section 22. Nothing contained herein shall be deemed
to affect the right of any Party to serve process in any manner permitted by law. Each
Party hereto hereby irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or related to
this Agreement. 

 

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21.
Specific Performance. The Company, on the one hand, and Executive, on the other hand, acknowledge and agree that irreparable
injury to any Other Party would occur in the event any provision of this Agreement were not performed in accordance with such
provision’s specific terms or were otherwise breached or threatened to be breached and that such injury would not be adequately
compensable by the remedies available at law (including the payment of money damages). It is accordingly agreed that the Company,
on the one hand, and Executive, on the other hand (the “Moving Party”), shall each be entitled to specific
enforcement of, and injunctive relief to prevent any violation of, the terms hereof, and any Other Party hereto shall not take
action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy or
relief is available at law or in equity. This Section 21 shall not be the exclusive remedy for any violation of this Agreement.

 

22.
Notice. All notices, demands and other communications to be given or delivered under or by reason of the provisions of
this Agreement shall be in writing and shall be deemed to have been given (a) when delivered by hand, with written confirmation
of receipt; (b) upon sending if sent by email or facsimile to the email address or facsimile numbers below, with electronic confirmation
of sending; (c) one (1) day after being sent by a nationally recognized overnight carrier to the addresses set forth below; or
(d) when actually delivered if sent by any other method that results in delivery, with written confirmation of receipt, addressed
as follows:

 

If
to the Company, to: 

 

SITO
Mobile, Ltd.

100
Town Square Place

Suite
204

Jersey
City, NJ 07310

Attn:
CEO

 

with
a copy to (which shall not constitute notice):

 

Pepper
Hamilton LP

The
New York Times Building

620
Eighth Avenue—37th Floor

New
York, NY 10018

Attention:
Andrew Hulsh, Partner

E-mail:
hulsha@pepperlaw.com

 

If
to Executive, to: 

 

Thomas
Pallack

12953
Blue Heron Circle

Ojai,
CA 93023

E-mail:
tjpallack@gmail.com

 

with
a copy to (which shall not constitute notice):

 

Wayne
N. Outten

Outten
& Golden LLP

685
Third Ave, 25th Floor

New
York, NY 10017

E-mail:
wno@outtengolden.com

 

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23.
Certain Definitions and Interpretations. As used in this Agreement: (a) “Associate” means (i)
any corporation or other organization or entity of which such Person is an officer or partner or is, directly or indirectly, the
beneficial owner of 10 percent or more of any class of equity securities, (ii) any trust or other estate in which such person
has a substantial beneficial interest or as to which such person serves as trustee or in a similar fiduciary capacity and (iii)
any relative or spouse of such person, or any relative of such spouse, who has the same home as such person or who is a director
or officer of the registrant or any of its parents or subsidiaries; (b) an “Affiliate” of, or a person
“Affiliated” with, a specified person, is a Person that directly, or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, Person specified; provided that, for the
avoidance of doubt, a Person shall not be deemed an Affiliate of a corporation or other organization or entity of which such Person
beneficially owns equity securities if such Person does not in fact control such corporation or other organization or entity;
(c) the term “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder; (d) the terms “beneficial ownership” and “person”
(and any plurals thereof) have the meanings ascribed to such terms under the Exchange Act; (e) the term “Business
Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in the State of New York
are authorized or obligated to be closed by applicable law; (f) “Legal Process” means any oral questions,
interrogatories, requests for information or documents, subpoenas, civil investigative demands, or similar processes issued by
a court or other governmental body of competent jurisdiction; (g) the term “Other Party” means (i) in
the case of the Company, Executive, and (ii) in the case of Executive, the Company; (h) the term “Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust,
unincorporated organization, or governmental body; (i) the term “Representatives” means a person’s
Affiliates and its and their respective directors, officers, employees, partners, members, managers, consultants, legal or other
advisors, agents and other representatives; and (j) the term “SEC” means the U.S. Securities and Exchange
Commission. In this Agreement, unless a clear contrary intention appears, (i) the word “including” (in
its various forms) means “including, without limitation;” (ii) the words “hereunder,” “hereof,”
“hereto” and words of similar import are references in this Agreement as a whole and not to any particular
provision of this Agreement; (iii) the word “or” is not exclusive; and (iv) references to “Sections”
in this Agreement are references to Sections of this Agreement unless otherwise indicated.

 

24.
Counterparts; .PDF Signatures. This Agreement may be executed in multiple counterparts, each of which may be deemed an
original and all of which together shall constitute one and the same instrument. Signatures to this Agreement transmitted by facsimile
transmission, by electronic mail in “portable document format” (“.pdf”) form, or by any other electronic
means intended to preserve the original graphic and pictorial appearance of a document, shall have the same effect as physical
delivery of the paper document bearing the original signature.

 

[Signature
page follows.]

 

    10

     

    

 

In
Witness Whereof, the Parties have executed and
delivered this Agreement as of the date first written above.

 

	COMPANY:	 
	 	 
	SITO
    Mobile, Ltd.	 
	 	 
	By: 	/s/ Jon Bond	
	Name:  	 Jon Bond	 
	Title:  	Chairman of the Board	 
	 	 
	EXECUTIVE:	 
	 	 
	/s/
    Thomas J. Pallack	 
	Thomas
    J. Pallack	 

 

 

 11Exhibit 4.15

    

    COMMON STOCK PURCHASE WARRANT

    

    

     CHF SOLUTIONS, INC.

    

    

    	
            Warrant Shares: _______

          	
            Initial Exercise Date: ________

          
	 	 
	 	
            CUSIP:_________

          
	 	
            ISIN: __________

          

    

    

    

    

    

    

    THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, CEDE & CO. or its assigns (the “Holder”) is entitled, upon the terms and subject to the
      limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on ________ __, 2025 (the “Termination Date”)

      but not thereafter, to subscribe for and purchase from CHF Solutions, Inc., a Delaware corporation (the “Company”), up to _______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of the Company’s common stock (“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). This Warrant shall initially be issued and maintained in the form of a security held in book-entry
      form and the Depository Trust Company or its nominee (“DTC”) shall initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant
      Agency Agreement, in which case this sentence shall not apply.

    

    

    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.

    
      1

      
        

    

    “Board of Directors” means the board of directors of the Company.

    

    

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

    

    

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

    

    

    “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.

     

    

    
       “Exempt Issuance” means the issuance of (a) shares of
          Common Stock or options, restricted stock unit or other equity awards to employees, officers or directors of the Company pursuant to any equity incentive plan duly adopted for such purpose, by a majority of the non-employee members of the Board
          of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) securities upon the exercise or exchange of or conversion of any Securities issued pursuant
          to the Underwriting Agreement and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of the Underwriting Agreement, provided that such securities have not been amended
          since the date of the Underwriting Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to
          extend the term of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as “restricted securities”
          (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith for at least 90 days following the Initial Exercise Date, and provided that any such issuance shall
          only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company
          additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in
          securities, (d) shares issuable upon a stock split, stock dividend or any similar recapitalization, and (e) shares of Common Stock issued to consultants, provided that such securities are issued as “restricted securities” (as defined in Rule 144)
          and carry no registration rights that require or permit the filing of any registration statement in connection therewith for at least 90 days following the Initial Exercise Date. 

    

    

    “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. 333-235385).

    

    

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

    

    

    “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 or the New York Stock Exchange (or any successors to any of the foregoing).

    

    

    “Transfer Agent” means American Stock Transfer & Trust Company, the current transfer agent of the Company, with a mailing address of 59 Maiden Lane, New York, New York
      and a facsimile number of 718-236-4588, and any successor transfer agent of the Company.

    
      2

      
        

    

     “Underwriting Agreement” means the underwriting agreement, dated as of January ___, 2020, among the
        Company and Ladenburg Thalmann & Co. Inc.as representative of the underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms. 

     

      

     “Variable Rate Transaction” means a transaction in which the Company (i) issues or sells any debt or
        equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive, additional shares of Common Stock either (A) at a conversion price, exercise price or exchange rate or other price that is based upon,
        and/or varies with, the trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price that is subject to being reset at
        some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Stock or (ii) enters
        into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the Company may issue securities at a future determined price; provided,
        however, that, after the six (6) month anniversary of the Closing Date, the Company’s issuance of shares of Common Stock pursuant to an at-the-market offering facility with
        Ladenburg Thalmann & Co. Inc. shall not be deemed a Variable Rate Transaction hereunder. 

     

    

    “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.

    

    

    “Warrant Agency Agreement” means that certain warrant agency agreement, dated on or about the Initial Exercise Date, between the Company and the Warrant Agent.

    

    

    “Warrant Agent” means the Transfer Agent and any successor warrant agent of the Company.

    

    

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

    

    

    Section 2.          Exercise.

    

    

    a)        Exercise of Warrant.   Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
      Exercise Date and on or before the Termination Date by delivery to the Company or Warrant Agent (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on
      the books of the Company) of a duly executed facsimile copy (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 shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of
      Exercise. 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 form 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 or Warrant Agent 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 or Warrant Agent shall deliver any objection to any Notice of Exercise within one (1) Business 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.

    
      3

      
        

    

    Notwithstanding the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this Warrant held in book-entry form through DTC
      (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction form for
      exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the
      Warrant Agency Agreement, in which case this sentence shall not apply.

    

    

    b)          Exercise Price.  The exercise price per share of the Common Stock under this Warrant shall be $___, 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)(68) 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;

    
      4

      
        

    

    (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.

    

    

    In connection with clause (ii) in (A) above, upon written request of the Company, the Holder will provide evidence reasonably acceptable to the Company of the Bid Price of the
      Common Stock on the principal Trading Market that was reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of 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).

    

    

    Without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise” and without limiting the liquidated damages provision in Section 2(d)(i) and the buy-in
      provision in Section 2(d)(iv), in no event will the Company be required to net cash settle a Warrant exercise.

    

    

    Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant 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 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 or the Warrant Agent 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 or the Warrant Agent 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
      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.

    
      5

      
        

    

    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.

    
      6

      
        

    

    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.

    
      7

      
        

    

    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, nonexercised 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 and shall have no liability for exercises of this Warrant that are not in compliance with the Beneficial
      Ownership Limitation, provided this limitation of liability shall not apply if the Holder has detrimentally relied on outstanding share information provided by the Company or the Transfer Agent.   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 two Trading Days confirm orally and in writing to
      the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this
      Warrant, by the Holder or its Affiliates 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.

    
      8

      
        

    

    

     

     (f)           [RESERVED]

      

     

    
    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.

    
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    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 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, that, 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 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, that, 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).  To the extent that this Warrant has not been partially or completely exercised at
      the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.

    
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    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, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one
      or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or
      exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any
      reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company,
      directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with
      another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or
      associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall
      have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on
      the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as
      a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of
      this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of
      Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If
      holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this
      Warrant following such Fundamental Transaction.  Notwithstanding anything to the contrary, in the event of a Fundamental Transaction other than one in which a Successor Entity (as defined below) that is a publicly traded corporation whose stock is
      quoted or listed on a Trading Market assumes this Warrant such that the Warrant shall be exercisable for the publicly traded common stock of such Successor Entity and only if such Fundamental Transaction is within the Company’s control, the Company
      or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the
      Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided, however,
      if the Fundamental Transaction is not within the Company’s control, including not approved by the Company’s Board of Directors, Holder shall not have the option to require the Company to purchase its Warrant.  Any cash payment will be made by wire
      transfer of immediately available funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction).  “Black Scholes Value” means the value of this Warrant based on the Black and
      Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate
      corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100
      day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of
      the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of
      the applicable Fundamental Transaction and the Termination Date.    The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
      obligations of the Company under this Warrant 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.

    
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       e)          Subsequent Equity Sales.  If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any
          right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents, at an effective price per share less than the Exercise Price then
          in effect (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (it being understood and agreed that if the holder of the Common Stock or Common Stock Equivalents so issued shall at any
          time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be
          entitled to receive shares of Common Stock at an effective price per share that is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance at such
          effective price), then simultaneously with the consummation (or, if earlier, the announcement) of each Dilutive Issuance the Exercise Price shall be reduced and only reduced to equal the Base Share Price, provided, however that the Base Share
          Price shall not be reduced to less than $___2 (subject to adjustment for reverse and forward stock splits, recapitalizations and similar transactions following the
          date of the Underwriting Agreement) pursuant to this Section 3(e)). Notwithstanding the foregoing, no adjustments shall be2made, paid or issued under this Section 3(e) in respect of an Exempt Issuance.  The Company shall notify the Holder, in
          writing, no later than the Trading Day following the issuance or deemed issuance of any Common Stock or Common Stock Equivalents subject to this Section 3(e), indicating therein the applicable issuance price, or applicable reset price, exchange
          price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”).  For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(e), upon the
          occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. If the Company
          enters into a Variable Rate Transaction, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible conversion or exercise price at which such securities may be converted or exercised. 

    

     

    

     f)           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.

    

    

     g)           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 is a party, any sale or transfer
      of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
      liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be 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 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.

    

      
 1 [  ] of the per Class A Unit public offering price. 

    
      12

      
        

    

    h)          Voluntary Adjustment By Company.  Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant,
      subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.

    

    

    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.

    
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    b)          New Warrants. If this Warrant is not held in global form through DTC (or any successor depositary), 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 Company 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.  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.

    

    

    b)          Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss,
      theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not
      include 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 nonassessable and free from all taxes, liens and charges
      created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

    
      14

      
        

    

    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)          Jurisdiction. 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.

    
      15

      
        

    

    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.  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 notices, consents, waivers or other document or communications required or permitted to be given or
      delivered under the terms of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, if delivered personally; (ii) when sent, if sent by facsimile (provided confirmation of transmission is mechanically or
      electronically generated and kept on file by the sending party); (iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether electronically or otherwise) by the sending party and the sending party does not receive an
      automatically generated message from the recipient’s e-mail server that such e-mail could not be delivered to such recipient) and (iv) if sent by overnight courier service, one (1) Trading Day after deposit with an overnight courier service with next
      day delivery specified, in each case, properly addressed to the party to receive the same. If notice is given by facsimile or email, a copy of such notice shall be dispatched no later than the next business day by first class  mail, postage prepaid.
      The addresses, facsimile numbers and e-mail addresses for such communications shall be:

    
      16

      
        

    

    If to the Company:

    

    

    CHF Solutions, Inc.

    12988 Valley View Road

    Eden Prairie, MN 55344

    Attention:          John L. Erb

                       Chairman and Chief Executive Officer
    Telecopy:          (952) 224-0181

    

    

    With a copy (for informational purposes only) to:

    

    

    Honigman LLP

    650 Trade Centre Way, Suite 200

    Kalamazoo, Michigan 49002-0402

    E-mail:             ptorrence@honigman.com

    Attention:          Phillip D. Torrence

    

    

    If to a Holder, to its address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

    

      

    Or, in each of the above instances, to such other address, facsimile number or e-mail address and/or to the attention of such other Person as the recipient party has specified by written notice given
      to each other party at least five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by
      the sender’s facsimile machine containing the time, date and recipient facsimile number or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier
      service in accordance with clause (i), (ii) or (iv) above, respectively. A copy of the e-mail transmission containing the time, date and recipient e- mail address shall be rebuttable evidence of receipt by e-mail in accordance with clause (iii)
      above.

    

    

    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.

    
      17

      
        

    

    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 or
      the beneficial owner of this Warrant, 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.

    

    

    o)          Warrant Agency Agreement.  If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agency
      Agreement.  To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling.

    

    

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

    

    

    (Signature Page Follows)

    
      18

      
        

    

    

    

    

    

    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.

    

    

    
      	 	
               CHF SOLUTIONS, INC.

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    
      19

      
        

    

    NOTICE OF EXERCISE

    

    

    TO:          CHF SOLUTIONS, 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:

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