Document:

Exhibit
4.7

 

THIS
WARRANT AND THE SECURITIES PURCHASABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).
THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT,
OR UNLESS SOLD PURSUANT TO RULE 144 OF THE ACT.

 

WARRANT
TO PURCHASE STOCK

 

	 	Corporation:	Eastside
    Distilling Inc. (the “Company”)
	 	Number
    of Shares:	100,000
    
	 	Class
    of Stock:	Common
    Stock 
	 	Initial
    Exercise Price:	$3.9425
    per share
	 	Issue
    Date:	January
    15, 2020 
	 	Expiration
    Date:	January
    15, 2025
	 	 	 
	 	Credit
    Facility:	This
    Warrant to Purchase Stock is issued in connection with that certain Loan Agreement of even date herewith by and among Live
    Oak Banking Company, the Company and certain subsidiaries of the Company party thereto.

 

This
Warrant to Purchase Stock (this “Warrant”) certifies that, for good and valuable consideration, the receipt
of which is hereby acknowledged, Live Oak Banking Company or its assignee
(“Holder”) is entitled to purchase the number of fully paid and nonassessable shares (the “Shares”)
of the class of securities (“Class”) of the Company at the initial exercise price per Share (the “Warrant
Price”) all as set forth above and as adjusted pursuant to Article 2 of this Warrant, subject to the provisions
and upon the terms and conditions set forth in this Warrant.

 

ARTICLE
1

 

EXERCISE

 

1.1
Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering
to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached
hereto as Appendix A and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section
1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable
to the Company for the aggregate Warrant Price for the Shares being purchased.

 

1.2
Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as
specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect
to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised (a “Cashless
Exercise”). Thereupon, the Company shall issue to Holder such number of fully paid and non-assessable Shares as are
computed using the following formula:

 

	 	X
    = 	Y(A-B)/A

 

    	 

    	 

    

 

where:

 

	 	X
    =	the
    number of Shares to be issued to Holder;
	 	 	 
	 	Y
    =	the
    number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company
    in payment of the aggregate Warrant Price);
	 	 	 
	 	A
    =	the
    Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and
	 	 	 
	 	B
    =	the
    Warrant Price.

 

1.3
Fair Market Value. The fair market value (the “Fair Market Value”) of a Share as of a particular date
shall mean the average of the closing prices of such security’s sales on a national securities exchange, the Nasdaq Select
Global Market, the Nasdaq Global Market, the Nasdaq Capital Market, the OTC Bulletin Board or another nationally recognized trading
system, in each such case averaged over a period of five (5) days consisting of the day prior to the day as of which Fair Market
Value is being determined and the five (5) consecutive business days prior to such day. If at any time such security is not listed
on a national securities exchange, the Nasdaq Select Global Market, the Nasdaq Global Market, the Nasdaq Capital Market, the OTC
Bulletin Board or another nationally recognized trading system as of the applicable exercise date, the “Fair Market Value”
shall be the fair value thereof as determined in good faith by the Company’s Board of Directors; provided, that if
Holder disagrees with the Board of Directors’ determination of such fair market value, the Company and Holder shall negotiate
in good faith for 15 days to determine such Fair Market Value. If at the end of such 15-day period, the parties are unable to
reach agreement with respect to such Fair Market Value, then they shall select a mutually acceptable independent third party appraiser
of national standing (the “Independent Appraiser”). The Independent Appraiser’s appraisal shall be the
Fair Market Value and shall be binding on the Company and Holder. The cost of the Independent Appraiser, if any, shall be shared
equally among the Company and Holder. Notwithstanding the foregoing, in the event of an automatic exercise immediately prior to
a Cash Acquisition (as defined below) pursuant to Section 1.6(b), the Fair Market Value of a Share shall mean the value
of the cash consideration payable per Share pursuant to the terms of such Cash Acquisition, which amount shall assume the full
payout of any contingent right to future payments of cash.

 

1.4
Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set
forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate or book entry notations representing
the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant
of like tenor representing the Shares not so acquired.

 

1.5
Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably
satisfactory in form and amount to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the
Company shall, at its expense and within a reasonable time, execute and deliver, in lieu of this Warrant, a new warrant of like
tenor.

 

1.6
Treatment of Warrant Upon Acquisition of the Company.

 

(a)
Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of related
transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets
of the Company; (ii) any merger or consolidation of the Company into or with another person or entity (other than a merger or
consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the
stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own less
than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after
such merger, consolidation or reorganization; or (iii) any sale or other transfer by the stockholders of the Company of shares
representing at least a majority of the Company’s then-total outstanding combined voting power.

 

    	2

     

    

 

(b)
Treatment of Warrant upon Cash/Public Acquisition. In the event of an Acquisition in which the consideration to be received
by the Company’s stockholders consists solely of cash and/or a contingent right to future payments of cash (such as earnout
payments and contingent value rights and excluding, for the avoidance of doubt, equity or other securities issued by the Company
or any other person) (a “Cash Acquisition”), and the Fair Market Value of one Share as determined in accordance
with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash Acquisition,
and Holder has not exercised this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically
be deemed to be exercised pursuant to Section 1.2 above as to all remaining Shares effective immediately prior to and contingent
upon the consummation of a Cash Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated
each of the representations and warranties in Section 4.1 of this Warrant as of the date thereof and the Company shall
promptly notify Holder of the number of Shares (or such other securities) issued upon exercise. In the event of a Cash Acquisition
where the Fair Market Value of one Share as determined in accordance with Section 1.3 above would be less than the Warrant
Price in effect immediately prior to such Cash Acquisition, then this Warrant will expire immediately prior to the consummation
of such Cash Acquisition.

 

(c)
Treatment of Warrant upon non-Cash Acquisition. Upon the closing of any Acquisition other than a Cash Acquisition defined
above, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter
be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of
the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject
to further adjustment from time to time in accordance with the provisions of this Warrant.

 

ARTICLE
2

ADJUSTMENTS TO THE SHARES

 

2.1
Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the
Class payable in common stock or other securities or property (other than cash), then upon exercise of this Warrant, for each
Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property
which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If
the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number of shares, the
number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased.
If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of
shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

 

2.2
Reclassification, Exchange or Substitution. Upon any event whereby all of the outstanding shares of the Class are reclassified,
exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then
from and after the consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities
that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further
adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 2.2
shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar
events.

 

    	3

     

    

 

2.3
Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at
the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant
Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written request from
Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant
Price, Class and number of Shares in effect upon the date of such adjustment.

 

2.4
Fractional Shares. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued
shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the
Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional
interest by the difference of (i) the Fair Market Value (as determined in accordance with Section 1.3 above) of a full
Share, less (ii) the then-effective Warrant Price.

 

ARTICLE
3

REPRESENTATIONS AND COVENANTS OF THE COMPANY

 

3.1
Representations and Warranties. The Company hereby represents and warrants to Holder as follows:

 

(a)
The initial Warrant Price referenced on the first page of this Warrant is equal to 125%
of the average closing price for shares of the
Class on the Nasdaq Capital Market for the
five (5) trading days
prior to the date of this Warrant.

 

(b)
All Shares which may be issued upon the exercise of this Warrant, and all securities, if applicable, issuable upon conversion
of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and
encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. The
Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital
stock such number of securities as will be sufficient to permit the exercise in full of this Warrant and, if applicable, the conversion
of the Shares into common stock or other securities.

 

3.2
Notice of Certain Events. The Company shall provide Holder with not less than 10 days prior written notice of, including
a description of the material facts surrounding, any of the following events: (a) the record date with respect to any declaration
of any dividend or distribution upon the outstanding shares of the Class, whether in cash, property, stock, or other securities
and whether or not a regular cash dividend; (b) the record date with respect to any offering for subscription pro rata to the
holders of any class or series of its stock any additional shares of stock of any class or series or other rights; (c) any reclassification,
exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the Class; (d) an Acquisition
or the liquidation, dissolution or winding up of the Company; (e) the merger or consolidation with or into any other corporation
or other entity, or sale, lease, license, or conveyance of all or substantially all of its assets, or liquidation, dissolution
or winding up; or (f) the filing of a registration statement in connection with the Company’s offering and sale of its securities
to the public pursuant to an effective registration statement under the Act.

 

    	4

     

    

 

3.3
Registration Right.The Company hereby agrees that if the Company or any successor
proposes to file a registration statement under the Act relating to a public offering of its shares of common stock under the
Act (whether for its own benefit or for the holders of any of its equity securities or otherwise), it shall promptly offer to
include and shall include, at Holder’s request given within twenty (20) days after such offer is made by the Company, all
or any portion of the securities underlying this Warrant in such registration statement at the expense of the Company (excluding
any underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Holder’s securities,
and any fees and disbursements of counsel for Holder). Notwithstanding the foregoing, this Section 3.3 will not apply to
the filing of a registration statement (i) relating to any employee benefit plan under Form S-8 or similar form (ii) with
respect to any corporate reorganization or other transaction under Rule 145 of the Act (including Form S-4) or (iii) in which
the only securities being registered are securities issuable upon conversion of debt securities that are also being registered.
The Company shall have the right to terminate or withdraw any registration initiated by it before the effective date of such registration,
whether or not Holder has elected to include the securities underlying this Warrant in such registration. Notwithstanding anything
to the contrary herein, the Company shall not be required to include any of the securities underlying this Warrant in any underwritten
offering unless the Holder accepts the terms of the underwriting as agreed upon between the Company and its underwriters. If the
total number of securities, including the securities underlying this Warrant to be included in such offering exceeds the number
of securities to be sold that the underwriters in their reasonable discretion determine is compatible with the success of the
offering, then the Company shall be required to include in the offering only that number of such securities, including the securities
underlying this Warrant, which the underwriters advise the Company in writing will not jeopardize the success of the offering.
Upon request by the Company, Holder shall furnish to the Company such information regarding itself, the securities
underlying this Warrant held by it, and the intended method of disposition of such securities as is reasonably required
to effect the registration of such securities.

 

ARTICLE
4

 

REPRESENTATIONS
OF THE HOLDER

 

4.1
Representations and Warranties. Holder represents and warrants to the Company as follows:

 

(a)
This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired for investment for Holder’s
account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder
also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares.

 

(b)
Holder understands that an investment in this Warrant and its underlying securities involves substantial risk. Holder has experience
as an investor in securities of companies and acknowledges that Holder can bear the economic risk of such Holder’s investment
in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder
is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting
personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and
duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons.

 

(c)
Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.

 

(d)
Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the Act in reliance
upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Holder’s
investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise hereof must
be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless
exemption from such registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated
under the Act.

 

    	5

     

    

 

ARTICLE
5

 

MISCELLANEOUS

 

5.1
Term: Exercise Upon Expiration. This Warrant is exercisable in whole or in part, at any time and from time to time on or
before the Expiration Date set forth above.

 

5.2
Legends. This Warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares,
if any) shall be imprinted with a legend in substantially the following form:

 

THIS
WARRANT AND THE SECURITIES PURCHASABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).
THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT,
OR UNLESS SOLD PURSUANT TO RULE 144 OF THE ACT.

 

5.3
Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and the
securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole
or in part without compliance with applicable federal and state securities laws by the transferor and the transferee. The Company
may, as a condition of such transfer or assignment, require (i) that Holder furnish to the Company a written opinion of counsel,
which opinion and counsel are reasonably acceptable to the Company, to the effect that such transfer or assignment may be made
without registration under the Act, (ii) that Holder or the transferee execute and deliver to the Company an investment letter
in form and substance reasonably acceptable to the Company and (iii) that the transferee be an “accredited investor”
as defined in Rule 501(a) promulgated under the Act; provided that no such opinion, letter or status as an “accredited investor”
shall be required in connection with a transfer (x) pursuant to Rule 144 under the Act, (y) of Shares that have been registered
under the Act or (z) to an affiliate of Holder.

 

5.4
Transfer Procedure. Subject to the provisions of Section 5.3, Holder may transfer all or part of this Warrant or
the Shares issuable upon exercise of this Warrant (or the securities issuable, directly or indirectly, upon conversion of the
Shares, if any) by giving the Company notice of the portion of the Warrant being transferred setting forth the name, address and
taxpayer identification number of the transferee and surrendering this Warrant to the Company for reissuance to the transferee(s)
(and Holder, if applicable). No surrender or reissuance shall be required for a transfer to an affiliate of Holder.

 

    	6

     

    

 

5.5
Market Stand-Off. Holder hereby agrees that it shall not offer, pledge, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer
or dispose of, directly or indirectly, any securities of the Company or enter into any swap, hedging or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of any securities of the Company held
by such (other than those included in the registration) for a period specified by the representative of the underwriters of the
Company’s common stock or other securities not to exceed one hundred eighty (180) days following the effective date of any
registration statement of the Company filed under the Act for the registration of Shares (or such other period as may be requested
by the Company or an underwriter to accommodate regulatory restrictions including, but not limited to, FINRA Rule 2241, if applicable,
or any similar or successor provisions or amendments thereto). Holder hereby agrees to execute and deliver such other agreements
as may be reasonably requested by the Company or the underwriter that are consistent with the foregoing or that are necessary
to give further effect thereto. In addition, if requested by the Company or the representative of the underwriters of the Company’s
common stock (or other securities of the Company), Holder shall provide, within ten (10) days of such request, such information
as may be required by the Company or such representative in connection with the completion of any public offering of the Company’s
securities pursuant to a registration statement filed under the Act. The obligations described in this Section 5.5 shall
not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated
in the future, or a registration relating solely to an SEC Rule 145 transaction on Form S-4 or similar forms that may be promulgated
in the future. The Company may impose stop-transfer instructions with respect to the securities underlying this Warrant subject
to the foregoing restriction until the end of such one hundred eighty (180) days or other period. Holder agrees that any permitted
transferee or assignee of this Warrant or the securities underlying this Warrant shall be bound by this Section 5.5. Notwithstanding
the foregoing, the restrictions set forth in this Section 5.5 shall be applicable to the Holder only if all officers and
directors of the Company are subject to the same restrictions.

 

5.6
Notices. All notices and other communications from the Company to Holder, or vice versa, shall be deemed delivered and
effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may
have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time.
All notices to Holder shall be addressed as follows:

 

Live
Oak Banking Company

1741
Tiburon Drive

Wilmington,
NC 28403

Attention:
CFO

 

5.7
Amendments. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in
writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought.

 

5.8
Regulatory Compliance. The Company will work in good faith with Holder to limit or restrict any voting rights Holder or
its assignee may have upon exercise of this Warrant to the extent that Holder, in its sole discretion, determines that it may
be necessary or advisable to limit such voting rights in order to comply with the Federal Deposit Insurance Act, Chapter 53C of
the North Carolina General Statutes, the Bank Holding Company Act of 1956 and any other applicable banking laws and any regulations
implementing the foregoing, in each case as such laws and regulations may be amended from time to time. Notwithstanding the foregoing,
in no event shall the Company be obligated to amend its Articles of Formation or Bylaws or take any other action that would require
any filings with the Securities and Exchange Commission or notice to or approval of any stock exchange in connection with the
foregoing.

 

5.9
Surrender. Upon written notice by Holder to the Company, Holder may surrender this Warrant, in whole or in part. In the
case of a surrender in whole of this Warrant, this Warrant shall be void and no longer of any force and effect. In the case of
a partial surrender of this Warrant, within a reasonable time after the Company receives notice of such partial surrender, the
Company shall deliver to Holder a new warrant of like tenor representing the portion of the Warrant not so surrendered.

 

    	7

     

    

 

5.10
Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant,
the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including
reasonable attorneys’ fees.

 

5.11
Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall
constitute one and the same instrument. Any signature page delivered electronically or by facsimile shall be binding to the same
extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.12
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York, without
giving effect to its principles regarding conflicts of law.

 

5.13
Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning
of any provision of this Warrant.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK. SIGNATURE PAGE FOLLOWS.]

 

    	8

     

    

 

Signature
Page to Warrant to Purchase Stock

 

IN
WITNESS WHEREOF, the undersigned has executed this Warrant to Purchase Stock as of the date set forth above.

 

	 	EASTSIDE
    DISTILLING INC.
	 	 
	 	By:	/s/
    Lawrence Firestone
	 	Name:	Lawrence
    Firestone
	 	Title:	CEO

 

Acknowledged
and agreed:

 

LIVE
OAK BANKING COMPANY

 

	By:	/s/
    Roxana Rice	 
	Name:	Roxana
    Rice	 
	Title:	Vice
    President	 

 

    	 

    	 

    

 

Appendix
A

 

NOTICE
OF EXERCISE

 

[1.
The undersigned hereby elects to purchase ______________ shares of common stock of Eastside Distilling Inc. pursuant to the
terms of the attached warrant, and tenders herewith payment of the purchase price of such shares in full.

 

1.
The undersigned hereby elects to convert the attached warrant into shares in the manner specified in Section 1.2 of the attached
warrant. This conversion is exercised with respect to ______________ of the shares covered by the warrant.]

 

[Strike
paragraph that does not apply.]

 

2.
Please issue a certificate or certificates (or book entry notations) representing said shares in the name of the undersigned
or in such other name as is specified below:

 

	 	 
	(Holder’s
    Name)	 
	 	 
	 	 
	 	 
	(Address)	 

 

Live
Oak Banking Company or Registered Assignee

 

	 	 
	(Signature)	 
	 	 
	 	 
	(Date)Exhibit
4.8

 

THIS
WARRANT AND THE SHARES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”). EXCEPT AS OTHERWISE SET FORTH HEREIN, NEITHER THIS WARRANT NOR ANY OF SUCH
SHARES MAY BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER SAID
ACT OR, AN OPINION OF COUNSEL, IN FORM, SUBSTANCE AND SCOPE, CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT
REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 OR REGULATION S UNDER SUCH ACT.

 

THIS
WARRANT IS NOT EXERCISABLE UNTIL THE EFFECTIVE DATE (AS DEFINED BELOW).

 

COMMON
STOCK PURCHASE WARRANT

 

EASTSIDE
DISTILLING, INC. 

 

Right
to Purchase Warrant Shares

 

THIS
CERTIFIES THAT, for value received, TQLA, LLC, a California limited liability company or its registered assigns, is entitled
to purchase from Eastside Distilling, Inc., a Nevada corporation (the “Company”), at any time or from
time to time during the period specified in Paragraph 2 hereof, that number of shares of common stock of the Company par value
$0.0001 per share (“Common Stock”) equal to forty percent (40%) of the aggregate principal amount then outstanding
under that Secured Promissory Note dated as of the date hereof in favor of TQLA, LLC (the “Note”) as of the
Effective Date (as defined below) divided by the lesser of (a) the volume-weighted average closing price in U.S. dollars
for the Common Stock of the Company for the twenty (20) consecutive trading days immediately preceding the Effective Date or (b)
90% of the per share price paid by any investor that purchases shares of Common Stock in any equity financing consummated while
the Note remains outstanding (such price, the “Warrant Issuance Price”) rounded down to the nearest whole number
of shares, at an exercise price per share equal to the Warrant Issuance Price (the “Exercise Price”); The term
“Warrant Shares,” as used herein, refers to the shares of Common Stock purchasable hereunder. The Warrant Shares
and the Exercise Price are subject to adjustment as provided in Paragraph 4 hereof.

 

This
Warrant is subject to the following terms, provisions, and conditions:

 

1.
Manner of Exercise; Issuance of Certificates; Payment for Shares. Subject to the provisions hereof, this Warrant may be
exercised by the holder hereof, in whole or in part, by the surrender of this Warrant, together with a completed exercise agreement
in the form attached hereto (the “Exercise Agreement”), to the Company during normal business hours on any
business day at the Company’s principal executive offices (or such other office or agency of the Company as it may designate
by notice to the holder hereof), and upon payment to the Company in reduction of Company’s obligation to TQLA, LLC, under
the Note, in cash, by certified or official bank check or by wire transfer for the account of the Company of the Exercise Price
for the Warrant Shares specified in the Exercise Agreement. The Warrant Shares so purchased shall be deemed to be issued to the
holder hereof or such holder’s designee, as the record owner of such shares, as of the close of business on the date on
which this Warrant shall have been surrendered, the completed Exercise Agreement shall have been delivered, and payment shall
have been made for such shares as set forth above. Certificates for the Warrant Shares so purchased, representing the aggregate
number of shares specified in the Exercise Agreement, shall be delivered to the holder hereof within a reasonable time, not exceeding
five (5) business days, after this Warrant shall have been so exercised. The certificates so delivered shall be in such denominations
as may be requested by the holder hereof and shall be registered in the name of such holder or such other name as shall be designated
by such holder. If this Warrant shall have been exercised only in part, then, unless this Warrant has expired, the Company shall,
at its expense, at the time of delivery of such certificates, deliver to the holder a new Warrant representing the number of shares
with respect to which this Warrant shall not then have been exercised.

 

    	 

    	 

    

 

Notwithstanding
anything in this Warrant to the contrary, in no event shall the holder of this Warrant be entitled to exercise this Warrant for
a number of shares of Common Stock that would require the Company to hold a vote of the Company’s stockholders pursuant
to Nasdaq Listing Rules (i.e. the number of shares Common Stock issuable under this Warrant will not exceed 19.9% of the Company’s
outstanding shares of Common Stock).

 

2.
Period of Exercise. This Warrant is not exercisable unless and until the Company fails to pay the entire amount of outstanding
principal and any remaining accrued interest on the Note in full on or prior to the Maturity Date (as defined in the Note) (the
day following the Maturity Date, the “Effective Date”). This Warrant is exercisable at any time or from time
to time on or after the Effective Date and before 6:00 p.m., New York, New York time on the fifth (5th) anniversary of the Effective
Date (the “Exercise Period”). If the Note is paid in full on or prior to the Maturity Date, this Warrant will
be deemed immediately cancelled without any further action.

 

3.
Certain Agreements of the Company. The Company hereby covenants and agrees as follows:

 

(a)
Shares to be Fully Paid. All Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be
validly issued, fully paid, and nonassessable and free from all taxes, liens, and charges with respect to the issue thereof.

 

(b)
Reservation of Shares. During the Exercise Period, the Company shall at all times have authorized, and reserved
for the purpose of issuance upon exercise of this Warrant, a sufficient number of shares of Common Stock to provide for the exercise
of this Warrant.

 

(c)
Certain Actions Prohibited. The Company will not, by amendment of its charter 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 to be observed or performed by it hereunder, but will at all times in good faith
assist in the carrying out of all the provisions of this Warrant.

 

(d)
Successors and Assigns. This Warrant will be binding upon any entity succeeding to the Company by merger, consolidation,
or acquisition of all or substantially all the Company’s assets.

 

4.
Antidilution Provisions. During the Exercise Period, the Exercise Price and the number of Warrant Shares shall be subject
to adjustment from time to time as provided in this Paragraph 4. In the event that any adjustment of the Exercise Price as required
herein results in a fraction of a cent, such Exercise Price shall be rounded up to the nearest cent.

 

(a)
Subdivision or Combination of Common Stock. If the Company at any time subdivides (by any stock split, stock dividend,
recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock acquirable hereunder into a greater
number of shares, then, after the date of record for effecting such subdivision, the Exercise Price in effect immediately prior
to such subdivision will be proportionately reduced. If the Company at any time combines (by reverse stock split, recapitalization,
reorganization, reclassification or otherwise) the shares of Common Stock acquirable hereunder into a smaller number of shares,
then, after the date of record for effecting such combination, the Exercise Price in effect immediately prior to such combination
will be proportionately increased.

 

(b)
Consolidation, Merger or Sale. In case of any consolidation of the Company with, or merger of the Company into any
other corporation, or in case of any sale or conveyance of all or substantially all of the assets of the Company other than in
connection with a plan of complete liquidation of the Company, then as a condition of such consolidation, merger or sale or conveyance,
adequate provision will be made whereby the holder of this Warrant will have the right to acquire and receive upon exercise of
this Warrant in lieu of the shares of Common Stock immediately theretofore acquirable upon the exercise of this Warrant, such
shares of stock, securities or assets as may be issued or payable with respect to or in exchange for the number of shares of Common
Stock immediately theretofore acquirable and receivable upon exercise of this Warrant had such consolidation, merger or sale or
conveyance not taken place. In any such case, the Company will make appropriate provision to ensure that the provisions of this
Paragraph 4 hereof will thereafter be applicable as nearly as may be in relation to any shares of stock or securities thereafter
deliverable upon the exercise of this Warrant.

 

    	 

    	 

    

 

(c)
Distribution of Assets. In case the Company shall declare or make any distribution of its assets (including cash)
to all holders of Common Stock as a partial liquidating dividend, by way of return of capital or otherwise, then, after the date
of record for determining shareholders entitled to such distribution, but prior to the date of distribution, the
holder of this Warrant shall be entitled upon exercise of this Warrant for the purchase of any or all of the shares of Common
Stock subject hereto, to receive the amount of such assets which would have been payable to the holder had such holder been the
holder of such shares of Common Stock on the record date for the determination of shareholders entitled to such distribution.

 

(d)
Notice of Adjustment. Upon the occurrence of any event which requires any adjustment of the Exercise Price, then,
and in each such case, the Company shall give notice thereof to the holder of this Warrant, which notice shall state the Exercise
Price resulting from such adjustment and the increase or decrease in the number of Warrant Shares purchasable at such price upon
exercise, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.

 

(e)
Minimum Adjustment of Exercise Price. No adjustment of the Exercise Price shall be made in an amount of less than
1% of the Exercise Price in effect at the time such adjustment is otherwise required to be made, but any such lesser adjustment
shall be carried forward and shall be made at the time and together with the next subsequent adjustment which, together with any
adjustments so carried forward, shall amount to not less than 1% of such Exercise Price.

 

(f)
No Fractional Shares. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but
the Company shall pay a cash adjustment in respect of any fractional share which would otherwise be issuable in an amount equal
to the same fraction of the Market Price of a share of Common Stock on the date of such exercise.

 

(g)
Other Notices. In case at any time:

 

(1)
the Company shall declare any dividend upon the Common Stock payable in shares of stock of any class or make any other distribution
(including dividends or distributions payable in cash out of retained earnings) to the holders of the Common Stock;

 

(2)
the Company shall offer for subscription pro rata to the holders of the Common Stock any additional shares of stock of any class
or other rights;

 

(3)
there shall be any capital reorganization of the Company, or reclassification of the Common Stock, or consolidation or merger
of the Company with or into, or sale of all or substantially all its assets to, another corporation or entity; or

 

(4)
there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company;

 

then,
in each such case, the Company shall give to the holder of this Warrant (a) notice of the date on which the books of the Company
shall close or a record shall be taken for determining the holders of Common Stock entitled to receive any such dividend, distribution,
or subscription rights or for determining the holders of Common Stock entitled to vote in respect of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up and (b) in the case of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, notice of the date (or, if not then known,
a reasonable approximation thereof by the Company) when the same shall take place. Such notice shall also specify the date on
which the holders of Common Stock shall be entitled to receive such dividend, distribution, or subscription rights or to exchange
their Common Stock for stock or other securities or property deliverable upon such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation, or winding-up, as the case may be. Such notice shall be given at least 30 days prior to
the record date or the date on which the Company’s books are closed in respect thereto. Failure to give any such notice
or any defect therein shall not affect the validity of the proceedings referred to in clauses (1), (2), (3) and (4) above.

 

    	 

    	 

    

 

(h)
Certain Definitions.

 

(1)
“Market Price,” as of any date, (i) means, with respect to shares of Common Stock, the volume-weighted
average closing price in U.S. dollars for the shares of the Common Stock on the Nasdaq stock market for the twenty (20) consecutive
trading days immediately preceding such date, or (ii) if market value cannot be calculated as of such date on any of the foregoing
basis, the Market Price shall be the fair market value as reasonably determined in good faith by the Board of Directors of the
Company. The manner of determining the Market Price of the Common Stock set forth in the foregoing definition shall apply with
respect to any other security in respect of which a determination as to market value must be made hereunder.

 

(2)
“Common Stock,” for purposes of this Paragraph 4, includes the Common Stock, par value $.0001 per share,
and any additional class of stock of the Company having no preference as to dividends or distributions on liquidation, provided
that the shares purchasable pursuant to this Warrant shall include only shares of Common Stock, par value $.0001 per share, in
respect of which this Warrant is exercisable, or shares resulting from any subdivision or combination of such Common Stock, or
in the case of any reorganization, reclassification, consolidation, merger, or sale of the character referred to in Paragraph
4(b) hereof, the stock or other securities or property provided for in such Paragraph.

 

5.
Issue Tax. The issuance of certificates for Warrant Shares upon the exercise of this Warrant shall be made without charge
to the holder of this Warrant or such shares for any issuance tax or other costs in respect thereof, provided that the Company
shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of
any certificate in a name other than the holder of this Warrant.

 

6.
No Rights or Liabilities as a Shareholder. This Warrant shall not entitle the holder hereof to any voting rights or other
rights as a shareholder of the Company. No provision of this Warrant, in the absence of affirmative action by the holder hereof
to purchase Warrant Shares, and no mere enumeration herein of the rights or privileges of the holder hereof, shall give rise to
any liability of such holder for the Exercise Price or as a shareholder of the Company, whether such liability is asserted by
the Company or by creditors of the Company.

 

7.
Transfer, Exchange, and Replacement of Warrant.

 

(a)
Restriction on Transfer. This Warrant and the rights granted to the holder hereof are transferable, in whole or
in part, upon surrender of this Warrant, together with a properly executed assignment in the form attached hereto, at the office
or agency of the Company referred to in Paragraph 7(e) below, provided, however, that any transfer or assignment shall be subject
to the conditions set forth in Paragraph 7(f) hereof. Until due presentment for registration of transfer on the books of the Company,
the Company may treat the registered holder hereof as the owner and holder hereof for all purposes, and the Company shall not
be affected by any notice to the contrary.

 

(b)
Warrant Exchangeable for Different Denominations. This Warrant is exchangeable, upon the surrender hereof by the
holder hereof at the office or agency of the Company referred to in Paragraph 7(e) below, for new Warrants of like tenor representing
in the aggregate the right to purchase the number of shares of Common Stock which may be purchased hereunder, each of such new
Warrants to represent the right to purchase such number of shares as shall be designated by the holder hereof at the time of such
surrender.

 

    	 

    	 

    

 

(c)
Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction,
or mutilation of this Warrant and, in the case of any such loss, theft, or destruction, upon delivery of an indemnity agreement
reasonably satisfactory in form and amount to the Company, or, in the case of any such mutilation, upon surrender and cancellation
of this Warrant, the Company, at its expense, will execute and deliver, in lieu thereof, a new Warrant of like tenor.

 

(d)
Cancellation; Payment of Expenses. Upon the surrender of this Warrant in connection with any transfer, exchange,
or replacement as provided in this Paragraph 7, this Warrant shall be promptly canceled by the Company. The Company shall pay
all taxes (other than securities transfer taxes) and all other expenses (other than legal expenses, if any, incurred by the holder
or transferees) and charges payable in connection with the preparation, execution, and delivery of Warrants pursuant to this Paragraph
7.

 

(e)
Register. The Company shall maintain, at its principal executive offices (or such other office or agency of the
Company as it may designate by notice to the holder hereof), a register for this Warrant, in which the Company shall record the
name and address of the person in whose name this Warrant has been issued, as well as the name and address of each transferee
and each prior owner of this Warrant.

 

(f)
Exercise or Transfer Without Registration. If, at the time of the surrender of this Warrant in connection with any
exercise, transfer, or exchange of this Warrant, this Warrant (or, in the case of any exercise, the Warrant Shares issuable hereunder),
shall not be registered under the Securities Act and under applicable state securities or blue sky laws, the Company may require,
as a condition of allowing such exercise, transfer, or exchange, (i) that the holder or transferee of this Warrant, as the case
may be, furnish to the Company a written opinion of counsel, which opinion and counsel are acceptable to the Company, to the effect
that such exercise, transfer, or exchange may be made without registration under said Act and under applicable state securities
or blue sky laws, (ii) that the holder or transferee execute and deliver to the Company an investment letter in form and substance
acceptable to the Company and (iii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated
under the Securities Act; provided that no such opinion, letter or status as an “accredited investor” shall be required
in connection with a transfer pursuant to Rule 144 under the Securities Act. The first holder of this Warrant, by taking and holding
the same, represents to the Company that such holder is an “accredited investor” as defined in Rule 501(a) promulgated
under the Securities Act and is acquiring this Warrant for investment purposes and not with a view to the distribution thereof.

 

8.
Notices. All notices, requests, and other communications required or permitted to be given or delivered hereunder to the
holder of this Warrant shall be in writing, and shall be personally delivered, or shall be sent by certified or registered mail
or by recognized overnight mail courier, postage prepaid and addressed, to such holder at the address shown for such holder on
the books of the Company, or at such other address as shall have been furnished to the Company by notice from such holder. All
notices, requests, and other communications required or permitted to be given or delivered hereunder to the Company shall be in
writing, and shall be personally delivered, or shall be sent by certified or registered mail or by recognized overnight mail courier,
postage prepaid and addressed, to the office of the Company at 1001 SE Water Avenue, Suite 390, Portland, Oregon 97214 Attention:
Chief Executive Officer, or at such other address as shall have been furnished to the holder of this Warrant by notice, or at
such other address as shall have been furnished to the holder of this Warrant by notice from the Company. Any such notice, request,
or other communication may be sent by facsimile, but shall in such case be subsequently confirmed by a writing personally delivered
or sent by certified or registered mail or by recognized overnight mail courier as provided above. All notices, requests, and
other communications shall be deemed to have been given either at the time of the receipt thereof by the person entitled to receive
such notice at the address of such person for purposes of this Paragraph 8, or, if mailed by registered or certified mail or with
a recognized overnight mail courier upon deposit with the United States Post Office or such overnight mail courier, if postage
is prepaid and the mailing is properly addressed, as the case may be.

 

    	 

    	 

    

 

9.
Governing Law. THIS WARRANT SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF
LAWS. THE PARTIES HERETO HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED IN COUNTY OF
SAN DIEGO, CALIFORNIA, WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS WARRANT, THE AGREEMENTS ENTERED INTO IN CONNECTION HEREWITH
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH SUIT OR PROCEEDING. BOTH PARTIES FURTHER AGREE THAT SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST CLASS
MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT OR PROCEEDING. NOTHING HEREIN
SHALL AFFECT EITHER PARTY’S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. BOTH PARTIES AGREE THAT A FINAL
NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT
ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER. THE PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE ARISING UNDER THIS WARRANT SHALL
BE RESPONSIBLE FOR ALL FEES AND EXPENSES, INCLUDING ATTORNEYS’ FEES, INCURRED BY THE PREVAILING PARTY IN CONNECTION WITH
SUCH DISPUTE.

 

10.
Miscellaneous.

 

(a)
If the resale of the Warrant Shares by the holder is not registered pursuant to an effective registration statement under the
Securities Act and this Warrant is exercised in whole or in part, then each certificate representing Warrant Shares issued upon
the exercise of this Warrant shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR
OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER
OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED,
SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR
APPLICABLE STATE SECURITIES LAWS.”

 

(b)
Amendments. This Warrant and any provision hereof may only be amended by an instrument in writing signed by the
Company and the holder hereof.

 

(c)
Descriptive Headings. The descriptive headings of the several paragraphs of this Warrant are inserted for purposes
of reference only and shall not affect the meaning or construction of any of the provisions hereof.

 

(d)
Remedies. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm
to the holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges
that the remedy at law for a breach of its obligations under this Warrant will be inadequate and agrees, in the event of a breach
or threatened breach by the Company of the provisions of this Warrant, that the holder shall be entitled, in addition to all other
available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining,
preventing or curing any breach of this Warrant and to enforce specifically the terms and provisions thereof, without the necessity
of showing economic loss and without any bond or other security being required.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized officer.

 

	 	EASTSIDE
    DISTILLING, INC.
	 	 	 
	 	By:	/s/
    Lawrence Firestone
	 	Name:	Lawrence
    Firestone
	 	Title:	CEO

 

Dated
as of November 29, 2019

 

    	 

    	 

    

 

FORM
OF EXERCISE AGREEMENT

 

Dated:
________ __, 20__

 

	To:	 

 

The
undersigned, pursuant to the provisions set forth in the within Warrant, hereby agrees to purchase ________ shares of Common Stock
covered by such Warrant, and makes payment herewith in full therefor at the price per share provided by such Warrant in reduction
of Company’s obligation to TQLA, LLC, under the Note, in cash or by certified or official bank check in the amount of $_________.
Please issue a certificate or certificates for such shares of Common Stock in the name of and pay any cash for any fractional
share to:

 

	 	Name:	 
	 	 	 
	 	Signature:	 
	 	Address:	 
	 	 	 

 

	 	Note:	The
    above signature should correspond exactly with the name on the face of the within Warrant, if applicable.

 

and,
if said number of shares of Common Stock shall not be all the shares purchasable under the within Warrant, a new Warrant is to
be issued in the name of said undersigned covering the balance of the shares purchasable thereunder less any fraction of a share
paid in cash.

 

    	 

    	 

    

 

FORM
OF ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers all the rights of the undersigned under the within Warrant,
with respect to the number of shares of Common Stock covered thereby set forth herein below, to:

 

	Name
    of Assignee	 	Address	 	No
    of Shares
	 	 	 	 	 

 

,
and hereby irrevocably constitutes and appoints ___________________________________ as agent and attorney-in-fact to transfer
said Warrant on the books of the within-named corporation, with full power of substitution in the premises.

 

Dated:________
__, 20__

 

In
the presence of:

 

	 	 	 
	 	Name:	 
	 	 	 
	 	Signature:	 
	 	Title
    of Signing Officer or Agent (if any):

 

	 	 	 
	 	Address:	 
	 	 	 

 

	 	Note:	The
    above signature should correspond exactly with the name on the face of the within Warrant, if applicable.

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