Document:

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

 

 

COMMON
STOCK PURCHASE WARRANT

(WARRANT
__) 

 

KANNALIFE,
INC.

 

Warrant
Shares: 115,385

Date
of Issuance: June 19, 2020 (“Issuance Date”)

 

This
COMMON STOCK PURCHASE WARRANT (WARRANT A) (the “Warrant”) certifies that, for value received (in connection
with the issuance of the $150,000.00 convertible promissory note to the Holder (as defined below) of even date) (the “Note”),
_____________ (including any permitted and registered 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 of
issuance hereof, to purchase from Kannalife, Inc., a Delaware corporation (the “Company”), up to 115,385
shares of Common Stock (as defined below) (the “Warrant Shares”) (whereby such number may be adjusted from
time to time pursuant to the terms and conditions of this Warrant) at the Exercise Price per share then in effect. This Warrant
is issued by the Company as of the date hereof in connection with that certain securities purchase agreement dated June 19, 2020,
by and among the Company and the Holder (the “Purchase Agreement”).

 

Capitalized
terms used in this Warrant shall have the meanings set forth in the Purchase Agreement unless otherwise defined in the body of
this Warrant or in Section 12 below. For purposes of this Warrant, the term “Exercise Price” shall mean $1.30,
subject to adjustment as provided herein (including but not limited to cashless exercise), and the term “Exercise
Period” shall mean the period commencing on the Issuance Date and ending on 5:00 p.m. eastern standard time on the five-year
anniversary thereof.

 

1.       EXERCISE
OF WARRANT.

 

(a)       Mechanics
of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised in whole
or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached hereto as Exhibit
A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. The Holder shall not
be required to deliver the original Warrant in order to effect an exercise hereunder. 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. On or
before the second Trading Day (the “Warrant Share Delivery Date”) following the date on which the Holder sent
the Exercise Notice to the Company or the Company’s transfer agent, and upon receipt by the Company of payment to the Company
of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which all or a portion of
this Warrant is being exercised (the “Aggregate Exercise Price” and together with the Exercise Notice, the
“Exercise Delivery Documents”) in cash or by wire transfer of immediately available funds (or by cashless exercise,
in which case there shall be no Aggregate Exercise Price provided), the Company shall (or direct its transfer agent to) issue
and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s
share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled
pursuant to such exercise (or deliver such shares of Common Stock in electronic format if requested by the Holder). Upon delivery
of the Exercise Delivery Documents, 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 certificates
evidencing such Warrant Shares. If this Warrant is submitted in connection with any exercise and the number of Warrant Shares
represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise,
then the Company shall as soon as practicable and in no event later than three Business Days after any exercise and at its own
expense, issue a new Warrant (in accordance with Section 6) representing the right to purchase the number of Warrant Shares purchasable
immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is
exercised.

 

If
the Company fails to cause its transfer agent to transmit to the Holder the respective shares of Common Stock by the respective
Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise in Holder’s sole discretion, and
such failure shall be deemed an event of default under the Note.

 

If
the Market Price of one share of Common Stock is greater than the Exercise Price, then the Holder may elect to receive Warrant
Shares pursuant to a cashless exercise, in lieu of a cash exercise, equal to the value of this Warrant determined in the manner
described below (or of any portion thereof remaining unexercised) by surrender of this Warrant and a Notice of Exercise, in which
event the Company shall issue to Holder a number of Common Stock 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 Warrant Shares that the Holder elects to purchase under this Warrant (at the date of such calculation).

A
=       the Market Price (at the date of such calculation).

B
=       Exercise Price (as adjusted to the date of such calculation).

 

(b)       No
Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes
of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise
would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder
otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then-current fair market
value of a Warrant Share by such fraction.

 

(c)       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, to the extent that after giving effect to issuance of Warrant Shares upon exercise as set
forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other persons acting
as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial
Ownership Limitation, as defined below. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially
owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant
with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be
issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder or any of
its Affiliates and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company
(including without limitation any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous
to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding
sentence, for purposes of this paragraph (d), beneficial ownership shall be calculated in accordance with Section 13(d) of the
Exchange Act, 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 paragraph applies, the determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder together with any affiliates) and of which portion
of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall
be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial
Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.

 

For
purposes of this paragraph, 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 its transfer agent setting forth the number of shares of Common Stock outstanding. Upon the request of a Holder, the
Company shall within two Trading Days confirm to the Holder the number of shares of Common Stock then outstanding. In any case,
the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder or its affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of
shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon
exercise of this Warrant. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant.

 

2.       ADJUSTMENTS.
The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

 

(a)       Distribution
of Assets. 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
or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in
each such case:

 

(i)       any
Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders
of shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such
record date, to a price determined by multiplying such Exercise Price by a fraction (i) the numerator of which shall be the Closing
Sale Price of the shares of Common Stock on the Trading Day immediately preceding such record date minus the value of the Distribution
(as determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the
denominator of which shall be the Closing Sale Price of the shares of Common Stock on the Trading Day immediately preceding such
record date; and

 

(ii)       the
number of Warrant Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable immediately
prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to
receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding clause (i); provided,
however, that in the event that the Distribution is of shares of common stock of a company (other than the Company) whose common
stock is traded on a national securities exchange or a national automated quotation system (“Other Shares of Common Stock”),
then the Holder may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of an increase in the number of
Warrant Shares, the terms of which shall be identical to those of this Warrant, except that such warrant shall be exercisable
into the number of shares of Other Shares of Common Stock that would have been payable to the Holder pursuant to the Distribution
had the Holder exercised this Warrant immediately prior to such record date and with an aggregate exercise price equal to the
product of the amount by which the exercise price of this Warrant was decreased with respect to the Distribution pursuant to the
terms of the immediately preceding clause (i) and the number of Warrant Shares calculated in accordance with the first part of
this clause (ii).

 

(b)       Anti-Dilution
Adjustments to Exercise Price. 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 securities entitling any
person or entity to acquire shares of Common Stock (upon conversion, exercise or otherwise) (including but not limited to under
the Note), at an effective price per share less than the then Exercise Price (such lower price, the “Base Share Price”
and such issuances collectively, a “Dilutive Issuance”) (if the holder of the Common Stock or Common Stock
Equivalents so issued shall at any time, whether by operation of purchase price adjustments, elimination of an applicable floor
price for any reason in the future (including but not limited to the passage of time or satisfaction of certain condition(s)),
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 or potentially entitled to receive shares of Common Stock at an
effective price per share which is less than the Exercise Price at any time while such Common Stock or Common Stock Equivalents
are in existence, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive
Issuance (regardless of whether the Common Stock, Common Stock Equivalents, or Note are (i) subsequently redeemed or retired by
the Company after the date of the Dilutive Issuance or (ii) actually converted or exercised at such Base Share Price), then the
Exercise Price shall be reduced at the option of the Holder and only reduced to equal the Base Share Price, and the number of
Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder, after taking into
account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment (for the avoidance
of doubt, the aggregate Exercise Price prior to such adjustment is calculated as follows: the total number of Warrant Shares issuable
upon exercise of this Warrant immediately prior to such adjustment (without regard to the Beneficial Ownership Limitation) multiplied
by the Exercise Price in effect immediately prior to such adjustment). By way of example, if E is the total number of Warrant
Shares issuable upon exercise of this Warrant immediately prior to such adjustment (without regard to the Beneficial Ownership
Limitation), F is the Exercise Price in effect immediately prior to such adjustment, and G is the Base Share Price, the adjustment
to the number of Warrant Shares can be expressed in the following formula: Total number of Warrant Shares after such Dilutive
Issuance = the number obtained from dividing [E x F] by G. Such adjustment shall be made whenever such Common Stock or Common
Stock Equivalents are issued, regardless of whether the Common Stock, Common Stock Equivalents, or Note are (i) subsequently redeemed
or retired by the Company after the date of the Dilutive Issuance or (ii) actually converted or exercised at such Base Share Price
by the holder thereof (for the avoidance of doubt, the Holder may utilize the Base Share Price even if the Company did not actually
issue shares of its common stock at the Base Share Price under the respective Common stock Equivalents or Note). The Company shall
notify the Holder in writing, no later than the Trading Day following the issuance of any Common Stock or Common Stock Equivalents
subject to this Section 2(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion
price and other pricing terms (such notice the “Dilutive Issuance Notice”). For purposes of clarification,
whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 2(b), upon the occurrence of any Dilutive
Issuance, after the date of such 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. Notwithstanding
anything contained in this Section to the contrary, this Section shall not be applicable with respect to Company stock options
issued to executives, employees, board members and/or advisory members issued pursuant to a stock option plan which has been approved
by the Company’s board of directors.

 

(c)       Subdivision
or Combination of Common Stock. If the Company at any time on or after the Issuance Date subdivides (by any stock split, stock
dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of
shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Warrant
Shares will be proportionately increased. If the Company at any time on or after the Issuance Date combines (by combination, reverse
stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise
Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will
be proportionately decreased. Any adjustment under this Section 2(c) shall become effective at the close of business on the date
the subdivision or combination becomes effective. Each such adjustment of the Exercise Price shall be calculated to the nearest
one-hundredth of a cent. Such adjustment shall be made successively whenever any event covered by this Section 2(c) shall occur.

 

3.       FUNDAMENTAL
TRANSACTIONS. If, at any time while this Warrant is outstanding, (i) the Company effects any merger of the Company with or
into another entity and the Company is not the surviving entity (such surviving entity, the “Successor Entity”),
(ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii)
any tender offer or exchange offer (whether by the Company or by another individual or entity, and approved by the Company) is
completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares of Common Stock for other
securities, cash or property and the holders of at least 50% of the Common Stock accept such offer, or (iv) the Company effects
any reclassification 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 (other than as a result of a subdivision or combination of shares of
Common Stock) (in any such case, a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant,
the Holder shall have the right to receive the number of shares of Common Stock of the Successor Entity or of the Company and
any additional consideration (the “Alternate Consideration”) receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock for which
this Warrant is exercisable immediately prior to such event (disregarding any limitation on exercise contained herein solely for
the purpose of such determination). 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. To the extent necessary to effectuate the foregoing provisions, any Successor Entity in such Fundamental
Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s
right to exercise such warrant into Alternate Consideration.

 

4.       NON-CIRCUMVENTION.
The Company covenants and agrees that it will not, by amendment of its certificate of incorporation, bylaws or through any reorganization,
transfer of assets, consolidation, merger, scheme of arrangement, 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, and will at all times in good
faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder.
Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock
receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common
Stock upon the exercise of this Warrant, and (iii) shall, for so long as this Warrant is outstanding, have authorized and reserved,
free from preemptive rights, ten times the number of shares of Common Stock that is actually issuable upon full exercise of the
Warrant (based on the Exercise Price in effect from time to time, and without regard to any limitations on exercise).

 

5.       WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of itself, shall not
entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing contained in this
Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant
or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the
Company.

 

6.       REISSUANCE.

 

(a)       Lost,
Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms as to
indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

(b)       Issuance
of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new Warrant which
is the same as the Issuance Date.

 

7.       TRANSFER.
This Warrant shall be binding upon the Company and its successors and assigns, and shall inure to be the benefit of the Holder
and its successors and assigns. Notwithstanding anything to the contrary herein, the rights, interests or obligations of the Company
hereunder may not be assigned, by operation of law or otherwise, in whole or in part, by the Company without the prior signed
written consent of the Holder, which consent may be withheld at the sole discretion of the Holder (any such assignment or transfer
shall be null and void if the Company does not obtain the prior signed written consent of the Holder). This Warrant or any of
the severable rights and obligations inuring to the benefit of or to be performed by Holder hereunder may be assigned by Holder
to a third party, in whole or in part, without the need to obtain the Company’s consent thereto.

 

8.       NOTICES.
Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance
with the notice provisions contained in the Purchase Agreement. The Company shall provide the Holder with prompt written notice
(i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, the calculation of such adjustment
and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend
or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any stock or other securities
directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock or other property, pro rata
to the holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution
or liquidation, provided in each case that such information shall be made known to the public prior to or in conjunction with
such notice being provided to the Holder.

 

9.       AMENDMENT
AND WAIVER. The terms of this Warrant may be amended or waived (either generally or in a particular instance and either retroactively
or prospectively) only with the written consent of the Company and the Holder.

 

10.       GOVERNING
LAW AND VENUE. This Warrant shall be governed by and construed in accordance with the laws of the State of Nevada without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Warrant shall be brought only in the state courts located in the Commonwealth of Massachusetts or in the federal courts
located in the Commonwealth of Massachusetts. The parties to this Warrant hereby irrevocably waive any objection to jurisdiction
and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based
upon forum non conveniens. THE BORROWER HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST,
A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION
CONTEMPLATED HEREBY. The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees
and costs. In the event that any provision of this Warrant or any other agreement delivered in connection herewith is invalid
or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may
prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.
Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Agreement or any other Transaction Document 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 Agreement
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.

 

11.       ACCEPTANCE.
Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained
herein.

 

12.       CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)       “Nasdaq”
means www.Nasdaq.com.

 

(b)       “Closing
Sale Price” means, for any security as of any date, (i) the last closing trade price for such security on the Principal
Market, as reported by Nasdaq, or, if the Principal Market begins to operate on an extended hours basis and does not designate
the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported by Nasdaq,
or (ii) if the foregoing does not apply, the last trade price of such security in the over-the-counter market for such security
as reported by Nasdaq, or (iii) if no last trade price is reported for such security by Nasdaq, the average of the bid and ask
prices of any market makers for such security as reported by the OTC Markets. If the Closing Sale Price cannot be calculated for
a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the
fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately adjusted for
any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

 

(c)       “Common
Stock” means the Company’s common stock, and any other class of securities into which such securities may hereafter
be reclassified or changed.

 

(d)       “Common
Stock Equivalents” means any securities of the Company that would entitle the holder thereof to acquire at any time
Common Stock, including without limitation any debt, preferred stock, rights, options, warrants 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.

 

(e)       “Dilutive
Issuance” is any issuance of Common Stock or Common Stock Equivalents described in Section 2(b) above; provided, however,
that a Dilutive Issuance shall not include any Exempt Issuance.

 

(f)       “Exempt
Issuance” means the issuance of (i) shares of Common Stock or options to employees, officers, or directors of the Company
pursuant to any stock or option plan duly adopted by a majority of the non-employee members of the Board of Directors of the Company
or a majority of the members of a committee of non-employee directors established for such purpose, and (ii) shares of Common
Stock issued pursuant to real property leasing arrangement from a bank approved by the Board of Directors of the Company.

 

(g)       “Principal
Market” means the primary national securities exchange on which the Common Stock is then traded.

 

(h)       “Market
Price” means the highest traded price of the Common Stock during the one hundred fifty Trading Days prior to the date
of the respective Exercise Notice.

 

(i)       “Trading
Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Principal Market, (ii) if the
Common Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading occurs on
any over-the-counter markets, or (iii) if trading does not occur on the over-the-counter markets, any Business Day.

 

*
* * * * * *

 

    	 	1	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the Issuance Date set forth above.

 

 

KANNALIFE,
INC.

 

 

 

 

Name:
Dean Petkanas

Title:
Chief Executive Officer

 

 

    	 	2	 

     

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

(To
be executed by the registered holder to exercise this Common Stock Purchase Warrant)

 

 

The
Undersigned holder hereby exercises the right
to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of Kannalife, Inc., a Delaware corporation
(the “Company”), evidenced by the attached copy of the Common Stock Purchase Warrant (the “Warrant”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

		1.	Form
                                         of Exercise Price. The Holder intends that payment of the Exercise Price shall be
                                         made as (check one):

 

		☐	a
                                         cash exercise with respect to _________________ Warrant Shares; or

☐
by cashless exercise pursuant to the Warrant.

 

 

		2.	Payment
                                         of Exercise Price. If cash exercise is selected above, the holder shall pay the applicable
                                         Aggregate Exercise Price in the sum of $___________________ to the Company in accordance
                                         with the terms of the Warrant.

 

		3.	Delivery
                                         of Warrant Shares. The Company shall deliver to the holder __________________ Warrant
                                         Shares in accordance with the terms of the Warrant.

 

 

 

Date:

 

 

 

(Print
Name of Registered Holder)

 

 

By:

Name:

Title:

 

    	 	3	 

     

    

 

EXHIBIT
B

 

ASSIGNMENT
OF WARRANT

 

(To
be signed only upon authorized transfer of the Warrant)

 

 

For
Value Received, the undersigned hereby sells,
assigns, and transfers unto ____________________ the right to purchase _______________ shares of common stock of Kannalife, Inc.,
to which the within Common Stock Purchase Warrant relates and appoints ____________________, as attorney-in-fact, to transfer
said right on the books of Kannalife, Inc. with full power of substitution and re-substitution in the premises. By accepting such
transfer, the transferee has agreed to be bound in all respects by the terms and conditions of the within Warrant.

 

 

 

Dated:
__________________

 

 

 

(Signature)
*

 

 

(Name)

 

 

(Address)

 

 

(Social
Security or Tax Identification No.)

 

 

 

*
The signature on this Assignment of Warrant must correspond to the name as written upon the face of the Common Stock Purchase
Warrant in every particular without alteration or enlargement or any change whatsoever. When signing on behalf of a corporation,
partnership, trust or other entity, please indicate your position(s) and title(s) with such entity.EX-10.1

 Exhibit 10.1 

LEASE AGREEMENT 
 Dated
June 26, 2020 
 Between 

HIGH PROPERTIES 
 A
Pennsylvania limited partnership 
 “Landlord” 

and 
 ARMSTRONG
FLOORING, INC. 
 A Delaware corporation 

“Tenant” 

Relating to 
 1740
– 1770 Hempstead Road 
 Lancaster, Pennsylvania 17601 

 LEASE AGREEMENT 

PART I - BASIC LEASE INFORMATION 

This Lease Agreement (this “Lease”) is made and executed this 26th day of June, 2020, by and between HIGH PROPERTIES, a
Pennsylvania limited partnership, as successor to HIGH PROPERTIES, a Pennsylvania general partnership, (herein called “Landlord”), and ARMSTRONG FLOORING, INC., a Delaware corporation (herein called “Tenant”). 

This Lease consists of the following two parts: Part I which sets forth terms defined in this Lease (and certain obligations under the Lease)
and which is sometimes referred to as the “Basic Lease Information,” and Part II which provides the terms and conditions for this Lease and which is sometimes referred to as the Standard Terms and Conditions. Part I and Part II
collectively, are referred to as this “Lease.” Capitalized terms not otherwise defined in this Part I - Basic Lease Information shall have the meaning provided in Part II of the Lease. 

The Basic Lease Information is as follows: 
  

			
	1. Landlord:	  	HIGH PROPERTIES, a Pennsylvania limited partnership, as successor to HIGH PROPERTIES, a Pennsylvania general partnership
		
	2. Tenant:	  	ARMSTRONG FLOORING, INC., a Delaware corporation
		
	3. Permitted Use:	  	The Premises may be used by Tenant, its affiliates and successors, and its approved assignees, subtenants, and transferees, for any lawful office use, and all legally permitted ancillary uses thereto (including without limitation as
a showroom), excluding weapons of war or mass destruction, firearms, pornography, alcohol, tobacco and nuisance uses or prohibited uses not allowed elsewhere in Greenfield Corporate Center.
		
	4. Campus:	  	Greenfield Corporate Center, located in the township of East Lampeter Township, County of Lancaster, Commonwealth of Pennsylvania
		
	5. Building:	  	Buildings 380 and 227 of the Campus located at 1740 -1770 Hempstead Road, Lancaster, Pennsylvania 17601
		
	6. Premises:	  	The Building and related improvements as outlined on the plan attached hereto as Exhibit A
		
	7. Tenant Improvements:	  	Those improvements to be completed by Landlord as defined in Section 25 of Part I. Landlord will provide Tenant with a $75.00 PSF Tenant Improvement Allowance (“TIA”) for the Office and Showroom space. Should the TIA
be insufficient to fund the construction of the Premises, the TIA shall be extinguished prior to Tenant’s capital being utilized. In the event any portion of the TIA is not used, any unused amount shall be retained by Landlord.
		
	8. Term:	  	Ten (10) Years and Four (4) Months
		
	9. Term Commencement Date:	  	June 1, 2021, except as otherwise provided in Sections 2.2 and 3 of Part II of this Lease
		
	10. Expiration Date:	  	September 30, 2031, except as otherwise provided in Sections 2.2 and 3 of Part II of this Lease.

			
	11. Rentable Area of the Building:	  	58,500 Square Feet, subject to Tenant’s remeasurement right set forth in Section 1.2 of Part II of this Lease.
		
	12. Rentable Area of the Premises:	  	58,500 Square Feet, subject to Tenant’s remeasurement right set forth in Section 1.2 of Part II of this Lease.
		
	13. Tenant’s Share:	  	100 Percent (100%)
	 (For pro-ration of Additional Rent)

 
 14. Monthly Base Rent:
	  	Term Commencement Date – Sixteen (16) months following Term Commencement Date - $130,406.25 - $26.75 PSF
		  	(Less $130,406.25 per month for the period of Term Commencement Date – four (4) months following Term Commencement Date (“Concession Rent”), during which Tenant pays Additional Rent)
		  	Months 17-28 -     $132,990.00 - $27.28 PSF
		  	Months 29-40 -     $135,671.25 - $27.83 PSF
		  	Months 41-52 -     $138,401.25 - $28.39 PSF
		  	Months 53-64 -     $141,180.00 - $28.96 PSF
		  	Months 65-76 -     $143,958.75 - $29.53 PSF
		  	Months 77-88 -     $146,883.75 - $30.13 PSF
		  	Months 89-100 -   $149,808.75 - $30.73 PSF
		  	Months 101-112 - $152,782.50 - $31.34 PSF
	  
 15. Base Rent Over Term:
	  	 Months 113-124 - $155,853.75 - $31.97 PSF

 
 $17,656,860.00

	16. Base Year:	  	 (Less $521,625.00 in Concession Rent equals Tenant’s total Base Rent obligation of $17,135,235.00)

 
 Not Applicable

		
	17. Additional Rent:	  	All amounts and charges required to be paid by Tenant hereunder
	18. Rent:	  	 (other than Base Rent) as described more particularly in Section 5.2 of Part II of this Lease

 
 Includes both the Base Rent and Additional Rent to be paid by Tenant
hereunder

		
	19. Security Deposit:	  	$130,406.25
		
	20. Landlord’s Address for Notices:	  	HIGH PROPERTIES
		  	 c/o High Associates Ltd.
 1853 William Penn
Way

		  	P.O. Box 10008
		  	Lancaster, PA 17605-0008
		
		  	With copies, in all cases, to:
		
		  	 HIGH COMPANY, LLC
 1853 William Penn
Way

		  	P.O. Box 10008
		  	Lancaster, PA 17605-0008
		  	Attn: General Counsel

			
	21. Tenant’s Address for Notices:	  	Prior to the Term Commencement Date:
		
		  	Armstrong Flooring, Inc.
		  	Attn: General Counsel
		  	2500 Columbia Avenue
		  	P.O. Box 3025
		  	Lancaster, PA 17604
		
		  	On and after the Term Commencement Date:
		
		  	Armstrong Flooring, Inc.
		  	Attn: General Counsel
		  	1740 – 1770 Hempstead Road
		  	Lancaster, Pennsylvania 17601
		
		  	With copies, in all cases, to:
		
		  	Pepper Hamilton LLP
		  	Attn: Hannah Dowd McPhelin
		  	100 Market Street, Suite 200
		  	P.O. Box 1181
		  	Harrisburg, PA 17108-1181
		  	For courier deliveries, ZIP code 17101-2044
		
		  	and
		
		  	CBRE
		  	Attn: Scott Miller, Executive Vice President
		  	555 East Lancaster Avenue, Suite 120
		  	Radnor, PA 19087
		
	22. Rent Payment/Address:	  	Payable to:
		  	HIGH PROPERTIES
		  	P.O. Box 10605
		  	Lancaster, PA 17605-0605
		
	23. Commissions:	  	Broker’s commission to be paid to: Scott Miller
		  	 CBRE, Inc.

		  	 555 East Lancaster Ave, Suite 120

		  	 Radnor, PA 19807

		
	24. Calculation of Rentable Area:	  	Single-Tenant Building. The Premises are part of a building which is leased entirely by Tenant. “Rentable Area” has been calculated to include the entire building.
		
	25. Condition of Premises:	  	Separate from the Base Building, Landlord shall improve the Premises with the improvements shown on Exhibit B-3 (the “Tenant Improvements”), subject to minor modifications requested
by Tenant. The Tenant Improvements shall be designed in accordance with Exhibit B. Such improvements are referred to in Part II of the Lease and exhibits hereto as the “Tenant Improvements.” Except as may be expressly provided in this
Lease (including any exhibits hereto), Tenant acknowledges that neither Landlord nor any of Landlord’s Affiliates (as defined in Section 15(c) of Part II of the Lease), nor any of their agents, have made any representations, warranties or
covenants, either express or implied, with respect to the Premises, the Building, the Common Areas (as defined in Section 1.3 of Part II of the Lease), or the Campus, or the condition of any of the foregoing. Except as set forth in Section
9,

			
		  	Part II of the Lease, Landlord makes no representation that the building systems are appropriate for Tenant’s proposed use. If Tenant is intending to install racking or other equipment, Tenant should verify with the
municipality regarding permitting and other requirements. Based upon Tenant manufacturing processes or its distribution methods which may include style of racking, type of palletization, materials being stored and quantities being stored,
modifications may be required to building systems such as life safety, electrical or mechanical systems. These costs shall be borne solely by Tenant.
		
	26. Payment of Operating Expenses:	  	Tenant shall pay Tenant’s Share (as defined herein) of annual Operating Expenses (as defined in Section 6.3 of Part II of the Lease).
		
	27. Payment of Utilities:	  	Tenant shall pay all charges for utilities used or incurred by Tenant at the Premises, including without limitation heat, water, sewer, gas and electricity.
		
	28. Responsibility for HVAC Systems:	  	Landlord shall perform all maintenance, repair and replacement of the HVAC Systems (as defined in Section 7.2 of Part II of the Lease) serving the Premises, including without limitation the scheduled maintenance set forth on
Exhibit C to the Lease and any increased maintenance or replacements required to comply with CDC guidelines and the most current ASHRAE standards with respect to COVID-19. The cost of any such maintenance,
repair or replacement of the HVAC Systems shall be paid by Tenant as part of Operating Expenses. Landlord shall, however, provide Tenant with a one (1) year warranty on all HVAC Systems. This warranty shall start as of the Term Commencement
Date. If after the one-year warranty period expires, a replacement is required, the Tenant shall be responsible for a prorated share of the replacement expense amortized over the life expectancy of the
replacement, as part of Operating Expenses. The proration shall be based upon a fifteen (15) year life expectancy of the replacement.
		
	 29. Obligation for Snow Removal and Grounds Maintenance:
	  	Landlord shall mow lawns, maintain and replace shrubbery, weed where appropriate, and remove snow and ice from walkways, roadways and parking areas in accordance with the requirements specified on Exhibit D to the Lease. The cost of
such services shall be included as an Operating Expense.
		
	30. Special Lease Terms:	  	Landlord represents that other than the two existing leases, there are no encumbrances affecting the availability of the Premises or Tenant’s contemplated use thereof. Relocation of the two existing tenants shall begin upon
execution of this Lease and the termination/amendment of both tenants’ leases shall be finalized within forty-five (45) days thereafter.
		
		  	Tenant has two (2) renewal options for five (5) years each upon the terms and conditions set forth in Rider 1 and Rider 2.
		
	31. Attachments:	  	The following are attached to and made a part of this Lease:
		  	Part II – Standard Terms and Conditions
		  	Exhibit A   - Depiction of the Premises
		  	Exhibit A-1 - Delivery Condition
		  	Exhibit B   - Design Process Narrative
		  	Exhibit B-1 - Construction Schedule
		  	Exhibit B-2 - Exterior Façade and Landscaping Plans

			
		 	Exhibit B-3 - Tenant Improvements
		 	Exhibit C   - Specifications for HVAC Maintenance Agreement
		 	Exhibit D   - Lawn Care and Snow Removal Requirements
		 	Exhibit E   - Rules and Regulations
		 	Exhibit F - Escrow Agreement
		 	Exhibit G - Janitorial Specifications
		 	Exhibit H - Landlord’s Lien Subordination Agreement
		 	Rider 1 - Renewal Option #1
		 	Rider 2 - Renewal Option #2

 The registrant will provide supplementally any of the foregoing attachments to the Securities and Exchange Commission upon
request. 

 IN WITNESS WHEREOF, and intending to be legally bound, Landlord and Tenant have caused this
Part I of the Lease to be signed by their duly authorized officers or agents under seal, as of the date set forth above. 
  

							
		 		 	LANDLORD
			
		 		 	HIGH PROPERTIES,
		 		 		 	a Pennsylvania Limited Partnership
		 		 		 	and as successor to High Properties, a general partnership
		 		 	By:	 	  High General Corporation,
		 		 		 	      Sole General Partner
				
	June 26, 2020	 		 		 	
	  
	 		 	By:	 	 /s/ Mark C. Fitzgerald

	Date	 		 		 	Print Name: Mark C. Fitzgerald
		 		 		 	Title: Executive Vice President & Chief Operating Officer
			
		 		 	TENANT
			
		 		 	ARMSTRONG FLOORING, INC.,
		 		 		 	a Delaware corporation
				
	June 26, 2020	 		 		 	
	  
	 		 	By:	 	 /s/ Christopher S. Parisi

	Date	 		 		 	Print Name: Christopher S. Parisi
		 		 		 	Title: SVP, General Counsel

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]