Document:

Exhibit 4.3

 

SINO-GLOBAL SHIPPING AMERICA,
LTD.

 

WARRANT TO PURCHASE COMMON STOCK

 

 

	Warrant No.: 2015-[]
	Number of Warrants: []

Date
of Issuance: _________, 2015 (“Issuance Date”)

Expiration Date: __________, 2020 (“Expiration
Date”)

 

Sino-Global
Shipping America, Ltd., a Virginia corporation (the “Company”), certifies that, for good and valuable consideration,
the receipt and sufficiency of which are acknowledged, [], the registered holder hereof or its permitted assigns (the “Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price then in effect, upon surrender
of this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or replacement
hereof, the “Warrant”), at any time or times on or after the date hereof (the “Exercisability Date”),
but not after 5:30 p.m., New York Time, on the Expiration Date (the “Warrant Period”), ________ (______) fully
paid and nonassessable shares (the “Warrant Shares”) of Common Stock (as defined below). Except as otherwise
defined herein, capitalized terms in this Warrant shall have the meanings set forth in Section 16.

 

1.    
EXERCISE OF WARRANT.

 

(a) 
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations
set forth in Section 1(d)), this Warrant may be exercised by the Holder on any day on or after the Exercisability Date through
but not after 5:30 PM, New York Time on the Expiration Date, in whole or in part (but not as to fractional shares), by (i) delivery
of a properly completed and duly executed written notice to Computershare Inc., a Delaware corporation and its wholly-owned subsidiary
Computershare Trust Company, N.A., a federally chartered trust company (collectively, the “Warrant Agent”),
in the form attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise
this Warrant, and (ii) if both (A) the Holder is not electing (or is not eligible for) a Cashless Exercise pursuant to Section
1(c) of this Warrant and (B) a registration statement registering the issuance and resale of the Warrant Shares under the Securities
Act of 1933, as amended (the “Securities Act”), is effective and available for the issuance and resale of the
Warrant Shares, or an exemption from registration under the Securities Act is available for the issuance and resale of the Warrant
Shares, payment to the Warrant Agent of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares
as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or wire transfer of immediately
available funds (a “Cash Exercise”). The Holder shall not be required to surrender this Warrant in order to
effect an exercise hereunder, provided that in the event of an exercise of this Warrant for all Warrant Shares then issuable hereunder,
this Warrant must be surrendered to the Warrant Agent by the second (2nd) Trading Day following the date on which the
Warrant Agent has received each of the following (the “Exercise Delivery Items”) (i) the Exercise Notice, (ii)
if this Warrant is being exercised pursuant to a Cash Exercise, the Aggregate Exercise Price, and (iii) in the case the Holder
elects to have the Warrant Shares issued in uncertificated form in street name (CEDE & Co.), written notice of such election
(an “Uncertificated Request”) on the Exercise Notice. On or before the third (3rd) Trading Day following
the date on which the Warrant Agent has received each of the following Exercise Delivery Items, as applicable (i) the Exercise
Notice duly completed and executed by the Holder, (ii) in the case of a Cash Exercise, the Aggregate Exercise Price, and (iii)
in the case the Holder desires to have the Warrant Shares issued on an uncertificated basis in street name (CEDE & Co.), an
Uncertificated Request (the “Share Delivery Date”), the Warrant Agent shall credit such aggregate number of
shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s designated brokerage firm’s
(or such brokerage firm’s clearing firm if such brokerage firm is not a clearing broker or does not have an account at DTC),
balance account with The Depository Trust Company (“DTC”) through its Deposit Withdrawal Agent Commission system
provided the Holder causes its prime broker or their clearing agent to initiate a DWAC DEPOSIT for the number of Common Shares,
or if the Transfer Agent is not participating in the Fast Automated Securities Transfer Program (the “FAST Program”)
or if the certificates are required to bear a legend regarding restriction on transferability, 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. Upon delivery of the Exercise Delivery Items and surrender of this Warrant, 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 such Warrant Shares are credited to the Holder’s designated brokerage firm’s (or such brokerage firm’s
clearing firm if such brokerage firm is not a clearing broker or does not have an account at DTC) balance account or the date of
delivery of the certificates evidencing such Warrant Shares, as the case may be. If this Warrant is submitted in connection with
any exercise pursuant to this Section 1(a) 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 Warrant Agent shall as soon as practicable
and in no event later than three (3) Trading Days after any proper exercise of this Warrant in accordance with this Section
1(a) and at the Company’s own expense, issue a new Warrant (in accordance with Section 7(e)) 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. The Company shall pay any and all taxes that may be payable
with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant; provided, however, that
the Company shall not be required to pay any tax which may be payable based on the income of the Holder or in respect of any transfer
involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the Holder or an affiliate
thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this
Warrant or receiving Warrant Shares upon exercise hereof.

 

    	 

    	 

    

  

In
addition to any other rights available to the Holder, if the Company fails to cause the Warrant Agent to transmit to the Holder
a certificate or the certificates representing the Warrant Shares or to credit the Holder’s brokerage firm’s (or such
brokerage firm’s clearing firm if such Holder’s brokerage firm is not a clearing broker or does not have an account
at DTC) balance account with DTC for such number of Warrant Shares to which the Holder is entitled upon the Holder’s exercise
pursuant to an exercise on or before the Share Delivery Date, and if after such date the Holder purchases (in an open market transaction
or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a
sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall within three (3) Trading Days after the Holder’s request and in the Holder’s discretion, either
(i) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s obligation
to deliver such certificate (and to issue such Warrant Shares or credit such Holder’s brokerage firm’s (or such brokerage
firm’s clearing firm if such Holder’s brokerage firm is not a clearing broker or does not have an account at DTC) balance
account with DTC) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates
representing such Warrant Shares or credit such Holder’s designated brokerage firm’s (or such brokerage firm’s
designees) balance account with DTC and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over
the product of (A) such number of shares of Common Stock, times (B) the Weighted Average Price of a share of Common Stock on the
date of exercise.

 

(b) 
Exercise Price. For purposes of this Warrant, “Exercise Price” means $____ per share of Common
Stock, subject to adjustment as provided herein.

 

(c) 
Cashless Exercise. Notwithstanding anything contained herein to the contrary, if a registration statement registering
the issuance and resale of the Warrant Shares under the Securities Act is not effective or available for the issuance and resale
of the Warrant Shares or an exemption from registration under the Securities Act is not available for the issuance of the Warrant
Shares, the Holder may, but only under such circumstances, in its sole discretion, exercise this Warrant in whole or in part and,
in lieu of making the cash payment otherwise contemplated to be made to the Warrant Agent upon such exercise in payment of the
Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined
according to the following formula (a “Cashless Exercise”):

 

Net Number = (A x B) - (A x
C)

B

 

For purposes of the foregoing
formula:

 

A=
the total number of shares with respect to which this Warrant is then being exercised.

 

B=
the Weighted Average Price of the shares of Common Stock (as reported by Bloomberg) on the date immediately preceding the date
of the Exercise Notice.

 

C=
the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

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(d)    
Limitations on Exercises. (1) The Company shall not effect the exercise of this Warrant, and the Holder shall not
have the right to exercise this Warrant, to the extent that after giving effect to such exercise, such Holder (together with such
Holder’s affiliates and any other Persons acting as a group together) would beneficially own in excess of 4.99% (the “Maximum
Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes
of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such Person and its affiliates
shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination
of such sentence is being made, but shall exclude shares of Common Stock which would be issuable upon (i) exercise of the remaining,
unexercised portion of this Warrant beneficially owned by such Person and its affiliates and (ii) exercise or conversion of the
unexercised or unconverted portion of any other securities of the Company beneficially owned by such Person and its affiliates
(including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion
or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph,
beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), it being acknowledged 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. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the
Holder may rely on the number of outstanding shares of Common Stock as reflected in the most recent of the following: (1) the Company’s
most recently filed: Form 10-K, Proxy Statement, Form 10-Q, Current Report on Form 8-K or other public filing with the Securities
and Exchange Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the
Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon
the written or oral request of the Holder, where such request indicates that it is being made pursuant to this Warrant, the Company
shall within one (1) Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.
In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise
of securities of the Company, including the Warrants, by the Holder and its affiliates since the date as of which such number of
outstanding shares of Common Stock was reported. By written notice to the Company, the Holder may increase or decrease the Maximum
Percentage to any other percentage not in excess of 9.99% specified in such notice; provided, that (i) any such increase
will not be effective until the 61st day after such notice is delivered to the Company and (ii) any such increase or decrease will
apply only to the Holder and not to any other holder of Warrants.

 

(e) 
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. As to any fraction of a share that the Holder would otherwise be entitled to purchase upon such exercise,
the Company shall pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the
Exercise Price.

 

		2.	ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise
Price and the number of Warrant Shares shall be adjusted from time to time as follows (which adjustment shall be calculated by
the Company):

 

(a) 
Adjustment upon Subdivision or Combination of Shares 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(a) shall become
effective at the close of business on the date the subdivision or combination becomes effective.

 

(b) 
Other Events. If any event occurs of the type contemplated by the provisions of Section 2(a) but not expressly provided
for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other
equity rights, pro rata to all or the record holders of any class of the Company’s Common Stock), then the Company’s
Board of Directors will make an appropriate adjustment in the Exercise Price and the number of Warrant Shares so as to protect
the rights of the Holder; provided, that no such adjustment pursuant to this Section 2(b) will increase the Exercise Price
or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2.

 

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3.    
RIGHTS UPON 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, scheme of arrangement or other similar transaction) (a “Distribution”), at any time
after the issuance of this Warrant, then, in each such case:

 

(a) 
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 of which (i) the numerator shall be
the Weighted Average 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 shall be the Weighted Average Price of the shares of Common Stock on the Trading Day immediately preceding
such record date; and

 

(b)  
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 paragraph
(a); provided, that in the event that the Distribution is of shares of Common Stock or common stock of a company whose common
shares are 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 for 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 paragraph (a) and the number of Warrant Shares calculated in accordance with the first
part of this paragraph (b).

 

		4.	PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a) 
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time prior to the Expiration
Date the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities
or other property pro rata to all of the record holders of any class of shares of Common Stock (the “Purchase Rights”),
then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which
the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of
this Warrant (without regard to any limitations on the exercise of this Warrant) immediately before the date on which a record
is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.

 

(b)  Fundamental
Transactions. Upon the occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be
substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to
the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the
Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor
Entity had been named as the Company herein. Upon consummation of the Fundamental Transaction, the Successor Entity shall
deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the
consummation of the Fundamental Transaction, in lieu of the shares of the Common Stock (or other securities, cash, assets or
other property purchasable upon the exercise of the Warrant prior to such Fundamental Transaction), such shares of stock,
securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights), if
any, that the Holder would have been entitled to receive upon the happening of such Fundamental Transaction had this Warrant
been exercised immediately prior to such Fundamental Transaction, as adjusted in accordance with the provisions of this
Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental
Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with
respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company shall make
appropriate provision to ensure that the Holder will thereafter have the right to receive upon exercise of this Warrant
within 90 days after the consummation of the Fundamental Transaction but, in any event, prior to the Expiration Date, in lieu
of the shares of the Common Stock (or other securities, cash, assets or other property) purchasable upon the exercise of the
Warrant prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any other property
whatsoever (including warrants or other purchase or subscription rights) which the Holder would have been entitled to receive
upon the happening of such Fundamental Transaction had the Warrant been exercised immediately prior to such
Fundamental Transaction.

 

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5.RESERVATION
OF WARRANT SHARES; PIGGYBACK REGISTRATION RIGHTS. (a) The Company covenants that it will at all times reserve and keep available
out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it
to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of shares of Common Stock which are then issuable
and deliverable upon the exercise of this entire Warrant, free from preemptive or any other contingent purchase rights of Persons
other than the Holder (taking into account the adjustments and restrictions in Section 2). Such reservation shall comply with the
provisions of Section 1. The Company covenants that all shares of Common Stock so issuable and deliverable shall, upon issuance
and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and
fully paid and nonassessable. The Company will take all such actions as may be reasonably necessary to assure that such shares
of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of any securities exchange or automated quotation system upon which the Common Stock may be listed.

 

		(b)	If, at any time after the Initial Exercise Date until this Warrant is no
longer outstanding, the Company shall determine to prepare and file with the Commission a registration statement relating to an
offering for its account or the account of others under the Securities Act of any of its equity securities, other than on Form
S-4 or Form S-8 (each as promulgated under the Securities Act), or their then equivalents relating to equity securities to be issued
solely in connection with any acquisition of any entity or business or equity securities issuable in connection with the stock
option or other employee benefit plans, the Company shall send to the Holder a written notice of determination and if, within 15
calendar days after the date of such notice, the Holder shall so request in writing, the Company shall include in such registration
statement all or any part of the Warrant Shares that the Holder requests to be registered; provided, however, that the Company
shall not be required to register any Warrant Shares pursuant to this Section 5(b) that are eligible for resale pursuant to Rule
144 under the Securities Act. The Holder shall provide the Company with such information as shall be required to effect such registration
as a selling shareholder. He Holder shall, at the Company’s request, waive its piggyback rights so long as the Holder’s
right to cashless exercise remains unencumbered.

 

		6.	WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically
provided herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote
or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this
Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the
rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization,
issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive
dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is
then entitled to receive upon the due exercise of this Warrant. 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.

 

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		7.	REGISTRATION AND REISSUANCE OF WARRANTS.

 

a.  
Registration of Warrant. The Company, its Transfer Agent, and/or Warrant Agent shall register this Warrant, upon
the records to be maintained by the Company, its Transfer Agent, and/or Warrant Agent for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant
as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes,
absent actual notice to the contrary. The Company, its Transfer Agent, and/or Warrant Agent shall also register any transfer, exchange,
reissuance or cancellation of any portion of this Warrant in the Warrant Register.

 

b.    
Transfer of Warrant. Pursuant to FINRA Rule 5110(g), neither this Warrant nor any Warrant Shares issued upon exercise
of this Warrant shall be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the effective economic disposition of the securities by any person for a period of
180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant
is being issued, except the transfer of any security pursuant to FINRA Rule 5110(g)(2). This Warrant may be offered for sale, sold,
transferred or assigned without the consent of the Company, except as may otherwise be required by applicable securities laws.
Subject to applicable securities laws, if this Warrant is to be transferred, the Holder shall surrender this Warrant to the Warrant
Agent, as directed by the Company, together with all applicable transfer taxes, whereupon the Company will, or will cause its Warrant
Agent to, forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(e)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and,
if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance
with Section 7(e)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred. The acceptance
of the new Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations
in respect of the new Warrant that the Holder has in respect of this Warrant.

 

c.    
Lost, Stolen or Mutilated Warrant. If any of the Warrant Certificates shall be mutilated, lost, stolen or destroyed,
the Company shall issue, and the Warrant Agent shall countersign and deliver, in exchange and substitution for, and upon cancellation
of the mutilated Warrant Certificate, or in lieu of and substitution for the Warrant Certificate lost, stolen or destroyed, a new
Warrant Certificate of like tenor and representing an equivalent number of Warrants (in accordance with Section 7(e)), but only
upon receipt of evidence reasonably satisfactory to the Warrant Agent of the loss, theft or destruction of such Warrant Certificate
and an affidavit and the posting of an open penalty surety bond satisfactory to the Warrant Agent and holding the Warrant Agent
and Company harmless, absent notice to Warrant Agent that such certificates have been acquired by a bona fide purchaser. Warrant
Agent may, at its option, issue replacement Warrants for mutilated certificates upon presentation thereof without such indemnity.
Applicants for such substitute Warrant Certificates shall also comply with such other reasonable regulations and pay such other
reasonable charges as the Warrant Agent may prescribe and as required by Section 8-405 of the Uniform Commercial Code as in effect
in the State of New York.

 

(d)
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the office
of the Warrant Agent designated for such purpose, as directed by the Company, together with all applicable transfer taxes, for
a new Warrant or Warrants (in accordance with Section 7(e)) representing in the aggregate the right to purchase the number of Warrant
Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of such Warrant
Shares as is designated by the Holder at the time of such surrender; provided, however, that the Company, its Transfer
Agent, and/or Warrant Agent, as directed by the Company, shall not be required to issue Warrants for fractional shares of Common
Stock hereunder. Such exchange is subject to applicable law and the reasonable requirements of the Warrant Agent which requirements
shall include reasonable evidence of authority, including a signature guarantee from an eligible guarantor institution participating
in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority
that may be required by the Warrant Agent.

 

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(e)
Issuance of New Warrants. Whenever the Warrant Agent, as directed by the Company, is required to issue a new Warrant pursuant
to the terms of this Warrant, such new Warrant shall (i) be of like tenor with this Warrant, (ii) represent, as indicated on the
face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant
being issued pursuant to Section 7(b) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number
of shares of Common Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the number
of Warrant Shares then underlying this Warrant), (iii) have an issuance date, as indicated on the face of such new Warrant which
is the same as the Issuance Date and (iv) have the same rights and conditions as this Warrant.

 

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 information set forth in the Warrant Register. The Company shall give written notice to the
Holder (i) reasonably promptly following any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying,
the calculation of such adjustment and (ii) at least ten (10) 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 Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to
the record holders of any class of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental
Transaction, dissolution or liquidation; provided, that in each case, such information shall be made known to the public
prior to or in conjunction with such notice being provided to the Holder.

 

9.    
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company 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 use all reasonable efforts to take all such actions as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant and (iii) shall,
so long as any of the Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and
unissued shares of Common Stock, solely for the purpose of effecting the exercise of the Warrants, the number of shares of Common
Stock as shall from time to time be necessary to effect the exercise of the Warrants then outstanding (without regard to any limitations
on exercise).

 

10. 
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended and the
Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company
has obtained the written consent of the Holder.

 

11. 
LIMITATION OF LIABILITY. No provision hereof, in the absence of any affirmative action by Holder to exercise this
Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability
of Holder for the purchase price of any Warrant Shares or as a stockholder of the Company, whether such liability is asserted by
the Company or by creditors of the Company.

 

12. 
GOVERNING LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of
the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of
New York.

 

13. 
CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall
not be construed against any person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall
not form part of, or affect the interpretation of, this Warrant.

 

    	7

    	 

    

  

14. 
DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation
of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via email or facsimile within
two (2) Trading Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder
and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within five
(5) Trading Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall,
within two (2) Trading Days submit via email or facsimile (a) the disputed determination of the Exercise Price to an independent,
reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the
Warrant Shares to the Company’s independent, outside accountant. The Company shall cause the investment bank or the accountant,
as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later
than ten (10) Trading Days from the time it receives the disputed determinations or calculations. Such investment bank’s
or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error.
The expenses of the investment bank and accountant will be borne by the Company unless the investment bank or accountant determines
that the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares by the Holder was incorrect, in
which case the expenses of the investment bank and accountant will be borne by the Holder.

 

15. 
REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative
and in addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance
and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure
by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its obligations hereunder
may cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore
agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to
all other available remedies, to seek an injunction restraining any breach. Notwithstanding the foregoing or anything else herein
to the contrary, if the Company is for any reason unable to issue and deliver Warrant Shares upon exercise of this Warrant as required
pursuant to the terms hereof, the Company shall have no obligation to pay to the Holder any cash or other consideration or otherwise
“net cash settle” this Warrant.

 

16. 
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

a.             
 “Bloomberg” means Bloomberg Financial Markets.

 

b.  
 “Common Stock” means (i) the Company’s shares of Common Stock, no par value, and (ii) any share
capital into which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common
Stock.

 

c.  
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for shares of Common Stock.

 

d. 
“Eligible Market” means the Principal Market, The New York Stock Exchange, Inc., the NYSE Amex LLC, The
NASDAQ Stock Market, or the OTCQB or OTCQX.

 

    	8

    	 

    

  

e. 
“Fundamental Transaction” means that (i) the Company or any of its direct and/or indirect subsidiaries
that generate material revenues or hold material assets necessary for the Company to operate its business, shall directly or indirectly
(1) consolidate or merge with or into any other entity other than a direct and/or indirect subsidiary of the Company, or (2) sell,
lease, license, other than for purposes of granting a security interest assign, transfer, convey or otherwise dispose of all or
substantially all of the Company’s and its subsidiaries collective properties or assets to any other person or entity, other
than a direct and/or indirect subsidiary of the Company, (3) a non-affiliated third party purchases and/or acquires through
a tender or exchange offer 50% or more of the outstanding shares of the Company’s voting stock and/or (4) consummates
a stock acquisition or other business combination with any other entity whereby such entity acquires more than 50% of the outstanding
shares of the Company’s voting stock and a majority of the Company’s Board of Directors at the time of such transaction
are no longer directors of the Company or its Successor Entity following such acquisition and/or business combination; provided,
however, that notwithstanding anything to the contrary provided herein or elsewhere this clause (i) shall not apply to (1)
any reorganization, recapitalization or reclassification of the Common Stock in which holders of the Company’s voting power
immediately prior to such reorganization, recapitalization or reclassification continue after such reorganization, recapitalization
or reclassification to hold publicly traded securities on an Eligible Market and, directly or indirectly, the voting power of the
surviving entity or entities necessary to elect a majority of the members of the board of directors (or their equivalent if other
than a corporation) of such entity or entities, or (2) a migratory merger effected solely for the purpose of changing the jurisdiction
of incorporation of the Company, or (ii) any “person” or “group” (as these terms are used for purposes
of Sections 13(d) and 14(d) of the Exchange Act and the rules and regulations promulgated thereunder) is or shall become the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting
power represented by the Company’s issued and outstanding voting stock and a majority of the Company’s Board of Directors
at the time of such acquisition are no longer directors of the Company following such acquisition; provided , however , that this
clause (ii) shall not apply with respect to any person or group (and/or any affiliate of any such persons) who (1) is the
beneficial owner, directly or indirectly, of at least 50% of the aggregate voting power represented by the Company’s issued
and outstanding voting stock as of the Initial Issuance Date, or (2) who receives securities from the Company in connection with
or to finance acquisitions by us of any business and/or assets of a third party, or (3) purchased the Company’s securities,
provided that the Company remains publicly traded on an Eligible Market.

 

f.  
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or
Convertible Securities.

 

g.  
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person
and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such
Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation
of the Fundamental Transaction.

 

h. 
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

 

i.   
 “Principal Market” means The NASDAQ Capital Market.

 

j.   
“Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting
from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such
Fundamental Transaction shall have been entered into.

 

k.“Trading
Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common
Stock is then traded; provided that “Trading Day” shall not include any day on which the Common Stock is scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the
final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time
of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York Time).

 

    	9

    	 

    

  

l.     
“Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price
for such security on the Principal Market during the period beginning at 9:30:01 a.m., New York City time, and ending at 4:00:00
p.m., New York City time, as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does
not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin
board for such security during the period beginning at 9:30:01 a.m., New York City time, and ending at 4:00:00 p.m., New York City
time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such
hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security
as reported in the “pink sheets” by Pink OTC Markets Inc. If the Weighted Average Price cannot be calculated for such
security on such date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be the fair
market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair
market value of such security, then such dispute shall be resolved pursuant to Section 14 with the term “Weighted Average
Price” being substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted
for any share dividend, share split or other similar transaction during such period.

 

[Signature Page Follows]

 

    	10

    	 

    

   

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

 

	 	SINO-GLOBAL SHIPPING AMERICA, LTD.
	 	 	 	 
	 	By:	 
	 	 	 	 
	SEAL:	 	 	 
	 	 	 	 
	 	 	Chairman
	 	 	 	 
	 	 	 	 
	 	 	Attest:
	 	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Secretary

 

    	 

    	 

    

 

EXHIBIT
A

 

EXERCISE

 

NOTICE

 

TO BE EXECUTED BY THE
REGISTERED HOLDER TO EXERCISE

 

THIS WARRANT TO PURCHASE COMMON STOCK

 

SINO-GLOBAL SHIPPING AMERICA,
LTD.

 

The undersigned
holder hereby exercises the right to purchaseof the shares of Common Stock (“Warrant Shares”) of Sino-Global
Shipping America, Ltd., a Virginia corporation (the “Company”), evidenced by the attached Warrant to Purchase
Common Stock (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective
meanings set forth in the Warrant.

 

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

 

		 ̈	Cash Exercise under Section 1(a).

 

		 ̈	Cashless Exercise under Section 1(c).

 

2. 
Cash Exercise. If the Holder has elected a Cash Exercise, the Holder shall pay 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 holderWarrant Shares in accordance with the terms
of the Warrant.

 

/___/ If Holder wishes
DWAC delivery of Warrant Shares, please provide DWAC instructions:

 

DTC #___________________

 

Account #_________________

 

4. 
Representations and Warranties. By its delivery of this Exercise Notice, the undersigned represents and warrants
to the Company that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number
of shares of Common Stock (determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted
to be owned under Section 1(d) of this Warrant to which this notice relates.

 

DATED:  _______________________

 

	 	(Signature must conform in all respects to name of the Holder as specified on the face of the Warrant)
	 	 	 
	 	 	 
	 	 	 
	 	 
	 	Registered Holder	 
	 	 	 
	 	Address:Exhibit 4.4

   

WARRANT AGENT AGREEMENT

 

This WARRANT AGENT
AGREEMENT (this “Agreement”) between Sino-Global Shipping America, Ltd., a Virginia corporation (the “Company”),
Computershare Inc., a Delaware corporation and its wholly-owned subsidiary Computershare Trust Company, N.A., a federally chartered
trust company (collectively, the “Warrant Agent”), is dated as of March __, 2015.

 

RECITALS

 

WHEREAS, on
_________, 2015, the Company issued warrants (“Warrants”) to purchase _____________ common shares, no par value (“Common
Shares”) to the Warrant Holders (as defined hereafter), pursuant to the terms and conditions of that final prospectus dated
March __, 2015 (collectively, the “Warrant Holders”);

 

WHEREAS, on
October 3, 2014, the Company filed a Registration Statement on Form S-1, which was subsequently amended on November 17, 2014, December
3, 2014, January 23, 2015, February 2, 2015 and February __, 2015 (collectively, the “Registration Statement”), with
the U.S. Securities and Exchange Commission (the “Commission”) to register the Warrants and the Common Shares issuable
upon exercise of the Warrants, which was declared effective by the Commission on ________, 2015;

 

WHEREAS, the
Company wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with
the re-issuance, transfer, exchange and exercise of the Warrants;

 

NOW, THEREFORE,
in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section 1.Appointment of
Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the terms
and conditions of this Agreement, and the Warrant Agent hereby accepts such appointment.

 

Section 2.Form of Warrant
Certificates. The Warrants shall be evidenced by certificates (the “Warrant Certificates”) (together with the
form notice of exercise), which shall be substantially in the form of Exhibit A1
hereto and may have such marks of identification or designation and such legends, summaries or endorsements printed thereon as
the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement or as may be required to comply
with any law or with any rule or regulation made pursuant thereto, or to conform to usage.

 

 

___________________________

1 NTD: Reference to be revised,
Exhibit A is currently the Schedule of Fees.

 

    	 

    	 

    

 

Section 3.Countersignature
and Registration. 

 

		(a)	The Warrant Certificates shall be executed on behalf of the Company by its Chairman or its President,
either manually or by facsimile signature, and have affixed thereto the Company’s seal or a facsimile thereof which shall
be attested by the Secretary or an Assistant Secretary of the Company, either manually or by facsimile signature. The Warrant Certificates
shall be countersigned by the Warrant Agent either manually or by facsimile signature and shall not be valid for any purpose unless
so countersigned. In case any officer of the Company who shall have signed any of the Warrant Certificates shall cease to be such
officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates,
nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person
who signed such Warrant Certificate had not ceased to be such officer of the Company; and any Warrant Certificate may be signed
on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be a proper
officer of the Company to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement any such
person was not such an officer. The Warrant Agent will keep or cause to be kept, at one of its offices or at the office of one
of its agents, books for registration and transfer of the Warrant Certificates issued hereunder. Such books shall show the names
and addresses of the respective holders of the Warrant Certificates, the number of Warrants evidenced on the face of each of such
Warrant Certificate and the date of each of such Warrant Certificate.

 

		(b)	The Company shall provide an opinion of counsel prior to the Effective Time to set up reserve of
warrants and related Common Shares. The opinion shall state that all warrants or Common Shares, as applicable, are:

 

(1) registered under the Securities
Act of 1933, as amended, or are exempt from such registration, and all appropriate state securities law filings have been made
with respect to the warrants or shares; and

 

(2) validly issued, fully paid
and non-assessable.

 

Section 4.Transfer,
Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates. 

 

		(a)	Subject to the provisions of Section 9(a) hereof and the last sentence of this first paragraph
of Section 4(a) and subject to applicable law, rules or regulations, restrictions on transferability that may appear on the
Warrant Certificates or any “stop transfer” instructions the Company may give to the Warrant Agent, at any time after
the date hereof, at or prior to the Expiration Date (as such term is defined in Section 5(a) of this Agreement), any Warrant Certificate(s)
may be transferred, split up, combined or exchanged for another Warrant Certificate(s), entitling the holder to purchase a like
number of Common Shares as the Warrant Certificate(s) surrendered then entitled such holder to purchase, all as set forth in Section
7 of the Warrant Certificate. Any holder desiring to transfer, split up, combine or exchange any Warrant Certificate shall make
such request in writing delivered to the Warrant Agent, and shall surrender the Warrant Certificate(s) to be transferred, split
up, combined or exchanged at the principal office of the Warrant Agent, subject to applicable law and the reasonable requirements
of the Warrant Agent which requirements shall include reasonable evidence of authority to transfer. Such evidence of authority
shall include a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved
by the Securities Transfer Association, and any other reasonable evidence of authority that may be required by the Warrant Agent.
Thereupon the Warrant Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates,
as the case may be, as so requested.

 

    	 

    	 

    

 

		(b)	If any of the Warrant Certificates shall be mutilated, lost, stolen or destroyed, the Company shall
issue, and the Warrant Agent shall countersign and deliver, in exchange and substitution for, and upon cancellation of the mutilated
Warrant Certificate, or in lieu of and substitution for the Warrant Certificate lost, stolen or destroyed, a new Warrant Certificate
of like tenor and representing an equivalent number of Warrants, but only upon receipt of evidence reasonably satisfactory to the
Warrant Agent of the loss, theft or destruction of such Warrant Certificate and an affidavit and the posting of an open penalty
surety bond satisfactory to the Warrant Agent and holding the Warrant Agent and Company harmless, absent notice to Warrant Agent
that such certificates have been acquired by a bona fide purchaser. Warrant Agent may, at its option, issue replacement Warrants
for mutilated certificates upon presentation thereof without such indemnity. Applicants for such substitute Warrant Certificates
shall also comply with such other reasonable regulations and pay such other reasonable charges as the Warrant Agent may prescribe
and as required by Section 8-405 of the Uniform Commercial Code as in effect in the State of New York.

 

Section 5.Exercise of
Warrants; Exercise Price; Expiration Date.

 

		(a)	The Warrants shall cease to be exercisable and shall terminate and become void at or prior to 5:30
PM, New York Time, on ________________ (the “Expiration Date”). Subject to the foregoing and to Section 5(b) hereof,
the holder of any Warrant Certificate may exercise the Warrants evidenced thereby in whole or in part and from time to time upon
surrender of the Warrant Certificate (if all of the Warrant Shares available under the Warrant Cerare being purchased), with the
notice of exercise properly completed and duly executed, to the Warrant Agent at its principal office or to the office of one of
its agents as may be designated by the Warrant Agent from time to time, accompanied by proper payment to the Company, in a manner
specified on the Warrant Certificate, in an amount equal to the then applicable Exercise Price per share multiplied by the number
of Common Shares then being purchased as well as all applicable taxes or charges due in connection with the exercise of such Warrants.
The Warrant Agent shall forward funds received for warrant exercises in a given month by the 5th Business Day of the following
month by wire transfer to an account designated by the Company. For purposes of the Agreement, “Business Day” shall
mean any day other than a Saturday, Sunday or a day on which banking institutions in the City of New York are authorized or obligated
by law or executive order to close.

 

    	 

    	 

    

 

		(b)	Upon receipt of a notice of exercise properly completed and duly executed prior to the Expiration
Date, accompanied by payment of the Exercise Price for the Common Shares to be purchased and all applicable taxes or charges due
in connection with such exercise, the Warrant Agent shall thereupon: (i) promptly requisition from the transfer agent of the
Common Share certificates the number of Common Shares to be purchased, and the Company hereby irrevocably authorizes its transfer
agent to comply with all such requests; (ii)  promptly after receipt of such Common Share certificates, cause the same to
be delivered to or upon the order of the holder of such Warrant Certificate, registered in such name or names as may be designated
by such holder; or (iii) if requested by the Holder, deliver the Warrant Shares via DWAC deposit to the account designated by such
Holder as set forth in Section 1(a) of the Warrant Certificate. The Warrant Agent shall use best efforts to deliver Warrant Shares
within three (3) Business Days of receipt of both a notice of exercise duly executed and receipt of payment of the Exercise Price.

 

		(c)	Upon receipt by the Warrant Agent of a notice of exercise duly executed at its principal office,
and proper payment of the applicable Exercise Price and any taxes or charges as required hereby, the holder of such Warrant Certificate
shall be deemed to be the holder of record of the Common Shares issuable upon such exercise, notwithstanding that the stock transfer
books of the Company shall then be closed or that certificates representing such common shares shall not then be actually delivered
to the holder of such Warrant Certificate.

 

		(d)	The Company acknowledges that all funds received by Computershare under this Agreement that are to
be distributed or applied by Computershare in the performance of services (the “Funds”) shall be held by Computershare
as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for
the Company. Until paid pursuant to the terms of this Agreement, Computershare will hold the Funds through such accounts in: deposit
accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P
(LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported
by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for any diminution of the Funds that may result
from any deposit made by Computershare in accordance with this paragraph, including any losses resulting from a default by any
bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings
in connection with such deposits. Computershare shall not be obligated to pay such interest, dividends or earnings to the Company,
any holder or any other party.

 

		(e)	In the event of a Cashless Exercise (as defined in the Warrant Certificate) pursuant to Section 1(c)
of the Warrant Certificate, upon receipt of a notice of exercise properly completed and duly executed indicating a Cashless Exercise,
the Warrant Agent will promptly deliver a copy of such notice of exercise to the Company to confirm the number of Warrant Shares
issuable in connection with the Cashless Exercise. The Company shall calculate and transmit to the Warrant Agent in a written notice,
and the Warrant Agent shall have no duty, responsibility or obligation to calculate, the number of Warrant Shares issuable in connection
with any Cashless Exercise. The Warrant Agent shall be entitled to rely conclusively on any such written notice provided by the
Company, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with
such written instructions or pursuant to this Agreement. In the event of a Cashless Exercise, the Company shall provide the Warrant
Agent with the cost basis for all securities issued pursuant to such Cashless Exercise prior to the issuance of such securities.
In the event of an exercise other than a Cash Exercise, the Company hereby instructs the Warrant Agent to record cost basis for
newly issued securities as [the Exercise Price thereof]2.

 

_______________________

2
Issuer to confirm/update.

 

    	 

    	 

    

 

Section 6.Cancellation and Destruction
of Warrant Certificates. All Warrant Certificates surrendered for the purpose of exercise, transfer, split up, combination
or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant Agent for cancellation or
in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and no Warrant Certificates shall be issued
in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Warrant
Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire, any other Warrant Certificate purchased
or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall deliver all canceled Warrant Certificates
to the Company, or shall, at the written request of the Company, destroy such canceled Warrant Certificates, and in such case
shall deliver a certificate of destruction thereof to the Company, subject to any applicable law, rule or regulation requiring
the Warrant Agent to retain such canceled certificates.

 

Section 7. Adjustment of Exercise
Price and Number of Common Shares. The number and kind of securities purchasable upon the exercise of the Warrants and
the Exercise Price shall be subject to adjustment from time to time upon the occurrence of certain events, as set forth in Sections
2, 3 and 4 of the Warrant Certificate; provided, however, that the Warrant Agent shall have no obligation under any Section of
this Agreement to determine whether an adjustment event has occurred or to calculate any of the adjustments set forth therein.
The form of Warrant Certificate need not be changed because of any adjustment hereunder, and Warrants issued after such
adjustment may state the same Exercise Price and the same number of shares as is stated in the Warrants initially issued pursuant
to this Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant Certificate
that the Company may deem appropriate and that does not affect the substance thereof (including any of the rights, duties, obligations
and liabilities of the Warrant Agent), and any Warrant thereafter issued or countersigned, whether in exchange or substitution
for an outstanding Warrant or otherwise, may be in the form as so changed.

 

Section 8.Certification of Adjusted
Exercise Price or Number of Common Shares. Whenever the Exercise Price or the number of Common Shares issuable upon the
exercise of each Warrant is adjusted as provided in Section 7, the Company shall: (i) within ten (10) days of such adjustment,
prepare and file with the Warrant Agent a certificate setting forth the Exercise Price of each warrant as so adjusted, and a brief
statement of the facts accounting for such adjustment; and (ii) instruct the Warrant Agent to mail a copy of such certificate
to each holder of a Warrant Certificate. The Warrant Agent shall mail a copy of such certificate to each holder of a Warrant Certificate
within twenty (20) days after receipt of such certificate from the Company. Until such certificate is
received by the Warrant Agent, the Warrant Agent may presume conclusively for all purposes that no such
adjustments have been made and the Warrant Agent shall have no duty or obligation to investigate or confirm whether any
of the Company’s determination are accurate or correct.

 

    	 

    	 

    

 

Section 9.Fractional Common
Shares. No fractional common shares shall be issued in connection with any warrant exercise, but in lieu of such fractional
common shares the Company shall make a cash payment equal to the Exercise Price for such fractional common share. The Warrant Agent
shall promptly provide the Company with written notice upon the exercise of any warrant or warrants by a registered holder which
would otherwise result in the issuance of fractional common shares. The Company shall provide an initial funding of [one thousand
dollars ($1000)] for the purpose of issuing cash in lieu of fractional shares. From time to time thereafter, Computershare may
request additional funding to cover such payments. Computershare shall have no obligation to make such payments unless the Company
shall have provided the necessary funds to pay in full all amounts due and payable with respect thereto.

 

Section 10.Transfer and Exercise
of Warrant Certificates. The Company and the Warrant Agent consent and agree:

 

		(a)	that the Warrant Certificates shall be transferable only on the registry books of the Warrant Agent
if surrendered at the principal office of the Warrant Agent, duly endorsed or accompanied by a proper instrument of transfer; and

 

		(b)	that the Company and the Warrant Agent may deem and treat the person in whose name the Warrant
Certificate is registered as the absolute owner thereof and of the warrants evidenced thereby (notwithstanding any notations of
ownership or writing on the Warrant Certificates made by anyone other than the Company or the Warrant Agent) for all purposes whatsoever,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

Section 11.Concerning the
Warrant Agent. 

 

		(a)	The Company shall pay to the Warrant Agent compensation in accordance with the fee schedule attached
as Exhibit B hereto, together with reimbursement for reasonable fees and disbursements incurred in the administration and
execution of this Agreement and the exercise and performance of its duties hereunder.

 

		(b)	The Company covenants and agrees to indemnify and to hold the Warrant Agent harmless against any
costs, expenses (including reasonable fees of its legal counsel), losses or damages, which may be paid, incurred or suffered by
or to which it may become subject, arising from or out of, directly or indirectly, any claims or liability resulting from its actions
as Warrant Agent pursuant hereto; provided, that such covenant and agreement does not extend to, and the Warrant Agent shall not
be indemnified with respect to, such costs, expenses, losses and damages incurred or suffered by the Warrant Agent as a result
of, or arising out of, its gross negligence, bad faith, or willful misconduct.

 

		(c)	From time to time, the Company may provide the Warrant Agent with instructions concerning the services
performed by the Warrant Agent hereunder. In addition, at any time the Warrant Agent may apply to any officer of the Company for
instruction, and may consult with legal counsel for the Warrant Agent or the Company with respect to any matter arising in connection
with the services to be performed by the Warrant Agent under this Agreement. The Warrant Agent and its agents and subcontractors
shall not be liable and shall be indemnified by Company for any action taken or omitted by Warrant Agent in reliance upon any Company
instructions or upon the advice or opinion of such counsel. The Warrant Agent shall not be held to have notice of any change of
authority of any person, until receipt of written notice thereof from the Company.

 

    	 

    	 

    

 

		(d)	The Warrant Agent shall be responsible for and shall indemnify and hold the Company harmless from
and against any and all losses, damages, costs, charges, counsel fees, payments, expenses and liability arising from or out of,
directly or indirectly, or attributable to the Warrant Agent’s refusal or failure to comply with the terms of this Agreement,
or which arise out of Warrant Agent’s gross negligence, bad faith or willful misconduct or which arise out of the breach
of any representation or warranty of the Warrant Agent hereunder, for which the Warrant Agent is not entitled to indemnification
under this Agreement; provided, however, that Warrant Agent’s aggregate liability under this Agreement with respect to, arising
from, or arising in connection with this Agreement, or from all services provided or omitted to be provided under this Agreement,
whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid under this Agreement by the
Company to Warrant Agent as fees and charges, but not including reimbursable expenses.

 

		(e)	In order that the indemnification provisions contained in this Section 11 shall apply, upon the
assertion of a claim for which one party may be required to indemnify the other, the party seeking indemnification shall promptly
notify the other party of such assertion, and shall keep the other party advised with respect to all developments concerning such
claim. The indemnifying party shall have the option to participate with the indemnified party in the defense of such claim or to
defend against said claim in its own name or the name of the indemnified party. The indemnified party shall in no case confess
any claim or make any compromise in any case in which the indemnifying party may be required to indemnify it except with the indemnifying
party’s prior written consent.

 

		(f)	Neither party to this Agreement shall be liable to the other party
for any consequential, indirect, special or incidental damages under any provisions of this Agreement or for any consequential,
indirect, penal, special or incidental damages arising out of any act or failure to act hereunder even if that party has been advised
of or has foreseen the possibility of such damages.

 

Section 12.Purchase or Consolidation
or Change of Name of Warrant Agent.

 

		(a)	Any corporation into which the Warrant Agent may be merged or with which it may be consolidated,
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be party, or any corporation succeeding
to the corporate trust business of the Warrant Agent shall be the successor to the Warrant Agent under this Agreement without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In case at the time such successor
Warrant Agent shall succeed to the agency created by this Agreement any of the Warrant Certificates shall have been countersigned
but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver
such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned,
any successor Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or in
the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force provided in
the Warrant Certificates and in this Agreement.

 

    	 

    	 

    

 

		(b)	In case at any time the name of the Warrant Agent shall be changed and at such time any of the
Warrant Certificates shall have been countersigned but not delivered, the Warrant Agent may adopt the countersignature under its
prior name and deliver Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not
have been countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed
name; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this
Agreement.

 

		(c)	To the extent doing so will not violate any legal or contractual obligation on the part of the
Warrant Agent to maintain the confidentiality of such information, the Warrant Agent shall notify the Company in writing in advance
of any proposed change in its ownership, control or management.

 

Section 13.Duties of Warrant
Agent. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following terms and conditions:

 

		(a)	The Warrant Agent may consult with legal counsel, and the opinion of such counsel shall be full
and complete authorization and protection to the Warrant Agent as to any action taken or omitted by it in good faith and in accordance
with such opinion.

 

		(b)	Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it
necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be
conclusively proved and established by a certificate signed by the Chief Executive Officer, Chief Financial Officer, Treasurer
or Secretary of the Company and delivered to the Warrant Agent; and such certificate shall be full authentication to the Warrant
Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate.

 

		(c)	The Warrant Agent shall be liable hereunder for its own gross negligence, bad faith and willful
misconduct.

 

		(d)	The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals
contained in this Agreement or in the Warrant Certificates (except its countersignature thereof) or be required to verify the same.

 

    	 

    	 

    

 

		(e)	The Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement
or the execution and delivery hereof (except the due execution hereof by the Warrant Agent) or in respect of the validity or execution
of any Warrant Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of
any covenant or condition contained in this Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment
of the Exercise Price or the making of any change in the number of Common Shares required under the provisions of Sections 7 and8
or responsible for the manner, method or amount of any such change or the ascertaining of the existence of facts that would require
any such adjustment or change (except with respect to the exercise of Warrants evidenced by Warrant Certificates after actual notice
of any adjustment of the Exercise Price); nor shall it by any act hereunder be deemed to make any representation or warranty as
to the authorization or reservation of any Common Shares to be issued pursuant to this Agreement or any Warrant Certificate or
as to whether any Common Shares will, when issued, be duly authorized, validly issued, fully paid and nonassessable.

 

		(f)	The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed,
executed, acknowledged and delivered all such further information and documentation as may reasonably be required by the Warrant
Agent for the carrying out or performing by the Warrant Agent of the provisions of this Agreement.

 

		(g)	The Warrant Agent is hereby authorized to accept instructions with respect to the performance of
its duties hereunder from the Chief Executive Officer, Chief Financial Officer, Treasurer or Secretary of the Company, and to apply
to such officers for advice or instructions in connection with its duties, and it shall not be liable and shall be indemnified
and held harmless for any action taken or suffered to be taken by it in good faith in accordance with instructions of any such
officer, provided Warrant Agent carries out such instructions without gross negligence, bad faith or willful misconduct.

 

		(h)	The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy,
sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which
the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it
were not Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity
for the Company or for any other legal entity.

 

		(i)	The Warrant Agent may perform any of its duties hereunder either directly or by or through agents
or attorneys and Warrant Agent shall not be liable or responsible for any misconduct or negligence on the part of any agent or
attorney appointed with reasonable care hereunder.

 

    	 

    	 

    

 

Section 14.Termination.
Either the Company or the Warrant Agent may terminate this Agreement upon thirty (30) days prior written notice to the other party.
In the event of such termination, the Company shall appoint a successor agent and inform the Warrant Agent of the name and address
of any successor agent so appointed, provided that no failure by the Company to appoint such a successor agent shall affect the
termination of this Agreement or the discharge of the Warrant Agent as agent hereunder. Upon any such termination, Warrant Agent
shall be relieved and discharged of any further responsibilities with respect to its duties hereunder. Upon payment of all outstanding
fees and expenses hereunder, Warrant Agent shall promptly forward to the Company or its designee any and all property or documentation
relative to the Warrant Certificates and the holders thereof and documents relating to the Warrant Certificates or the holders
thereof that the Warrant Agent may receive after its appointment has so terminated.

 

Section 15.Issuance of New Warrant
Certificates.  The Company may, at its option and in accordance with the provisions of the Warrant Certificates, request
the Warrant Agent to issue new Warrant Certificates, in such form as is acceptable to the Company, in order to reflect any adjustment
or change in the Exercise Price or the number of Common Shares purchasable under the several Warrant Certificates.

 

Section 16.Notices.
All notices, demands and other communications given pursuant to the terms and provisions of this Agreement shall be in writing,
shall be deemed effective on the date of receipt, and may be sent by overnight delivery service, or by certified or registered
mail, return receipt requested to:

 

To the Company:

 

 

 

With a copy to:

 

 

 

	To Warrant Agent:	Computershare Trust Company, N.A.
	 	250 Royall Street
	 	Canton, Massachusetts 02021
	 	Attention: Client Administration Corporate Actions

 

Section 17.Governing Law.
This Agreement and the interpretation of its terms shall be governed by the laws of the State of New York, without application
of conflicts of law principles.

 

Section 18.Force Majeure.
Notwithstanding anything to the contrary contained herein, Warrant Agent shall not be liable for any delays or failures in performance
resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply,
breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical
difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest.

 

    	 

    	 

    

 

Section 19.Amendment.
No provision of this Agreement may be amended, modified, or waived, except in a written document signed by all of the parties.
As a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent
a certificate from a duly authorized officer of the Company that states that the proposed amendment is in compliance with the terms
of this Agreement.

 

Section 20.Severability.
If any provision of this Agreement shall be held illegal, invalid or unenforceable by any court, this Agreement shall be construed
and enforced as if such provision had not been contained herein and shall be deemed binding and enforceable to the full extent
permitted by applicable law.

 

Section 21.Entire Agreement.
This Agreement constitutes the entire understanding of the parties with respect to the subject matter hereof and supersedes all
prior written or oral communications, understandings, and agreements with respect to the subject matter of this Agreement.

 

Section 22.Assignment.
This Agreement may not be assigned, or otherwise transferred, in whole or in part, by the parties without the prior written consent
of all the other parties, which the other parties will not unreasonably withhold, condition or delay.

 

Section 23.Successors.
All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns hereunder.

 

Section 24.Benefits of this
Agreement. Nothing in this Agreement shall be construed to give any person other than the Company and the Warrant Agent
any legal or equitable right, remedy or claim under this Agreement; and this Agreement shall be for the sole and exclusive benefit
of the Company and the Warrant Agent.

 

Section 25.Counterparts.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement
transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

 

Section 26.Captions.
The captions of the sections of this Agreement have been inserted for convenience only and shall not control or affect the meaning
or construction of any of the provisions hereof.

 

Section 27.Confidentiality.
The Warrant Agent and the Company agree that all books, records, information and data pertaining to the business of the other party,
including inter alia, personal, non-public warrant holder information, which are exchanged or received pursuant to the negotiation
or the carrying out of this Agreement including the fees for services set forth in the attached schedule shall remain confidential,
and shall not be voluntarily disclosed to any other person, except as may be required by law, including, without limitation, pursuant
to subpoenas from state or federal government authorities (e.g., in divorce and criminal actions).

 

    	 

    	 

    

 

Section 28.Further
Assurances. The Company shall perform, acknowledge and deliver or cause to be performed, acknowledged and delivered all
such further and other acts, documents, instruments and assurances as may be reasonably required by the Warrant Agent for the carrying
out or performing by the Warrant Agent of the provisions of this Agreement.

 

Section 29.Force
Majeure. Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays
or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist
acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due
to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest.

 

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	Company 
	 	Sino-Global Shipping America, Ltd., a Virginia corporation
	 	 
	 	By:        ____________________________
	 	Name:   ____________________________
	 	Title:     ____________________________
	 	 
	 	Computershare Trust Company, N.A.
	 	 
	 	By:       ____________________________
	 	Name:  ____________________________
	 	Title:    ____________________________
	 	 
	 	Computershare Inc.
	 	 
	 	By:       ____________________________
	 	Name:  ____________________________
	 	Title:    ____________________________
	 	 

 

 

    	 

    	 

    

 

 

 

Exhibit A

 

 

Form of

Warrant Certificate

 

 

    	 

    	 

    

 

 

Exhibit B

 

 

Schedule of Fees

Warrant Agent

 

 

 

    	 

    	 

    

  

	Service Description	 	Fees	 
	Warrant Conversion Agent	 	 	 	 
	
1st year Annual Administration (includes initial setup)
 
 
	 	$	5,000.00	 
	Annual Administration each year thereafter	 	$	1,000.00	 
	 	 	 	 	 
	Processing Accounts, each	 	$	50.00	 
	 	 	 	 	 
	Conversions requiring additional handling 
(window items, deficient items, correspondence items, legal items, items not providing a taxpayer identification number, Transfer Requests, etc), additional each	 	$	15.00	 
	 	 	 	 	 
	Requisitioning Funds, each requisition	 	$	25.00	 
	 	 	 	 	 
	Expiration	 	$	1,000.00	 
	 	 	 	 	 
	Special Services	 	 	Additional	 
	 	 	 	 	 
	Out of Pocket Expenses 
Including Postage, Printing, Stationery, Overtime, Transportation, 

Microfilming, Imprinting, Mailing, etc.	 	 	Additional

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