Document:

EXHIBIT 10.1

 

IN
ACCORDANCE WITH ITEM 6.01(b)(10) OF REGULATION S-K,

CERTAIN
PRIVATE OR CONFIDENTIAL ITEMS HAVE BEEN REDACTED

FROM
THE FILED COPY OF THIS AGREEMENT

 

FIRST AMENDMENT AND JOINDER

TO THE

RECEIVABLES FINANCING AGREEMENT
AND

THE RECEIVABLES SALE AND CONTRIBUTION
AGREEMENT

 

 

This FIRST AMENDMENT AND
JOINDER TO THE RECEIVABLES FINANCING AGREEMENT AND THE RECEIVABLES SALE AND CONTRIBUTION AGREEMENT (this “Amendment”),
dated as of October 29, 2021, is entered into by and among the following parties:

(i)          ADT
FINANCE LLC, a Delaware limited liability company, as Borrower (the “Borrower”) and as Buyer (the “Buyer”);
and

(ii)         MIZUHO
BANK, LTD. (“Mizuho”), as Administrative Agent, Arranger, Collateral Agent, and Structuring Agent;

(iii)        ADT
LLC, a Delaware limited liability company (“ADT”), in its individual capacity and as initial Servicer (in such capacity,
the “Servicer”) and as Originator (in such capacity, the “Originator”);

(iv)        Mizuho,
as a Lender and Group Agent;

(v)         MUFG
BANK, LTD. (“MUFG”), as a new Lender and Group Agent (in such capacities, together, the “MUFG Group”);

(vi)        STARBIRD
FUNDING CORPORATION (“Starbird”), as a new Conduit Lender; and

(vii)       BNP
PARIBAS (“BNPP”), as a new Lender (in such capacity, together with MUFG and Starbird, as Lenders, the “New
Lenders”) and as a new Group Agent (in such capacity, together with MUFG as a new Group Agent, the “New Group Agents”)
for itself and Starbird (Starbird, as a Conduit Lender, and BNPP, as Starbird’s Related Lender and as a Group Agent, shall constitute
the “BNPP Group”).

PRELIMINARY STATEMENTS

1.          The parties hereto (other than the New Group Agents and the New Lenders) are parties to that certain Receivables Financing Agreement,
dated as of July 16, 2021 (as amended, supplemented or otherwise modified from time to time, the “Receivables Financing Agreement”).

2.          The Buyer, the Originator and the Servicer are parties to that certain Amended and Restated Receivables Sale and Contribution Agreement,
dated as of July 16, 2021 (as amended, supplemented or otherwise modified from time to time, the “Sale Agreement”).

3.          Each of the New Lenders and the New Group Agents wish to become a party as a Lender or Group Agent, as applicable, to the Receivables
Financing Agreement and the Amended and Restated Funded Fee Letter, dated as of July 16, 2021, among the Borrower and Mizuho, as

     

     

    

Administrative Agent and as Group Agent (as
amended, supplemented or otherwise modified from time to time, the “Funded Fee Letter”).

4.          The parties hereto wish to reflect the New Lenders’ respective Lender Loan Limits as set forth herein.

5.          The parties hereto desire to amend the Receivables Financing Agreement and the Sale Agreement as set forth herein.

In consideration of the
premises herein contained and for other good and valuable consideration, the receipt and adequacy of which the parties hereto hereby acknowledge,
the parties hereto agree as follows:

Section 1.          Definitions. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings assigned
thereto in the Receivables Financing Agreement, and the interpretive rules set forth in Section 1.02 of the Receivables Financing
Agreement shall apply to this Amendment.

Section 2.          Joinder of the New Lenders and the New Group Agents to the Receivables Financing Agreement.

(a)       MUFG as New Lender. From and after the date hereof, MUFG shall be a Lender party to the Receivables Financing Agreement
for all purposes thereof and of the other Transaction Documents, and MUFG assumes all related rights and agrees to be bound by all of
the terms and provisions applicable to Lenders contained in the Receivables Financing Agreement and the other Transaction Documents. MUFG
confirms that (i) it has received a copy of the Receivables Financing Agreement and copies of such other Transaction Documents, and other
documents and information as it has requested and deemed appropriate to make its own credit analysis and decision to enter into this Amendment
and the Receivables Financing Agreement and (ii) it will, independently and without reliance upon the Arranger, the Structuring Agent,
any Agent, any other Lender or any Group Agent and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under the Receivables Financing Agreement and the other Transaction Documents.

(b)       Appointment of MUFG as Group Agent of the MUFG Group. MUFG designates and appoints itself as, and MUFG hereby agrees to
perform the duties and obligations of, the Group Agent for the MUFG Group. From and after the date hereof, MUFG shall be a Group Agent
party to the Receivables Financing Agreement, for all purposes of the Receivables Financing Agreement and the other Transaction Documents,
and the MUFG assumes all related rights and agrees to be bound by all of the terms and provisions applicable to Group Agents contained
in the Receivables Financing Agreement and the other Transaction Documents.

(c)       Starbird as New Lender. From and after the date hereof, Starbird shall be a Conduit Lender party to the Receivables Financing
Agreement for all purposes thereof and of the other Transaction Documents, and Starbird assumes all related rights and agrees to be bound
by all of the terms and provisions applicable to Conduit Lenders contained in the Receivables Financing Agreement and the other Transaction
Documents. Starbird shall be the Related Conduit Lender with respect to BNPP. Starbird confirms that (i) it has received a copy of the
Receivables

    	 	2	 

     

    

Financing Agreement and copies of such other
Transaction Documents, and other documents and information as it has requested and deemed appropriate to make its own credit analysis
and decision to enter into this Amendment and the Receivables Financing Agreement and (ii) it will, independently and without reliance
upon the Arranger, the Structuring Agent, any Agent, any other Lender or any Group Agent and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Receivables
Financing Agreement and the other Transaction Documents.

(d)       BNPP as New Lender. From and after the date hereof, BNPP shall be a Lender party to the Receivables Financing Agreement
for all purposes thereof and of the other Transaction Documents, and BNPP assumes all related rights and agrees to be bound by all of
the terms and provisions applicable to Lenders contained in the Receivables Financing Agreement and the other Transaction Documents. BNPP
shall be the Related Lender with respect to Starbird. BNPP confirms that (i) it has received a copy of the Receivables Financing Agreement
and copies of such other Transaction Documents, and other documents and information as it has requested and deemed appropriate to make
its own credit analysis and decision to enter into this Amendment and the Receivables Financing Agreement and (ii) it will, independently
and without reliance upon the Arranger, the Structuring Agent, any Agent, any other Lender or any Group Agent and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under
the Receivables Financing Agreement and the other Transaction Documents.

(e)       Appointment of BNPP as Group Agent of the BNPP Group. Starbird and BNPP hereby designate and appoint BNPP as, and BNPP hereby
agrees to perform the duties and obligations of, the Group Agent for the BNPP Group. From and after the date hereof, BNPP shall be a Group
Agent party to the Receivables Financing Agreement, for all purposes of the Receivables Financing Agreement and the other Transaction
Documents, and BNPP assumes all related rights and agrees to be bound by all of the terms and provisions applicable to Group Agents contained
in the Receivables Financing Agreement and the other Transaction Documents.

(f)       Lender Loan Limits. Effective as of the date hereof, the Lender Loan Limit of each Lender shall be the amount set forth
for such Lender on Schedule I hereto.

(g)       Consent to Joinder. Each of the parties hereto consents to the foregoing joinder of the New Lenders and the New Group Agents
as Lenders and Group Agents party to the Receivables Financing Agreement and waives any otherwise applicable conditions precedent thereto
under the Receivables Financing Agreement and the other Transaction Documents (other than as set forth herein).

(h)       Initial Loans of the New Lenders. On the date hereof, MUFG shall make an initial Loan to the Borrower in an amount equal
to $43,761,041.06, and Starbird shall make an initial Loan to the Borrower in an amount equal to $43,761,041.06. The proceeds of such
initial Loans shall be disbursed to Mizuho on the date hereof and, upon receipt by Mizuho of such amounts in full, shall reduce the outstanding
Principal of such Loans made by Mizuho in the amount of $87,522,082.12 on the date so received. The parties hereto consent to such initial
Loans by MUFG and Starbird and such repayment of Principal of Loans of Mizuho on the date hereof being made as set forth in this Section
2(h) and not being made ratably on the basis of the Ratable

    	 	3	 

     

    

Shares of all Groups, it being understood and
agreed that (i) after giving effect to such initial Loans and repayment of the existing Loans, the Principal of the Loans held by each
Group shall be equal to their Ratable Share based on their Lender Loan Limits as amended hereby, and (ii) any accrued and unpaid interest
as of the date such repayment of Principal is received by Mizuho shall continue to be owing and payable to Mizuho in accordance with the
terms of the Receivables Financing Agreement.

(i)       Upfront Fees. The Borrower agrees to pay to each New Group Agent for the benefit of the Lenders in its Group, an upfront
fee in an amount equal to [REDACTED]. All upfront fees payable pursuant to this Section 2(i) shall be
paid on the date hereof in U.S. Dollars. The upfront fees set forth in this Section 2(i) are not refundable under any circumstances. The
upfront fees set forth in this Section 2(i) constitute Fees under and as defined in the Receivables Financing Agreement, and are in addition
to, and not in lieu of, all other fees and other amounts payable to the Affected Persons pursuant to the Transaction Documents.

Section 3.          Amendments to the Receivables Financing Agreement. The Receivables Financing Agreement is hereby amended as follows:

(a)       Section 1.01 of the Receivables Financing Agreement is amended by adding the following sentence to the end of the definition
of “Lenders”:

Each Conduit Lender shall constitute
a Lender for all purposes of this Agreement.

(b)       Section 1.01 of the Receivables Financing Agreement is amended so that the definition of “Termination Date”
therein is amended to read in its entirety as follows:

“Termination
Date” means the earlier to occur of (a) October 28, 2022 (the “Scheduled Termination Date”), and (b) the
occurrence of an Event of Termination.

(c)       The following new defined terms and definitions thereof are added to Section 1.01 of the Receivables Financing Agreement
in the appropriate alphabetical order:

“EU Securitisation
Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a
general framework for securitisation and creating a specific framework for simple, transparent and standardized securitisation and amending
certain other European Union directives and regulations (as amended by Regulation (EU) 2021/557) and, except as otherwise stated, means
such Regulation as further amended from time to time.

“EU Securitisation
Regulation Rules” means the EU Securitisation Regulation, together with all relevant implementing regulations in relation thereto,
all regulatory and/or implementing technical standards in relation thereto or applicable in relation thereto pursuant to any transitional
arrangements made pursuant to the EU Securitisation Regulation and, in each case, any relevant official binding guidance and directions
published

    	 	4	 

     

    

in relation thereto by the European
Banking Authority, the European Securities and Markets Authority or the European Insurance and Occupational Pensions Authority (or in
each case, any predecessor, successor or replacement organization thereto)) or by the European Commission (all, except as otherwise stated,
as amended from time to time).

“First
Amendment Date” means October 29, 2021.

“Retained
Interest” has the meaning set forth in Section 12.19.

(d)       Section 6.01(r) of the Receivables Financing Agreement is amended by adding the following sentence to the end thereof:

In determining that
the Borrower is not such a “covered fund,” the Borrower relies on, and is entitled to rely on, the exemption from the definition
of “investment company” set forth in Section 3(c)(5) of the Investment Company Act (although other exclusions or exemptions
may also be available to the Borrower).

(e)       Section 6.01 of the Receivables Financing Agreement is amended by adding thereto the following new clause (ee) to
the end of such Section:

(ee)       Rule
3a-7 Eligible Assets. Each Loan constitutes an “eligible asset” within the meaning of Rule 3a-7 promulgated under the
Investment Company Act.

(f)       Section 12.08(f) of the Receivables Financing Agreement is amended by adding the following sentence to the end thereof:

ADT and the Borrower
shall not deliver (or instruct the Administrative Agent or the Collateral Agent to deliver) to any Lender or Group Agent any Non-Public
Obligor Data in connection with the transactions contemplated hereby, except with such Lender’s or Group Agent’s prior written
consent.

(g)       The Receivables Financing Agreement is amended by adding thereto the following new Section 12.19:

SECTION 12.19 EU
Securitisation Regulation; Information; Indemnity.

(a)       EU
Securitisation Regulation. ADT hereby represents, warrants and agrees, for the benefit of those Credit Parties that are subject to
Article 5 of the EU Securitisation Regulation, on the First Amendment Date until the Final Payout Date that:

(i)       ADT,
based on the reasonable understanding that it is an originator for purposes of the EU Securitisation Regulation, shall retain, on an ongoing
basis, a material net economic interest in

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the Pool Receivables in an amount
not less than 5% of the nominal value of the Pool Receivables in the form of a first loss tranche determined in accordance with sub-paragraph
(d) of Article 6(3) of the EU Securitisation Regulation (as in effect on the First Amendment Date), which material net economic interest
shall be based on ADT’s direct or in direct ownership of all of the membership interest of the Borrower, which has the right to
receive payments under Section 3.01(d)(ix) (the “Retained Interest”).

(ii)       each
of ADT and the Borrower shall not, and shall not permit any of its Affiliates to, hedge or otherwise mitigate its credit risk under, or
associated with the Retained Interest, or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising
from, the Retained Interest, except to the extent permitted under the EU Securitisation Regulation Rules (as in effect at the relevant
time) ;

(iii)       ADT
shall not change the manner in which it retains or the method of calculating the Retained Interest, except to the extent permitted under
the EU Securitisation Regulation Rules (as in effect at the relevant time);

(iv)       ADT
shall provide ongoing confirmation as to the continued compliance with the foregoing clauses (i) through (iii) above (A) by providing
such confirmation to the Servicer on a monthly basis for inclusion in each Information Package, (B) promptly following the occurrence
of any Event of Termination or Unmatured Event of Termination and (C) from time to time promptly upon written request by the Administrative
Agent (on behalf of any Credit Party) or any Group Agent (on behalf of any member of its Group) in connection with any material change
in the performance or the risk characteristics of the Pool Receivables or the transaction contemplated by the Transaction Documents or
any material breach of the Transaction Documents;

(v)       ADT
shall notify the Administrative Agent and each Group Agent promptly and in any event within five (5) Business Days of: (A) any change
in the identity of the Person or Persons, if any, through which it is retaining and holding such Retained Interest or (B) any breach of
clause (i) through (iii) above;

(vi)      ADT
was not established for, and does not operate for, the sole purpose of securitizing exposures;

(vii)      the
Originator has complied with the Credit and Collection Policy in connection with originating the Pool Receivables; and

    	 	6	 

     

    

(viii)      each
of the Pool Receivables arises under and is governed by a Contract containing the terms and conditions required by the forms of Eligible
Contract required by this Agreement;

(h)        Information.
ADT covenants that it shall provide such additional information as may reasonably be requested by the Administrative Agent (on
behalf of any Credit Party) or any Group Agent (on behalf of any member of its Group) for purposes of Article 5 of the EU
Securitisation Regulation (as in effect as of the First Amendment Date) (A) as of the First Amendment Date, and (B) following the
First Amendment Date, solely as regards the provision of information in the possession or under the control of ADT and to the extent
the same is not subject to a duty of confidentiality (provided that, where any such information is subject to confidentiality
restrictions, ADT shall use reasonable efforts to obtain consent for the disclosure of such information); provided that
neither ADT, the Borrower nor any other party to the transaction contemplated by this Agreement shall be required to provide any
information or disclosure for purposes of, or in connection with, Article 7 of the EU Securitisation Regulation, or to take any
other action in accordance with, or in a manner contemplated by, Article 7 of the EU Securitisation Regulation (or otherwise for
purposes of any person’s compliance with Article 5(1)(e) of the EU Securitisation Regulation);

(i)       Clause (z) of Section 11.02 of the Receivables Financing Agreement is amended to read in its entirety as follows:

(z)
they constitute special, indirect, consequential, or punitive damages (other than special, indirect, consequential or punitive
damages payable by an Indemnified Party to a third party).

(j)       Section 12.14 of the Receivables Financing Agreement is amended by adding the following sentence at the end thereof:

Each of the parties
hereto agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, provided
that no electronic signatures may be affixed through the use of a third-party service provider.  The parties agree that any digital
or electronic signatures (including pdf, facsimile or electronically imaged signatures) appearing on this Agreement or such other documents
are the same as handwritten signatures for the purposes of validity, enforceability and admissibility, and that delivery of any such electronic
signature to, or a signed copy of, this Agreement and such other documents may be made by facsimile, email or other electronic transmission.

(k)       Each
of Schedule I and Schedule III to the Receivables Financing Agreement is replaced in its entirety with the new Schedule
I and Schedule III respectively, attached hereto.

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Section 4.           
Amendments to the Sale Agreement. The Sale
Agreement is hereby amended as follows:

(a)        
Clause (z) of Section 7.1 of the Sale Agreement is amended to read in its entirety as follows:

(z) constitute
special, indirect, consequential, or punitive damages (other than special, indirect, consequential or punitive damages payable by an
Originator Indemnified Party to a third party).

(b)        
Section 8.4 of the Sale Agreement is amended to read in its entirety as follows:

SECTION 8.4            
Binding
Effect; Assignment. The Originator acknowledges that institutions providing financing (by way of loans or purchases of Transferred
Receivables or interests therein) pursuant to the Receivables Financing Agreement may rely upon the terms of this Agreement. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns and shall also, to the
extent provided herein, inure to the benefit of the parties to the Receivables Financing Agreement. The Originator acknowledges that
the Buyer has granted to the Collateral Agent on behalf of the Secured Parties a security interest under the Receivables Financing Agreement
in the Buyer’s rights under this Agreement, consents to such assignment and to the exercise of those rights directly by the Collateral
Agent to the extent permitted by the Receivables Financing Agreement and acknowledges and agrees that the Collateral Agent, individually
and as agent, and each other Credit Party and each of their respective successors and assigns are express third party beneficiaries of
this Agreement.

Section 5.         Representations
and Warranties. On the date hereof, each of the Borrower and ADT hereby represents and warrants (solely as to itself) to the Credit
Parties as follows:

(a)       
after giving effect to this Amendment, no event or condition has occurred and is continuing which constitutes an Event of Termination
or Unmatured Event of Termination;

(b)       
after giving effect to this Amendment, the representations and warranties of such Person set forth in the Receivables Financing
Agreement and each other Transaction Document to which it is party are true and correct as of the date hereof, as though made on and as
of such date (except to the extent such representations and warranties relate solely to an earlier date and then as of such earlier date);
and

(c)       
this Amendment constitutes the valid and binding obligation of such Person, enforceable against such Person in accordance with
its terms.

Section 6.           Conditions to Effectiveness of this Amendment. This Amendment shall become effective as of the date hereof upon receipt
by the Administrative Agent of each of the following, in each case, in form and substance reasonably satisfactory to the Administrative
Agent:

    	 	8	 

     

    

(a)        counterparts of this Amendment, duly executed by each of the parties hereto;

(b)       the reaffirmation of the Performance Support Agreement, duly executed by ADT Inc. as Annex A hereto;

(c)       counterparts of an amendment and restatement of the Funded Fee Letter, duly executed by the Borrower, the Administrative Agent
and each Group Agent, including the New Group Agents; and

(d)       the opinion of counsel to the ADT Entities with a certificate of the ADT Entities as to organizational documents and authorization
and good standing certificates from the State of Delaware.

Section 7.          Miscellaneous.

(a)       Effect of Amendment; Ratification. Except as specifically set forth herein, the Receivables Financing Agreement (as amended
hereby) is hereby ratified and confirmed in all respects, and all of its provisions shall remain in full force and effect. After this
Amendment becomes effective, all references in any Transaction Document to the Receivables Financing Agreement or the Sale Agreement,
including by reference, as applicable, to “this Agreement”, “hereof”, “herein”, or words of similar
effect, shall be deemed to be references to the Receivables Financing Agreement or the Sale Agreement, as amended hereby. This Amendment
shall not be deemed to expressly or impliedly waive, amend, or supplement any provision of the Receivables Financing Agreement, the Sale
Agreement, the Funded Fee Letter or any other Transaction Document other than as specifically set forth herein.

(b)       Counterparts; Delivery. This Amendment may be executed in any number of counterparts and by the different parties hereto
in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall
constitute one and the same agreement. Delivery of an executed counterpart hereof by facsimile or other electronic means shall be equally
effective as delivery of an originally executed counterpart. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to any document to be signed in connection with this Amendment and the
transactions contemplated hereby shall be deemed to include an electronic sound, symbol, or process attached to, or associated with, a
contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record, deliveries or
the keeping of records in electronic form (provided that no electronic signatures may be affixed through the use of a third-party service
provider), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery
thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

(c)       Severability. Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such

    	 	9	 

     

    

prohibition or unenforceability without invalidating
the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

(d)       Captions. The various captions in this Amendment are provided solely for convenience of reference and shall not affect the
meaning or interpretation of any provision of this Amendment, the Receivables Financing Agreement, the Sale Agreement or any other Transaction
Document.

(e)       GOVERNING LAW. THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE
OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT
OF PERFECTION OR PRIORITY OF THE INTERESTS OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, OR ANY LENDER IN THE COLLATERAL IS GOVERNED
BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK)

(f)       WAIVER OF TRIAL BY JURY. EACH PARTY HERETO HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AMENDMENT OR THE RECEIVABLES FINANCING AGREEMENT, ANY OTHER TRANSACTION DOCUMENT, OR UNDER
ANY AMENDMENT, INSTRUMENT, OR DOCUMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR ARISING FROM ANY BANKING
OR OTHER RELATIONSHIP EXISTING IN CONNECTION WITH THIS AMENDMENT, THE RECEIVABLES FINANCING AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT
AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT A JURY.

(Signature Pages Follow)

 

 

    	 	10	 

     

    

IN WITNESS WHEREOF, the
undersigned have caused this Amendment to be executed as of the date first above written.

 

	 	ADT FINANCE LLC,

as Borrower

	 
	 	 	 	 
	 	By:	/s/ Deepika Yelamanchi	 
	 	Name:	Deepika Yelamanchi	 
	 	Title:	Vice
        President and Treasurer
	 

 

 

	 	ADT LLC,

in its individual capacity and as initial Servicer

	 
	 	 	 	 
	 	By:	/s/ Deepika Yelamanchi	 
	 	Name:	Deepika Yelamanchi
	 
	 	Title:	Vice President and Treasurer	 

 

 

    	 	S-1	1st Amendment and Joinder to 
Receivables Financing Agreement and the 
Receivables Sale and Contribution Agreement

     

    

 

	 	MIZUHO
BANK, LTD.,

as Administrative Agent

	 
	 	 	 	 
	 	By:	/s/ Richard A. Burke	 
	 	Name:	Richard A. Burke	 
	 	Title:	Managing Director	 

 

	 	MIZUHO BANK, LTD.,

as Group Agent for the Mizuho Group

	 
	 	 	 	 
	 	By:	/s/ Richard A. Burke	 
	 	Name:	Richard A. Burke	 
	 	Title:	Managing Director	 

 

	 	MIZUHO BANK, LTD.,

as a Lender

	 
	 	 	 	 
	 	By:	/s/ Richard A. Burke	 
	 	Name:	Richard A. Burke	 
	 	Title:	Managing Director	 

 

	 	MIZUHO BANK, LTD.,

as Structuring Agent

	 
	 	 	 	 
	 	By:	/s/ Richard A. Burke	 
	 	Name:	Richard A. Burke	 
	 	Title:	Managing Director	 

 

	 	MIZUHO BANK, LTD.,

as Collateral Agent

	 
	 	 	 	 
	 	By:	/s/ Richard A. Burke	 
	 	Name:	Richard A. Burke	 
	 	Title:	Managing Director	 

 

 

    	 	S-2	1st Amendment and Joinder to 
Receivables Financing Agreement and the 
Receivables Sale and Contribution Agreement

     

    

 

	 	MUFG BANK, LTD., as Lender and
                  Group Agent

	 
	 	 	 	 
	 	By:	/s/ Eric Williams	 
	 	Name:	Eric Williams	 
	 	Title:	Managing Director	 

 

 

    	 	S-3	1st Amendment and Joinder to 
Receivables Financing Agreement and the 
Receivables Sale and Contribution Agreement

     

    

 

	 	BNP PARIBAS, as a Lender and
                  as a Group Agent

	 
	 	 	 	 
	 	By:	/s/ Advait Joshi	 
	 	Name:	Advait Joshi	 
	 	Title:	Director	 

 

	 	By:	/s/ Chris Fukuoka	 
	 	Name:	Chris Fukuoka	 
	 	Title:	Director	 

 

	 	STARBIRD FUNDING
CORPORATION, as Lender

	 
	 	 	 	 
	 	By:	/s/ David V. DeAngelis	 
	 	Name:	David V. DeAngelis	 
	 	Title:	Vice President	 

 

 

 

 

    	 	S-4	1st Amendment and Joinder to 
Receivables Financing Agreement and the 
Receivables Sale and Contribution Agreement

     

    

 

SCHEDULE I

Loan Limits

 

	Mizuho Group
	Group Loan Limit:   $200,000,000
	Party	Capacity	Lender Loan Limit
	Mizuho	Lender	$200,000,000
	Mizuho 	Group Agent	N/A

 

 

	MUFG Group
	Group Loan Limit:   $100,000,000
	Party	Capacity	Lender Loan Limit
	MUFG Bank, Ltd.	Lender	$100,000,000
	MUFG Bank, Ltd.	Group Agent	N/A

 

 

	BNPP Group
	Group Loan Limit:   $100,000,000
	Party	Capacity	Lender Loan Limit
	Starbird Funding Corporation and BNP Paribas (collectively)	Lenders	$100,000,000
	BNP Paribas	Group Agent	N/A

 

The CP Rate with respect to Starbird Funding Corporation shall be the Bank
Rate.

 

 

    	 	Schedule I-1	 

     

    

SCHEDULE III

Notice Addresses

 

If to any ADT Entity:

 

c/o ADT LLC

1501 Yamato Road

Boca Raton, FL 33431

Attention: Chief Legal Officer

Facsimile: (561) 226-2856

 

with copies to:

Apollo Management VIII, L.P.

9 West 57th Street, 43rd Floor

New York, NY 10019

Attention: Chief Legal Officer

Telephone: (212) 515-3484

Facsimile: (646) 607-0539

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Attention: Gregory A. Ezring, T. Robert Zochowski

Telephone: (212) 373-3762

Facsimile: (212) 492-0762

 

 

If to Mizuho:

Mizuho Bank, Ltd.

1271 Avenue of the Americas

New York, NY 10020

Attention: Johan Andreasson

Tel: (212) 282-3544

Fax: (212) 282-4105

Email: Johan.Andreasson@mizuhogroup.com

 

 

    	 	Schedule III-1	 

     

    

 

If to MUFG Bank, Ltd.:

MUFG Bank, Ltd.

1221 Avenue of the Americas

New York, NY 10020-1104

Attention: Securitized Products

Tel: 212-782-6957

Fax: 212-782-4471

Email: securitization_reporting@us.mufg.jp

 

 

 

 

    	 	Schedule III-2	 

     

    

 

If to BNP Paribas:

BNP Paribas

787 Seventh Avenue, 7th Floor

New York, NY 10019

Attn: Chris Fukuoka

Tel: (212) 841-2567

Email: dl.starbirdadmin@us.bnpparibas.com

 

 

If to Starbird Funding Corporation:

Starbird Funding Corporation

68 South Service Road, Suite 120

Melville, NY 11747

Tel: (631) 930-7216

Fax: (212) 302-8767

Email: starbird@gssnyc.com

 

with a copy to:

 

BNP Paribas

787 Seventh Avenue, 7th Floor

New York, NY 10019

Attn: Chris Fukuoka

Tel: (212) 841-2567

Email: dl.starbirdadmin@us.bnpparibas.com

 

 

 

 

    	 	Schedule III-3	 

     

    

ANNEX A

 

REAFFIRMATION OF PERFORMANCE
SUPPORT AGREEMENT

 

 

This Reaffirmation of Performance Support Agreement
dated as of October 29, 2021 (this “Reaffirmation”) is entered into by ADT Inc.

 

Reference is hereby made to (i) the Amended and Restated
Performance Support Agreement dated as of July 16, 2021 (the “Performance Support Agreement”) between ADT Inc. as Performance
Support Provider and Mizuho Bank, Ltd. as Administrative Agent and Collateral Agent, and (ii) the First Amendment and Joinder dated as
of October 29, 2021 (the “First Amendment”) to the Receivables Financing Agreement and the Receivables Sale and Contribution
Agreement, to which this Reaffirmation is attached as Annex A.

 

Capitalized terms not otherwise defined herein are
used herein as defined in the Performance Support Agreement.

 

ADT Inc. hereby agrees that, after giving effect to
the First Amendment, its obligations as the Performance Support Provider under the Performance Support Agreement continue to be in full
force and effect and are not impaired or adversely affected in any manner whatsoever by the First Amendment coming into effect and, without
limiting the foregoing, confirms its undertaking with respect to the Guaranteed Obligations under the Performance Support Agreement.

 

	 	ADT INC.

	 
	 	 	 	 
	 	By:	/s/ Deepika Yelamanchi	 
	 	Name:	Deepika Yelamanchi	 
	 	Title:	Vice
        President and Treasurer
	 

 

 

    	 	Annex A-1Exhibit
4.1

 

COMMON
STOCK PURCHASE WARRANT

 

BIORESTORATIVE
THERAPIES, INC.

 

	Warrant
    Shares: _______	 	Initial
    Exercise Date: _______, 2021

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the
“Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set
forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York
City time) on _________1 (the “Termination Date”) but not thereafter, to subscribe for and purchase from
BioRestorative Therapies, Inc., a Delaware corporation (the “Company”), up to ______ shares (as subject to adjustment
hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant
shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of
a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”) shall initially be the
sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant
to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

 

Section
1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated
in this Section 1:

 

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

 

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

 

 

1 Insert
the date that is the [  ] year anniversary of the Initial Exercise Date, provided that, if such date is not a Trading Day,
insert the immediately following Trading Day. 

 

    	1

     

    

 

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

 

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

 

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

 

“Common
Stock” means the common stock of the Company, par value $0.0001 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.

 

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

 

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

 

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

 

“Registration
Statement” means the Company’s registration statement on Form S-1 (File No. 333-258611).

 

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

 

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

 

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

 

    	2

     

    

 

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

 

“Transfer
Agent” means Transhare Corporation, the current transfer agent of the Company, with a mailing address of Bayside Center 1,
17755 North US Highway 19, Suite 140, Clearwater, Florida 33764, and any successor transfer agent of the Company.

 

“Underwriting
Agreement” means the underwriting agreement, dated as of _________, among the Company and Roth Capital Partners, LLC as representative
of the underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms.

 

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

 

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

 

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

 

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

 

    	3

     

    

 

Section
2. Exercise.

 

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

 

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

 

b)
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $_____, subject to adjustment hereunder
(the “Exercise Price”).

 

    	4

     

    

 

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

 

	 	(A)
    =	 as
    applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of
    Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed
    and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined
    in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder,
    either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price
    of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution
    of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading
    Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours”
    on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date
    of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof
    after the close of “regular trading hours” on such Trading Day;
	 	 	 
	 	(B)
    =	the
    Exercise Price of this Warrant, as adjusted hereunder; and 
	 	 	 
	 	(X)
    =	the
    number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
    exercise were by means of a cash exercise rather than a cashless exercise.

 

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

 

Notwithstanding
anything herein to the contrary, on the Termination Date, if on such date there is no effective registration statement registering, or
the prospectus contained therein is not available for, the issuance of the Warrant Shares to the Holder, then this Warrant shall be automatically
exercised via cashless exercise pursuant to this Section 2(c).

 

    	5

     

    

 

d)
Mechanics of Exercise.

 

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

 

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

 

    	6

     

    

 

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

 

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

 

    	7

     

    

 

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

 

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

 

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

 

    	8

     

    

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number
of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude
the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant
beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or
nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject
to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it is
acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d)
of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status
as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on
the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed
with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of
a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date
as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder,
upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that
the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after
giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section
2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day
after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable
to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    	9

     

    

 

Section
3. Certain Adjustments.

 

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

 

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

 

    	10

     

    

 

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

 

    	11

     

    

 

d)
Fundamental Transaction. If, at any time while this Warrant
is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the
Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer,
conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct
or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which
holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted
by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions
effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which
the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly,
in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock
held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon
any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to
any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this
Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such
Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the
relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the
securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary,
in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option,
exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the
date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder
an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date
of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not within
the Company’s control, including not approved by the Company’s Board of Directors, Holder shall only be entitled to receive
from the Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value
of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection
with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the
holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the Fundamental
Transaction; provided, further, that if holders of Common Stock of the Company are not offered or paid any consideration
in such Fundamental Transaction, such holders of Common Stock will be deemed to have received common stock of the Successor Entity (which
Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. “Black Scholes Value”
means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg,
L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing
purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between
the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal
to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization
factor) as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying
price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus
the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period
beginning on the Trading Day immediately preceding the announcement of the applicable Fundamental Transaction (or the consummation of
the applicable Fundamental Transaction, if earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section
3(d) and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction
and the Termination Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately
available funds (or such other consideration) within five Business Days of the Holder’s election (or, if later, on the date of
consummation of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the
Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under
this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory
to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option
of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock
of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this
Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise
price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares
of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital
stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation
of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any
such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such
Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity),
and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with
the same effect as if such Successor Entity had been named as the Company herein.

 

    	12

     

    

 

e)
Calculations. All calculations under this Section 3 shall be
made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares
of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding
treasury shares, if any) issued and outstanding.

 

f)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

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

 

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

 

    	13

     

    

 

Section
4. Transfer of Warrant.

 

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

 

b)
New Warrants. If this Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be divided
or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying
the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance
with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a
new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants
issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except
as to the number of Warrant Shares issuable pursuant thereto.

 

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

 

Section
5. Miscellaneous.

 

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

 

    	14

     

    

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the
Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant
or stock certificate.

 

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

 

d)
Authorized Shares.

 

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

 

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

 

    	15

     

    

 

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

 

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

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and
the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

    	16

     

    

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material
damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including,
but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting
any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)
Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without
limitation, any Notice of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight
courier service, addressed to the Company, at 40 Marcus Drive, Suite One, Melville, New York 11747, Attention: Chief Executive Officer,
email address: lalstodt@biorestorative.com, or such other email address or address as the Company may specify for such purposes by notice
to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing
and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the e-mail
address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall
be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via e-mail
at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after
the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section on
a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following
the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom
such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public
information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K.

 

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

 

j) Remedies.
In addition to being entitled to exercise all rights granted by law, including recovery of damages, the Holder will be entitled to
specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the
defense in any action for specific performance that a remedy at law would be adequate.

 

k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall
inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall
be enforceable by the Holder or holder of Warrant Shares.

 

    	17

     

    

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on
the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.

 

m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall
be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
provisions of this Warrant.

 

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed
a part of this Warrant.

 

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

 

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

 

(Signature
Page Follows)

 

    	18

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above
indicated.

 

	 	BIORESTORATIVE
    THERAPIES, INC. 
	 	 
	 	By:	 
	 	Name:	Lance
                                            Alstodt

    

	 	Title:	President
                                            and Chief Executive Officer

    

 

    	19

     

    

 

NOTICE
OF EXERCISE

 

To:
BIORESTORATIVE THERAPIES, INC.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

[  ] in lawful money of the United States; or

 

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

 

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

_______________________________

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

Name
of Authorized Signatory: ___________________________________________________________________

Title
of Authorized Signatory: ____________________________________________________________________

Date:
________________________________________________________________________________________

 

    	 

     

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

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

 

	Name:	 	
	 	 	(Please
    Print)
	 	 	 
	Address:	 	
	 	 	(Please
                                            Print)
	 	 	 
	Phone
    Number:	 	 
	 	 	 
	

    

    Email
    Address:
	 	

	 	 	 
	Dated:
    _______________ __, ______	 	 
	 	 	 
	Holder’s
    Signature: _______________________________	 	 
	 	 	 
	Holder’s
    Address: ________________________________

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