Document:

Exhibit 10.1

 

Share Purchase Agreement

 

This “Share Purchase Agreement”
(hereinafter referred to as the “Agreement”) is signed by the parties on April 6, 2020 (hereinafter referred to as
“Signing day”).

 

(1) Sino-Global Shipping America, Ltd (hereinafter
referred to as “Party A”, “SINO”), is a US-based company registered in Richmond, Virginia, USA, and went
public in 2008.

 

(2) WU KELIN (吴克林)
(hereinafter referred to as “Party B”), a natural person with full capacity for civil conduct, ID number: [], passport
number: []. He currently directly holds 88.5% shares of Mandarine Ocean Ltd.

 

(3) Mandarine Ocean Ltd, (Hanyang Shipping
Co., Ltd., hereinafter referred to as “Target Company”, “Hanyang Shipping”), a shipping company registered
in the Marshall Islands.

 

Given:

 

1. SINO is the only listed company on the
Nasdaq Capital Market that deals with the general shipping agency business of shipping vessels. SINO’s physical network has entered
the East and West Coast of the United States (New York and Los Angeles), Canada, Australia, Hong Kong, Beijing, Shanghai, Ningbo,
China. It is a comprehensive shipping company whose main business is shipping general agency business, and shipping logistics services
and ship management services are other businesses.

 

2. Party B holds 88,500 Shares of the Target
Company’s outstanding shares, which equals to 88.50% of the Target Company’s registered capital, and he also serves
as its director.

 

3. The Target Company registered in the
Republic of the Marshall Islands on January 27, 2015 and its main business is ship management and shipping operations, chartering,
and ship brokerage business.

 

4. In order to further expand the scope
of business and management of its business and promote the development of its global shipping service business and projects, Party
A intends to purchase 75,000 shares of Hanyang Shipping held by Party B through a combination of cash and issuance of SINO shares
(hereinafter referred to as the “Transaction”), Party B is willing to sell the controlling interest in Hanyang Shipping,
such that Party A will own 75% of Hanyang Shipping following completion of the Transaction.

 

5. In order to further expand the scope
of business and management of its own business and promote the development of its global shipping service business and projects,
Party A intends to acquire a controlling stake in Hanyang Shipping and make full use of Party A’s listing status through Hanyang
Shipping expand the size of the single ship company, and create greater profit space for Hanyang Shipping. At the same time, with
the joining Party A will provide professional and efficient shipping agency and logistics services for all ships operated and chartered
by Hanyang Shipping, which will not only help Hanyang Shipping reduce operating costs, but also bring certain ships and ultimately
achieve a win-win effect.

 

     

     

    

 

In order to better broaden the overall
shipping service chain, to maximize the respective advantages of both parties, and to achieve the goal of common development, the
two parties, based on the principle of equality and mutual benefit, and through friendly negotiations, the parties have reached
an agreement as follows:

 

Article 1 Definition

 

1.1 The “Transaction” refers
to Party A’s purchase of 75,000 shares of the equity of Hanyang Shipping held by Party B, constituting 75% of Hanyang Shipping’s
total equity, in a combination of cash and issuance of SINO common stock.

 

1.2 The “Target Assets” refer
to the 75% equity of Hanyang Shipping to be purchased by Party A, i.e., 75,000 shares.

 

1.3 The “Delivery/Closing Date”
means the date on which Party B transfers the underlying assets to Party A’s name.

 

1.4 The “Transition Period”
refers to the period between December 31, 2019 and the Closing Date.

 

Article 2 Valuation of the Target Assets

 

2.1 Within 30 days after this Agreement
is signed and becomes effective, Party A will issue 800,000 restricted shares of common stock to Party B as the first payment of
the Transaction. At the same time, Party B will transfer 75% of the equity of Hanyang Shipping to Party A. The lock-up period for
the 800,000 restricted shares issued is 24 months, and the exchange price of the 800,000 shares is converted based on the 2 times
average closing price of 10 trading days before this purchase agreement signed.

 

2.2 Subject to completion of the valuation
report and the adjustments set forth below, Party A and Party B agree that the overall valuation of the Target Company is USD 5,000,000
and the transaction price of the Target Assets is USD 3,750,000 (including the 800,000 shares paid upfront). Party A will pay in
installments as follows:

 

2.2.1 Based on the audit result for the
fiscal year from July 1, 2020 to June 30, 2021 of Hanyang Shipping provided by the independent accounting firm engaged by Party
A, if Hanyang Shipping reaches the pre-tax profit goal of the year as described below, Party A shall pay Party B up to USD 1,125,000
of cash equivalent or restricted shares equivalent.

 

		●	If Party B’s annual pre-tax profit is less than USD
800,000, Party A shall withdraw and cancel the 800,000 restricted shares that have been issued to Party B;

 

		●	If Party B’s annual pre-tax profit exceeds USD 800,000
but does not reach USD 1,000,000, Party A does not need to pay Party B any cash or stock;

 

    2

     

    

 

		●	If Party B’s annual pre-tax profit reaches or exceeds
USD 1,000,000 but does not reach USD 1,200,000, Party A will pay to Party B in cash or stock an equivalent of USD 500,000.

 

		●	If Party B’s annual pre-tax profit reaches or exceeds
USD 1,200,000 but does not reach USD 1,500,000, Party A will pay to Party B in cash or stock an equivalent of USD 800,000.

 

		●	If Party B’s annual pre-tax profit reaches or
exceeds USD 1,500,000, Party A will pay to the Party B in cash or stock that is equal USD 1,125,000.

 

2.2.2 Based on the audit result for the
fiscal year from July 1, 2021 to June 30, 2022 of Hanyang Shipping provided by the independent accounting firm engaged by Party
A, if Party B reaches the pre-tax profit goal of the year as promised, Party A shall pay Party B up to USD 2,625,000 of cash equivalent
or restricted shares equivalent (including the 800,000 shares paid previously). The specific payment schedule is as follows:

 

		●	If Party B’s annual pre-tax profit is less than USD
1,800,000, Party A does not need to pay Party B any cash or stock;

 

		●	If Party B’s annual pre-tax profit reaches or exceeds
USD 1,800,000 but does not reach USD 2,000,000, Party A pays Party B USD 800,000 in cash or stock (including 800,000 shares already
paid in the previous period);

 

		●	If Party B’s annual pre-tax profit reaches or exceeds
USD 2,000,000 but does not reach USD 2,500,000, Party A pays Party B USD 1,000,000 in cash or stock (including 800,000 shares
already paid in the previous period);

 

		●	If Party B’s annual pre-tax profit reaches or exceeds
USD 2,500,000 but does not reach USD 3,000,000, Party A pays Party B USD 1,500,000 in cash or stock (including 800,000 shares
already paid in the previous period);

 

		●	If Party B’s annual pre-tax profit reaches or exceeds
USD 3,000,000 but does not reach USD 3,500,000, Party A pays Party B USD 2,000,000 in cash or stock (including 800,000 shares
already paid in the previous period);

 

		●	If Party B’s annual pre-tax profit reaches or
exceeds USD 3,500,000, Party A shall pay USD 2,625,000 in cash or stock to Party B (including 800,000 shares paid previously).

 

2.2.3 In any case, the stock consideration
issued by Party A at any stage (including the 800,000 shares paid in the previous period) shall not exceed 3,647,807 restricted
shares; the total amount paid by Party A (including all cash and shares) to Party B shall not exceed USD 3,750,000.

 

If an overall valuation of the Target Company
given by an appraisal company is less than USD 4,000,000 or more than USD 6,000,000, both parties agree to renegotiate the transaction
price and consideration payment plan and to sign a relevant supplementary agreement.

 

    3

     

    

 

Article 3 Transition Period 

 

3.1 Party B must ensure that the operating
activities of the Target Assets during the Transition Period have remained normal and stable in all major aspects, and that the
business model, management team, assets, or financial status is continuous, stable and consistent in all major aspects of its normal
business process.

 

3.2 During the Transition Period, without
the consent of Party A, Party B shall not set up any of the underlying assets as mortgage, or pledge to any third party its rights,
and shall, through the exercise of shareholder rights, ensure that the Target Company during the Transition Period shall not be
in violation of this Agreement. The disposal of assets shall not be conducted with external guarantees or increases in significant
debts that are not related to normal production and operation.

 

Article 4 Delivery of Target Assets

 

4.1 Party B agrees to transfer the Target
Assets to Party A’s name within 30 days after this Agreement is signed and becomes effective. Party B shall assist Party A in completing
the transfer procedures of the Target Assets.

 

4.2 The parties agree, any legal risks
and contingent liabilities resulted from any matters of Hanyang Shipping before the Closing Date shall be borne by Party B, and
Party A shall not bear any responsibility or liability; that from the date of delivery, Party A shall enjoy all rights, rights
and interests related to the underlying assets, bear the risks of the underlying assets and all its responsibilities and obligations.

 

Article 5 Non- competition, Term of
Office and Future Operations

 

5.1.1 Party B promises that after the signing
of this agreement, Party B shall only be engaged in Hanyang Shipping as his sole business entity [shipping management and operation
business, chartering business, ship brokerage business]; And all ships controlled by Party B and its related parties are exclusively
operated by Hanyang Shipping, except for Hanyang Shipping, he will not be engaged in the same and similar business that the Target
Company is in, nor will he work in business that is the same, similar or competitive relationship with the Target Company, including
but not limited to: participating in the above business by investment, cooperation, contracting, leasing, commissioning, etc.,
or directly work in the above-mentioned business; and Party B also promises that all future part-time jobs/positions and foreign
investment activities must be approved by the board of directors of Party A.

 

5.1.2 Party B promises that Party B, the
service period of Party B to Party A and Hanyang Shipping shall be no less than five years from the date of completion of the transaction.

 

5.2 In order to ensure sustained and stable
development of the Target Company, Party B shall ensure the stability of the company’s existing core team members (specific list
negotiated by both parties). Party B shall ensure that the Target Company’s existing core team members and their immediate family
members, during their hire period and two years after leaving the Target Company, shall not directly or indirectly engage in any
activities that may be the same, similar or competitive with the business of the Target Company, and shall not directly or indirectly
be in a position with an enterprise that is the same, similar or competitive with the business of the Target Company.

 

    4

     

    

 

5.3 Party B promises and guarantees that
Hanyang Shipping’s own chartered ships (including bareboat charter and time chartered ships) will be divested based on Party
A’s requirements before the signing of this agreement, starting April 6, 2020, Hanyang Shipping will no longer bear any chartering
ship costs and related ship management costs. In connection with such divestiture, Party B acknowledges that all amounts reflected
as bunker oil inventory shall be settled at closing.

 

5.4 Post Transaction Operations and Related
Transactions

 

(1) Both Party A and B agree that after
the completion of the transaction, the Shipping Business Department of SINO will be responsible for Hanyang Shipping’s operation
and management; Hanyang Shipping shall submit any agreements or contracts with other parties to the Shipping Business Department
of SINO for review and approval before execution.

 

(2) Party B promises that he will try to
avoid any related party transactions between himself and the company or companies that he actually controls or exerts significant
influence on with Hanyang Shipping; and that if a related party business transaction is not avoidable or there is a reason for
a related party transaction to conduct, he promises those will be conducted on an equal basis in accordance with the principles
of fairness and equivalent remuneration, and the transaction price will be determined at a reasonable price recognized by the market.
Party B also guarantees that the related party transactions mentioned above must be submitted to the SINO Board of Directors for
review and approval in accordance with the related party decision-making procedures.

 

(3) For a period of five years commencing
on the Closing Date, Party B hereby grants to Party A the right of first refusal to provide shipping management, operation, chartering
and ship brokerage services through Hanyang Shipping to the ships owned or controlled directly or indirectly by Party B. In the
event Party A declines to provide such services, Party B may obtain services from third parties on terms that are no more favorable
than those offered to Party A. The parties agree that this right of first refusal shall apply to each shipment and must be re-offered
to Party A each time Party B requires such services. In particular, Party B agrees that any services offered to Party A to provide
shall include the oil costs, so that Party A does not need to carry oil in inventory.

 

5.5 If Party B violates the commitments
of this Article (Article 5), it shall pay Party A USD 1,500,000 as liquidated damages and return to Party A all the operating profits,
wages, and remuneration obtained from such breach of commitments. If the above compensation cannot cover all Party A’s loss
due to such breach of commitments by Party B, Party B shall be liable for all such loss.

 

Article 6 Agreement comes into effect,
changes and termination 

 

6.1 This Agreement shall be established
and formally entered into force on the date of signing by the parties and the approval of the transaction by the board of directors
of the Party A (the date on which the last condition is satisfied).

  

6.2 After the signing of this agreement,
if Party A’s engaged independent accounting firm needs to conduct a pre-acquisition audit of Hanyang Shipping, and the results
of the pre-acquisition audit show that the actual assets and operating conditions of Hanyang Shipping are significantly different
from the information provided by Party B, then the two parties need to negotiate on the differences and sign a written supplementary
agreement. In addition, the independent accounting firm engaged by Party A should have the rights to access/audit the books and
records of Hanyang Shipping with proper pre-notice to Party B by Party A for the pre-acquisition and post-acquisition periods.

 

6.3 If Party A and Party B cannot reach
an agreement on the difference in Article 7.2, or if the difference makes Party A unable to complete the acquisition, Party A has
the right to terminate this agreement unilaterally.

 

    5

     

    

   

Article 7 Statements and Warranties

 

7.1 Party B holds legal ownership of the
Target Company, as of the date of the signing of the Agreement, the 88.50% of Hanyang Shipping owned by Party B is not in mortgage,
pledge, seizure or other circumstances that limit its rights of, nor have any ownership disputes.

 

7.2 Target Company has convened a shareholders’
meeting and all shareholders have approved the transaction with 100% votes; the shareholders have agreed not to make distribution
of the Target Company’s dividends before the completion of the transaction and such retained dividend shall be shared by
the new and the old shareholders after the completion of the transaction.

 

7.3 All documents, materials and information
provided by Party B and Hanyang Shipping to Party A in connection with this transaction are true, accurate, complete and valid,
and there are no false records, misleading statements or major omissions.

 

7.4 Hanyang Shipping complies with relevant
laws and regulations related to its industry in all major aspects, and has obtained government approvals / permits required for
business operations. It has not been accused of causing significant adverse effects on Hanyang Shipping, and it does not exist
in any situation, circumstance, or event that, in reasonable judgment, may cause Hanyang Shipping to be subject to significant
punishment by the relevant government authority.

 

Article 8 Commitment of Taxes 

 

8.1 The parties agree that all taxes and
fees due to the transaction (including but not limited to matters related to the transfer of the underlying assets) shall be borne
by the parties in accordance with its respective relevant national laws and regulations.

 

8.2 Party B undertakes that any unpaid
taxes, litigation and other liabilities incurred before the delivery date shall be borne by Party B itself.

 

Article 9 Exclusivity 

 

9.1 This Agreement is an exclusive agreement.
Without the consent from Party A, Party B shall not directly or indirectly negotiate or accept offer with any third party on Hanyang
Shipping’s capital increase, equity transfer, or other forms of investment in Hanyang Shipping (whether or not through mergers,
consolidations, or other means).

 

9.2 Neither party may transfer, transfer
or otherwise transfer all or part of its rights or obligations under this Agreement to any party other than this Agreement.

 

    6

     

    

  

Article 10 Confidentiality Clause 

 

The content of this Agreement and any information
that each party learns from the other party about this transaction are confidential information, and each party bears strict confidentiality
obligations, and may not disclose it without the written permission of the disclosing party. The exception is when Party A is required
to disclose as a listing company with SEC or Nasdaq, the professionals who assist with such require disclose will bear the same
confidentiality obligation.

 

Article 11 Liability for Breach of Contract

 

11.1 If Party A is unable to complete the
acquisition due to the differences in the items stipulated in Section 7.3 resulted from the reasons that already existed before
the acquisition, or if Party A’s purpose of acquisition is ultimately unachievable due to Party B’s violation of the
Article 8 in statement and guarantee, Party B shall unconditionally refund Party A all paid stock and / or cash consideration..
At the same time, Party B also needs to compensate Party A for USD 50,000 and related costs (including but not limited to intermediary
fees, attorney fees, and other acquisition preparation related costs).

 

11.2 Except as otherwise provided in this
Agreement, if Party B violates other provisions of this agreement and causes losses to the Target Company or Party A, Party B shall
bear corresponding compensation liabilities to Party A and the Target Company, including but not limited to total loss.

 

11.3 If Party A does not make purchase
payments to Party B in accordance with the Agreement, Party A shall pay Party B in stock an equivalent of USD 50,000 from the 800,000
shares in 2.1 clause, and the rest of that 2.1 clause payment shall be returned to Party A.

 

Article 12 Applicable Law and Dispute
Resolution

 

The establishment, validity, interpretation
and performance of this agreement, as well as the resolution of any disputes involving this agreement, shall be governed by the
federal laws of the United States and the state laws of the Commonwealth of Virginia.

 

Any disputes arising out of or in connection
with this Agreement shall be conducted in accordance with the New York Convention for arbitration in accordance with the arbitration
rules in force at the time of the application for arbitration. The arbitral award is final and binding on both parties. The parties
agree to conduct arbitration in Richmond, Virginia and acknowledge and agree such venue is convenient and appropriate.

 

Article 13 Others

 

This agreement is signed in English. The
original is in two copies. Each party to the agreement holds one copy. Each copy has the same legal effect.

 

(No text below)

 

    7

     

    

 

(There is no text on this page, which is
the signature and seal page of the Share purchase Agreement.)

 

Party A:

 

Sino-Global Shipping America, Ltd

  

	Signed: 	/s/ Cao Lei	 
	Name: Lei CAO
	Position: CEO

 

    8

     

    

 

(There is no text on this page, which is
the signature and seal page of the Share purchase Agreement)

 

Party B:

 

WU KELIN (吴克林)

  

	Signed: 	/s/ Wu Kelin	 

  

Subject company:

 

Mandarine Ocean Ltd

  

	Signed: 	/s/ Wu Kelin	 

Name: Wu Kelin

Position: Director

 

 

9Exhibit 4.1

 

 

 

SERIES B COMMON SHARE PURCHASE WARRANT

 

Zomedica
Pharmaceuticals Corp.

 

 

	Warrant Shares: _______	 	Initial Exercise Date: ___, 2020

 

THIS SERIES B COMMON
SHARE 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 Zomedica Pharmaceuticals Corp.,
an Alberta corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant
Shares”) of the Company’s common shares (the “Common Shares”). The purchase price of one Common
Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant is one of a series of similar
warrants (collectively, the “Warrants”) issued by the Company pursuant to its Registration Statement on Form
S-3 (file no. 333-228926) and the related Prospectus Supplement (including accompanying base prospectus) dated April __, 2020.

 

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
Shares are then listed or quoted on a Trading Market, the bid price of the Common Shares for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common
Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Securities
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 five-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 except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

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

 

“Common
Shares” means the common shares of the Company, no par value per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Common
Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Shares, including, without limitation, any debt, preferred shares, 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
Shares.

 

“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.

 

“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 principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Shares are 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,
the New York Stock Exchange (or any successors to any of the foregoing).

 

“Transfer
Agent” means AST Trust Company (Canada), the current transfer agent of the Company, with a mailing address of P.O. Box
700, Station B, Montreal, QC, H3B 3K3, and any successor transfer agent of the Company.

 

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

    	 	2	 

     

    

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 Warrant 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.

    	 	3	 

     

    

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

 

b)                 
Exercise Price. The exercise price per one Common Share under this Warrant shall be $___, subject to adjustment
hereunder (the “Exercise Price”).

 

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

 

(A) =
as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed
and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as
defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option
of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z)
the Bid Price of the Common Shares 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).

 

d)                 
Mechanics of Exercise.

    	 	4	 

     

    

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 Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20
per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant
Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a
transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein,
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on
the Company’s primary Trading Market with respect to the Common Shares 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 4:00 p.m. (New York City
time) on the Trading Date prior to the Initial Exercise Date, which may be delivered at any time after the time of execution
of the Purchase 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, 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.

    	 	5	 

     

    

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, Common Shares 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 Common
Shares 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 Common Shares that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In
with respect to an attempted exercise of Common Shares 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 Common Shares upon exercise of the Warrant as required pursuant
to the terms hereof.

 

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.

    	 	6	 

     

    

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

 

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

 

e)                 
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall
not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving
effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below).  For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates
and Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant with respect to which
such determination is being made, but shall exclude the number of Common Shares 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 Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained
herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding
sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange
Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing
to the Holder that such 

    	 	7	 

     

    

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 Common Shares, a Holder may
rely on the number of outstanding Common Shares 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 Common Shares outstanding.  Upon the written or oral request
of a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the number of Common Shares
then outstanding.  In any case, the number of outstanding Common Shares 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 Common Shares was reported. The “Beneficial Ownership Limitation”
shall be [9.99/4.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares
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 Common Shares outstanding immediately after giving effect to the issuance of Common Shares 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.

 

Section 3.Certain
Adjustments.

 

a)                 
Share Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend
or otherwise makes a distribution or distributions on Common Shares or any other equity or equity equivalent securities payable
in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse
share split) outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of Common Shares any
share capital 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 Common Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of Common Shares 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 shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or re-classification.

    	 	8	 

     

    

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 Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata
to the record holders of any class of Common Shares (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 Common Shares 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 Common Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, 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 Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in
abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation).

 

c)                 
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make
any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Common Shares, by way of return
of capital or otherwise (including, without limitation, any distribution of cash, shares 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 Common Shares 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 Common Shares are to be determined
for the participation in such Distribution (provided, however, 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 Common Shares as a result of
such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder
until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). To
the extent that this Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the
Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant. 

    	 	9	 

     

    

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 (other than for the
purpose of changing the Company’s name and/or the jurisdiction of incorporation of the Company or a holding company for
the Company, (ii) the Company (and all of its subsidiaries, taken as a whole), 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 Shares 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 Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares
are 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 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 (other than pursuant to an exchange of the Company’s Series 1 Preferred Shares for Common
Shares) whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including any Common
Shares 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 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 Common Shares 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 Common Shares 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 

    	 	10	 

     

    

issuable in respect of one
Common Share 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 Shares 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 Shares of the Company in connection with the Fundamental Transaction, whether that
consideration be in the form of cash, share or any combination thereof, or whether the holders of Common Shares 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 Shares of the Company are not offered or paid any consideration in such Fundamental
Transaction, such holders of Common Shares will be deemed to have received common share 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 and Scholes Option Pricing Model obtained from the
“OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the
applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the
U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental
Transaction and the Termination Date, (B) an expected volatility equal to greater of 100% and the 100 day volatility obtained
from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable
Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the 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 greater of (x) the last VWAP immediately prior to the public announcement of such
Fundamental Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction and (D) a
remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction
and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds
(or by delivery of such other consideration, as applicable) within five (5) Trading Days of the Holder’s election (or,
if later, on the 

    	 	11	 

     

    

effective date 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 and the other Transaction Documents 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 share capital of such Successor
Entity (or its parent entity) equivalent to the Common Shares 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 share capital (but taking into account the relative value of the Common Shares pursuant
to such Fundamental Transaction and the value of such share capital, such number of share capital 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 and the other Transaction Documents 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 and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company
herein.

 

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 Common Shares deemed to be issued and outstanding as of
a given date shall be the sum of the number of Common Shares (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 Shares (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Shares, (C) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or
purchase any share capital of any 

    	 	12	 

     

    

class or of any rights, (D) the approval of any shareholders of the Company shall be required
in connection with any reclassification of the Common Shares, any consolidation or merger to which the Company is a party, any
sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common
Shares are 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 Shares 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 Shares of record shall be entitled to exchange their Common Shares 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.

 

Section 4.Transfer
of Warrant.

 

a)                 
Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are
transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent,
together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its
agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not
be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case,
the Holder shall surrender this Warrant to the Company within two (2) 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.

    	 	13	 

     

    

b)                 
New Warrants. 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 Issue Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

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

 

d)                 
Representations of Holder.  If the Holder is not a party to a purchase agreement entered into with the Company
in connection with the sale of Common Shares and Warrants pursuant to the Prospectus Supplement described in the first paragraph
of this Warrant (the “Offering”), then by accepting this Warrant, the Holder represents and acknowledges to the Company
as follows:  (i) he, she or it is not a resident of Canada or a person or an entity that is in Canada; (ii) the Common Shares,
the Warrants and the Warrant Shares that are the subject of the Offering have not been qualified for distribution by prospectus
in Canada, and may not be offered or sold in Canada during the course of their distribution except pursuant to a Canadian prospectus
or a prospectus exemption; and (iii) he, she or it is not acquiring the Common Shares or the Warrants pursuant to the Offering
with a view to distribute them to a resident of Canada or a person or an entity that is in Canada.  All Holders, by accepting
this Warrant further represent and acknowledge to the Company that upon exercise of any Warrants, he, she or it will acquire the
Warrant Shares for its own account, and not with a view to the distribution of the Warrant Shares to a resident of Canada or a
person or entity in Canada.

 

Section 5.Miscellaneous.

 

a)                 
No Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3.

    	 	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 share 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 share
certificate, if mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or share certificate.

 

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

 

d)                 
Authorized Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares 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 Shares 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.

 

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, notwithstanding
the fact that all rights hereunder terminate on the Termination Date. 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

    	 	16	 

     

    

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 facsimile or e-mail, or sent by a
nationally recognized overnight courier service, addressed to the Company, at ___________, Attention: ___________, facsimile
number: _________, email address: ___________, or such other facsimile number, 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 facsimile or e-mail, or sent by a nationally recognized overnight courier
service addressed to each Holder at the facsimile number, 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 facsimile at the facsimile number or 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 facsimile at the facsimile number or 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 Shares or as a shareholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.

 

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

    	 	17	 

     

    

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

 

l)                  
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the
Company and the holders of at least a majority of the Common Shares issuable upon the exercise of the then-outstanding Warrants
(determined without giving effect to Section 2(e) of the Warrants); provided such modification, amendment or waiver applies to
all of the then-outstanding Warrants.

 

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.

 

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

 

(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.

 

 

	 	Zomedica Pharmaceuticals Corp.  
	 	 
	 	 
	 	By:	  	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 	 

 

 

 

    	 	19	 

     

    

NOTICE OF EXERCISE

 

	To:	 	Zomedica Pharmaceuticals Corp.

 

(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:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)  
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:	 	 

	Signature of Authorized Signatory of Investing Entity:	 	 

	Name of Authorized Signatory:	 	 

	Title of Authorized Signatory:	 	 

	Date:	 	 

 

 

 

 

      

     

    

EXHIBIT B

 

 

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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