Document:

Exhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of August [●], 2020, is entered into by and
between Conversion Labs, Inc., a Delaware corporation (the “Company”), and each purchaser identified on the
signature pages hereto (each, including its successors and permitted assigns, a “Purchaser” and collectively,
the “Purchasers”). The Company and the Purchasers are referred to herein individually as a “Party”
and collectively as the “Parties.”

 

RECITALS:

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933,
as amended (the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell
to the Purchasers, and the Purchasers desire to purchase from the Company, units (each, a “Unit”) consisting
of (i) one share of Series B Convertible Preferred Stock of the Company, par value $0.0001 per share (the “Series B Preferred
Stock”) (the shares of common stock of the Company, par value $0.0001 per share (the “Common Stock”),
issuable upon conversion of the Series B Preferred Stock, collectively, are referred to herein as the “Underlying Shares”)
and (ii) a warrant to purchase __________ shares of Common Stock, in substantially the form attached hereto as Exhibit C
(the “Warrants”), at an exercise price of $0.92 per share (the shares of Common Stock issuable upon exercise
of or otherwise pursuant to the Warrants, collectively, are referred to herein as the “Warrant Shares”);

 

WHEREAS,
the Series B Preferred Stock, the Underlying Shares, the Warrants and the Warrant Shares collectively are referred to herein as
the “Securities” and the sale of the Securities pursuant to this Agreement is referred to herein as the “Offering.”

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements contained herein, and for other good and valuable consideration
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

Section
1. DEFINITIONS. As used in this Agreement, the following terms shall have the following meanings:

 

“Action”
means any action, suit, inquiry, notice of violation, proceeding (including any partial proceeding such as a deposition) or investigation
pending or, to the Company’s Knowledge, threatened against the Company or any of its Subsidiaries or any of their respective
properties or any officer or director of the Company as of the date hereof acting in his or her capacity as an officer or director
of the Company before or by any federal, state, county, local or foreign court, arbitrator, governmental or administrative agency,
regulatory authority, stock market, stock exchange or trading facility.

 

“Addendum”
has the meaning assigned to it in Section 11.10.

 

“Affiliate”
means, with respect to any specified Person, any other Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, such specified Person.

 

“Agreement”
has the meaning assigned to it in the preamble hereto, including the Exhibits and Schedules hereto.

 

“Assumption
Agreement” has the meaning assigned to it in Section 11.10.

 

    	 

     

    

 

“Business
Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking institutions in
the State of New York are authorized or required by law or other governmental action to close.

 

“Certificate
of Designations” has the meaning assigned to it in Section 2.1(a).

 

“Charter
Documents” means, collectively, the certificate of incorporation, articles of incorporation, bylaws, certificate of
designations or board resolutions establishing the terms of any security, certificate of formation, operating agreement, limited
liability company agreement and similar formation or organizational documents of any entity.

 

“Closing”
has the meaning assigned to it in Section 2.2(a).

 

“Closing
Date” has the meaning assigned to it in Section 2.2(a).

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Common
Stock” means the common stock of the Company, par value $0.0001 per share.

 

“Common
Stock Equivalents” means any securities of the Company or its 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.

 

“Company”
has the meaning assigned to it in the preamble hereto.

 

“Company
Benefit Plan” means each (i) “employee benefit plan” within the meaning of Section 3(3) of ERISA, (ii) other
benefit and compensation plan, contract, policy, program, practice, arrangement or agreement, including, but not limited to, pension,
profit-sharing, savings, termination, executive compensation, phantom stock, change-in-control, retention, salary continuation,
vacation, sick leave, disability, death benefit, insurance, hospitalization, medical, dental, life (including all individual life
insurance policies as to which the Company or its Subsidiaries are the owners, the beneficiaries, or both), employee loan, educational
assistance, fringe benefit, deferred compensation, retirement or post-retirement, severance, equity or equity-based, incentive
and bonus plan, contract, policy, program, practice, arrangement or agreement and (iii) other employment, consulting or other
individual agreement, plan, practice, policy, contract, program and arrangement, in each case, (x) which is sponsored or maintained
by the Company or any of its ERISA Affiliates in respect of any current or former employees, directors, independent contractors,
consultants or leased employees of the Company or any of its Subsidiaries or (y) with respect to which the Company or any of its
Subsidiaries has any actual or potential liability.

 

“Company
Counsel” means Lucosky Brookman LLP.

 

“Company
Intellectual Property” has the meaning assigned to it in Section 3.16.

 

“Control”
(including the terms “control” “controlled by” and “under common control with”),
with respect to the relationship between or among two (2) or more Persons, means the possession, directly or indirectly or as
trustee, personal representative or executor, of the power to direct or cause the direction of the affairs, policies or management
of a Person, whether through the ownership of voting securities, as trustee, personal representative or executor, by contract,
credit arrangement or otherwise.

 

    	2

     

    

 

“Disclosure
Materials” has the meaning assigned to it in Section 3.8(a).

 

“Disqualification
Event” has the meaning assigned to it in Section 3.36.

 

“Effective
Date” means the date on which the initial Registration Statement required by Section 2(a) of the Registration Rights
Agreement is first declared effective by the SEC.

 

“Encumbrance”
means any security interest, pledge, mortgage, lien, claim, option, charge, restriction, encumbrance, right of first refusal,
preemptive right or other similar restriction.

 

“Environmental
Claim” means any claim, action, cause of action, suit, proceeding, investigation, Order, demand or notice by any Person
alleging liability (including liability for investigatory costs, cleanup costs, governmental response costs, natural resources
damages, property damages, personal injuries, attorneys’ fees, fines or penalties) arising out of, based on, resulting from
or relating to (a) the presence or Release of, or exposure to, any Hazardous Materials, (b) circumstances forming the basis of
any violation, or alleged violation, of any Environmental Law or (c) any other matters covered or regulated by, or for which liability
is imposed under, Environmental Laws.

 

“Environmental
Laws” means all applicable Laws relating to pollution, the protection, restoration or remediation of or prevention of
harm to the environment or natural resources (including plant and animal species), or the protection of human health and safety,
including Laws relating to: (i) the exposure to, or Releases or threatened Releases of, Hazardous Materials, (ii) the generation,
manufacture, processing, distribution, use, treatment, containment, disposal, storage, transport or handling of Hazardous Materials
or (iii) recordkeeping, notification, disclosure and reporting requirements respecting Hazardous Materials

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA
Affiliate” means any Person (whether or not incorporated) that together with the Company or any of its Subsidiaries
is treated as a single employer within the meaning of Section 414 of the Code.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated
thereunder, or any successor statute.

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or Common Stock Equivalents to employees or directors of,
or consultants or advisors to, the Corporation or any of its subsidiaries pursuant to a plan, agreement or arrangement approved
by the Board of Directors of the Company, (b) securities exercisable or exchangeable for or convertible into shares of Common
Stock issued and outstanding on the date of this Agreement, provided that such securities and any term thereof have not been amended
since the date of this Agreement to increase the number of such securities or to decrease the issue price, exercise price, exchange
price or conversion price of such securities and which securities are described in the SEC Reports, (c) securities issued pursuant
to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company; provided
that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries,
an operating company or an owner of an asset in a business synergistic with the business of the Company and shall be intended
to provide to the Company substantial additional benefits in addition to the investment of funds, but shall not include a transaction
in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business
is investing in securities and (d) securities issued or issuable to the Purchasers and their assigns pursuant to this Agreement.

 

“Expenses”
has the meaning assigned to it in Section 11.2.

 

    	3

     

    

 

“FDA”
has the meaning assigned to it in Section 3.25.

 

“FDCA”
has the meaning assigned to it in Section 3.25.

 

“Final
Order” means a final, non-appealable Order of a court of competent jurisdiction.

 

“Governmental
Authority” means any federal, national, supranational, foreign, state, provincial, local, county, municipal or other
government, any governmental, regulatory or administrative authority, agency, department, bureau, board, commission or official
or any quasi-governmental or private body exercising any regulatory, taxing, importing or other governmental or quasi-governmental
authority, or any court, tribunal, judicial or arbitral body, or any Self-Regulatory Organization.

 

“Hazardous
Materials” means: (a) any hazardous materials, hazardous wastes, hazardous substances, toxic wastes, solid wastes and
toxic substances as those or similar terms are defined under any Environmental Laws, (b) any asbestos or asbestos containing material,
(c) polychlorinated biphenyls (“PCBs”), or PCB containing materials or fluids, (d) radon, (e) any petroleum,
petroleum hydrocarbons, petroleum products, crude oil and any fractions or derivatives thereof and (f) any other substance, material,
chemical, waste, pollutant or contaminant that, whether by its nature or its use, or exposure to is subject to regulation or could
give rise to liability under any Laws relating to pollution, waste, human health and safety or the environment.

 

“Indemnified
Party” means the Purchasers, each of their respective Affiliates, and each of their respective directors, managers,
officers, principals, partners, members, equity holders (regardless of whether such interests are held directly or indirectly),
trustees, controlling persons, predecessors, successors and assigns, Subsidiaries, employees, agents, advisors, attorneys and
representatives.

 

“Insolvency
Event” means, with respect to any Person, the occurrence of any of the following:

 

(a)
such Person shall (A) (i) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the U.S. Code,
Sections 101 et. seq. (the “Bankruptcy Code”) or any other federal, state or foreign bankruptcy, insolvency,
liquidation or similar Law, (ii) consent to the institution of, or fail to contravene in a timely and appropriate manner, any
such proceeding or the filing of any such petition, (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator or similar official for such Person or for a substantial part of its property or assets, (iv) file an answer admitting
the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit
of creditors or (vi) take any action for the purpose of effecting any of the foregoing or (B) such Person shall become unable,
admit in writing its inability or fail generally to pay its debts as they become due; or

 

(b)
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (A) relief in respect of such Person
or of a substantial part of the property or assets of such Person, under the Bankruptcy Code or any other federal, state or foreign
bankruptcy, insolvency, receivership or similar Law, (B) the appointment of a receiver, trustee, custodian, sequestrator or similar
official for such Person or for a substantial part of the property of such Person or (C) the winding-up or liquidation of such
Person; and such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering
any of the foregoing shall have been entered.

 

“Intellectual
Property” means the following intellectual property rights, both statutory and common law rights, if applicable: (a)
copyrights and registrations and applications for registration thereof, (b) trademarks, service marks, trade names, slogans, domain
names, logos, trade dress, and registrations and applications for registrations thereof, (c) patents, as well as any reissued
and reexamined patents and extensions thereto, and any patent applications, continuations, continuations in part and divisional
applications and patents issuing therefrom and (d) trade secrets and confidential information, including ideas, designs, concepts,
compilations of information, methods, techniques, procedures, processes and other know-how, whether or not patentable.

 

    	4

     

    

 

“Irrevocable
Transfer Agent Instructions” has the meaning assigned to it in Section 10.6.

 

“Knowledge”
means with respect to the Company, the actual knowledge after due inquiry of the persons set forth on Schedule 1.1(a).

 

“Law”
means any federal, national, supranational, foreign, state, provincial, local, county, municipal or similar statute, law, common
law, guideline, policy, ordinance, regulation, rule, code, constitution, treaty, requirement, judgment or judicial or administrative
doctrines enacted, promulgated, issued, enforced or entered by any Governmental Authority.

 

“Lock-Up
Period” has the meaning assigned to it in Section 10.1.

 

“Lost
Note Agreement” has the meaning assigned to it in Section 2.1(c).

 

“Material
Adverse Effect” means any effect, change, event, occurrence, development, or state of facts that, individually or in
the aggregate with all other such effects, changes, events, occurrences, developments, or states of fact, (a) has had, or would
reasonably be expected to have, a material adverse effect on the business, assets, liabilities, condition (financial or otherwise),
or prospects or results of operations of the Company and its Subsidiaries, taken as a whole or (b) would, or would reasonably
be expected to, prevent or materially impair the ability of the Company to consummate the transactions contemplated by this Agreement,
but expressly excluding in the case of the foregoing clause (a) any such effect, change, event, occurrence, development,
or state of facts, either alone or in combination, to the extent arising out of or resulting from:

 

(a)
general economic conditions (or changes in such conditions) in the United States or conditions in the global economy generally
that do not affect the Company and its Subsidiaries, taken as a whole, disproportionately as compared to other similarly situated
participants in the industry in which the Company operates;

 

(b)
changes in the trading price or trading volume of the Common Stock (but not the underlying causes thereof);

 

(c)
any actions taken or omitted to be taken at the written request or with the written consent of the Purchasers;

 

(d)
conditions (or changes in such conditions) in the financial markets, credit markets or capital markets in the United States or
any other country or region, including changes in interest rates in the United States or any other country and changes in exchange
rates for the currencies of any countries that do not affect the Company as a whole disproportionately as compared to other similarly
situated participants in the industry in which the Company operates (in which case only such disproportionate impact shall be
considered); or

 

(e)
any changes in any Laws or any accounting regulations or principles that do not affect the Company, taken as a whole, disproportionately
as compared to other similarly situated participants in the industry in which the Company operates.

 

    	5

     

    

 

Notwithstanding
any provision of the preceding sentence to the contrary, the occurrence of an Insolvency Event in respect of the Company or any
Subsidiary of the Company shall be deemed to constitute a Material Adverse Effect.

 

“Material
Contracts” means all “material contracts” of the Company within the meaning of Item 601 of Regulation S-K
of the SEC.

 

“National
Securities Exchange” 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 LLC, 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).

 

“Note”
has the meaning assigned to it in Section 2.1(c).

 

“Noteholder”
has the meaning assigned to it in Section 2.1(c).

 

“OFAC”
means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

 

“Offering
Documents” means, collectively, all agreements, documents, or instruments related to or in connection with the Offering,
including this Agreement and any other documents or exhibits related to or contemplated in the foregoing.

 

“Order”
means any order, writ, judgment, injunction, decree, ruling, directive, stipulation, determination or award made, issued or entered
by or with any Governmental Authority, whether preliminary, interlocutory or final.

 

“Outside
Date” has the meaning assigned to it in Section 8(a)(i).

 

“Party”
or “Parties” has the meaning assigned to it in the preamble hereto.

 

“Person”
means any individual, partnership, firm, corporation, limited liability company, association, joint venture, trust, Governmental
Authority, unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a person
under Section 13(d)(3) of the Exchange Act.

 

“Permits”
means all permits, consents, approvals, registrations, licenses, authorizations, qualifications and filings with and under all
federal, state, local or foreign Laws and Governmental Authorities.

 

“Pharmaceutical
Product” has the meaning assigned to it in Section 3.25.

 

“Preemptive
Period” has the meaning assigned to it in Section 5.3(a).

 

“Proceeding”
means an Action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding,
such as a deposition).

 

“Purchase
Price” has the meaning assigned to it in Section 2.1(b).

 

“Purchasers”
has the meaning assigned to it in the preamble hereto.

 

    	6

     

    

 

“Registration
Rights Agreement” means the Registration Rights Agreement, in substantially the form attached hereto as Exhibit D.

 

“Registration
Statement” means a registration statement meeting the requirements set forth in the Registration Rights Agreement and
covering the resale by the Purchasers of the Registrable Shares (as defined in the Registration Rights Agreement).

 

“Release”
means any release, spill, emission, discharge, leaking, pouring, dumping or emptying, pumping, injection, deposit, disposal, dispersal,
leaching or migration into the indoor or outdoor environment (including, without limitation, soil, ambient air, surface water,
groundwater and surface or subsurface strata) or into or out of any property, including the movement of Hazardous Materials through
or in the air, soil, surface water, groundwater or property.

 

“Sanctioned
Person” means any Person that is the target of Sanctions, including, (a) any Person listed in any Sanctions related
list of designated Persons maintained by OFAC or the U.S. Department of State, by the United Nations Security Council, the European
Union or Her Majesty’s Treasury of the United Kingdom, (b) any Person located, organized or resident in a Sanctioned Territory,
or (c) any Person directly or indirectly owned or controlled by any such Person or Persons described in the foregoing clauses
(a) and (b).

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by relevant Governmental
Authorities, including, but not limited those administered by the U.S. government through OFAC or the U.S. Department of State,
the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

 

“SEC”
has the meaning assigned to it in Section 3.8(a).

 

“SEC
Reports” has the meaning assigned to it in Section 3.8(a).

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder,
or any successor statute.

 

“Self-Regulatory
Organization” means any securities exchange, futures exchange, contract market, any other exchange or corporation or
similar self-regulatory body or organization applicable to a Party to this Agreement.

 

“Series
B Preferred Stock” means the Series B convertible preferred stock of the Company, par value $0.0001 per share (including
any Series B Preferred Stock issued in respect of dividend payments thereon).

 

“Offering”
has the meaning assigned to it in the Recitals hereto.

 

“Shares”
has the meaning assigned to it in Section 2.1(b).

 

“Stock
Option Plans” means the terms governing the issuance of stock options including but not limited to Service-Based Stock
Options and Performance-Based Stock Options as described in the SEC Reports.

 

“Subsidiary”
means, with respect to any Person, any other Person of which a majority of the outstanding shares or other equity interests having
the power to vote for directors or comparable managers are owned, directly or indirectly, by the first Person.

 

    	7

     

    

 

“Tax”
(and, with correlative meaning, “Taxes” and “Taxable”) means: (a) any taxes, customs, duties, charges,
fees, levies, penalties or other assessments, fees and other governmental charges imposed by any Governmental Authority, including,
but not limited to, income, profits, gross receipts, net proceeds, windfall profit, severance, property, personal property (tangible
and intangible), production, sales, use, leasing or lease, license, excise, duty, franchise, capital stock, net worth, employment,
occupation, payroll, withholding, social security (or similar), unemployment, disability, payroll, fuel, excess profits, occupational,
premium, severance, estimated, alternative or add-on minimum, ad valorem, value added, turnover, transfer, stamp or environmental
tax, or any other tax, custom, duty, fee, levy or other like assessment or charge of any kind whatsoever, together with any interest,
penalty, addition to tax or additional amount attributable thereto and (b) any liability for the payment of amounts with respect
to payment of a type described in clause (a), including (i) as a result of being a member of an affiliated, consolidated, combined
or unitary group, (ii) as a result of succeeding to such liability as a result of merger, conversion or asset transfer or (iii)
as a result of any obligation under any Tax sharing, Tax allocation, Tax indemnity, or similar agreement or arrangement.

 

“Tax
Returns” means any return, report, statement, information return or other document (including any amendments thereto
and any related or supporting information) filed or required to be filed with any Governmental Authority in connection with the
determination, assessment, collection or administration of any Taxes or the administration of any laws, regulations or administrative
requirements relating to any Taxes.

 

“Term
Sheet” means the Term Sheet dated June 17, 2020, as amended, by and between the Company and Bolt Investments I LLC.

 

“Treasury
Regulations” means the regulations promulgated under the Code, by the U.S. Department of the Treasury, as such regulations
may be amended from time to time. All references herein to specific sections of the regulations shall be deemed also to refer
to any corresponding provisions of succeeding regulations, and any reference to temporary regulations shall be deemed also to
refer to any corresponding provisions of final regulations.

 

“Trading
Day” means a day during which trading in securities generally occurs on NASDAQ or, if the Common Stock is not listed
on NASDAQ, on the New York Stock Exchange or, if the Common Stock is not listed on NASDAQ or the New York Stock Exchange, on the
principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, “Trading
Day” means a Business Day.

 

“Transfer
Agent” means Worldwide Stock Transfer LLC, located at One University Plaza, Hackensack, NY 07601 and any successor transfer
agent of the Company.

 

Section
2. AGREEMENT TO SELL AND PURCHASE.

 

2.1
Sale and Purchase of Shares.

 

(a)
The Company shall adopt and file with the Secretary of State of the State of Delaware on or before the Closing Date, the Certificate
of Designations, in the form of Exhibit B attached to this Agreement (the “Certificate of Designations”).

 

(b)
Subject to the terms and conditions of this Agreement, the Company hereby agrees to issue and sell to the Purchasers, and the
Purchasers hereby agree, severally and not jointly, to purchase at the Closing, the number of Units set forth opposite such Purchaser’s
name on Exhibit A, at a price of $1,000 per Unit (the “Purchase Price”), free and clear of all Encumbrances.
The shares of Series B Preferred Stock issued to the Purchasers pursuant to this Agreement shall be referred to in this Agreement
as the “Shares.”

 

    	8

     

    

 

(c)
By executing and delivering this Agreement, the Company and each holder of a convertible promissory note (each, a “Note”)
being converted into Securities pursuant to this Agreement (each, a “Noteholder”), agree that (i) all of the
Notes held by such Noteholder, including all principal and interest thereon, shall convert at the Closing into the number and
type of Shares indicated on Exhibit A hereto, (ii) interest on the Notes shall cease accruing as of the date hereof and
(iii) the Shares set forth opposite each Noteholder’s name on Exhibit A are issued in full discharge and satisfaction
of all principal and accrued interest of each Note held by such Noteholder, whether evidenced orally or in writing, and each such
Note shall be deemed fully paid and is hereby terminated, cancelled and of no further force or effect. Other than the right of
any Noteholder to receive the Shares and Warrants set forth opposite such Noteholder’s name on Exhibit A and to receive
the rights provided for in the Certificate of Incorporation, as amended by the Certificate of Designations, as a holder of Shares,
each Noteholder hereby waives any and all demands, claims, suits, actions, causes of actions, proceedings, assessments and rights
in respect of each of the Notes. Each Noteholder agrees to deliver the original Notes (if not already in possession of the Company
or its counsel) to the Company for cancellation at or as soon as practicable following the Closing, or shall deliver to the Company
a lost note affidavit and indemnity agreement therefor in form and substance reasonably acceptable to the Company (a “Lost
Note Agreement”). Until such time as a Noteholder has delivered its original Note or a Lost Note Agreement therefor
to the Company for cancellation, such Noteholder and its assigns shall at all times indemnify and hold harmless the Company, its
directors, officers, employees, or agents and any person acting on behalf of or at the request of the Company, together with any
successors and assigns of the foregoing, from and against any and all claims, actions, and suits, whether groundless or otherwise,
and from and against any and all losses, damages, judgments, costs, counsel fees, expenses, and liabilities whatsoever, which
any of such indemnitees any time shall or may sustain or incur (A) by reason of any claim which may be made in respect of such
original Note and (B) by reason of payment for or transfer, exchange, or delivery of such Note.

 

2.2
The Closing.

 

(a)
The initial purchase and sale of Securities (the Closing”) shall take place at the offices of Lucosky Brookman LLP,
101 Wood Avenue South, Woodbridge, NJ 08830 or such other place as the Parties mutually agree on such day (the “Closing
Date”) when all of the Offering Documents have been executed and delivered by the applicable parties thereto, and all
of the conditions set forth in Sections 2.4, 6 and 7 hereof are satisfied or waived by the Company or the
Purchasers holding or having the right to acquire at least a majority of the Securities to be purchased at the Closing, as applicable,
or such other date as the Company and such Purchasers may agree.

 

(b)
The Parties agree that the Closing may occur remotely via delivery of facsimiles or photocopies of the applicable Offering Documents.
Unless otherwise provided herein, all proceedings to be taken and all documents to be executed and delivered by all Parties at
the Closing will be deemed to have been taken and executed simultaneously, and no proceedings will be deemed to have been taken
nor documents executed or delivered until all have been taken, executed and delivered.

 

(c)
At the Closing, the Company shall deliver to each Purchaser a certificate, or other applicable evidence of ownership acceptable
to such Purchaser, representing the Shares being purchased by such Purchaser at the Closing and the Warrants, against payment
of the Purchase Price by check payable to the Company, by wire transfer to a bank account designated by the Company, by conversion
of indebtedness, including the Notes, or by any combination of such methods.

 

    	9

     

    

 

2.3
Rounding of Shares. The number of Shares issued to each Purchaser pursuant to the terms of this Agreement shall be rounded
up in accordance with the terms of the Certificate of Designations to avoid fractional shares.

 

2.4
Actions at the Closing.

 

(a)
At the Closing (unless otherwise specified), the Company shall deliver or cause to be delivered to each Purchaser the following,
as applicable:

 

(i)
this Agreement, duly executed by the Company;

 

(ii)
the Company shall have filed the Certificate of Designations with the Secretary of State of the State of Delaware on or prior
to the Closing, which shall continue to be in full force and effect as of the Closing;

 

(iii)
the Registration Rights Agreement, duly executed by the Company;

 

(iv)
a legal opinion of Company Counsel, dated as of the Closing Date, in substantially the form attached hereto as Exhibit E,
duly executed by such counsel and addressed to the Purchasers;

 

(v)
a certificate containing (i) copies of the text of the resolutions by which the corporate action on the part of the Company necessary
to approve this Agreement and the other Offering Documents and the transactions and actions contemplated hereby and thereby, which
shall be accompanied by a certification that such resolutions were duly adopted and have not been amended or rescinded, (ii) an
incumbency certificate dated as of the Closing Date certifying the office of each officer of the Company executing this Agreement,
or any other agreement, certificate or other instrument executed pursuant hereto, and (iii) copies of the Company’s Certificate
of Incorporation and bylaws in effect on the Closing Date, in a form reasonably acceptable to the Purchasers holding or having
the right to acquire at least a majority of the Shares to be purchased at the Closing, duly executed by the Secretary of the Company;

 

(vi)
a certificate, dated as of the date of the Closing, certifying to the fulfillment of the conditions specified in Sections 6.1
and 6.2, in a form reasonably acceptable to the Purchasers holding or having the right to acquire at least a majority
of the Shares to be purchased at the Closing, duly executed by the Chief Executive Officer of the Company;

 

(vii)
a certificate evidencing the formation and good standing of the Company issued by the Secretary of State of the State of Delaware,
as of a date within five (5) days of the Closing;

 

(viii)
a certificate, or other applicable evidence of ownership acceptable to such Purchaser, representing the Shares purchased by such
Purchaser at the Closing, duly authorized by all requisite corporate action on the part of the Company, free and clear of all
restrictive and other legends, except as provided in the Offering Documents, together with all instruments of transfer in respect
of such Purchaser’s interests in such share;

 

(ix)
the Warrants evidencing the number of Warrant Shares such Purchaser is entitled to purchase as set forth opposite such Purchaser’s
name on Exhibit A, duly executed by the Company; and

 

    	10

     

    

 

(x)
a consulting agreement by and between the Company and [●], in form and substance acceptable to the Purchasers purchasing
a majority of the Shares sold at the Closing.

 

(b)
At the Closing (unless otherwise specified), each Purchaser shall deliver or cause to be delivered to the Company the following,
as applicable:

 

(i)
this Agreement, duly executed by such Purchaser; and

 

(ii)
the Purchase Price for the Securities being purchased by such Purchaser by check payable to the Company, by wire transfer to a
bank account designated by the Company, by conversion of indebtedness, including the Notes, or by any combination of such methods.

 

2.5
Transfer Taxes. The Company will pay any and all issue, stamp, documentary, transfer or similar taxes or duties payable
in connection with this Agreement and the transactions contemplated hereby, including the issuance of the Shares.

 

Section
3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company hereby represents and warrants to each Purchaser as
of the date hereof and the Closing Date (except for representations and warranties that are made as of a specific date, which
are made only as of such date), on behalf of itself and not any other Party, as follows:

 

3.1
Organization and Qualification; Subsidiaries. The Company and each of its Subsidiaries has been duly organized and is validly
existing and is in good standing under the laws of its jurisdictions of organization, with the requisite power and authority to
own its properties and conduct its business as currently conducted. The Company and each of its Subsidiaries are not in violation
of any of the provisions of their respective Charter Documents. The Company and each of its Subsidiaries are duly qualified to
conduct business and are in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of
the business conducted or property owned by them makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, would not reasonably be expected to result in a Material Adverse Effect.

 

3.2
Subsidiaries. All of the direct and indirect Subsidiaries of the Company and the Company’s ownership interests therein
are set forth on Schedule 3.2. The Company owns, directly or indirectly, all of the capital stock or other equity interests
of each Subsidiary free and clear of any Encumbrances, and all of the issued and outstanding shares of capital stock of each Subsidiary
are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

 

3.3
Authorization; Enforcement; Validity. Subject to obtaining the approvals identified in Section 6.7, the Company
has all necessary corporate power and authority to enter into this Agreement and to carry out its obligations hereunder, including
the issuance to the Purchasers of the Securities. The execution and delivery by the Company of this Agreement and the performance
by the Company of its obligations hereunder, have been duly authorized by all requisite action on the part of the Company, and
no other action on the part of the Company or any of its Subsidiaries, the Board of Directors or the Company’s stockholders
is necessary to authorize the execution and delivery by the Company of this Agreement or the consummation of the transactions
contemplated by this Agreement. This Agreement has been duly executed and delivered by the Company, and assuming due authorization,
execution and delivery by each Purchaser, this Agreement constitutes, as to each such Purchaser, the legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium or similar Laws now or hereafter in effect relating to creditors’ rights generally and subject to general principles
of equity.

 

    	11

     

    

 

3.4
No Conflicts. Assuming that all consents, approvals, authorizations and other actions described in Section 6.7 have
been obtained, and except as may result from any facts or circumstances relating solely to a Purchaser, the execution, delivery
and performance by the Company of this Agreement and the consummation of the transactions contemplated hereby do not and will
not: (a) violate, conflict with or result in the breach of the Charter Documents of the Company or any of its Subsidiaries; (b)
conflict with or violate any Law or Order applicable to the Company or any of its Subsidiaries, or any of its or their respective
assets or properties; or (c) violate, conflict with, result in any breach of, constitute a default (or event which with the giving
of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of
termination, amendment, acceleration, suspension, revocation or cancellation of, any note, bond, mortgage or indenture, contract,
agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which the Company or any of its Subsidiaries
is a party or to which any of their respective assets or properties are subject, or result in the creation of any Encumbrance
on any of their respective assets or properties, except, in the case of clauses (b) and (c), for any such conflict, violation,
breach or default that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

3.5
Consents and Approvals. Subject to obtaining the approval identified in Section 6.7, the execution, delivery and
performance by the Company of this Agreement does not require any consent, approval, authorization or other Order of, action by,
filing with or notification to, any Governmental Authority or any other Person under any of the terms, conditions or provisions
of any Law or Order applicable to the Company or any of its Subsidiaries or by which any of its or their assets or properties
may be bound, any contract or agreement to which the Company or any of its Subsidiaries is a party or by which the Company or
any of its Subsidiaries may be bound, except for any consent, approval, authorization or other Order of, action by, filing with
or notification to, any Governmental Authority or any other Person under any of the terms, conditions or provisions of any Law
or Order applicable to the Company or any of its Subsidiaries that, if not made or obtained, would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect.

 

3.6
Capitalization.

 

(a)
As of the date of this Agreement, and immediately prior to the issuance and sale of the Series B Preferred Stock, the capitalization
of the Company and each of its Subsidiaries is set forth in Schedule 3.6(a).

 

(b)
Except as set forth in Schedule 3.6(b), there are no outstanding options, warrants, “phantom” stock rights,
claims, calls, puts, convertible or exchangeable securities or other contracts or rights of any nature obligating the Company
or any of its Subsidiaries to issue, return, redeem, repurchase, transfer, deliver or sell equity interests or other securities
or ownership interests in the Company or any of its Subsidiaries, and no Person is entitled to any preemptive or similar right
with respect to the issuance of securities or other equity interests in the Company or any of its Subsidiaries.

 

(c)
Except as set forth in Schedule 3.6(c), (x) to the Knowledge of the Company, there are no voting agreements, voting trusts,
shareholder agreements, proxies or other similar agreements or understandings with respect to the equity interests of the Company
or any of its Subsidiaries or that restrict or grant any right, preference or privilege with respect to the transfer of such equity
interests, and (y) there are no contracts to declare, make or pay any dividends or distributions, whether current or accumulated,
or due or payable, on the equity interests of the Company or any of its Subsidiaries.

 

    	12

     

    

 

(d)
Except as set forth in Schedule 3.6(d), the Company has no authorized or outstanding class of equity securities ranking
as to dividends, redemption or distribution of assets upon a liquidation senior to or pari passu with the Series B Preferred Stock
or that would otherwise constitute “Senior Stock” (as defined in the Certificate of Designations) or “Parity
Stock” (as defined in the Certificate of Designations).

 

(e)
Except as set forth in Schedule 3.6(e), there are no agreements or arrangements under which the Company or any of its Subsidiaries
is obligated to register the sale of any of their securities under the Securities Act (except pursuant to this Agreement).

 

(f)
There are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain any redemption or repurchase
provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries
is bound that would require the Company to redeem a security of the Company or any of its Subsidiaries as a result of the passage
of time, the occurrence of a specified event, the satisfaction of a condition or other similar provision.

 

(g)
All of the outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable, have been issued
in compliance in all material respects with all applicable federal and state securities laws, and none of such outstanding shares
was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities which violation would
have or would reasonably be expected to result in a Material Adverse Effect.

 

3.7
Valid Issuance.

 

(a)
The Shares have been duly authorized and, upon payment of the applicable Purchase Price in respect of the shares purchased by
such Purchaser and the occurrence of the Closing, the Purchasers will be the owners, of record and beneficially, of duly and validly
issued, fully paid, and non-assessable shares of Series B Preferred Stock which shares shall be free and clear of all Encumbrances,
other than restrictions on transfer provided for in the Offering Documents or imposed by applicable securities laws, and shall
not be subject to preemptive or similar rights. The Purchasers shall have good and valid title to such Series B Preferred Stock,
free and clear of any Encumbrances. The Warrants have been duly authorized and, when issued and paid for in accordance with the
terms of the Offering Documents, will be duly and validly issued, free and clear of all Encumbrances, other than restrictions
on transfer provided for in the Offering Documents or imposed by applicable securities laws, and shall not be subject to preemptive
or similar rights of stockholders.

 

(b)
Assuming the accuracy of each Purchaser’s representations and warranties set forth herein, the offer, sale and issuance
of the Shares and Warrants as contemplated hereby are exempt from the registration and qualification of the Securities Act, and
will be issued in compliance with all applicable federal and state securities and blue sky laws. Neither the Company nor any Person
acting on behalf of the Company has taken any action that would cause the loss of such exemption.

 

3.8
SEC Reports; Financial Statements.

 

(a)
The Company has filed or furnished with the Securities and Exchange Commission (“SEC”) all forms, reports,
schedules, proxy statements (collectively, and in each case including all exhibits and schedules thereto and documents incorporated
by reference therein and including all registration statements and prospectuses filed with the SEC, the “SEC Reports”
and together with this Agreement, including the Disclosure Schedule hereto, the “Disclosure Materials”) required
to be filed or furnished by the Company with the SEC since January 1, 2018. As of its date of filing or furnishing, each SEC Report
complied in all material respects with the requirements of the Exchange Act and the Securities Act, as applicable, and none of
such SEC Reports (including any and all financial statements included therein) contained when filed or furnished (except to the
extent revised or superseded by a subsequent filing with the SEC that is publicly available prior to the date hereof) any untrue
statement of a material fact or omitted or omits to state a material fact required to be stated therein or necessary to make the
statements made therein, in light of the circumstances under which they were made, not misleading.

 

    	13

     

    

 

(b)
Each of the consolidated financial statements (including the notes thereto) included in the SEC Reports (i) complied as to form
required by published rules and regulations of the SEC related thereto as of its date of filing with the SEC, (ii) complied in
all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect
thereto, (iii) has been prepared in accordance with GAAP applied on a consistent basis during the periods involved (except as
may be indicated in the notes thereto or otherwise permitted by the SEC on Form 10-Q or any successor form under the Exchange
Act) and (iv) presents fairly in all material respects the consolidated financial position of Company and its consolidated Subsidiaries
as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended, subject (in
the case of unaudited financial statements) to normal year-end adjustments and any other adjustments described therein or in the
notes or schedules thereto or the absence of footnotes (none of which are material).

 

(c)
The unaudited balance sheet and the related unaudited statement of operations and unaudited statement of cash flows for the Company’s
most recently filed Quarterly Report on Form 10-Q as of the date of this Agreement (i) present fairly in all material respects
the financial condition of the Company as of such date and the results of operations for the periods then ended and (ii) were
prepared on a basis consistent with the Company’s past practice, subject to normal year-end adjustments and the absence
of footnotes.

 

3.9
Undisclosed Liabilities. Except as set forth in Schedule 3.9, neither the Company nor any of its Subsidiaries has
incurred liabilities, including contingent liabilities, or any other obligations of a nature required to be disclosed on a consolidated
balance sheet prepared in accordance with GAAP or in the notes thereto, except liabilities that are not material and were incurred
in the ordinary course of business subsequent to the date of the consolidated balance sheet contained in the Company’s most
recently filed Quarterly Report on Form 10-Q as of the date of this Agreement.

 

3.10
Material Changes. Since the date of the latest balance sheet for the Company’s most recently filed Quarterly Report
on Form 10-Q as of the date of this Agreement (a) there have been no events, occurrences or developments that have had or would
reasonably be expected to have a Material Adverse Effect, (b) the Company and its Subsidiaries have not incurred any material
liabilities (contingent or otherwise) other than (i) trade payables, accrued expenses and other liabilities incurred in the ordinary
course of business consistent with past practice and (ii) liabilities not required to be reflected in the Company’s financial
statements pursuant to GAAP or to be disclosed in filings made with the SEC, (c) the Company has not materially altered its method
of accounting or the manner in which it keeps its accounting books and records, (d) the Company has not declared or made any dividend
or distribution of cash or other property to its stockholders, or purchased, redeemed or made any agreements to purchase or redeem
any shares of its capital stock (other than in connection with repurchases of unvested stock issued to employees of the Company),
(e) the Company has not issued any equity securities to any officer, director or Affiliate, except Common Stock or other equity
securities issued in the ordinary course pursuant to existing Company stock option or stock purchase plans or executive and director
corporate arrangements disclosed in the SEC Reports, (f) there has not been any material change or amendment to, or any waiver
of any material right under, any Material Contract under which the Company or any of its assets is bound or subject, and (g) there
have not been any changes in the authorized capital, assets, liabilities, financial condition, business or operations of the Company
from that reflected in the latest financial statements contained in the SEC Reports except changes in the ordinary course of business
which have not had or would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.
Except as set forth on Schedule 3.9, neither the Company nor any of its Subsidiaries has taken any steps to seek protection
pursuant to any law or statute relating to bankruptcy, insolvency, reorganization, receivership, liquidation or winding up, nor
does the Company or any Subsidiary have any knowledge or reason to believe that any of their respective creditors intend to initiate
involuntary bankruptcy proceedings or any actual knowledge of any fact which would reasonably lead a creditor to do so.

 

    	14

     

    

 

3.11
Contracts. Except as set forth in Schedule 3.11, neither the Company nor any of its Subsidiaries is, or to the Knowledge
of the Company, is alleged to be (nor, to the Company’s Knowledge, is any other party to any Material Contract) in material
default under, or in material breach or material violation of, any Material Contract, and no event has occurred which, with the
giving of notice or passage of time or both, would constitute a material default by the Company or any other party under any Material
Contract. Other than Material Contracts which have terminated or expired in accordance with their terms, each of the Material
Contracts is in full force and effect and is a legal, valid and binding obligation of the Company and, to the Knowledge of the
Company, the other parties thereto enforceable against the Company and, to the Knowledge of the Company, such other parties in
accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium or similar Laws now or hereafter in effect
relating to creditors’ rights generally and subject to general principles of equity.

 

3.12
Affiliate Transactions. Except as set forth in Schedule 3.12, there are no transactions between the Company, on
the one hand, and any (A) officer or director of the Company or any of its Subsidiaries, (B) to the Knowledge of the Company,
record or beneficial owner of five (5) percent or more of the voting securities of the Company or (C) Affiliate or family member
of any such officer or director or, to the Knowledge of the Company, record or beneficial owner, on the other hand, except for
(i) the payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the
Company or any Subsidiary, and (iii) other employee benefits, including stock option agreements under the Stock Option Plan or
any other plan of the Company. Neither the Company nor any of its Subsidiaries is a guarantor or indemnitor of any indebtedness
of any of the persons set forth in the foregoing clause (subject to the same knowledge qualifications as set forth therein).

 

3.13
Title. The Company and each of its Subsidiaries has good and marketable title to their respective owned properties and
assets, and good leasehold title to their respective leasehold estates in leased properties and assets, in each case, subject
to no Encumbrances, other than Encumbrances that would not reasonably be expected to result in, individually or in the aggregate,
a Material Adverse Effect.

 

3.14
Compliance with Law; Permits.

 

(a)
Neither the Company nor any of its Subsidiaries (i) is in material violation or default of the Charter Documents of the Company
or any of its Subsidiaries, (ii) is in violation or default of any Order or any Law, except for such violations and defaults that
would not reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect or (iii) has received,
since January 1, 2020, any written notice of, and to the Knowledge of the Company, no investigation or review is in process or
threatened by any Governmental Authority with respect to, any material violation or alleged violation of any Order or Law.

 

(b)
Except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (i) the
Company and its Subsidiaries hold all Permits necessary for the lawful conduct of their respective businesses as they are presently
being conducted, (ii) all Permits are in full force and effect, (iii) the Company and its Subsidiaries are in compliance with
the terms of the Permits, (iv) there are no pending or, to the Knowledge of the Company, threatened, modifications, amendments,
cancellations, suspensions, limitations, non-renewals or revocations of any Permit, and (v) there has occurred no event which
(whether with notice or lapse of time or both) could reasonably be expected to result in or constitute the basis for such a modification,
amendment, cancellation, suspension, limitation, nonrenewal or revocation thereof.

 

    	15

     

    

 

3.15
Litigation. Except as set forth in Schedule 3.15, no Proceeding is pending against the Company or any of its Subsidiaries,
or, to the Knowledge of the Company, any officer, director, manager, member, shareholder or employee of any such Person, and none
of the Company or any of its Subsidiaries, or, to the Knowledge of the Company, any officer, director, manager, member, shareholder
or employee of any such Person, is subject to any outstanding injunction, judgment, order, decree, ruling or charge or, to the
Knowledge of the Company, is threatened with being made a party to any Proceeding, in, or before any Governmental Authority or
before any arbitrator, all cases, that are required to be described in the SEC Reports but are not described as required in the
SEC Reports, or that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

3.16
Intellectual Property. The Company and its Subsidiaries collectively own, possess, license or have other rights to use
all Intellectual Property necessary for or used in the conduct of their businesses, taken as a whole, as now conducted or as proposed
in the SEC Reports to be conducted (collectively, the “Company Intellectual Property”). There are no rights
of third parties to any Company Intellectual Property, other than Company Intellectual Property that is licensed to the Company
or a Subsidiary. The Company’s or its Subsidiaries’ use of any Intellectual Property in the conduct of its business
as presently conducted does not infringe upon the rights of any third parties. To the Knowledge of the Company, there is no infringement
by third parties of any Company Intellectual Property that is owned by the Company or a Subsidiary. There is no pending or threatened
Action challenging the Company’s or a Subsidiary’s rights in or to or scope of any Company Intellectual Property.
There is no pending or threatened Action challenging the validity or scope of any Company Intellectual Property that is owned
by the Company or a Subsidiary. There is no pending or threatened Action that the Company or any Subsidiary infringes or otherwise
violates any Intellectual Property. The Company is not aware of any information required to be disclosed to the U.S. Patent and
Trademark Office which has not been disclosed to the U.S. Patent and Trademark Office. The Company and its Subsidiaries collectively
have taken reasonable security measures to protect the secrecy, confidentiality and value of all of the material confidential
Intellectual Property. There are no outstanding and, to Knowledge of the Company, no threatened disputes or disagreements with
respect to any agreements relating to any Intellectual Property which the Company is a party or by which the Company is bound.
To the Knowledge of the Company, no employee of the Company or any Subsidiary has entered into any contract that restricts or
limits in any way the scope or type of work in which the employee may be engaged or requires the employee to transfer, assign,
or disclose information concerning his work to anyone other than the Company or a Subsidiary.

 

3.17
Insurance. Schedule 3.17 sets forth a true, correct and complete list of all of the insurance maintained for or
on behalf of the Company or any of its Subsidiaries and claims made to date. All premiums with respect to such policies have been
paid to the extent due and payable. No written notice of cancellation or termination has been received by the Company or any of
its Subsidiaries with respect to any such policies that have not been replaced on substantially similar terms prior to the date
of such cancellation or termination. Neither the Company nor any Subsidiary has any reason to believe that it will not be able
to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers
as may be necessary to continue its business without a significant increase in cost.

 

    	16

     

    

 

3.18
Environmental Matters. The Company and its Subsidiaries have at all times been in compliance in all material respects with
all Environmental Laws. The Company does not own or operate on any real property or premises where Hazardous Materials have been
Released or is otherwise contaminated with Hazardous Materials such that (A) the Company or any of its Subsidiaries would reasonably
be expected to be obligated to remove, remediate or otherwise respond to pursuant to any Environmental Laws or (B) would reasonably
be expected to result in a liability of the Company or any of its Subsidiaries to any Person under any Environmental Laws. There
are no Environmental Claims pending, or to the Knowledge of the Company threatened against the Company or any of its Subsidiaries,
and there no Actions, activities, circumstances, facts, conditions, events or incidents, including the presence of any Hazardous
Material, which would be reasonably likely to form the basis of any such Environmental Claim.

 

3.19
Company Benefit Plans.

 

(a)
Schedule 3.19 lists each material Company Benefit Plan.

 

(b)
Neither the Company nor any of its ERISA Affiliates has ever maintained, sponsored, contributed to, or had an obligation to maintain,
sponsor or contribute to, or has any liability under or with respect to (i) a “defined benefit plan,” as defined in
Section 3(35) of ERISA, (ii) a pension plan subject to the minimum funding standards of Section 302 of ERISA or Section 412 of
the Code, (iii) a “multiemployer plan,” as defined in Section 3(37) of ERISA, (iv) a “multiple employer plan”
(within the meaning of Section 413 of the Code), (v) a “voluntary employees’ beneficiary association” (within
the meaning of Section 501(c)(9) of the Code), (vi) an organization or trust described in Sections 501(c)(17) or 501(c)(20) of
the Code or (vii) a “welfare benefits fund” described in Section 419(e) of the Code. No current or former employee,
officer, director, consultant or other service provider of the Company or any of its Subsidiaries is or may become entitled under
any Company Benefit Plan to receive health, life insurance or other welfare benefits (whether or not insured), beyond their retirement
or other termination of service, other than health continuation coverage as required by Section 4980B of the Code.

 

(c)
Each Company Benefit Plan has been administered in all material respects in accordance with its terms and applicable Law. Each
Company Benefit Plan intended to be qualified under Section 401(a) of the Code has either received a favorable determination letter
from the IRS or may rely on a favorable opinion letter issued by the IRS, and, to the Knowledge of the Company, nothing has occurred
since the date of such determination or opinion letter that would reasonably be expected to adversely affect such qualification.

 

(d)
Except as would not be reasonably likely to result in a Material Adverse Effect, there are no actions, suits, audits or investigations
by any Governmental Authority or other claims (except for routine claims for benefits) pending or, to the Knowledge of the Company,
threatened, against or involving any Company Benefit Plan.

 

(e)
Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby will (whether
alone or upon the occurrence of any additional or further acts or events) (i) result in any payment becoming due to any current
or former employee, officer, director or independent contractor of the Company or any Subsidiary thereof or satisfy any prerequisite
(whether exclusive or non-exclusive) to any payment or benefit to any current or former employee, director or independent contractor
of the Company or any Subsidiary thereof, (ii) increase any benefits under any Company Benefit Plan, (iii) result in the acceleration
of the time of payment, vesting or funding of any such benefits under any Company Benefit Plan, or (iv) result in the forgiveness
of any indebtedness of any current or former employee, officer, director or independent contractor of the Company or any Subsidiary
thereof.

 

    	17

     

    

 

3.20
Labor.

 

(a)
Neither the Company nor any of its Subsidiaries is a party to any labor or collective bargaining agreement.

 

(b)
There are no (i) strikes, work stoppages, work slowdowns or lockouts pending or, to the Knowledge of the Company, threatened against
or involving the Company or any of its Subsidiaries, or (ii) unfair labor practice charges, grievances or complaints pending or,
to the Knowledge of the Company, threatened by or on behalf of any employee or group of employees of the Company or any of its
Subsidiaries, except in each case as would not have a Material Adverse Effect.

 

3.21
Tax Matters. Except as set forth in Schedule 3.21:

 

(a)
As of the date of this Agreement, the Company has timely filed all material Tax Returns required to be filed (after giving effect
to any extensions that have been requested by and granted to such party by the applicable Governmental Authority) and has paid
or caused to be paid on its behalf all Taxes due and owing, other than those (i) that are being contested in good faith and for
which adequate reserves have been established in accordance with GAAP or (ii) that, if not paid, would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect. All such Tax Returns are true, correct and complete in all
material respects. There are no past, current, pending or, to the Knowledge of the Company, threatened Proceedings by any Governmental
Authority relating to Taxes. The Company has not waived any statutes of limitation or agreed to any extension of time with respect
to any Tax assessment or deficiency. The Company has not received written notice from any Governmental Authority in a jurisdiction
where it does not file Tax Returns claiming that it is subject to Tax in that jurisdiction. There are no liens for Taxes against
the property of the Company or the Project except for Taxes not yet due and payable.

 

(b)
The Company has complied with all Laws relating to the withholding and collection of Taxes relating to the Company. The Company
has not engaged in any reportable transaction within the meaning of Treasury Regulations Section 1.6011-4(b).

 

(c)
Neither the Company nor any of its Subsidiaries has made an election under Section 965(h) of the Code.

 

(d)
The Company (A) has not entered into any agreement with any Governmental Authority that would impact the amount of Taxes due by
it, (B) has never been a member of an affiliated, combined, consolidated or unitary group for purposes of filing any Tax Return
or has any liability for the Taxes of any other Person (1) under Treasury Regulations Section 1.1502-6 (or any similar provision
of state, local or foreign law), or (2) as a transferee or successor, by contract, or otherwise, or (C) is not a party to, or
has any liability under, any Tax sharing, Tax allocation, Tax indemnity, or similar agreement or arrangement.

 

3.22
Investment Company Act. The Company is not and, after giving effect to the transactions contemplated by this Agreement
will not be, an “investment company” as that term is defined in, nor is the Company otherwise subject to registration
or regulation under, the Investment Company Act of 1940.

 

3.23
OFAC and Related Matters. None of the transactions contemplated hereby will violate (i) any Sanctions, or (ii) the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of
2001, Public Law 107-56 (October 26, 2001). The Company is in compliance with Sanctions in all material respects. There are no
pending or threatened claims or legal actions, or investigations by any Governmental Authority, of or against the Company, nor
are there any judgments imposed (or threatened to be imposed) upon the Company by or before any Governmental Authority, in each
case, in connection with any alleged violation of Sanctions. Neither the Purchase Price nor any other proceeds received by the
Company hereunder will be used in any dealings or transactions with any Sanctioned Person or in any manner that will result in
a violation of Sanctions. The Company has not violated any provision of the U.S. Foreign Corrupt Practices Act of 1977 or the
U.K. Bribery Act 2010.

 

    	18

     

    

 

3.24
Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to Knowledge of the Company or any Subsidiary, any
agent or other person acting on behalf of the Company or any Subsidiary, has: (i) directly or indirectly, used any funds for unlawful
contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any
unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns
from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person
acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material respect any
provision of FCPA.

 

3.25
FDA. As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”)
under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is
manufactured, packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such
product, a “Pharmaceutical Product”), such Pharmaceutical Product is being manufactured, packaged, labeled,
tested, distributed, sold and/or marketed by the Company in compliance with all applicable requirements under FDCA and similar
laws, rules and regulations relating to registration, investigational use, premarket clearance, licensure, or application approval,
good manufacturing practices, good laboratory practices, good clinical practices, product listing, quotas, labeling, advertising,
record keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse Effect. There
is no pending, completed or threatened Proceeding against the Company or any of its Subsidiaries, and none of the Company or any
of its Subsidiaries has received any notice, warning letter or other communication from the FDA or any other governmental entity,
which (i) contests the premarket clearance, licensure, registration, or approval of, the uses of, the distribution of, the manufacturing
or packaging of, the testing of, the sale of, or the labeling and promotion of any Pharmaceutical Product, (ii) withdraws its
approval of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal of advertising or sales promotional
materials relating to, any Pharmaceutical Product, (iii) imposes a clinical hold on any clinical investigation by the Company
or any of its Subsidiaries, (iv) enjoins production at any facility of the Company or any of its Subsidiaries, (v) enters or proposes
to enter into a consent decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise alleges
any violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and which, either individually or in
the aggregate, would have a Material Adverse Effect. The properties, business and operations of the Company have been and are
being conducted in all material respects in accordance with all applicable laws, rules and regulations of the FDA. The Company
has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United States of any product
proposed to be developed, produced or marketed by the Company nor has the FDA expressed any concern as to approving or clearing
for marketing any product being developed or proposed to be developed by the Company.

 

    	19

     

    

 

3.26
Regulatory Matters. The Company and its Subsidiaries have complied in all material respects with all statutes and regulations
related to the research, manufacture and sale of its products to the extent applicable to the Company’s and its Subsidiaries’
activities. Items manufactured or under investigation by the Company and its Subsidiaries comply in all material respects with
all applicable manufacturing practices regulations and other requirements established by government regulators in the jurisdictions
in which the Company or its Subsidiaries manufacture or sell their products. The Company is not and its Subsidiaries are not the
subject of any investigation by any competent authority with respect to the development, testing, manufacturing and distribution
of their products, nor has any investigation, prosecution, or other enforcement action been threatened by any regulatory agency.
Neither the Company nor any of its Subsidiaries has received from any regulatory agency any letter or other document asserting
that the Company or any Subsidiary has violated any statute or regulation enforced by that agency with respect to the development,
testing, manufacturing and distribution of their products. To the Knowledge of the Company, research conducted by or for the Company
and its Subsidiaries has complied in all material respects with all applicable legal requirements. To the Knowledge of the Company,
research involving human subjects conducted by or for the Company and its Subsidiaries has been conducted in compliance in all
respects with all applicable statutes and regulations governing the protection of human subjects and not involved any investigator
who has been disqualified as a clinical investigator by any regulatory agency or has been found by any agency with jurisdiction
to have engaged in scientific misconduct.

 

3.27
Data Privacy. Except as set forth in Schedule 3.27, in connection with its collection, storage, transfer (including,
without limitation, any transfer across national borders) and/or use of any personally identifiable information from any individuals,
including, without limitation, any customers, prospective customers, employees and/or other third parties (collectively “Personal
Information”), the Company is and has been in compliance in all material respects with all applicable laws in all relevant
jurisdictions, the Company’s privacy policies and the requirements of any contract or codes of conduct to which the Company
is a party. Except as set forth in Schedule 3.27, the Company has commercially reasonable physical, technical, organizational
and administrative security measures and policies in place to protect all Personal Information collected by it or on its behalf
from and against unauthorized access, use and/or disclosure. Except as set forth in Schedule 3.27, the Company is in compliance
with the applicable requirements of the Health Insurance Portability and Accountability Act of 1996, as amended by the Health
Information Technology for Economic and Clinical Health Act, including all rules and regulations promulgated thereunder. The Company
is and has been in compliance in all material respects with all laws relating to data loss, theft and breach of security notification
obligations.

 

3.29
Telemarketing and Communications Regulatory Matters.

 

(a)
The Company and its Subsidiaries have at all times been in compliance in all material respects with the Telephone Consumer Protection
Act (“TCPA”) and related regulations.

 

(b)
To the Knowledge of the Company, the Company and its Subsidiaries have not sent or made any communications to third parties using
automated technology without first obtaining prior express consent for informational communications, or prior express written
consent for marketing communications, and such consent has been recorded.

 

(c)
The Company and its Subsidiaries promptly register and honor all revocations of consent from third parties to receive communications
using automated technology.

 

(d)
The Company and its Subsidiaries use and review databases of cancelled or reassigned telephone number, Do Not Call List, or another
third-party source of information to ensure that the list of telephone numbers employed by the Company to contact third parties
through any automated means is current.

 

(e)
To the Knowledge of the Company, there are no claims under the TCPA or related regulations pending or to the Knowledge of the
Company threatened against the Company or any of its Subsidiaries, and Company is not aware of any actions, practices, or circumstances
that would reasonably be expected to result in a liability of the Company or any of its Subsidiaries to any Person under the TCPA
or related regulations, or related telemarketing rules, including the Telemarketing and Consumer Fraud and Abuse Prevention Act,
the Federal Trade Commission’s Telemarketing Sales Rule, and applicable state laws.

 

    	20

     

    

 

3.30
Broker; Fees. Neither the Company nor any of its Subsidiaries has employed any broker or finder or incurred any liability
for any brokerage or finders’ fees or any similar fees or commissions in connection with the transactions contemplated by
this Agreement for which any Purchaser is liable.

 

3.31
Accountants and Lawyers. The Company’s independent auditing firm is set forth on Schedule 3.31. To the Knowledge
of the Company, such auditing firm: (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall
express its opinion with respect to the financial statements to be included in the Company’s Annual Report for the fiscal
year ending December 31, 2020. There are no disagreements of any kind presently existing, or reasonably anticipated by the Company
to arise, between the Company and the auditors, accountants and lawyers formerly or presently employed by the Company and the
Company is current with respect to any fees owed to its auditors, accountants and lawyers which could affect the Company’s
ability to perform any of its obligations under any of the Offering Documents.

 

3.32
RESERVED.

 

3.33
Manipulation of Price. Neither the Company nor any of its Subsidiaries has, and, to the Knowledge of the Company, no Person
acting on their behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization or
manipulation of the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any of
the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any security of the Company
or any of its Subsidiaries, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any
securities of the Company or any of its Subsidiaries.

 

3.34
Listing and Maintenance Requirements. The Common Stock is listed on the OTCQB under the symbol CVLB. There are no Proceedings
pending or, to the Knowledge of the Company, threatened against the Company relating to the continued listing of the Common Stock
on the OTCQB and the Company has not received any currently pending notice of the delisting of the Common Stock from OTCQB.

 

3.35
No General Solicitation. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf,
has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities
Act) in connection with the offer or sale of the Shares or Warrants.

 

3.36
No “Bad Actor” Disqualification. To the Knowledge of the Company, no Covered Person is subject to any of the
“bad actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (“Disqualification
Events”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Company
has complied, to the extent applicable, with any disclosure obligations under Rule 506(e) under the Securities Act. “Covered
Persons” are those persons specified in Rule 506(d)(1) under the Securities Act, including the Company; any predecessor
or affiliate of the Company; any director, executive officer, other officer participating in the offering, general partner or
managing member of the Company; any beneficial owner of 20% or more of the Company’s outstanding voting equity securities,
calculated on the basis of voting power; any promoter (as defined in Rule 405 under the Securities Act) connected with the Company
in any capacity at the time of the sale of the Shares and Warrants; and any person that has been or will be paid (directly or
indirectly) remuneration for solicitation of purchasers in connection with the sale of the Shares and Warrants (a “Solicitor”),
any general partner or managing member of any Solicitor, and any director, executive officer or other officer participating in
the offering of any Solicitor or general partner or managing member of any Solicitor.

 

    	21

     

    

 

3.37
Disclosure. The Company understands and confirms that the Purchasers will rely on the foregoing representations in effecting
transactions in securities of the Company. The Disclosure Materials, and all due diligence materials regarding the Company, its
business and the transactions contemplated hereby that are not projections or forward-looking statements, furnished by or on behalf
of the Company to any Purchaser in connection with such Purchaser’s evaluation of the Company are, when taken together with
the Disclosure Materials, true and correct in all material respects and do not contain any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under
which they were made, not misleading. All projections and forward-looking statements regarding the Company and its business, furnished
by or on behalf of the Company to any Purchaser in connection with such Purchaser’s evaluation of the Company, were made
on a good faith, reasonable basis by Company management.

 

Section
4. REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS. Each Purchaser, severally and not jointly, represents and warrants
to the Company as of the date hereof and the Closing Date (except for representations and warranties that are made as of a specific
date, which are made only as of such date), as follows:

 

4.1
Organization and Qualification. Such Purchaser has been duly organized and is validly existing and, except as would not
reasonably be expected to have, individually or in the aggregate, a material adverse effect with respect to such Purchaser, is
in good standing under the laws of its jurisdiction of organization, with the requisite power and authority to own its properties
and conduct its business as currently conducted.

 

4.2
Authorization; Enforcement; Validity. Such Purchaser has all necessary corporate, limited liability company or equivalent
power and authority to enter into this Agreement and to carry out, or cause to be carried out, its obligations hereunder in accordance
with the terms hereof. The execution and delivery by such Purchaser of this Agreement and the performance by such Purchaser of
its obligations hereunder have been duly authorized by all requisite action on the part of such Purchaser, and no other action
on the part of such Purchaser is necessary to authorize the execution and delivery by such Purchaser of this Agreement or the
consummation of the transactions contemplated by this Agreement. This Agreement has been duly executed and delivered by such Purchaser,
and assuming due authorization, execution and delivery by the Company, this Agreement constitutes the legal, valid and binding
obligation of such Purchaser, enforceable against such Purchaser in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium or similar Laws now or hereafter in effect relating to creditors’ rights generally and subject
to general principles of equity.

 

4.3
No Conflicts. The execution, delivery, and performance by such Purchaser of this Agreement do not and will not (a) violate
any provision of the organizational documents of such Purchaser; (b) conflict with or violate any Law or Order applicable to such
Purchaser or any of its respective assets or properties; or (c) violate, conflict with, result in any breach of, constitute a
default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent
under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of, any note,
bond, mortgage or indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement
to which such Purchaser is a party or to which any of its assets or properties are subject, or result in the creation of any Encumbrance
on any of its assets or properties, except, in the case of clauses (b) and (c), for any such conflict, violation, breach or default
that would not reasonably be expected to have, individually or in the aggregate, a material adverse effect with respect to such
Purchaser.

 

    	22

     

    

 

4.4
Consents and Approvals. The execution, delivery and performance by such Purchaser of this Agreement do not require such
Purchaser to obtain any consent, approval, authorization or other Order of, action by, filing with or notification to, any Governmental
Authority or any other Person under any of the terms, conditions or provisions of any Law or Order applicable to such Purchaser
or by which any of its assets or properties may be bound, any contract to which such Purchaser is a party or by which such Purchaser
may be bound, except for any consent, approval, authorization or other Order of, action by, filing with or notification to, any
Governmental Authority or any other Person under any of the terms, conditions or provisions of any Law or Order applicable to
such Purchaser that, if not made or obtained, would not reasonably be expected to have, individually or in the aggregate, a material
adverse effect with respect to such Purchaser.

 

4.5
Accredited Investor. Such Purchaser is an accredited investor as defined in Rule 501under the Securities Act and any securities
of the Company acquired by such Purchaser under this Agreement will have been acquired for investment and not with a view to distribution
or resale in violation of the Securities Act.

 

4.6
Sufficient Funds. Such Purchaser has sufficient assets (or the ability to call sufficient capital from its equity holders)
and the financial capacity to perform all of its obligations under this Agreement, including the ability to fully fund its respective
portion of the Purchase Price at the Closing.

 

4.7
Restricted Securities. Such Purchaser acknowledges that the Securities are considered “restricted securities”
under the Securities Act and thus cannot be sold or transferred unless they are subsequently registered under the Securities Act
or an exemption from registration is available. Subject to applicable securities laws, the Purchaser shall be entitled to assign
and transfer, without any other person’s or the Company’s consent and without restriction, all of any portion of the
Securities and the rights thereto.

 

Section
5. ADDITIONAL COVENANTS.

 

5.1
Further Assurances. Each Party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other Party may reasonably
request to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

5.2
Use of Proceeds. The Company shall use the proceeds from the transactions contemplated hereby for working capital purposes
and customer acquisition.

 

    	23

     

    

 

5.3
Preemptive Rights.

 

(a)
If, at any time following the Closing Date (the “Preemptive Period”), the Company offers to sell Covered Securities
(as defined below) in a private offering of Covered Securities for cash (a “Qualified Offering”), then each
Purchaser that holds any shares of Series B Preferred Stock, Underlying Shares, Warrants or Warrant Shares shall be afforded the
opportunity to acquire from the Company, for the same price and on the same terms as such Covered Securities are offered, in the
aggregate up to the amount of Covered Securities required to enable it to maintain its Qualified Purchaser Percentage Interest
(measured immediately prior to the delivery of the Qualified Offering Notice); provided, that, if such Purchaser is subject
to a beneficial ownership limitation at the time of such Qualified Offering and the purchase of such Covered Securities could
cause the Purchaser to exceed such beneficial ownership limitation, then the Company shall offer the Purchaser an alternative
security with similar rights, preferences and privileges as the Covered Security being offered in the Qualified Financing, but
containing the same beneficial ownership limitation, mutatis mutandi, to which the Purchaser is already subject (e.g., a convertible
security with a beneficially ownership limitation). “Qualified Purchaser Percentage Interest” means, as of
any date of determination, the percentage equal to (i) the number of shares of Common Stock (on an as-converted and as-exercised
basis) then held by such Purchaser as of the date of determination, divided by (ii) the total number of outstanding shares
of Common Stock (on an as-converted and as-exercised basis) as of such date. “Covered Securities” means Common
Stock and any rights, options or warrants to purchase or securities convertible into or exercisable or exchangeable for Common
Stock, other than securities that are (A) issuable upon the exercise or conversion of any securities of the Company (including
derivative securities) issued and outstanding as of the date hereof or pursuant to this Agreement or the Offering Documents; (B)
issued by the Company pursuant to any employment contract, employee incentive or benefit plan, stock purchase plan, stock ownership
plan, stock option or equity compensation plan (or a bona fide inducement grant to new employees outside of any such plan) or
other similar plan approved by the Board of Directors, including where stock is being issued or offered to a trust, other entity
to or for the benefit of any employees, consultants, officers or directors of the Company; (C) issued on an arm’s length
basis to an unaffiliated third party in connection with acquisitions, asset purchases, licenses, joint ventures, technology license
agreements, collaborations or strategic transactions involving the Company and other entities approved by the Board of Directors;
or (D) securities issued to financial institutions or lessors in connection with credit or lending arrangements, equipment financings
or lease arrangements. Notwithstanding anything to the contrary herein, this Section 5.3(a) shall not require the Company
to take any action that would require shareholder approval under applicable stock exchange rules or result in a violation of law
or stock exchange rule or regulation.

 

(b)
Prior to making any Qualified Offering of Covered Securities, the Company shall give each Purchaser written notice of its intention
to make such an offering, describing, to the extent then known, the anticipated amount of securities, and other material terms
then known to the Company upon which the Company proposes to offer the same (such notice, a “Qualified Offering Notice”).
The Company shall deliver such notice only to the individuals identified on such Purchaser’s signature page hereto, and
shall not communicate the information to anyone else acting on behalf of the Purchaser without the consent of one of the designated
individuals. Each Purchaser shall then have ten (10) days after receipt of the Qualified Offering Notice (the “Offer
Period”) to notify the Company in writing (a “Purchaser Notice”) that it intends to exercise such
preemptive right and as to the amount of Covered Securities the Purchaser desires to purchase, up to the maximum amount calculated
pursuant to this Section 5.3(a) (the “Designated Securities”). The failure to respond to a Qualified
Offering Notice during the Offering Period constitutes a waiver of such Purchaser’s preemptive right in respect of such
offering. A Purchaser Notice constitutes a non-binding indication of interest of such Purchaser to purchase the amount of Designated
Securities specified by such Purchaser (or a proportionately lesser amount if the amount of Covered Securities to be offered in
such Qualified Offering is subsequently reduced) at the price (or range of prices) established in the Qualified Offering and other
terms set forth in the Company’s notice to it. The sale of the Covered Securities in the Qualified Offering, including any
Designated Securities, shall be closed not later than thirty (30) days after the end of the Offer Period. The Covered Securities
to be sold to other investors in such Qualified Offering shall be sold at a price not less than, and upon terms no more favorable
to such other investors than, those specified in the Qualified Offering Notice. If the Company does not consummate the sale of
Covered Securities to other investors within such thirty (30)-day period, the right provided hereunder shall be revived and such
securities shall not be offered unless first reoffered to the Purchasers in accordance herewith. Notwithstanding anything to the
contrary set forth herein and unless otherwise agreed by the Purchasers purchasing a majority of the Shares sold at the Closing,
by not later than sixty (60) days following the end of the Offer Period, the Company shall either confirm in writing to the Purchasers
that the Qualified Offering has been abandoned or shall publicly disclose its intention to issue the Covered Securities in the
Qualified Offering, in either case in such a manner that the Purchasers will not be in possession of any material, non-public
information thereafter.

 

    	24

     

    

 

(c)
If a Purchaser exercises its preemptive right provided in this Section 5.3 with respect to a Qualified Offering, the Company
shall offer and sell such Purchaser, if any such offering is consummated, the Designated Securities (as adjusted, upward to reflect
the actual size of such offering when priced) at the same price as the Covered Securities are offered to third persons (not including
the underwriters or the initial purchasers in a Rule 144A offering that is being reoffered by the initial purchasers) in such
offering and shall provide written notice of such price upon the determination of such price.

 

(d)
In addition to the pricing provision of Section 5.3(c), the Company will offer and sell the Designated Securities to each
Purchaser upon terms and conditions not less favorable than the most favorable terms and conditions offered to other persons or
entities in a Qualified Offering.

 

(e)
The Company covenants that it shall not consummate a primary offering by the Company of securities issued in an offering registered
under the Securities Act without the prior written consent of the Purchasers purchasing Shares at the Closing; provided
that such consent shall be deemed to have been granted if: (i) the Company or its underwriter, placement agent or financial advisor
in good faith attempts to inform such Purchasers of such offering on a confidential basis pursuant to a customary “wall
crossing” procedure and such Purchasers decline to speak with the Company or its underwriter, placement agent or financial
advisor regarding the offering (i.e., it does not come “over the wall”) (it being understood that such Purchasers
will be deemed to have “declined to speak” to the Company or its underwriter, placement agent or financial advisor,
and thus have given consent to such offering, if it could not be reached or does not provide a response within 48 hours after
such good faith attempt to inform such Purchasers of such offering); or (ii) the Company or its underwriter, placement agent or
financial advisor contacts such Purchasers following the first public announcement of the public offering and such Purchasers
are offered an allocation of or are allocated in such offering the lesser of: (A) its requested allocation in such public offering
or (B) such Purchasers’ Qualified Purchaser Percentage Interest; or (iii) if such Purchasers cannot be found or are not
responsive during the period between the first public announcement of the public offering and the pricing of such public offering
(which may be the same day as the announcement in the case of a confidentially marketed public offering). Notwithstanding anything
to the contrary herein, this Section 5.3 shall not (1) apply to any offering or sale of securities on Form S-8 or Form
S-4, or any similar or successor forms, (2) apply to the filing or effectiveness of any shelf registration statement, whether
covering potential sales of Company securities by the Company or resales of Company securities by selling security holders, (3)
apply to offers or sales under any resale registration statement by security holders of the Company, (4) apply to any offering
or sale pursuant to an “at the market” offering by the Company, or (5) require the Company to take any action that
would require shareholder approval under applicable stock exchange rules or result in a violation of law or stock exchange rule
or regulation.

 

(f)
Notwithstanding anything herein to the contrary, this Section 5.3 may be waived by a written instrument signed by the Purchasers
purchasing a majority of the Shares sold at the Closing.

 

5.4
Securities Law Disclosure; Public Announcements. On or before 5:30 p.m., New York City time, on the fourth Trading Day
immediately following the execution of this Agreement, the Company will file a Current Report on Form 8-K with the SEC describing
the terms of the Offering Documents (and including as exhibits to such Current Report on Form 8-K the material Offering Documents
(including, without limitation, this Agreement and the Registration Rights Agreement)). No press release or other public announcement
related to this Agreement or the transactions contemplated herein shall be issued or made without the joint approval of the Company
and each of the Purchasers, unless such release or announcement is required by law or the rules of any securities exchange on
which securities of the Company are traded (including, for the avoidance of doubt, the Current Report on Form 8-K referred to
in the first sentence of this Section 5.4), in which case each of the Purchasers shall be afforded a reasonable opportunity
to review such public announcement prior to publication.

 

    	25

     

    

 

5.5
Reservation of Shares of Common Stock. As soon as practical, but in no event later than December 31, 2020, the Company
shall reserve (whether through a reverse stock split or an amendment to the Certificate of Incorporation) and keep available at
all times during which the Shares or Warrants remains outstanding, free of preemptive rights, a sufficient number of shares of
Common Stock for the purpose of enabling the Company to issue the Common Stock upon conversion of the Series B Preferred Stock
pursuant to the Certificate of Designation or the exercise of the Warrants. Notwithstanding the foregoing, within ten (10) Business
Days following the date hereof, (i) the Board of Directors of the Company will approve implementation of a reverse stock split
and related amendment to the Company’s Certificate of Incorporation previously approved by the stockholders of the Company
at a special meeting held on January 10, 2020, pursuant to which the Company will have authorized a sufficient number of shares
of Common Stock to enable the Company to issue the Common Stock upon conversion of the Series B Preferred Stock pursuant to the
Certificate of Designation or the exercise of the Warrants, (ii) the Board of Directors of the Company shall reserve a sufficient
number of shares of Common Stock for the purposes of enabling the Company to issue the Common Stock upon conversion of the Series
B Preferred Stock pursuant to the Certificate of Designation or the exercise of the Warrants, and (iii) the Company will notify
FINRA of such corporation action. The form of notice of conversion included in the Certificate of Designation sets forth the totality
of the procedures required of the Purchasers in order to convert the Series B Preferred Shares. No additional legal opinion, other
information or instructions shall be required of the Purchasers to convert their Series B Preferred Stock. The Company shall honor
conversions of the Series B Preferred Stock and shall deliver Common Stock in accordance with the terms, conditions and time periods
set forth in the Offering Documents. The form of notice of exercised included in the Warrants sets forth the totality of the procedures
required of the Purchasers in order to exercise the Warrants. No additional legal opinion, other information or instructions shall
be required of the Purchasers to exercise the Warrants. The Company shall honor exercises of the Warrants and shall deliver Common
Stock in accordance with the terms, conditions and time periods set forth in the Offering Documents.

 

5.6
Form D and Blue Sky. The Company agrees to timely file a Form D with respect to the Shares and the Warrants as required
under Regulation D and to provide a copy thereof to each Purchaser who requests a copy in writing promptly after such filing.
The Company shall take such action as the Company shall reasonably determine is necessary in order to qualify the Shares and Warrants
for sale to the Purchasers at the Closing pursuant to this Agreement under applicable securities or “Blue Sky” laws
of the states of the United States (or to obtain an exemption from such qualification), which, subject to the accuracy of the
Company’s and the Purchasers’ representations and warranties set forth herein, shall consist of the submission of
all filings and reports relating to the offer and sale of the Shares and Warrants pursuant to Rule 506 of Regulation D required
under applicable securities or “Blue Sky” laws of the states of the United States following the Closing Date, and
shall provide evidence of any such action so taken to the Purchasers who request in writing such evidence.

 

5.7
Acknowledgment of Dilution. The Company acknowledges that the issuance of the Common Stock into which the Series B Preferred
Stock are convertible and the issuance of the Common Stock for which the Warrants are exercisable may result in dilution of the
outstanding shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges
that its obligations under the Offering Documents, including without limitation its obligation to issue the Common Stock pursuant
to the Offering Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction,
regardless of the effect of any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive
effect that such issuance may have on the ownership of the other stockholders of the Company.

 

    	26

     

    

 

Section
6. CONDITIONS TO EACH PURCHASER’S OBLIGATIONS. The obligations of each Purchaser to consummate the transactions
contemplated hereby pursuant to this Agreement on the Closing Date shall be subject to the satisfaction at or prior to the Closing
Date of each of the following conditions, any one or more of which may be waived in writing by the Purchasers purchasing a majority
of the Shares to be sold at the Closing:

 

6.1
Representations and Warranties. All of the representations and warranties made by the Company in this Agreement shall be
true and correct in all material respects (except for those representations and warranties which are qualified as to materiality,
in which case such representations and warranties shall be true and correct in all respects) as of the Closing as though made
on and as of the Closing (except to the extent such representations and warranties expressly speak as of an earlier date, in which
case such representations and warranties shall be true and correct as of such date).

 

6.2
Performance of Closing Actions. The Company shall have performed, satisfied and complied with all covenants, agreements
and conditions required by the Offering Documents to be performed, satisfied or complied with at or prior to the Closing.

 

6.3
No Legal Impediment to Issuance. No Law or Order shall have become effective or been enacted, adopted or issued by any
Governmental Authority that prohibits the consummation of the transactions contemplated by the Offering Documents, including this
Agreement.

 

6.4
No Adverse Events. No Material Adverse Effect shall have occurred or be continuing. Neither the Company nor any of its
Subsidiaries shall have taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency,
reorganization, receivership, liquidation or winding up. Neither the Company nor any of its Subsidiaries shall have received any
notice from their respective creditors that such creditors intend to (A) initiate involuntary bankruptcy proceedings or (B) accelerate
any amounts owing from the Company or any of its Subsidiaries to such creditor. Neither the Company nor any of its Subsidiaries,
individually and on a consolidated basis, shall be insolvent.

 

6.5
Cancellation of Series A Preferred Stock. The Company shall have filed a certificate of elimination with the Secretary
of State of the State of Delaware, in form and substance reasonably acceptable to the Purchasers purchasing a majority of the
Shares to be purchased at the Closing, providing for the elimination of the Series A Preferred Stock of the Company, par value
$0.0001 per share (the “Series A Preferred Stock”), and no shares of Series A Preferred Stock shall be outstanding.

 

6.6
Consents. The Company shall have obtained in a timely fashion any and all consents, permits, approvals, registrations and
waivers necessary for consummation of the purchase and sale of the Shares and Warrants at the Closing, all of which shall be and
remain in full force and effect.

 

6.7
No Suspensions of Trading in Common Stock. The Common Stock shall not have been suspended, as of the Closing, by the SEC.

 

6.8
Company Deliverables. The Company shall have delivered the deliverables in accordance with Section 2.4(a).

 

6.9
Termination. This Agreement shall not have been terminated in accordance with Section 8.

 

    	27

     

    

 

Section
7. CONDITIONS TO THE COMPANY’S OBLIGATIONS. The obligations of the Company to issue and sell to the Purchasers
the Series B Preferred Stock pursuant to this Agreement shall be subject to the satisfaction at or prior to the Closing of each
of the following conditions, any one or more of which may be waived in writing by the Company:

 

7.1
Representations and Warranties. All of the representations and warranties made by the Purchasers in this Agreement shall
be true and correct in all material respects (except for those representations and warranties which are qualified as to materiality,
in which case such representations and warranties shall be true and correct in all respects) as of the Closing as though made
on and as of the Closing (except to the extent such representations and warranties expressly speak as of an earlier date, in which
case such representations and warranties shall be true and correct as of such date).

 

7.2
Performance of Closing Actions. Each Purchaser shall have performed, satisfied and complied with all covenants, agreements
and conditions required by the Offering Documents to be performed, satisfied or complied with at or prior to the Closing.

 

7.3
No Legal Impediment to Issuance. No Law or Order shall have become effective or been enacted, adopted or issued by any
Governmental Authority that prohibits the consummation of the transactions contemplated by the Offering Documents, including this
Agreement.

 

7.4
Termination. This Agreement shall not have been terminated in accordance with Section 8.

 

Section
8. TERMINATION.

 

8.1
At any time prior to the Closing, this Agreement may be terminated and the sale and purchase of the applicable Shares and Warrants
abandoned at any time by either the Company or the Purchasers upon written notice to the other party, if:

 

(a)
the Closing does not occur on or before September 10, 2020 (the “Outside Date”), provided, however,
that the that the right to terminate this Agreement under this Section 8(a) shall not be available to any Party whose failure
to comply with its obligations under this Agreement has been the primary cause of or resulted in the failure of the Closing to
occur on or before the Outside Date. Nothing in this Section 8(a) shall be deemed to release any party from any liability
for any breach by such party of the terms and provisions of this Agreement or the other Offering Documents or to impair the right
of any party to compel specific performance by any other party of its obligations under this Agreement or the other Offering Documents;

 

(b)
any Governmental Authority of competent jurisdiction enters a Final Order declaring this Agreement or any material portion hereof
to be unenforceable;

 

(c)
the other Party breaches any representation or warranty or breaches any covenant applicable to such Party under this Agreement
in any material respect and if such breach is curable, it is not cured before the earlier of (i) fifteen (15) Business Days after
receipt of written notice by the non-breach Party setting forth such breach or (ii) the Closing Date; or

 

(d)
the Company and the Purchasers purchasing a majority of the Shares to be sold at the Closing agree in writing to terminate this
Agreement.

 

8.2
Effect of Termination. Upon a termination of this Agreement in accordance with this Section 8, the Company and the
Purchasers shall not have any further obligation or liability (including arising from such termination) to the other, except for
the provisions in Sections 9 and 11, each of which shall survive termination; provided, however, that
no such termination shall relieve a Party from liability for its breach or non-performance of its obligations hereunder prior
to the date of such termination. The Company and the Purchasers may extend the term of this Agreement in accordance with the amendment
provisions of Section 11.13 herein.

 

    	28

     

    

 

Section
9. INDEMNIFICATION.

 

9.1
The Company agrees to indemnify and hold harmless the Indemnified Parties from and against any and all claims, damages, losses,
liabilities and expenses, that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out
of (i) this Agreement (including as a result of any breach or inaccuracy of any representation, warranty or covenant herein),
the other Offering Documents, or the transactions contemplated hereby or thereby, solely to the extent such Offering Documents
or transactions contemplated thereby relate to this Agreement and the Offering, (ii) any use made or proposed to be made with
the proceeds of the Offering, or (iii) any Proceeding relating to any of the foregoing, regardless of whether any Indemnified
Party is a party thereto (and including for these purposes a derivative action brought on behalf of the Company or any Subsidiary),
and the Company shall reimburse each Indemnified Party upon demand for reasonable and documented fees and expenses of counsel
(which, so long as there are no conflicts among such Indemnified Parties, shall be limited to one law firm serving as counsel
for the Indemnified Parties) and other expenses incurred by it in connection with investigating, preparing to defend or defending,
or providing evidence in or preparing to serve or serving as a witness with respect to, any Proceeding relating to any of the
foregoing, irrespective of whether the transactions contemplated hereby are consummated. No Indemnified Party shall have any liability
(whether direct or indirect, in contract, tort or otherwise) to the Company for or in connection with the transactions contemplated
hereby, except to the extent such liability is found pursuant to a Final Order to have resulted from such Indemnified Party’s
actual fraud. In no event, however, shall the Company or any Indemnified Party be liable on any theory of liability for any punitive
damages and, expect for any liability resulting from the Company’s actual fraud, the maximum aggregate liability of the
Company resulting from any breach or inaccuracy of any representation or warranty of the Company contained in Section 3
of this Agreement shall not exceed $3,000,000. For the avoidance of doubt, nothing set forth in this Section 9.1 or the
Certificate of Designations, including pursuant to Section 8 thereof, shall be deemed to prohibit or in any way limit the Purchasers’
right at any time, on or after the Closing, to avail itself of any remedy available at law or equity, or seek or obtain specific
performance, injunctive or equitable relief for the failure of the other party to perform any covenant or agreement contained
herein, even if any such remedy is in addition to, duplicative to or cumulative with other available recourse or remedies.

 

9.2
Promptly after receipt by any Indemnified Party of notice of any demand, claim or circumstances which would or might give rise
to a claim or the commencement of any Proceeding in respect of which indemnity may be sought pursuant to Section 9(a),
such Indemnified Party shall promptly notify the Company in writing and the Company shall have the right to assume the defense
thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party and the assumption of the payment
of all fees and expenses; provided, however, that the failure of any Indemnified Party to so notify the Company
shall not relieve the Company of its obligations hereunder except to the extent that the Company is actually and materially prejudiced
by such failure to notify. In any such Proceeding, any Indemnified Party shall have the right to retain its own counsel, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party unless: (i) the Company and the Indemnified
Party shall have mutually agreed to the retention of such counsel; (ii) the Company shall have failed promptly to assume the defense
of such Proceeding or the Company does not, upon assuming the defense of such Proceeding, conduct the defense of such claim actively
and diligently; or (iii) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified
Party and the Company, and such Indemnified Party shall have been advised by counsel that a conflict of interest exists if the
same counsel were to represent such Indemnified Party and the Company; (iv) the claim is based upon any Proceeding, indictment,
allegation or investigation of a criminal nature; or (v) the claim seeks an injunction or non-monetary or equitable relief against
the Indemnified Party, other than any such claim that is incidental to the primary claim or claims and not material (in the case
of clauses (ii)-(v), if such Indemnified Party notifies the Company in writing that it elects to employ separate counsel at the
expense of the Company, the Company shall not have the right to assume the defense thereof and such counsel shall be at the expense
of the Company). The Company shall not be liable for any settlement of any Proceeding effected without its written consent, which
consent shall not be unreasonably withheld, delayed or conditioned. Without the prior written consent of the Indemnified Party,
which consent shall not be unreasonably withheld, delayed or conditioned, the Company shall not effect any settlement of any pending
or threatened Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional
release of such Indemnified Party from all liability arising out of such Proceeding and such settlement does not require any Indemnified
Party to perform any covenant or refrain from engaging in any activity or include any non-monetary limitation on the actions of
any Indemnified Party or any of its Affiliates or any admission of fault, violation, culpability, malfeasance or nonfeasance by,
or on behalf of, or liability on behalf of, any such Indemnified Party.

 

    	29

     

    

 

Section
10. TRANSFER RESTRICTIONS

 

10.1
Lock-up Period. Each Purchaser agrees, severally and not jointly, that, during the period beginning on the Closing Date
through and including the date that is one (1) year after the Closing Date (the “Lock-Up Period”), such Purchaser
will not, without the prior written consent of the Company, directly or indirectly, offer, sell, assign, transfer, pledge, contract
to sell, or otherwise dispose of any shares of Series B Preferred Stock or Warrants (including, without limitation, shares of
Common Stock issued upon conversion of shares of Series B Preferred Stock or exercise of the Warrants) deemed to be beneficially
owned by such Purchaser in accordance with the rules and regulations promulgated under the Securities Act.

 

10.2
Permitted Transfers. The restrictions set forth in the immediately preceding paragraph shall not apply to:

 

(a)
if a Purchaser is a natural person, any transfers made by such Purchaser (x) as a bona fide gift to any member of the immediate
family (as defined below) of such Purchaser or to a trust the beneficiaries of which are exclusively such Purchaser or members
of such Purchaser’s immediate family, (y) by will or intestate succession upon the death of the undersigned or (z) as a
bona fide gift to a charity or educational institution;

 

(b)
if a Purchaser is a corporation, partnership, limited liability company or other business entity, any distributions or transfers
to any subsidiary, stockholder, partner or member of, or owner of a similar equity interest in or Affiliates of, or any investment
fund or other entity that controls or manages, such Purchaser, as the case may be, if, in any such case, such transfer is not
for value; or

 

(c)
if a Purchaser is a corporation, partnership, limited liability company or other business entity, any transfer made by such Purchaser
(x) in connection with the sale or other bona fide transfer in a single transaction of all or substantially all of the such Purchaser’s
capital stock, partnership interests, membership interests or other similar equity interests, as the case may be, or all or substantially
all of such Purchaser’s assets, in any such case not undertaken for the purpose of avoiding the restrictions imposed by
Section 10.1 or (y) to another corporation, partnership, limited liability company or other business entity so long as
the transferee is an Affiliate of such Purchaser and such transfer is not for value;

 

provided,
however, that it shall be a condition to the transfer that the transferee executes and delivers to the Company, not later
than one business day prior to such transfer, a written agreement to the effect set forth in Section 10.1 (it being understood
that any references to “immediate family” in the agreement executed by such transferee shall expressly refer only
to the immediate family of the Purchaser and not to the immediate family of the transferee). For purposes of this paragraph, “immediate
family” shall mean a spouse, child, grandchild or other lineal descendant (including by adoption), father, mother, brother
or sister of the undersigned.

 

    	30

     

    

 

10.3
Compliance with Laws; Restrictions on Transfer. Notwithstanding any other provision of this Section 10, each Purchaser,
severally and not jointly, covenants that the Securities may be disposed of only pursuant to an effective registration statement
under, and in compliance with the requirements of, the Securities Act, or pursuant to an available exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act, and in compliance with any applicable state and federal securities
laws. In connection with any transfer of the Securities other than (i) pursuant to an effective registration statement, (ii) to
the Company, (iii) pursuant to Rule 144 (provided that such Purchaser provides the Company with reasonable assurances (in
the form of seller and, if applicable, broker representation letters) that the securities may be sold pursuant to such rule) or
(iv) in connection with a bona fide pledge as contemplated in Section 10.4, the Company may require the transferor thereof
to provide to the Company, at the cost of the Company, an opinion of counsel selected by the transferor and reasonably acceptable
to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such
transfer does not require registration of such transferred Securities under the Securities Act. As a condition of transfer, any
such transferee shall agree in writing to be bound by the terms of this Agreement and the Registration Rights Agreement and shall
have the rights of a Purchaser under this Agreement and the Registration Rights Agreement with respect to such transferred Securities.

 

10.4
Legends. Certificates evidencing the Securities shall bear any legend as required by the “blue sky” laws of
any state and a restrictive legend in substantially the following form, until such time as they are not required under Section
10.5:

 

[NEITHER
THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED] [THESE SECURITIES HAVE NOT
BEEN REGISTERED] UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT
TO RULE 144 UNDER SAID ACT.

 

The
Company acknowledges and agrees that a Purchaser may from time to time pledge, and/or grant a security interest in, some or all
of the legended Securities in connection with applicable securities laws, pursuant to a bona fide margin agreement in compliance
with a bona fide margin loan. Such a pledge would not be subject to approval or consent of the Company and no legal opinion of
legal counsel to the pledgee, secured party or pledgor shall be required in connection with the pledge, but such legal opinion
shall be required in connection with a subsequent transfer or foreclosure following default by such Purchaser transferee of the
pledge. No notice shall be required of such pledge, but such Purchaser’s transferee shall promptly notify the Company of
any such subsequent transfer or foreclosure of such legended Securities. Each Purchaser acknowledges that the Company shall not
be responsible for any pledges relating to, or the grant of any security interest in, any of the Securities or for any agreement,
understanding or arrangement between any Purchaser and its pledgee or secured party. At the appropriate Purchaser’s expense,
the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably
request in connection with a pledge or transfer of the Securities, including the preparation and filing of any required prospectus
supplement under Rule 424(b)(3) of the Securities Act or other applicable provision of the Securities Act to appropriately amend
the list of selling stockholders thereunder. Each Purchaser acknowledges and agrees that, except as otherwise provided in Section
10.5, any Securities subject to a pledge or security interest as contemplated by this Section 10.4 shall continue to
bear the legend set forth in this Section 10.4 and be subject to the restrictions on transfer set forth in Section 10.1.

 

    	31

     

    

 

10.5
Removal of Legends. Subject to the Company’s right to request an opinion of counsel as set forth in Section 10.3,
the legend set forth in Section 10.4 above shall be removable and the Company shall issue or cause to be issued a certificate
without such legend or any other legend to the holder of the applicable Securities upon which it is stamped or issue or cause
to be issued to such holder by electronic delivery at the applicable balance account at The Depository Trust Company (“DTC”)
as provided in this Section 10.5, if (i) such Securities are registered for resale under the Securities Act (provided that,
the Purchaser agrees to only sell such Securities during such time that such registration statement is effective and not withdrawn
or suspended, and only as permitted by such registration statement), or (ii) such Securities are sold or transferred in compliance
with Rule 144 (if the transferor is not an Affiliate of the Company), the Company shall deliver to the Transfer Agent irrevocable
instructions that the Transfer Agent shall reissue a certificate representing the applicable Series B Preferred Stock, Underlying
Shares, Warrants or Warrant Shares, as applicable, without legend upon receipt by the Transfer Agent of the legended certificates
for such Series B Preferred Stock or Common Stock, as applicable. Any fees (with respect to the Transfer Agent or otherwise) associated
with the removal of such legend shall be borne by the Company. Following the Effective Date, or at such earlier time as a legend
is no longer required for certain Securities (in which case a Purchaser shall also be required to provide reasonable assurances,
in the form of seller and, if applicable, broker representation letters), the Company will no later than three (3) Trading Days
following the delivery by a Purchaser to the Company or the Transfer Agent (with notice to the Company) of (i) a legended certificate
representing the Series B Preferred Stock, Underlying Shares, Warrants or Warrant Shares (endorsed or with stock powers attached,
signatures guaranteed and otherwise in form necessary to affect the reissuance and/or transfer) and (ii) a conversion notice to
effect the conversion of the Series B Preferred Stock into Common Stock in accordance with the terms of the Series B Preferred
Stock or an exercise notice to effect the exercise of the Warrants for Common Stock in accordance with the terms of the Warrants,
deliver or cause to be delivered to the transferee of such Purchaser or such Purchaser, as applicable, a certificate representing
such Securities that is free from all restrictive and other legends. Certificates or book entry statements for Series B Preferred
Stock or Common Stock subject to legend removal hereunder may be transmitted by the Transfer Agent to a Purchaser by crediting
the account of such Purchaser’s prime broker with DTC as directed by such Purchaser.

 

10.6
Irrevocable Transfer Agent Instructions. The Company shall issue irrevocable instructions to the Transfer Agent, and any
subsequent transfer agent, in substantially the form of Exhibit F attached hereto (the “Irrevocable Transfer Agent
Instructions”). The Company represents and warrants that no instruction other than the Irrevocable Transfer Agent Instructions
referred to in this Section 10.6 (or instructions that are consistent therewith or otherwise contemplated hereby or thereby
or by the other Offering Documents or such other documents as the Transfer Agent may request in connection with any such instructions)
will be given by the Company to the Transfer Agent in connection with this Agreement, and that the Securities shall otherwise
be freely transferable on the books and records of the Company as and to the extent provided in this Agreement and the other Offering
Documents and applicable law.

 

    	32

     

    

 

Section
11. MISCELLANEOUS.

 

11.1
Payments. All payments made by or on behalf of the Company or any of their Affiliates to the Purchaser or its assigns,
successors or designees pursuant to this Agreement shall be without withholding, set-off, counterclaim or deduction of any kind.

 

11.2
Expenses. The Company shall bear all of its own expenses in connection with the execution, delivery and performance of
this Agreement and the transactions and other documents contemplated hereby, including without limitation all fees and expenses
of its agents, representatives, counsel and accountants (the “Expenses”). At the Closing, the Company shall
pay or reimburse such reasonable and documented expenses of the Purchasers purchasing a majority of the shares of Series B Preferred
Stock at the Closing incurred in connection with the negotiation, preparation and execution of this Agreement and the other Offering
Documents including attorney’s fees and consulting expenses, not to exceed $100,000 in the aggregate. If there is no Closing
prior to the Outside Date, because the Company has terminated discussions or otherwise ceased to negotiate the proposed transaction
in good faith and remains willing to negotiate and consummate the proposed transaction on substantially the terms contained herein,
in addition to and not to the exclusion of any other remedies the Purchasers may have at law or equity, the Company will pay,
or reimburse the Purchasers purchasing a majority of the shares of Series B Preferred Stock at the Closing for, the Expenses (not
to exceed $200,000) promptly following the termination of negotiations regarding the proposed transaction.

 

11.3
Arm’s Length Transaction. The Company acknowledges and agrees that (i) the Offering and any other transactions described
in this Agreement are an arm’s-length commercial transaction between the Parties and (ii) no Purchaser has assumed nor will
it assume an advisory or fiduciary responsibility in the Company’s favor with respect to any of the transactions contemplated
by this Agreement or the process leading thereto, and no Purchaser has any obligation to the Company with respect to the transactions
contemplated by this Agreement except those obligations expressly set forth in this Agreement or the Offering Documents to which
it is a party.

 

11.4
Survival. Subject to applicable statute of limitations, the representations, warranties, agreements and covenants contained
herein shall survive the Closing and the delivery of the Shares and the Warrants. Covenants to be performed after the Closing
shall survive until performed or observed in accordance with their terms. All liability of the Indemnifying Parties with respect
to the representations, warranties, covenants, agreements and obligations hereunder shall be extinguished on the date that is
sixty (60) days following the end of the applicable statute of limitations; provided that if notice of an alleged breach
of such representations, warranties, covenants, agreements or obligations has been given prior to such date, the claim with respect
to such representation, warranty, covenant, agreement or obligation shall continue indefinitely until finally resolved.

 

11.5
No Waiver of Rights. All waivers hereunder must be made in writing, and the failure of any Party at any time to require
another Party’s performance of any obligation under this Agreement shall not affect the right subsequently to require performance
of that obligation. Any waiver of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing
or succeeding breach of such provision or a waiver or modification of any other provision.

 

11.6
Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed
given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via electronic
mail to the e-mail address specified in this Section 11.6 prior to 5:00 p.m., New York City time, on a Trading Day, (b)
the next Trading Day after the date of transmission, if such notice or communication is delivered via electronic mail to the e-mail
address specified in this Section 11.6 on a day that is not a Trading Day or later than 5:00 p.m., New York City time,
on any Trading Day, (c) the Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier
service with next day delivery specified, or (d) upon actual receipt by the party to whom such notice is required to be given.
The address for such notices and communications shall be as follows:

 

    	33

     

    

 

(a)
If to the Company, to:

 

Conversion
Labs, Inc.

800
Third Avenue, Suite 2800

New
York, NY 10022

Attention:
Justin Schreiber, CEO,

justin@conversionlabs.com

 

With
a copy (which shall not constitute notice to the Company) to:

 

(b)
If to the Purchasers, to the addresses set forth with respect to each such Purchaser on Exhibit A.

 

Any
of the foregoing addresses may be changed by giving notice of such change in the foregoing manner, except that notices for changes
of address shall be effective only upon receipt.

 

11.7
Headings. The section and subsection headings in this Agreement are inserted for convenience only and shall not affect
in any way the meaning or interpretation of this Agreement.

 

11.8
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any
Law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect for
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as
possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated
to the greatest extent possible.

 

11.9
Entire Agreement. This Agreement and the other Offering Documents, together with the exhibits and schedules thereto, constitute
the entire agreement of the Parties with respect to the subject matter hereof and supersede all prior agreements and undertakings,
both written and oral, between the Parties with respect to the subject matter hereof.

 

11.10
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns. Except as set forth below, neither this Agreement nor any of the rights, interests or obligations
under this Agreement may be assigned by either Party (whether by operation of law or otherwise) without the prior written consent
of the other Party. Notwithstanding the foregoing and subject to the restriction on transfer contained in Section 10.1,
the rights, obligations and interests hereunder may be assigned, delegated or transferred, in whole or in part, by a Purchaser
to (i) any Affiliate of such Purchaser without the consent of the Company, or (ii) one or more other third parties with the consent
of the Company, which consent shall not be unreasonably withheld or delayed; provided, however, that any such transferee,
as a condition precedent to such transfer, becomes a Party to this Agreement and assumes the obligations of such Purchaser with
respect to the transferred shares under this Agreement by executing an addendum, in substantially the form set forth in Exhibit
G (the “Addendum”), and an assumption agreement, in substantially the form set forth in Exhibit H
hereto (the “Assumption Agreement”), and deliver the same to the Company in accordance with Section 11.6.
Any transfer that is made in violation of the immediately preceding sentence shall be null and void ab initio, and the Company
shall have the right to enforce the voiding of such transfer.

 

    	34

     

    

 

11.11
Adjustments in Share Numbers and Prices. In the event of any stock split, subdivision, dividend or distribution payable
in shares of Common Stock (or other securities or rights convertible into, or entitling the holder thereof to receive directly
or indirectly shares of Common Stock), combination or other similar recapitalization or event occurring after the date hereof
and prior to any the Closing, each reference in any Offering Document to a number of shares or a price per share shall be deemed
to be amended to appropriately account for such event.

 

11.12
No Third-Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the Parties and their
respective successors and permitted assigns and, except as expressly set forth in Section 9, nothing herein, express or
implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever.

 

11.13
Amendment. This Agreement may not be altered, amended, or modified except by a written instrument executed by or on behalf
of the Company and the Purchasers purchasing a majority of the shares of Series B Preferred Stock at the Closing.

 

11.14
Governing Law. This Agreement shall be interpreted, construed and enforced in accordance with the laws of the State of
New York, without regard to the conflicts of law principles thereof.

 

11.15
Consent to Jurisdiction. Each of the Parties (a) irrevocably and unconditionally agrees that any Proceedings, at law or
equity, arising out of or relating to this Agreement or any agreements or transactions contemplated hereby shall be heard and
determined by the federal or state courts located in New York County in the State of New York; (b) irrevocably submits to the
jurisdiction of such courts in any such Proceeding; (c) consents that any such Proceeding may be brought in such courts and waives
any objection that such Party may now or hereafter have to the venue or jurisdiction of such courts or that such Proceeding was
brought in an inconvenient forum; and (d) agrees that service of process in any such Proceeding may be effected by providing a
copy thereof by any of the methods of delivery permitted by Section 11.6 to such Party at its address as provided in Section
11.6 (provided that nothing herein shall affect the right to effect service of process in any other manner permitted by Law).

 

11.16
Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY). EACH OF THE PARTIES
HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS, AS APPLICABLE, BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.16.

 

    	35

     

    

 

11.17
Currency. Unless otherwise specified in this Agreement, all references to currency, monetary values and dollars set forth
herein shall mean United States (U.S.) dollars and all payments hereunder shall be made in U.S. dollars.

 

11.18
Counterparts. This Agreement may be executed and delivered (including by facsimile or electronic transmission) in one or
more counterparts, and by the different Parties in separate counterparts, each of which when executed shall be deemed to be an
original, but all of which taken together shall constitute one and the same agreement. Signatures of the Parties transmitted by
electronic mail shall be deemed to be their original signatures for all purposes.

 

11.19
Specific Performance. Each Party acknowledges that, in view of the uniqueness of the securities referenced herein and the
transactions contemplated by this Agreement, the other Party would not have an adequate remedy at law for money damages in the
event that this Agreement has not been performed in accordance with its terms, and therefore agrees that the other Party shall
be entitled to specific performance and injunctive or other equitable relief, without the necessity of proving the inadequacy
of monetary damages as a remedy.

 

11.20
Purchaser Obligations. The Parties hereby agree and acknowledge that (a) all obligations of the Purchasers hereunder, including
with respect to each Purchaser’s compliance with all applicable covenants and the making by each Purchaser of the representations
and warranties set forth in Section 4, are several and not joint and (b) no Purchaser shall have any obligation or liability
of any kind to the Company or to any other Person in respect of any breach or noncompliance with respect to this Agreement by
any other Purchaser.

 

11.21
No Commitment for Additional Financing. The Company acknowledges and agrees that no Purchaser has made any representation,
undertaking, commitment or agreement to provide or assist the Company in obtaining any financing, investment or other assistance,
other than the purchase of the Securities as set forth herein and subject to the conditions set forth herein. In addition, the
Company acknowledges and agrees that (i) no statements, whether written or oral, made by any Purchaser or its representatives
on or after the date of this Agreement shall create an obligation, commitment or agreement to provide or assist the Company in
obtaining any financing or investment, (ii) the Company shall not rely on any such statement by any Purchaser or its representatives,
and (iii) an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment may
only be created by a written agreement, signed by such Purchaser and the Company, setting forth the terms and conditions of such
financing or investment and stating that the parties intend for such writing to be a binding obligation or agreement. Each Purchaser
shall have the right, in its sole and absolute discretion, to refuse or decline to participate in any other financing of or investment
in the Company, and shall have no obligation to assist or cooperate with the Company in obtaining any financing, investment or
other assistance.

 

11.22
Rules of Construction. The Parties and their respective legal counsel participated in the preparation of this Agreement,
and therefore, this Agreement shall be construed neither against nor in favor of any of the Parties, but rather in accordance
with the fair meaning thereof. All definitions set forth in this Agreement are deemed applicable whether the words defined are
used in this Agreement in the singular or in the plural, and correlative forms of defined terms have corresponding meanings. The
term “including” is not limiting and means “including without limitation.” The term “or” has,
except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,”
“herein,” “hereby,” “hereunder” and similar terms in this Agreement refer to this Agreement
as a whole and not to any particular provision of this Agreement. Section, subsection, clause, schedule, annex and exhibit references
are to this Agreement unless otherwise specified. Any reference to this Agreement shall include all alterations, amendments, changes,
extensions, modifications, renewals, replacements, substitutions, and supplements thereto and thereof, as applicable. Whenever
the context may require, any pronoun includes the corresponding masculine, feminine and neuter forms.

 

[No
further text appears; signature pages follow]

 

    	36

     

    

 

IN WITNESS WHEREOF, the
Parties have executed this Agreement as of the day and year first above written.

 

	 	CONVERSION
    LABS INC.
	 	 	 
	 	By:	   
	 	Name:
    	Justin
    Schreiber
	 	Title:
    	President
    and Chief Executive Officer

 

[Conversion
Labs, Inc. Securities Purchase Agreement]

 

    	 

    	 

    

 

	 	PURCHASERS
	 	 
	 	By:	 
	 	Name:	             
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 
	 	With
    a copy (which shall not constitute notice) to:

 

[Conversion
Labs, Inc. Securities Purchase Agreement]

 

    	 

    	 

    

 

Exhibit
A

 

SCHEDULE
OF PURCHASERS

 

Closing

 

	Purchaser	 	Note
    Principal Amount ($)	 	Note
    Interest Amount ($)	 	Total
    Note Amount ($)	 	Note
    Conversion Shares (#)	 	Cash
    Purchase Price ($)	 	Cash
    Purchase Shares (#)	 	Total

    Shares (#)	 	Total
    Units	 	Aggregate
    Warrant Shares (#)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

Exhibit
B

 

CERTIFICATE
OF DESIGNATIONS OF

SERIES
B CONVERTIBLE PREFERRED STOCK

 

[see
attached]

 

    	 

    	 

    

 

Exhibit
C

 

FORM
OF WARRANT

 

[see
attached]

 

    	 

    	 

    

 

Exhibit
D

 

FORM
OF REGISTRATION RIGHTS AGREEMENT

 

[see
attached]

 

    	 

    	 

    

 

Exhibit
E

 

FORM
OF LEGAL OPINION

OPINION
OF COMPANY COUNSEL

 

[see
attached]

 

    	 

    	 

    

 

Exhibit
F

 

IRREVOCABLE
TRANSFER AGENT INSTRUCTIONS

 

[see
attached]

 

    	 

    	 

    

 

Exhibit
G

 

ADDENDUM

 

Reference
is made to that certain Series B Convertible Preferred Stock Purchase Agreement (as amended, modified or supplemented from time
to time, the “Agreement”) by and between Conversion Labs, Inc., a Delaware corporation (the “Company”),
and [PURCHASER] or a successor thereof. Each capitalized term used but not defined herein shall have the meaning given to it in
the Agreement.

 

Upon
execution and delivery of this Addendum by the undersigned, as provided in Section 11.10 of the Agreement, the undersigned
hereby becomes a Purchaser with respect to [●] shares of Series B Preferred Stock, as applicable thereunder and bound thereby
effective as of the date of the Agreement.

 

By
executing and delivering this Addendum, the undersigned represents and warrants, for itself and for the benefit of the Company,
that:

 

(a)
as of the date of this Addendum, the undersigned has executed and delivered an Assumption and Joinder Agreement therefor (a copy
of which is attached to this Addendum);

 

(b)
as of the date of this Addendum, with respect to each transferee that (i) is an individual, such transferee has all requisite
authority to enter into this Addendum and to carry out the transactions contemplated by, and perform its respective obligation
under, the Agreement and (ii) is not an individual, such transferee is duly organized, validly existing, and in good standing
under the laws of the state of its organization, and has all requisite corporate, partnership, or limited liability company power
and authority to enter into this Addendum and to carry out the transactions contemplated by, and perform its respective obligations
under, the Agreement;

 

(c)
assuming the due execution and delivery of the Agreement by the Company, the Addendum and the Agreement are legally valid and
binding obligations of it, enforceable against it in accordance with its terms, except as may be limited by bankruptcy, insolvency
or similar laws, or by equitable principles relating to or limiting creditors’ rights generally; and

 

(d)
as of the date of this Addendum, it is not aware of any event that, due to any fiduciary or other duty to any other person, would
prevent it from taking any action required of it under the Agreement and this Addendum.

 

By
executing and delivering this Addendum to the Company, the undersigned agrees to be bound by all the terms of the Agreement with
respect to [●] shares of Series B Preferred Stock.

 

The
undersigned acknowledges and agrees that once delivered to the Company, it may not revoke, withdraw, amend, change or modify this
Addendum unless the Agreement has been terminated.

 

THIS
ADDENDUM SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

This
Addendum may be executed in one or more counterparts, each of which, when so executed, shall constitute the same instrument and
the counterparts may be delivered by facsimile transmission or by electronic mail in portable document format (.pdf).

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties have caused this Addendum to be duly executed and delivered by their proper and duly authorized officers
as of this [●] day of [●].

 

	 	TRANSFEREE
    WHO BECOMES A PURCHASER
	 	 
	 	[NAME]	                
	 	 
	 	 
	 	as
    a Purchaser
	 	Name:	 

 

    	 

    	 

    

 

Exhibit
H

 

ASSUMPTION
AND JOINDER AGREEMENT

 

Reference
is made to (i) that certain Series B Convertible Preferred Stock Purchase Agreement (as amended, modified or supplemented from
time to time, the “Agreement”), dated as of [●], 2020, by and between Conversion Labs, Inc., a Delaware
corporation (the “Company”), and [PURCHASER] or a successor thereof, and (ii) that certain Addendum, dated
as of [●], [●] (the “Transferor Addendum”) submitted by [●], as transferor (the “Transferor”).
Each capitalized term used but not defined herein shall have the meaning given to it in the Agreement.

 

As
a condition precedent to becoming a Purchaser with respect to [●] shares of Series B Preferred Stock, the undersigned (the
“Transferee”) hereby agrees to become bound by all the terms, conditions and obligations set forth in the Agreement
and the Transferor Addendum, copies of which are attached hereto as Annex I. This Assumption and Joinder Agreement shall take
effect and shall become an integral part of the Agreement and the Transferor Addendum immediately upon its execution, and the
Transferee shall be deemed to be bound by all of the terms, conditions and obligations of the Agreement and the Transferor Addendum
as of the date thereof. The Transferee shall hereafter be deemed to be a “Purchaser” with respect to [●] shares
of Series B Preferred Stock and a “Party” for all purposes under the Agreement.

 

[Signatures
on Following Page]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, this Assumption and Joinder Agreement has been duly executed by each of the undersigned as of the date specified
below.

 

Date:
[●]

 

	 	 	 
	Name
    of Transferor	 	Name
    of Transferee
	 	 	 
	 	 	 
	Authorized
    Signatory of Transferor	 	Authorized
    Signatory of Transferee
	 	 	 
	 	 	 
	 (Type
    or Print Name and Title of Authorized Signatory)	 	 (Type
    or Print Name and Title of Authorized Signatory)
	 	 	 
	 	 	Address
    of Transferee:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Attn:
	 	 	 
	 	 	 
	 	 	Tel:
	 	 	 
	 	 	 
	 	 	Fax
	 	 	 
	 	 	 
	 	 	E-mail:Exhibit
10.2

 

NEITHER
THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR
SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES ACT.

 

CONVERSION
LABS, INC.

 

WARRANT
TO PURCHASE COMMON STOCK

 

Original
Issue Date: August [●], 2020

 

Conversion
Labs, Inc., a Delaware corporation (the “Company”), hereby certifies that, for value received, [●],
or its permitted registered assigns (the “Holder”), is entitled to purchase from the Company up to a total
of ____________ shares of common stock, $0.0001 par value per share (the “Common Stock”), of the Company (the
“Warrant Shares”) at an exercise price per share equal to $0.92 per share (as adjusted from time to time as
provided in Section 9 herein, the “Exercise Price”), at any time and from time to time following the
date hereof (the “Original Issue Date”) and through and including 5:30 p.m., New York City time, on August
[●], 2025 (the “Expiration Date”), and subject to the following terms and conditions:

 

This
Warrant (this “Warrant”) is one of a series of warrants issued pursuant to that certain Securities Purchase
Agreement, dated August [●], 2020, by and among the Company and the Purchasers identified therein (the “Purchase
Agreement”). All such Warrants are referred to herein, collectively, as the “Warrants.”

 

1.
Definitions. In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined
herein have the meanings given to such terms in the Purchase Agreement.

 

2.
Registration of Warrants. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose, which may be a third-party transfer agent (the “Warrant Register”), in the name of the record Holder
(which shall include the initial Holder or, as the case may be, any registered assignee to which this Warrant is permissibly assigned
hereunder) 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.

 

    	 

     

    

 

3.
Registration of Transfers. Subject to compliance with all applicable securities laws, the Company shall register the transfer
of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached
as Schedule 2 hereto duly completed and signed, to the Company’s transfer agent or to the Company at its address
specified in the Purchase Agreement and (x) delivery, at the request of the Company, of an opinion of counsel reasonably satisfactory
to the Company to the effect that the transfer of such portion of this Warrant may be made pursuant to an available exemption
from the registration requirements of the Securities Act and all applicable state securities or blue sky laws (other than in connection
with any transfer (i) pursuant to an effective registration statement, (ii) to the Company, (iii) pursuant to Rule 144 (provided
that such Holder provides the Company with reasonable assurances (in the form of seller and, if applicable, broker representation
letters) that the securities may be sold pursuant to such rule), and (y) delivery by the transferee of a written statement to
the Company certifying that the transferee is an “accredited investor” as defined in Rule 501(a) under the Securities
Act and making the representations and certifications set forth in Sections 4.3, 4.5 and 4.7 of the Purchase Agreement, to the
Company at its address specified in the Purchase Agreement. Upon any such registration or transfer, a new warrant to purchase
Common Stock in substantially the form of this Warrant (any such new warrant, a “New Warrant”) evidencing the
portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining portion of
this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the
transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the New
Warrant that the Holder has in respect of this Warrant. The Company shall prepare, issue and deliver at its own expense any New
Warrant under this Section 3.

 

4.
Exercise and Duration of Warrant.

 

(a)
All or any part of this Warrant shall be exercisable by the registered Holder in any manner permitted by Section 10 of
this Warrant at any time and from time to time on or after the Original Issue Date and through and including 5:30 p.m. New York
City time, on the Expiration Date. At 5:30 p.m., New York City time, on the Expiration Date, the portion (or all) of this Warrant
not exercised prior thereto shall be and become void and of no value and this Warrant shall be automatically terminated and no
longer outstanding, provided, however, that if the last reported Closing Sale Price immediately prior to the Expiration
Date was greater than the Exercise Price, then this Warrant shall be automatically deemed exercised on a cashless basis as of
4:01 p.m. (ET) on the Expiration Date.

 

(b)
The Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule
1 hereto (the “Exercise Notice”), completed and duly signed, and (ii) payment of the Exercise Price for
the number of Warrant Shares as to which this Warrant is being exercised (which may take the form of a “cashless exercise”
if so indicated in the Exercise Notice and if a “cashless exercise” may occur at such time pursuant to Section
10 below), and the date on which Exercise Notice is delivered to the Company (as determined in accordance with the notice
provisions hereof) is an “Exercise Date.” The delivery by (or on behalf of) the Holder of the Exercise Notice
and the applicable Exercise Price as provided above shall constitute the Holder’s certification to the Company that its
representations contained in Sections 4.3, 4.5 and 4.7 of the Purchase Agreement are true and correct as of the Exercise Date
and the date on which Holder pays the Company the Exercise Price as if remade in their entirety (or, in the case of any transferee
Holder that is not a party to the Purchase Agreement, such transferee Holder’s certification to the Company that such representations
are true and correct as to such assignee Holder as of the Exercise Date). The Holder shall not be required to deliver the original
Warrant in order to effect an exercise hereunder, but if it is not so delivered then such exercise shall constitute an agreement
by the Holder to deliver the original Warrant to the Company as soon as practicable thereafter. Execution and delivery of the
Exercise Notice shall have the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the
right to purchase the remaining number of Warrant Shares.

 

    	2

     

    

 

5.
Delivery of Warrant Shares.

 

(a)
Upon exercise of this Warrant and delivery of the Exercise Price, the Company shall promptly (but in no event later than two Trading
Days after the later of the Exercise Date and delivery of the Exercise Price) issue or cause to be issued and cause to be delivered
to or upon the written order of the Holder and in such name or names as the Holder may designate, (i) a certificate for the Warrant
Shares issuable upon such exercise, free of restrictive legends, or (ii) an electronic delivery of the Warrant Shares to the Holder’s
account at the Depository Trust Company (“DTC”) or a similar organization, unless in the case of clause (i)
and (ii) a registration statement covering the resale of the Warrant Shares and naming the Holder as a selling stockholder thereunder
is not then effective or the Warrant Shares are not freely transferable without restriction under Rule 144 by Holders who are
not affiliates of the Company, in which case such Holder shall receive a certificate for the Warrant Shares issuable upon such
exercise with appropriate restrictive legends. The Holder, or any Person permissibly so designated by the Holder to receive Warrant
Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date. Notwithstanding anything
contained herein to the contrary, if the Holder fails to deliver the documents required to register a transferee as set forth
in Section 3 above or to provide the documents required under this Section 5(a) to issue a certificate or electronic
delivery of the Warrant Shares to any Person(s) other than the Holder, then determination of the two Trading Days shall be tolled
until such documents have been delivered to the Company. If the Warrant Shares are to be issued free of all restrictive legends,
the Company shall, upon the written request of the Holder, use its reasonable best efforts to deliver, or cause to be delivered,
Warrant Shares hereunder electronically through DTC or another established clearing corporation performing similar functions,
if available; provided that, the Company may, but will not be required to, change its transfer agent if its current transfer
agent cannot deliver Warrant Shares electronically through such a clearing corporation.

 

(b)
If by the close of the second Trading Day after delivery of a properly completed Exercise Notice and the payment of the aggregate
Exercise Price in any manner permitted by Section 10 of this Warrant, the Company fails to deliver to the Holder a certificate
representing the required number of Warrant Shares in the manner required pursuant to Section 5(a), and if after such second
Trading Day and prior to the receipt of such Warrant Shares, the Holder is required to purchase (in an open market transaction
or otherwise) 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, in its sole discretion, within
two Trading Days after the Holder’s request for payment, either (1) pay in cash to the Holder an amount equal to the Holder’s
total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased, at which point the
number of Warrant Shares underlying this Warrant equal to the number of shares of Common Stock so purchased shall be forfeited
and the Company’s obligation to deliver such certificate (and to issue such Warrant Shares) shall terminate or (2) promptly
honor its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares and pay cash to the
Holder in an amount equal to the excess (if any) of Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased in the Buy-In over the product of (A) the number of shares of Common Stock purchased
in the Buy-In, multiplied by (B) the closing bid price of a share of Common Stock on the Exercise Date. The Holder shall
provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable
confirmations and other evidence reasonably requested by the Company.

 

(c)
To the extent permitted by law, the Company’s obligations to issue and deliver Warrant Shares in accordance with and subject
to the terms hereof (including the limitations set forth in Section 11 below) are absolute and unconditional, irrespective
of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery
of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination,
or any breach or alleged breach by the Holder or any other Person of any obligation to the Company (other than breaches related
to this Warrant or the Purchase Agreement) or any violation or alleged violation of law by the Holder or any other Person, and
irrespective of any other circumstance that might otherwise limit such obligation of the Company to the Holder in connection with
the issuance of Warrant Shares. Nothing herein shall limit the 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 certificates representing shares of Common Stock upon exercise of the
Warrant as required pursuant to the terms hereof.

 

    	3

     

    

 

6.
Charges, Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant
shall be made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense
in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided,
however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved
in the registration of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder or an Affiliate
thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this
Warrant or receiving Warrant Shares upon exercise hereof.

 

7.
Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be
issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant,
but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and, in each case,
a customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances
shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the
Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver
such mutilated Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

8.
Reservation of Warrant Shares. The Company covenants that as soon as practical after the date hereof, but no later than
December 31, 2020, the Company will cause a sufficient number of shares of Common Stock to be available to effect the exercise
of this Warrant. Thereafter, the Company will at all times during the period this Warrant is outstanding reserve and keep available
out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling
it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares that are initially issuable
and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights
of persons other than the Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants
that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance
with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the original issuance thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue). The Company further covenants that its issuance of this Warrant shall constitute full authority
to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates
for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company represents and warrants that the
Warrant Shares, when issued and paid for in accordance with the terms of the Offering Documents and the Warrants, will be issued
free and clear of all security interests, claims, liens and other encumbrances other than restrictions imposed by applicable securities
laws. The Company will take all such action as may be reasonably necessary to assure that such shares of Common Stock may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or
automated quotation system upon which the Common Stock may be listed.

 

9.
Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject
to adjustment from time to time as set forth in this Section 9.

 

    	4

     

    

 

(a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on
its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii)
subdivides its outstanding shares of Common Stock into a larger number of shares, (iii) combines (by combination, reverse stock
split or otherwise) its outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification
of shares of Common Stock any shares of capital stock of the Company, then in each such case the Exercise Price shall be adjusted
to a price determined by multiplying the Exercise Price in effect immediately prior to the effective date of such event by a fraction,
the numerator of which shall be the number of shares of Common Stock outstanding on such effective date immediately before giving
effect to such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after
giving effect to such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after
the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant
to clause (ii), (iii) or (iv) of this paragraph shall become effective immediately after the effective date of such subdivision,
combination or reclassification.

 

(b)
Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common
Stock for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered
by the preceding paragraph) or (iii) rights or warrants to subscribe for or purchase any security, or (iv) any other asset, including
cash (in each case, “Distributed Property”), except, for any distributions pursuant to a shareholders’
rights plan or similar takeover defense agreement or plan adopted by the Company, then, upon any exercise of this Warrant that
occurs after the record date fixed for determination of stockholders entitled to receive such distribution, the Holder shall be
entitled to receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed
Property that such Holder would have been entitled to receive in respect of such number of Warrant Shares had the Holder been
the record holder of such Warrant Shares immediately prior to such record date.

 

(c)
Fundamental Transactions. If, at any time while this Warrant is outstanding (i) the Company effects (A) any merger of the
Company with (but not into) another Person, in which stockholders of the Company immediately prior to such transaction own less
than a majority of the outstanding stock of the surviving entity, or (B) any merger or consolidation of the Company into another
Person, (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions,
(iii) any tender offer or exchange offer approved or authorized by the Company’s Board of Directors is completed pursuant
to which holders of at least a majority of the outstanding Common Stock tender or exchange their shares for other securities,
cash or property, or (iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant
to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result
of a subdivision or combination of shares of Common Stock covered by Section 9(a) above or as a result of a transaction,
the primary purpose of which is to change the jurisdiction of incorporation of the Company) (in any such case, a “Fundamental
Transaction”), then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount
and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction
if it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon
exercise in full of this Warrant without regard to any limitations on exercise contained herein (the “Alternate Consideration”),
and the Holder shall no longer have the right to receive Warrant Shares upon exercise of this Warrant. The Company shall not effect
any such Fundamental Transaction unless prior to or simultaneously with the consummation thereof, any successor to the Company,
surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or Person shall
assume the obligation to deliver to the Holder, such Alternate Consideration as, in accordance with the foregoing provisions,
the Holder may be entitled to receive, and the other obligations under this Warrant. The provisions of this Section 9(c)
shall similarly apply to subsequent transactions of an analogous type to any Fundamental Transaction. Notwithstanding anything
to the contrary, in the event of a Fundamental Transaction, the Company or any successor to the Company, surviving entity or the
corporation purchasing or otherwise acquiring such assets or other appropriate corporation or Person shall, at the Holder’s
option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase
this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised
portion of this Warrant on the date of the consummation of such Fundamental Transaction. As used herein, “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 Expiration Date,
(B) an expected volatility equal to the 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 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 (D) a remaining option time equal to
the time between the date of the public announcement of the applicable Fundamental Transaction and the Expiration Date.

 

    	5

     

    

 

(d)
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to Section 9(a), the
number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately,
so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant
Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

(e)
Calculations. All calculations under this Section 9 shall be made to the nearest cent or the nearest share, as applicable.

 

(f)
Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense
will promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant and prepare a certificate setting
forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other
securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments
and showing in reasonable detail the facts upon which such adjustment is based. Upon written request, the Company will promptly
deliver a copy of each such certificate to the Holder and to the Company’s transfer agent.

 

(g)
Notice of Corporate Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution
of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or
warrants to subscribe for or purchase any capital stock of the Company, (ii) authorizes or approves, enters into any agreement
contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution,
liquidation or winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed
to constitute material non-public information, the Company shall deliver to the Holder a notice of such transaction at least five
(5) Trading Days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order to
participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice
or any defect therein shall not affect the validity of the corporate action required to be described in such notice.

 

    	6

     

    

 

10.
Payment of Exercise Price. The Holder shall either pay the Exercise Price in immediately available funds or by way of a
“cashless exercise”, in which event the Company shall issue to the Holder the number of Warrant Shares determined
as follows:

 

X
= Y [(A-B)/A]

 

where:

 

X
= the number of Warrant Shares to be issued to the Holder.

 

Y
= the total number of Warrant Shares with respect to which this Warrant is being exercised.

 

A
= the average of the Closing Sale Prices of the shares of Common Stock for the five consecutive Trading Days ending on the date
immediately preceding the Exercise Date.

 

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

 

For
purposes of this Warrant, “Closing Sale Price” means, for any security as of 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 National Securities
Exchange, the last trade price of the Common Stock for such date (or the nearest preceding date) on a National Securities Exchange
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 not then listed or quoted on a National Securities Exchange,
the last closing price of a share of Common Stock for such date (or the nearest preceding date) on the OTCQB or the OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on the OTCQB or the OTCQX and if prices for the Common Stock
are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (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
Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

For
purposes of Rule 144, it is intended, understood and acknowledged that the provisions above permitting “cashless exercise”
are intended, in part, to ensure that a full or partial exchange of this Warrant pursuant to such provisions will qualify as a
conversion, within the meaning of paragraph (d)(3)(ii) of Rule 144, and the holding period for the Warrant Shares shall be deemed
to have commenced as to such original Holder, on the Original Issue Date.

 

11.
Limitations on Exercise. The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right
to exercise this Warrant, to the extent that after giving effect to such exercise, the Holder (together with the Holder’s
Affiliates) would beneficially own in excess of 4.99% (the “Beneficial Ownership Limitation”) of the shares
of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate
number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common
Stock issuable upon the exercise of this Warrant, but shall exclude shares of Common Stock which would be issuable upon exercise
or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by the Holder
and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to
a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence,
for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act
of 1934, as amended. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder
may rely on the number of outstanding shares of Common Stock as reflected in the most recent of (1) the Company’s most recent
Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the case
may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or its transfer agent setting
forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of the Holder,
the Company shall within two days confirm to the Holder the number of shares of Common Stock then outstanding. In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company by the Holder thereof and its Affiliates since the date as of which such number of outstanding shares of Common
Stock was reported. By written notice to the Company, the Holder may from time to time increase or decrease the Beneficial Ownership
Limitation to any other percentage specified in such notice; provided that (i) any such increase will not be effective
until the sixty-first (61st) day after such notice is delivered to the Company, and (ii) any such increase or decrease will apply
only to the Holder. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 11 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.

 

    	7

     

    

 

12.
No Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu
of any fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to
the next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Sale Price) for
any such fractional shares.

 

13.
Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed
given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via electronic
mail to the e-mail address specified in this Section 13 prior to 5:00 p.m., New York City time, on a Trading Day, (b) the
next Trading Day after the date of transmission, if such notice or communication is delivered via electronic mail to the e-mail
address specified in this Section 13 on a day that is not a Trading Day or later than 5:00 p.m., New York City time, on
any Trading Day, (c) the Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
with next day delivery specified, or (d) upon actual receipt by the party to whom such notice is required to be given. The address
for such notices and communications shall be as follows:

 

If
to the Company, to:

 

Conversion
Labs, Inc.

800
Third Avenue, Suite 2800

New
York, NY 10022

Attention:
Justin Schreiber, CEO,

justin@conversionlabs.com

 

With
a copy (which shall not constitute notice to the Company) to:

 

If
to the Holder, to the address set forth on the signature page hereto.

 

14.
Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon 15 days’ notice to the Holder, the
Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any
corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation
to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business
shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly
cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s
last address as shown on the Warrant Register.

 

    	8

     

    

 

15.
Miscellaneous.

 

(a)
No Rights as a Stockholder. The Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be
entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything
contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this
Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action
(whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the
Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained
in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities, whether such liabilities
are asserted by the Company or by creditors of the Company.

 

(b)
Authorized Shares.

 

(i)
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 National Securities Exchange upon which
the Common Stock may be listed.

 

(ii)
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 (A) 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, (B) 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 (C) 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.

 

(iii)
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.

 

(c)
Successors and Assigns. Subject to the restrictions on transfer set forth in this Warrant and compliance with applicable
securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written
consent of the Holder except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on and inure
to the benefit of the Company and the Holder and their respective successors and assigns. Subject to the preceding sentence, nothing
in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy
or cause of action under this Warrant.

 

    	9

     

    

 

(d)
Amendment and Waiver. Except as otherwise provided herein, the provisions of the Warrants may be amended and the Company
may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has
obtained the written consent of the Holders of Warrants representing no less than a majority of the Warrant Shares obtainable
upon exercise of the Warrants then outstanding.

 

(e)
Acceptance. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and
conditions contained herein.

 

(f)
Governing Law; Jurisdiction; Waiver of Jury Trial. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND
INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH OF THE PARTIES (A) IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ANY PROCEEDINGS, AT LAW OR EQUITY, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY AGREEMENTS OR TRANSACTIONS CONTEMPLATED
HEREBY SHALL BE HEARD AND DETERMINED BY THE FEDERAL OR STATE COURTS LOCATED IN NEW YORK COUNTY IN THE STATE OF NEW YORK; (B) IRREVOCABLY
SUBMITS TO THE JURISDICTION OF SUCH COURTS IN ANY SUCH PROCEEDING; (C) CONSENTS THAT ANY SUCH PROCEEDING MAY BE BROUGHT IN SUCH
COURTS AND WAIVES ANY OBJECTION THAT SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE VENUE OR JURISDICTION OF SUCH COURTS OR THAT
SUCH PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM; AND (D) AGREES THAT SERVICE OF PROCESS IN ANY SUCH PROCEEDING MAY BE EFFECTED
BY PROVIDING A COPY THEREOF BY ANY OF THE METHODS OF DELIVERY PERMITTED BY SECTION 13 TO SUCH PARTY AT ITS ADDRESS AS PROVIDED
IN SECTION 13 (PROVIDED THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW). EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY). EACH OF THE PARTIES HERETO HEREBY (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION 15.

 

(g)
Headings. The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed
to limit or affect any of the provisions hereof.

 

(h)
Severability. In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect,
the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired
thereby, and the Company and the Holder will attempt in good faith to agree upon a valid and enforceable provision which as closely
as possible reflects the intent of the parties hereto, and upon so agreeing, shall incorporate such substitute provision in this
Warrant.

 

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

 

    	10

     

    

 

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

 

	 	CONVERSION
    LABS, INC.
	 	 
	 	By:
    	          
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Accepted
    and acknowledged:
	 	 
	 	By:
    	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 
	 	With
    a copy (which shall not constitute notice) to:

 

[Signature
Page to Warrant]

 

    	 

     

    

 

SCHEDULE
1

 

CONVERSION
LABS, INC.

 

FORM
OF EXERCISE NOTICE

 

[To
be executed by the Holder to purchase shares of Common Stock under the Warrant]

 

Ladies
and Gentlemen:

 

(1)
The undersigned is the Holder of Warrant No. __________ (the “Warrant”) issued by Conversion Labs, Inc., a
Delaware corporation (the “Company”). Capitalized terms used herein and not otherwise defined herein have the
respective meanings set forth in the Warrant.

 

(2)
The undersigned hereby exercises its right to purchase __________ Warrant Shares pursuant to the Warrant.

 

(3)
The Holder intends that payment of the Exercise Price shall be made as (check one):

 

	 	[  ]	Cash
    Exercise
	 	 	 
	 	[  ]	“Cashless
    Exercise” under Section 10 of the Warrant

 

(4)
If the Holder has elected a Cash Exercise, the Holder shall pay the sum of $_______ in immediately available funds to the Company
in accordance with the terms of the Warrant.

 

(5)
Pursuant to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined in accordance with the terms
of the Warrant. Please issue (check applicable box):

 

	 	[  ]	A
    certificate of certificates representing the Warrant Shares in the name of the undersigned
    or in such other name as is specified below:
	 	 	
	 	 	__________________________________________________________
	 	 	
	 	[  ]	The
    Warrant Shares in electronic form to the following account:
	 	 	
	 	 	Name
and Contact for Broker:___________________________________
	 	 	
	 	 	Broker
no:__________________________________________________
	 	 	
	 	 	Account
no:________________________________________________
	 	 	
	 	 	Account
holder:_____________________________________________

 

(6)
By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise
evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned under Section 11 of the Warrant to
which this notice relates.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

	Dated:_____________________, _______________	 
	 	 
	Name
    of Holder:________________________________	 

 

	By:	 	(Signature
    must conform in all respects to name of Holder as specified on the face of the Warrant)
	Name:	 	 
	Title:	 	 

 

[Signature Page to Warrant Exercise Notice]

 

    	 

     

    

 

SCHEDULE
2

 

Conversion
labs, INC.

 

FORM
OF ASSIGNMENT

 

[To
be completed and executed by the Holder only upon transfer of the Warrant]

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (the “Transferee”) the right represented
by the within Warrant to purchase shares of Common Stock of Conversion Labs, Inc., a Delaware corporation (the “Company”)
to which the within Warrant relates and appoints attorney to transfer said right on the books of the Company with full power of
substitution in the premises. In connection therewith, the undersigned represents, warrants, covenants and agrees to and with
the Company that:

 

	(a)	the
    offer and sale of the Warrant contemplated hereby is being made in compliance with Section 4(1) of the United States Securities
    Act of 1933, as amended (the “Securities Act”), or another valid exemption from the registration requirements
    of Section 5 of the Securities Act and in compliance with all applicable securities laws of the states of the United States;
	 	 
	(b)	the
    undersigned has not offered to sell the Warrant by any form of general solicitation or general advertising, including, but
    not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar
    media or broadcast over television or radio, and any seminar or meeting whose attendees have been invited by any general solicitation
    or general advertising;
	 	 
	(c)	the
    undersigned has read the Transferee’s investment letter included herewith, and to its actual knowledge, the statements
    made therein are true and correct; and
	 	 
	(d)	the
    undersigned understands that the Company may condition the transfer of the Warrant contemplated hereby upon the delivery to
    the Company by the undersigned or the Transferee, as the case may be, of a written opinion of counsel (which opinion shall
    be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer
    may be made without registration under the Securities Act and under applicable securities laws of the states of the United
    States.

 

	Dated:________________________________	 	 
	 	 	_______________________________________________
	 	 	(Signature
    must conform in all respects to name of holder as specified on the face of the Warrant)
	 	 	_______________________________________________
	 	 	 
	 	 	Address
    of Transferee
	 	 	 
	In
    the presence of:	 	_______________________________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]