Document:

Exhibit 10.2

 

Execution Version

 

NEITHER THIS NOTE NOR ANY OF THE SECURITIES
ISSUABLE UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION.
BY ACQUIRING THIS NOTE, THE HOLDER AGREES TO NOT SELL OR OTHERWISE DISPOSE OF THIS NOTE OR ANY SECURITIES INTO WHICH IT MAY BE
CONVERTED WITHOUT REGISTRATION OR THE APPLICABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE AFORESAID ACTS AND THE RULES AND
REGULATIONS THEREUNDER.

 

SECURED CONVERTIBLE PROMISSORY NOTE

 

	$1,000,000.00	February 18, 2015

 

For Value
Received, Creative Realities, Inc., a Minnesota corporation (the “Company”), Creative Realities, Inc.,
a Utah corporation, Creative Realities, LLC, a Delaware limited liability company, and Wireless Ronin Technologies Canada, Inc.,
a Canada corporation (collectively, “Makers”), hereby jointly and severally promise to pay to the order of Mill
City Ventures III, Ltd., or its successors, heirs or assigns (“Holder”), in lawful money of the United States
of America, the principal sum of $1,000,000, together with interest on the outstanding principal amount under this Secured Convertible
Promissory Note (this “Note”) outstanding from time to time. This Note is being issued by Maker in connection
with the execution and delivery of that certain Securities Purchase Agreement (the “Purchase Agreement”)
dated the date hereof by and between Maker and Holder. Capitalized terms not defined herein shall have the meaning set forth in
the Purchase Agreement.

 

1.Interest. Unless adjusted under
Section 6.3, the interest on the outstanding principal amount of this Note shall accrue from the date hereof until payment in full
at an annual rate equal to twelve percent (12%) (the “Interest Rate”), be payable monthly in arrears within
five Business Days of the end of each calendar month after the date hereof (and commencing on March 6, 2015), and upon the Maturity
Date, as defined below, or conversion or repayment pursuant to Section 3 or 4. Interest shall be calculated on the basis of a 365-day
year, based on the actual number of days elapsed, and shall be payable in cash.

 

2.Maturity Date. Unless converted by Holder pursuant
to the terms of Section 4, the principal amount of this Note, together with any remaining accrued but unpaid interest thereon,
shall be due and payable in full on August 18, 2016 (“Maturity Date”).

 

3.Prepayment.

 

 3.1Optional Prepayment. At any time Maker may prepay
all or any portion of the outstanding principal balance or accrued but unpaid interest hereunder upon at least ten days prior written
notice to Holder, for a price equal to the sum (the “Prepayment Amount”) of (i) the then-outstanding principal
to be prepaid, plus (ii) all accrued but unpaid interest thereon; provided, however, that any principal amount prepaid under this
Section must be accompanied by the payment of a minimum amount of interest that, when aggregated with earlier payments of interest
hereunder, equals at least 365 days of interest thereon calculated at the Interest Rate.

 

    	 

    	 

    

 

 3.2Qualified Financings. The Company shall provide
Holder with at least ten days prior written notice before consummating an offering of equity securities, equity-linked securities,
or debt securities of the Company in which the gross proceeds to be received by the Company equal, as of the date of such notice,
and when aggregated with all prior financings involving the sale of equity securities, equity-linked securities, or debt securities
of the Company from and after the date hereof (but exclusive of the amounts borrowed under this Note), at least $3.5 million (a “Qualified
Financing”). Within the ten-day period after the giving of such notice by the Company, Holder shall determine at its
option whether to convert this Note pursuant to Section 4 or to elect repayment under this provision. If Holder fails to give written
notice of any such election prior to the expiration of the ten-day period, then Holder shall be deemed to have elected repayment.
If repayment is elected (or deemed elected) by Holder, the Company shall pay to Holder, at the time of consummation of the Qualified
Financing, all then-outstanding principal of this Note plus all accrued and unpaid interest thereon.

 

3.3Change in Control Transaction. The Company shall
provide Holder with at least ten days prior written notice before consummating a Change in Control Transaction (as defined below).
Within the ten-day period after the giving of such notice by the Company, Holder shall determine at its option whether to convert
this Note pursuant to Section 4 or to elect repayment under this provision. If Holder fails to give written notice of any such
election prior to the expiration of the ten-day period, then Holder shall be deemed to have elected repayment. For purposes of
this Note, a “Change in Control Transaction” will mean the occurrence, in a single transaction or in a series
of related transactions, of any one or more of the following events: (i) the sale of a majority of the assets of the Company; (ii)
any Exchange Act Person, as defined below, becomes the owner, directly or indirectly, of securities of the Company representing
more than 50% of the combined voting power of the Company’s then-outstanding securities by virtue of a merger, consolidation
or similar transaction; or (iii) there is consummated a merger, consolidation or similar transaction involving the Company (specifically
including any triangular merger or consolidation) and, immediately after the consummation of such transaction, the shareholders
of the Company immediately prior thereto do not own, directly or indirectly, either (A) outstanding voting securities representing
more than 50% of the combined outstanding voting power of the surviving entity in such merger, consolidation or similar transaction
or (B) more than 50% of the combined outstanding voting power of the parent of the surviving entity in such merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control Transaction will not be deemed to occur (1) on account
of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person acquiring
the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing
through the issuance of equity securities, or (2) solely because or to the extent that the level of ownership held by any Exchange
Act Person exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other
acquisition of voting securities by the Company, thereby reducing the number of shares outstanding. For purposes of this Note,
“Exchange Act Person” shall mean any corporation, partnership, incorporated entity, unincorporated entity or
association, or trust (each a “Person”), plus any individual natural person or “group” within the
meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, together with any affiliates of the foregoing; provided,
however, that “Exchange Act Person” will not include: (i) the Company or any subsidiary of the Company; (ii) any employee
benefit plan of the Company or any subsidiary of the Company or any trustee or other fiduciary holding securities under an employee-benefit
plan of the Company or any subsidiary of the Company; (iii) an underwriter temporarily holding securities pursuant to an offering
of such securities; (iv) any Person owned, directly or indirectly, by the shareholders of the Company in substantially the same
proportions as their ownership of capital stock of the Company; or (v) any Person, individual natural person or “group”
that, as of the original issue date of this Note and together with any affiliates of such Person, individual natural person or
group, is the owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power
of the Company’s then-outstanding securities.

 

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4.Conversion; Repayment.

 

 4.1Optional Conversion. The unpaid principal amount
of this Note or any accrued but unpaid interest thereon may at any time be converted, in whole or in part from time to time, at
the option of the Holder, into shares of Common Stock at a conversion price equal to $0.33 per share (the “Conversion
Price”), subject, however, to adjustment pursuant to Section 4.3.

 

 4.2Conversion Procedure. In order for Holder to convert
this Note into shares of Common Stock pursuant to Section 4.1, Holder shall surrender this Note to the Company accompanied by an
executed conversion notice, the form of which is attached hereto as Exhibit A (the “Conversion Notice”).
The Conversion Notice shall state the name or names (with address(es)) in which the certificate(s) for shares of Common Stock issuable
upon such conversion (the “Conversion Shares”) shall be issued, and the amount of principal and accrued interest
to be converted. On or before the third Trading Day (the “Conversion Share Delivery Date”) following the date
on which the Company shall have received the Conversion Notice, Make shall (or direct its transfer agent to) either (1) deliver
the Conversion Shares to Holder by crediting the account of Holder’s prime broker with the Depository Trust Company through
its Deposit Withdrawal Agent Commission system if the Company is then a participant in such system and either (x) there is an effective
registration statement permitting the resale of the Conversion Shares by the Holder or (y) the Conversion Shares are eligible for
resale without volume or manner-of-sale limitations pursuant to Rule 144 (delivery pursuant to this clause (1) being referred
to as “DWAC Delivery”), or otherwise (2) issue and dispatch by overnight courier to the address as specified
in the Conversion Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of shares of Common Stock to which the Holder is entitled pursuant to such conversion. If the Company is able to
deliver Conversion Shares through DWAC Delivery but fails to deliver such Conversion Shares by the Conversion Share Delivery Date,
the Company shall pay to Holder, in cash as liquidated damages and not as a penalty, $20 per Trading Day for each $1,000 of Conversion
Shares subject to such delay.

 

4.3Equitable Adjustment. If the Company, at any time
while this Note is outstanding, shall (a) pay a stock dividend or otherwise make a distribution or distributions on shares of its
Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock, (b) subdivide outstanding shares
of Common Stock into a larger number of shares, (c) combine (including by way of reverse stock split) outstanding shares of Common
Stock into a smaller number of shares, or (d) issue shares of capital stock by reclassification, then the Conversion Price shall
be equitably adjusted based upon the proportionate increase of outstanding shares resulting from such action. Any adjustment made
pursuant to this Section shall become effective immediately after the record date for the determination of shareholders entitled
to receive such dividend, distribution or actual conversion and shall become effective immediately after the effective date in
the case of a subdivision, conversion, combination or re-classification; provided, however, that the issuance by the Company, to
any employees, directors or consultants of the Company, of any options or warrants to purchase Common Stock shall not in any event
result in an adjustment of the Conversion Price pursuant to this paragraph.

 

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4.4Beneficial Ownership Limitations. The Company
shall not effect any conversion of the Note, and a Holder shall not have the right to convert any portion of the Note, to the extent
that, after giving effect to the conversion set forth on the applicable Notice of Conversion, such Holder (together with such Holder’s
“affiliates,” as such term is defined in Rule 405 under the Securities Act, and any Persons acting as a group together
with such Holder or any of such Holder’s affiliates) would beneficially own in excess of the Beneficial Ownership Limitation,
as defined below. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by such Holder
and its affiliates shall include the number of shares of Common Stock issuable upon conversion of the Note with respect to which
such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (i) conversion
of the remaining unconverted portion of the Note beneficially owned by such Holder or any of its affiliates and (ii) exercise or
conversion of the unexercised or unconverted portion of any other securities of the Company that are subject to a limitation on
conversion or exercise analogous to the limitation contained herein (including without limitation the Warrants) beneficially owned
by such Holder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this Section, beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange Act. To ensure compliance with this restriction,
each Holder will be deemed to represent to the Company each time it delivers a Notice of Conversion that such Notice of Conversion
has not violated the restrictions set forth in this Section and the Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance
with Section 13(d) of the Exchange Act.

 

For purposes of this Section, in determining
the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as stated
in the most recent of the following: (i) the Company’s most recent periodic or annual report filed with the Commission, as
the case may be, (ii) a more recent public announcement by the Company or (iii) a more recent written notice delivered to Holder
by the Company or the transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request
of a Holder, the Company shall within two Trading Days confirm to such Holder the number of shares of Common Stock then outstanding.
In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise
of securities of the Company, including the Note, by such Holder or its Affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares
of the Common Stock outstanding immediately after giving effect to the issuance of Conversion Shares upon conversion of any portion
of the Note by the Holder. Upon no fewer than 61 days’ prior written notice to the Company, a Holder may increase or decrease
the Beneficial Ownership Limitation provisions of this Section applicable to its conversion rights under this Note, provided that
the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of Conversion Shares upon conversion of this Note and the provisions of this Section shall
continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the
Company and shall only apply to such Holder and no other holder of a similar promissory note of the Company. The limitations contained
in this paragraph shall apply to a successor holder of this Note.

 

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5.No Fractional Shares. No fractional shares of Common
Stock shall be issuable upon conversion of this Note, or upon the payment of any interest hereunder, and the amount of such shares
of Common Stock issuable shall be rounded down to the nearest whole number of shares of Common Stock.

 

6.Default.

 

 6.1Events of Default. The occurrence of any one or
more of the following events shall constitute an event of default hereunder (“Event of Default”):

 

(a)Maker fails to make any payment
of principal when due under this Note, which failure continues for a period of five Business Days;

 

(b)Maker fails to make any payment
of interest when due under this Note, which failure continues for a period of five Business Days;

 

(c)Maker fails to observe and perform
any other covenant or agreement on the Maker’s part to be observed or performed under this Note, which failure continues
for a period of five Business Days after notice of such failure has been delivered to Maker;

 

(d)Maker fails to observe and perform
any of the covenants or agreements on their part to be observed or performed under any Transaction Document and such failure shall
continue for more than five Business Days after notice of such failure has been delivered to Maker;

 

(e)the Company (on a consolidated
basis with all of its Subsidiaries) fails to maintain a 2:1 ratio of (i) accounts receivable plus cash to (ii) the outstanding
principal amount of the Note, as measured at the end of each month during which there is an outstanding principal amount under
this Note, beginning as of April 30, 2015; provided, however, that Maker shall have a 15-day period in which to cure any default
occurring under this paragraph (e) by delivering a consolidated balance sheet to Holder, certified by the Company, evidencing compliance
with the above-described ratio;

 

(f)the Company admits in writing
its inability to pay its debts generally as they become due, files a petition in bankruptcy or a petition to take advantage of
any insolvency act, makes an assignment for the benefit of its creditors, consents to the appointment of a receiver of itself or
of the whole or any substantial part of its property, on a petition in bankruptcy filed against it be adjudicated a bankrupt, or
files a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law
or statute of the United States of America or any state thereof;

 

(g)a court of competent jurisdiction
enters an order, judgment or decree appointing, without the consent of the Company, a receiver of the Company or of the whole or
any substantial part of its property, or approving a petition filed against the Company seeking reorganization or arrangement of
the Company under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any state
thereof, and such order, judgment or decree shall not be vacated or set aside or stayed within 60 days from the date of entry thereof;
or

 

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(h)any court of competent jurisdiction
assumes custody or control of the Company or of the whole or any substantial part of its property under the provisions of any other
law for the relief or aid of debtors, and such custody or control is not be terminated or stayed within 90 days from the date of
assumption of such custody or control.

 

6.2Notice by Maker. Maker shall notify Holder in
writing as soon as practicable under the circumstances, but in any event within five days after the occurrence of any Event of
Default of which Maker obtains actual knowledge.

 

6.3Remedies. Upon the occurrence of any Event of
Default, (i) the entire unpaid principal balance hereunder plus all interest accrued and unpaid thereon and all other sums due
and payable to Holder under this Note shall, at the option of Holder, become due and payable immediately without presentment, demand,
notice of nonpayment, protest, notice of protest or other notice of dishonor, all of which are hereby expressly waived by Maker
and (ii) the Interest Rate on any principal balance and accrued but unpaid interest shall increase to an annual rate equal to eighteen
percent (18%). To the extent permitted by law, Maker waives the right to and stay of execution and the benefit of all exemption
laws now or hereafter in effect. In addition to the foregoing, upon the occurrence of any Event of Default, Holder may forthwith
exercise singly, concurrently, successively or otherwise any and all rights and remedies available to Holder at law, equity or
otherwise.

 

6.4Remedies Cumulative, Etc. No right or remedy conferred
upon or reserved to Holder under this Note, or now or hereafter existing at law or in equity or by statute or other legislative
enactment, is intended to be exclusive of any other right or remedy, and each and every such right or remedy shall be cumulative
and concurrent, and shall be in addition to every other such right or remedy, and may be pursued singly, concurrently, successively
or otherwise, at the sole discretion of Holder, and shall not be exhausted by any one exercise thereof but may be exercised as
often as occasion therefor shall occur. No act of Holder shall be deemed or construed as an election to proceed under any one such
right or remedy to the exclusion of any other such right or remedy; furthermore, each such right or remedy of Holder shall be separate,
distinct and cumulative and none shall be given effect to the exclusion of any other.

 

6.5Costs and Expenses. Maker will pay upon demand
all reasonable costs and expenses of Holder, including reasonable attorneys’ fees, incurred by Holder in enforcing its rights
and remedies hereunder. If Holder brings suit (or files any claim in any bankruptcy, reorganization, insolvency or other proceeding)
to enforce any of its rights hereunder and shall be entitled to judgment (or other recovery) in such action (or other proceeding),
then Holder may recover, in addition to all other amounts payable hereunder, its reasonable expenses in connection therewith, including
reasonable attorneys’ fees, and the amount of such expenses shall be included in such judgment (or other form of award).

 

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7.Exchange or Replacement of Note.

 

 7.1Exchange. At its option, Holder may in person
or by duly authorized attorney surrender this Note for exchange at the office of Maker, and at the expense of Maker receive in
exchange therefor a new Note in the same aggregate principal amount as the aggregate unpaid principal amount of the Note so surrendered
and bearing interest at the same annual rate as the Note so surrendered, each such new Note to be dated as of the original issue
date and to be in such principal amount and payable to such person or persons, or order, as such holder may designate in writing.

 

 7.2Replacement. Upon receipt by Maker of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Note and (in case of loss, theft or destruction) of indemnity
satisfactory to it, and upon surrender and cancellation of this Note, if mutilated, Maker will make and deliver a new Note of like
tenor in lieu of this Note.

 

8.General Provisions.

 

 8.1Amendments, Waivers and Consents. This Note may
be amended, modified or supplemented, and waiver or consents to departures from the provisions of the Note may be given, if Maker
and Holder both consent or agree in writing to the amendment, modification, waiver or consent.

 

 8.2Severability. In the event that for any reason
one or more of the provisions of this Note or their application to any person or circumstance shall be held to be invalid, illegal
or unenforceable in any respect or to any extent, such provision shall nevertheless remain valid, legal and enforceable in all
such other respects and to such extent as may be permissible. In addition, any such invalidity, illegality or unenforceability
shall not affect any other provisions of this Note, but this Note shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein.

 

 8.3Assignment; Binding Effect. Maker may not assign
this Note without the prior written consent of Holder. Any attempted assignment in violation of this Section shall be null and
void. Subject to the foregoing, this Note inures to the benefit of Holder, its successors and assigns, and binds each of the Maker,
and its successors and permitted assigns. The words “Holder” and “Maker” herein shall be deemed and construed
to include such respective successors and assigns.

 

 8.4Notice. All notices, demands, requests, consents,
approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein,
shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid,
(iii) delivered by reputable courier service with charges prepaid, or (iv) transmitted by hand delivery or facsimile, addressed
as set forth on the signature pages hereto or to such other address as such party shall have specified most recently by written
notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number
designated on the signature page hereto (if delivered on a Business Day during normal business hours where such notice is to be
received), or the first Business Day following such delivery (if delivered other than on a Business Day during normal business
hours where such notice is to be received) or (b) on the second Business Day following the date of mailing by express courier service,
fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.

 

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8.5Governing Law. All questions concerning the construction,
validity, enforcement and interpretation of this Note will be governed by and construed and enforced in accordance with the internal
laws of the State of New York, without regard to the conflicts-of-law principles thereof. Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by this Note (whether brought against
a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in Hennepin County, Minnesota. Each party hereby irrevocably submits
to the exclusive jurisdiction of the state and federal courts sitting in Hennepin County, Minnesota, for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the
address in effect for notices to it under this Note and agrees that such service shall constitute good and sufficient service of
process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other
manner permitted by law.

 

8.6Waiver of Jury Trial. TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, EACH MAKER AND HOLDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS NOTE OR ANY OTHER TRANSACTION DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

* * * * * * *

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In Witness
Whereof, Maker has executed and delivered this Note as of the date first stated above.

 

	 	MAKER	 
	 	 	 
	 	CREATIVE REALITIES, INC.
	 	 	 
	 	By:  	/s/ John Walpuck
	 	 	John Walpuck
	 	 	Chief Financial Officer
	 	 	 
	 	BROADCAST INTERNATIONAL, Inc.
	 	 	 
	 	By:  	/s/ John Walpuck
	 	 	John Walpuck
	 	 	Chief Financial Officer
	 	 	 
	 	CREATIVE REALITIES, LLC
	 	 	 
	 	By:  	/s/ John Walpuck
	 	 	John Walpuck
	 	 	Chief Financial Officer
	 	 	 
	 	WIRELESS RONIN TECHNOLOGIES CANADA, INC.
	 	 	 
	 	By:  	/s/ John Walpuck
	 	 	John Walpuck
	 	 	Chief Financial Officer

 

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EXHIBIT A

 

CREATIVE REALITIES, INC.

SECURED CONVERTIBLE PROMISSORY NOTE

 

CONVERSION NOTICE

 

To Whom It May Concern:

 

The undersigned holder of this Note hereby exercises
the option to convert this Note, plus accrued and unpaid interest, in whole or in part as set forth below, into shares of common
stock of Creative Realities, Inc., a Minnesota corporation, in accordance with the terms of the Secured Convertible Promissory
Note, dated February 18, 2015, and directs that the shares issuable and deliverable upon the conversion be issued in the name of
and delivered to the undersigned unless a different name has been indicated below.

 

Dated: _________________________

 

Amount of principal to be converted: $ __________________________

 

Amount of accrued but unpaid interest: $__________________________

 

If shares are to be issued otherwise than to owner, please provide
the Tax Identification Number of Transferee: __________________________

 

 

___________________________________

Signature of Holder

 

(If applicable, please print name and address of transferee (including
zip code))

 

__________________________

__________________________

__________________________

 

 

10Exhibit 10.3

 

Execution Version

 

NEITHER THIS WARRANT NOR ANY OF THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER THE SECURITIES LAWS OF ANY
OTHER JURISDICTION. BY ACQUIRING THIS WARRANT, HOLDER REPRESENTS THAT HOLDER WILL NOT SELL OR OTHERWISE DISPOSE OF THIS WARRANT
OR THE SECURITIES FOR WHICH IT MAY BE EXERCISED WITHOUT REGISTRATION OR COMPLIANCE WITH AN EXEMPTION FROM REGISTRATION UNDER THE
AFORESAID ACTS AND THE RULES AND REGULATIONS THEREUNDER.

 

WARRANT TO PURCHASE COMMON STOCK

 

Number of Shares of Common Stock: 1,515,152

Date of Issuance: February 18, 2015 (“Issuance Date”)

 

This
Certifies That, for value received, Mill City Ventures III, Ltd. (including any permitted and registered assigns, the “Holder”),
is entitled to purchase from Creative Realities, Inc., a Minnesota corporation (the “Company”), up to 1,515,152
shares of Common Stock (the “Warrant Shares”) at the Exercise Price then in effect. This Warrant to Purchase
Common Stock (this “Warrant”) is issued by the Company as of the date hereof pursuant to that certain Securities
Purchase Agreement dated the date hereof, by and between the Company, certain subsidiaries of the Company, and Holder (the “Agreement”).
Capitalized terms used in this Warrant shall have the meanings set forth in the Agreement unless otherwise defined in the body
of this Warrant or in Section 13 below. For purposes of this Warrant, the term “Exercise Price” shall mean $0.38
per share, subject to adjustment as provided herein, and the term “Exercise Period” shall mean the period
commencing on the Issuance Date and ending on 5:00 p.m. New York time on the five-year anniversary thereof.

 

1.
EXERCISE OF WARRANT.

 

(a)Mechanics of Exercise. Subject to the terms and
conditions hereof, the rights represented by this Warrant may be exercised in whole or in part at any time or times during the
Exercise Period by delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”),
of the Holder’s election to exercise this Warrant. The Holder shall not be required to deliver the original Warrant in order
to effect an exercise hereunder. Execution and delivery of the Exercise Notice with respect to less than all of the Warrant Shares
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. On or before the third Trading Day (the “Warrant Share Delivery Date”)
following the date on which the Company shall have received the Exercise Notice, and upon receipt by the Company of (i) payment
to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this
Warrant is being exercised (the “Aggregate Exercise Price” and together with the Exercise Notice, the “Exercise
Delivery Documents”) in cash or by wire transfer of immediately available funds or (ii) notification from the Holder
that this Warrant is being exercised pursuant to a Cashless Exercise, as defined below, the Company shall (or direct its transfer
agent to) either (1) deliver Warrant Shares to Holder by crediting the account of Holder’s prime broker with the Depository
Trust Company through its Deposit Withdrawal Agent Commission system if the Company is then a participant in such system and either
(x) there is an effective registration statement permitting the resale of the Warrant Shares by the Holder or (y) the Warrant Shares
are eligible for resale without volume or manner-of-sale limitations pursuant to Rule 144 (delivery pursuant to this clause
(1) being referred to as “DWAC Delivery”), or otherwise (2) issue and dispatch by overnight courier to the address
as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder
or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. If the Company
is able to deliver Warrant Shares through DWAC Delivery but fails to deliver such Warrant Shares by the Warrant Share Delivery
Date, the Company shall pay to Holder, in cash as liquidated damages and not as a penalty, $20 per Trading Day for each $1,000
of Warrant Shares subject to such delay. Upon delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate
purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective
of the date of delivery of the certificates evidencing such Warrant Shares. If this Warrant is submitted in connection with any
exercise pursuant to Section 1(c) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater
than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event
later than three Business Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section 6) representing
the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the
number of Warrant Shares with respect to which this Warrant is exercised.

 

    	 

    	 

    

 

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

 

(c)Cashless Exercise. The Holder may, in its sole
discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made
to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net
Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”):

 

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

 

For purposes of the foregoing formula:

 

	 	A =	the total number of shares with respect to which this Warrant is then being exercised.
	 	 	 
	 	B = 	the Weighted Average Price of the shares of Common Stock for the five consecutive Trading Days ending on the date immediately
preceding the date of the Exercise Notice.
	 	 	 
	 	C = 	the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

    	2

    	 

    

 

(d)Holder’s Exercise Limitations.
The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this
Warrant, to the extent that after giving effect to issuance of Warrant Shares upon exercise as set forth on the applicable Notice
of Exercise, the Holder (together with the Holder’s “affiliates,” as such term is defined in Rule 405 under the
Securities Act of 1933, and any other persons acting as a group together with the Holder or any of the Holder’s affiliates),
would beneficially own in excess of the Beneficial Ownership Limitation, as defined below. For purposes of the foregoing sentence,
the number of shares of Common Stock beneficially owned by the Holder and its affiliates shall include the number of shares of
Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the
number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant
beneficially owned by the Holder or any of its affiliates and (ii) exercise or conversion of the unexercised or non-converted portion
of any other convertible securities of the Company subject to a limitation on conversion or exercise analogous to the limitation
contained herein beneficially owned by the Holder or any of its affiliates. Except as set forth in the preceding sentence, for
purposes of this paragraph (e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange
Act of 1934 and the rules and regulations thereunder (the “Exchange Act”), it being acknowledged by the Holder
that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act
and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this paragraph applies, the determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with any affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion
of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion
of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation
to verify or confirm the accuracy of such determination.

 

For purposes of this paragraph, in determining
the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected
in (A) the Company’s most recent periodic or annual report filed with the SEC, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or its transfer agent setting forth the number of
shares of Common Stock outstanding. Upon the request of a Holder, the Company shall within two Trading Days confirm to the Holder
the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its affiliates
since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock issuable upon exercise of this Warrant. Upon no fewer than 61 days’ prior notice to the Company, a Holder
may increase or decrease the Beneficial Ownership Limitation provisions of this paragraph, provided that the Beneficial Ownership
Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to
the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this paragraph shall
continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the
Company and shall only apply to such Holder and no other Holder. The limitations contained in this paragraph shall apply to a successor
Holder of this Warrant.

 

    	3

    	 

    

 

2.SUBDIVISION OR COMBINATION OF COMMON STOCK. If
the Company at any time on or after the Issuance Date subdivides (by any stock split, stock dividend, recapitalization or otherwise)
one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately
prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If
the Company at any time on or after the Issuance Date combines (by combination, reverse stock split or otherwise) one or more classes
of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such
combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased. Any adjustment
under this Section 2 shall become effective at the close of business on the date the subdivision or combination becomes effective.

 

3.FUNDAMENTAL TRANSACTIONS. If, at any time while
this Warrant is outstanding, (i) the Company effects any merger of the Company with or into another entity and the Company is not
the surviving entity (such surviving entity, the “Successor Entity”), (ii) the Company effects any sale of all
or substantially all of its assets in one or a series of related transactions, (iii) any tender offer or exchange offer (whether
by the Company or by another individual or entity, and approved by the Company) is completed pursuant to which holders of Common
Stock are permitted to tender or exchange their shares of Common Stock for other securities, cash or property and the holders of
at least 50% of the Common Stock accept such offer, or (iv) the Company effects any reclassification of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash
or property (other than as a result of a subdivision or combination of shares of Common Stock covered by Section 2(a) above) (in
any such case, a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder
shall have the right to receive the number of shares of Common Stock of the Successor Entity or of the Company and any additional
consideration (the “Alternate Consideration”) receivable upon or as a result of such reorganization, reclassification,
merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event (disregarding any limitation on exercise contained herein solely for the purpose of such determination).
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting
the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice
as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice
as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. To the
extent necessary to effectuate the foregoing provisions, any Successor Entity in such Fundamental Transaction shall issue to the
Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant
into Alternate Consideration.

 

    	4

    	 

    

 

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

 

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

 

6.REISSUANCE. If this Warrant is lost, stolen, mutilated
or destroyed, the Company will, on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case
of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as this Warrant so lost,
stolen, mutilated or destroyed. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new
Warrant which is the same as the Issuance Date.

 

7.TRANSFER.

 

(a)Notice of Transfer. The Holder, by acceptance
hereof, agrees to give written notice to the Company before transferring this Warrant or transferring any Warrant Shares of such
Holder’s intention to do so, describing briefly the manner of any proposed transfer. Promptly upon receiving such written
notice, the Company shall present copies thereof to the Company’s counsel. If the proposed transfer may be effected without
registration or qualification (under any federal or state securities laws), the Company, as promptly as practicable, shall notify
the Holder thereof, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of Warrant Shares received upon
the previous exercise of this Warrant, all in accordance with the terms of the notice delivered by the Holder to the Company; provided,
however, that an appropriate legend may be endorsed on this Warrant or the certificates for such Warrant Shares respecting restrictions
upon transfer thereof necessary or advisable in the opinion of counsel and satisfactory to the Company to prevent further transfers
which would be in violation of Section 5 of the Securities Act of 1933 and applicable state securities laws; and provided further
that the prospective transferee or purchaser shall execute the Assignment of Warrant attached hereto as Exhibit B and such
other documents and make such representations, warranties, and agreements as may be required solely to comply with the exemptions
relied upon by the Company for the transfer or disposition of the Warrant or Warrant Shares.

 

    	5

    	 

    

 

(b)If the proposed transfer or disposition of this Warrant
or such Warrant Shares described in the written notice given pursuant to this Section 7 may not be effected without registration
or qualification of this Warrant or such Warrant Shares, the Holder will limit its activities in respect to such transfer or disposition
as are permitted by law.

 

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

 

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

 

10.GOVERNING LAW. All questions concerning the construction,
validity, enforcement and interpretation of this Warrant shall be governed by, and construed and enforced in accordance with, the
internal laws of the State of New York, without giving effect to the conflicts-of-law principles thereof. Each party agrees that
all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant
(whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees
or agents) shall be commenced exclusively in the state and federal courts sitting in Hennepin County, Minnesota. Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Hennepin County, Minnesota, for the
adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for
such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any other manner permitted by law.

 

    	6

    	 

    

 

11.DISPUTE RESOLUTION. A dispute as to the determination
of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company or the Holder (as the case may be) shall
submit the disputed determinations or arithmetic calculations via facsimile (a) within two business days after receipt of
the applicable notice giving rise to such dispute to the Company or the Holder, as the case may be, or (b) if no notice gave rise
to such dispute, at any time after the Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company
are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three business days
of such disputed determination or arithmetic calculation being submitted to the Company or the Holder, as the case may be, then
the Company shall, within two business days thereafter submit via facsimile (x) the disputed determination of the Exercise Price
to an independent, reputable investment bank selected by the Company and reasonably acceptable to the Holder or (y) the disputed
arithmetic calculation of the Warrant Shares to the Company’s independent public accountant. The Company shall cause at its
expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the
Company and the Holder of the results no later than ten business days from the time it receives the disputed determinations or
calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding
upon all parties absent manifest error.

 

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

 

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

 

(a)“Bloomberg” means Bloomberg Financial
Markets.

 

(b)“Common Stock” means (i) the Company’s
common stock, par value $0.01 per share, and (ii) any share capital into which such common stock shall have been changed or any
share capital resulting from a reclassification of such common stock.

 

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

 

(d)“SEC” means the U.S. Securities and
Exchange Commission.

 

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

 

    	7

    	 

    

 

(f)“Weighted Average Price” means, for
any security as of any date, (i) the dollar-volume weighted-average price for such security on the Principal Market during the
period beginning at 9:30 a.m., New York City time, and ending at 4:00 p.m., New York City time, as reported by Bloomberg or (ii)
if the foregoing does not apply, the dollar-volume weighted-average price of such security in the principal over-the-counter market
for such security during the period beginning at 9:30 a.m., New York City time, and ending at 4:00 p.m., New York City time, as
reported by Bloomberg, or (iii) if no dollar-volume weighted-average price is reported for such security by Bloomberg for such
hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security
as reported in OTC Markets. If the Weighted Average Price cannot be calculated for such security on such date on any of the foregoing
bases, the Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the Company
and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute
shall be resolved pursuant to Section 11 with the term “Weighted Average Price” being substituted for the term “Exercise
Price.” All such determinations shall be appropriately adjusted for any share dividend, share split or other similar transaction
during such period.

 

* * * * * * *

 

    	8

    	 

    

 

In Witness
Whereof, the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set forth
above.

 

	 	CREATIVE
    REALITIES, INC.
	 	 
	 	/s/
    John Walpuck
	 	John
    Walpuck
	 	Chief
    Financial Officer

 

    	 

    	 

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

[To be executed by the registered holder to
exercise this Warrant to Purchase Common Stock]

 

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

 

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

 

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

 

		☐	a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

		2.	Payment of Exercise Price. In the event that the holder has elected a cash exercise with respect to some or all of the
Warrant Shares to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________
to the Company in accordance with the terms of the Warrant.

 

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

 

	Date:	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	(Print
    Name of Registered Holder)
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

    	 

    	 

    

 

EXHIBIT B

 

ASSIGNMENT OF WARRANT

 

[To be signed only upon authorized transfer
of the Warrant]

 

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

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	(Signature)
    *
	 	 	 	 
	 	 	 	 
	 	 	 	(Name)
	 	 	 	 
	 	 	 	 
	 	 	 	(Address)
	 	 	 	 
	 	 	 	 
	 	 	 	(Social
    Security or Tax Identification No.)

 

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

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