Document:

U-VEND, INC. 10-Q

 

Exhibit 10.47

 

 

agreement to amend LEASES

 

by and between

 

u-vend,
inc.

 

and

 

AutoMATED
RETAIL LEASING PARTNERS, LP

 

Dated as of August 8, 2016

 

     

     

    

  

agreement
to amend leases

 

This agreement
to amend leases (the or this “Agreement”), dated as of August 8, 2016, is by and between U-Vend, Inc.,
a Delaware corporation (the “Company”), and Automated Retail Leasing Partners, LP, a Delaware limited partnership
(“Lessor”). The Company and Holder are sometimes collectively referred to herein as the “Parties,”
and individually as a “Party.”

 

W I T N E S S E T H:

 

WHEREAS, the Company and
Lessor have entered into a number of equipment leases that are identified on Schedule A hereto (as amended, restated and/or
modified prior to the date hereof, the “Leases,” each a “Lease”); and

 

WHEREAS, the Parties now
desire to amend certain, specific terms of the Leases as set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual promises, covenants and agreements and in reliance upon the undertakings, representations and warranties set forth
herein, the Company and Lessor hereby agree as follows.

 

ARTICLE 1

 AMENDMENTS TO LEASES

 

Section 1.1         Term of Lease.

 

i.          The portion of Section 2 of each Lease
beginning after the defined term “(“Commencement Date”)” is hereby amended and restated as follows: “...and
shall expire on December 31, 2017.”

 

ii.         For any fees due and payable under any
Lease, the Lessor shall have the option to take payment for such fees in cash or in the form of a promissory note (convertible
or otherwise).

 

iii.        As full consideration for the extension
of the term of the Leases, the Company shall issue a warrant to the Lessor the purchase of the Company’s common stock, with
a five (5) year maturity from the date of issuance, in the form attached hereto as Exhibit A (the “Warrant”). The Warrant
shall be for 150,000 shares of the Company’s common stock with an exercise price of $0.30 per share.

 

ARTICLE 2

EFFECT OF AGREEMENT

 

Section 2.1        Interpretation
& Effect. Except as specifically set forth herein, Lessor does not by virtue of this Agreement waive any of its rights
as “Lessor” under any Leases. In addition, nothing herein shall constitute a satisfaction of the Company’s obligations
under the Leases. Furthermore, this Agreement does not obligate Lessor to make or agree to make any future amendments to any of
the Leases. Upon its execution, this Agreement shall be deemed effective retroactively as of the original issue date of each Lease,
and the terms and provisions of each Lease which are not nullified, negated, terminated, superseded, preempted, altered, modified,
changed, restated, amended or otherwise rendered ineffective, inoperative and/or meaningless hereby (the “Surviving Terms,”
each a “Surviving Term”) shall remain in effect and shall at all times be interpreted and enforced by the Parties
in a manner consistent with, and so as to give full force and effect to, the provisions of this Agreement. In the event of any
inconsistency or contradiction between this Agreement and any Surviving Term, this Agreement shall control.

 

     

     

    

 

Section 3.2        Integration.
This Agreement together with the Surviving Terms shall constitute the entire agreement of the Parties respecting the subject matter
hereof and shall collectively supersede all other provisions of the Leases and all other agreements, negotiations and prior or
contemporaneous discussions and understandings of the Parties in connection with the transactions contemplated hereby.

 

ARTICLE 3

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PARTIES

 

Section 3.1         Lessor.
Lessor hereby represents, warrants and covenants to the Company as follows:

 

i.          Due
Organization, Authority, Etc. Lessor is a limited partnership duly organized and validly existing under the laws of the State
of Delaware. Lessor has all requisite power and authority to own its properties and to carry on its business as now being conducted
and as proposed to be conducted and to deliver, execute and perform its obligations under this Agreement.

 

ii.         Due Authorization.
The execution, delivery and performance by Lessor of this Agreement have been duly authorized by all necessary action on the part
of the manager(s) and member(s) of Lessor.

 

iii.        Legal, Valid and
Binding Obligation. This Agreement has been duly executed and delivered by Lessor and constitutes the legal, valid and binding
obligation of Lessor, enforceable against Lessor in accordance with its terms.

 

iv.        Consents, Etc. No consent,
approval or authorization of or declaration, registration or filing with any federal, state or local governmental authority, or
any regulatory body having jurisdiction over Holder, on the part of Lessor, which has not yet been attained or secured: (a) is
required in connection with (i) the execution and delivery of this Agreement by Lessor, (ii) the performance by Lessor of its obligations
hereunder; or (b) is a condition to the legality, validity or enforceability of this Agreement.

 

Section 3.2         Company.
The Company hereby represents, warrants and covenants to Lessor as follows:

 

i.          Due Organization,
Authority, Etc. The Company is a corporation duly organized under the laws of the State of Delaware. The Company has all requisite
power and authority (i) to own its properties and to carry on its business as now being conducted and as proposed to be conducted
and (ii) to deliver, execute and perform its obligations under this Agreement and the Surviving Terms.

 

     

     

    

 

ii.         Due Authorization.
The execution, delivery and performance by the Company of this Agreement and the consummation of all other transactions contemplated
by this Agreement have been duly authorized by all necessary action on the part of the Company.

 

iii.        Legal, Valid and
Binding Obligation. This Agreement has been duly executed and delivered by the Company and constitutes the legal, valid and
binding obligation of the Company, enforceable against the Company in accordance with its terms.

 

iv.        Consents, Etc.
No consent, approval or authorization of or declaration, registration or filing with any federal, state or local governmental authority,
or any regulatory body having jurisdiction over the Company, on the part of the Company, which has not yet been attained or secured:
(a) is required in connection with (i) the execution and delivery of this Agreement, or (ii) the performance by the Company of
its obligations hereunder; or (b) is a condition to the legality, validity or enforceability of this Agreement.

 

ARTICLE 4

MISCELLANEOUS

 

Section 4.1        Representations.
Each Party, acting through its member(s), manager(s) and/or authorized officer(s), has had an opportunity to consult with counsel
of its choice prior to entering into this Agreement, and such member(s), manager(s) and/or officer(s) has/have read and is/are
familiar with this entire Agreement and the Surviving Terms and their legal effect. Accordingly, no provision of this Agreement
or of any Surviving Term (or any ambiguity contained herein or therein) shall be construed against the drafter hereof or thereof.

 

Section 5.2        Severability.
In case any provision in this Agreement or in any Surviving Term shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions herein or therein, as the case may be, shall not in any way be affected or impaired
thereby.

 

Section 5.3        Governing
Law; Counterparts. The validity of this Agreement, the construction of its terms and the determination of the rights
and duties of the Parties in accordance herewith, shall be governed by and construed in accordance with the laws of the State of
Delaware, without reference to the conflicts of law provisions thereof, as this Agreement specifically pertains to the Leases,
which, by their specific terms, are governed by such laws. This Agreement may be executed in counterparts, all of which, when so
executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered
by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto.

 

[Remainder of Page Intentionally Left Blank]

 

     

     

    

  

IN WITNESS WHEREOF, the
parties hereto have duly executed this Agreement as of the date first above written.

 

	 	U-VEND, INC.
	 	 	 
	 	By:	/s/ Raymond Meyers
	 		Name:	Raymond Meyers
	 		Title:	Chief Executive Officer
	 	 	 
	 	AUTOMATED RETAIL LEASING PARTNERS, LP
	 	 	 
	 		By:	Automated Retail Leasing Partners, LP
	 		Its:	General Partner
	 	 	 
	 	By:	/s/ Marilyn Kane
	 		Name:	Marilyn Kane
	 		Title:	Managing Principal

  

     

     

    

 

Schedule A

 

Leases

 

	Commencement

Date	 	Original

Expiration Date	 	Amended

Expiration Date	 	Machine

Serial Number
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-851
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-854
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-855
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-856
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-857
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-858
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-859
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-860
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-861
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-862
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-863
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-864
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-865
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-866
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-868
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-872
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-873
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-874
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-875
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-881
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-901

 

     

     

    

 

	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-903
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-905
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-906
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-907
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-908
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-909
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-910
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-911
	10/25/13	 	10/24/16	 	12/31/17	 	MM00110-912
	03/05/14	 	03/04/17	 	12/31/17	 	110-869
	03/05/14	 	03/04/17	 	12/31/17	 	110-870
	03/05/14	 	03/04/17	 	12/31/17	 	110-876
	03/05/14	 	03/04/17	 	12/31/17	 	110-877
	03/05/14	 	03/04/17	 	12/31/17	 	110-891
	03/05/14	 	03/04/17	 	12/31/17	 	110-892
	03/05/14	 	03/04/17	 	12/31/17	 	110-894
	03/05/14	 	03/04/17	 	12/31/17	 	110-895
	03/05/14	 	03/04/17	 	12/31/17	 	110-896
	03/05/14	 	03/04/17	 	12/31/17	 	110-922
	03/05/14	 	03/04/17	 	12/31/17	 	110-923
	03/05/14	 	03/04/17	 	12/31/17	 	110-925
	03/05/14	 	03/04/17	 	12/31/17	 	110-928
	03/05/14	 	03/04/17	 	12/31/17	 	110-939
	03/05/14	 	03/04/17	 	12/31/17	 	110-940

 

     

     

    

 

	05/16/14	 	05/15/17	 	12/31/17	 	11202
	05/16/14	 	05/15/17	 	12/31/17	 	11677
	05/16/14	 	05/15/17	 	12/31/17	 	12379
	05/16/14	 	05/15/17	 	12/31/17	 	16145
	05/16/14	 	05/15/17	 	12/31/17	 	19395
	05/16/14	 	05/15/17	 	12/31/17	 	20385
	05/16/14	 	05/15/17	 	12/31/17	 	21675
	05/16/14	 	05/15/17	 	12/31/17	 	22122
	05/16/14	 	05/15/17	 	12/31/17	 	110-915
	05/16/14	 	05/15/17	 	12/31/17	 	110-723
	05/16/14	 	05/15/17	 	12/31/17	 	110-774
	05/16/14	 	05/15/17	 	12/31/17	 	110-902
	05/16/14	 	05/15/17	 	12/31/17	 	110-904
	05/16/14	 	05/15/17	 	12/31/17	 	110-914
	05/16/14	 	05/15/17	 	12/31/17	 	110-916
	05/16/14	 	05/15/17	 	12/31/17	 	110-917
	05/16/14	 	05/15/17	 	12/31/17	 	110-918
	05/16/14	 	05/15/17	 	12/31/17	 	110-920
	05/16/14	 	05/15/17	 	12/31/17	 	110-921
	05/16/14	 	05/15/17	 	12/31/17	 	110-926
	05/16/14	 	05/15/17	 	12/31/17	 	110-929
	05/16/14	 	05/15/17	 	12/31/17	 	110-932
	05/16/14	 	05/15/17	 	12/31/17	 	110-933
	05/16/14	 	05/15/17	 	12/31/17	 	110-934

  

     

     

    

 

	05/16/14	 	05/15/17	 	12/31/17	 	110-935
	05/16/14	 	05/15/17	 	12/31/17	 	110-936
	05/16/14	 	05/15/17	 	12/31/17	 	110-937
	05/16/14	 	05/15/17	 	12/31/17	 	110-938
	05/16/14	 	05/15/17	 	12/31/17	 	110-941
	05/16/14	 	05/15/17	 	12/31/17	 	110-942
	05/16/14	 	05/15/17	 	12/31/17	 	110-392
	05/16/14	 	05/15/17	 	12/31/17	 	110-464
	05/16/14	 	05/15/17	 	12/31/17	 	110-465
	05/16/14	 	05/15/17	 	12/31/17	 	33779673
	05/16/14	 	05/15/17	 	12/31/17	 	41161290
	05/16/14	 	05/15/17	 	12/31/17	 	41161347

 

     

     

    

 

Exhibit A

 

WarrantU-VEND, INC. 10-Q

 

Exhibit 10.48

 

THIS
WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT (THE “SECURITIES”) HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR UNDER ANY STATE SECURITIES LAWS (“BLUE SKY LAWS”).
NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES OR ANY INTEREST THEREIN MAY BE MADE
EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ANY APPLICABLE BLUE SKY LAWS OR (B)
IF THE COMPANY HAS BEEN FURNISHED WITH AN OPINION OF COUNSEL FOR THE HOLDER, WHICH OPINION AND COUNSEL WILL BE REASONABLY SATISFACTORY
TO THE COMPANY, TO THE EFFECT THAT NO REGISTRATION IS REQUIRED BECAUSE OF THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT AND APPLICABLE BLUE SKY LAWS.

 

WARRANT
(ARLP-005)

 

To
Purchase 150,000 Shares of Common Stock

 of

 U-VEND,
INC.

 

EXERCISABLE
ON OR BEFORE, AND VOID AFTER

 5:00
P.M. EASTERN TIME ON AUGUST 8, 2019 (Three years from issuance)

 

THIS
CERTIFIES THAT, for good and valuable consideration, Automated Retail Leasing Partners, LP (“Holder”), or its
registered assigns, is entitled to subscribe for and purchase from U-VEND, INC., a Delaware corporation (the “Company”),
at any time after August 8, 2016, to and including August 8, 2019, One Hundred and Fifty Thousand (150,000) fully paid and non-assessable
shares of the Common Stock of the Company (“Shares”) at the price of $0.30 per Share (the “Warrant
Exercise Price”), subject to the anti-dilution provisions of this Warrant.

 

The
Shares that may be acquired upon exercise of this Warrant are sometimes referred to herein as the “Warrant Shares.”
As used herein, the term “Holder” includes any party who acquires all or a part of this Warrant as a registered
transferee of Holder, or any record holder or holders of the Warrant Shares issued upon exercise, whether in whole or in part,
of the Warrant. The term “Shares” means the common stock, par value $0.001 per share, of the Company, and will
also include any capital stock of any class of the Company hereafter authorized which will not be limited to a fixed sum or percentage
in respect of the rights of the holders thereof to participate in dividends or in the distribution of assets upon the voluntary
or involuntary liquidation, dissolution, or winding up of the Company. The term “Convertible Securities” means
any stock or other securities convertible into, or exchangeable for, Shares.

  

     

     

    

 

This
Warrant is subject to the following provisions, terms and conditions:

 

1.           Exercise;
Transferability.

 

(a)            The
rights represented by this Warrant may be exercised by the Holder hereof, in whole or in part (but not as to a fractional Share),
by written notice of exercise (in the form attached hereto) delivered to the Company at the principal office of the Company prior
to the expiration of this Warrant and accompanied or preceded by the surrender of this Warrant along with a check in payment of
the Warrant Exercise Price for such shares.

 

(b)            Limitations
on Exercises   Notwithstanding anything to the contrary contained in this Warrant, this Warrant shall not be exercisable
by the Holder hereof to the extent (but only to the extent) that the Holder or any of its affiliates would beneficially own in
excess of 4.99% (the “Maximum Percentage”) of the Common Stock. To the extent the above limitation
applies, the determination of whether this Warrant shall be exercisable (vis-à-vis other convertible, exercisable or exchangeable
securities owned by the Holder or any of its affiliates) and of which such securities shall be exercisable (as among all such
securities owned by the Holder) shall, subject to such Maximum Percentage limitation, be determined on the basis of the first
submission to the Company for conversion, exercise or exchange (as the case may be). No prior inability to exercise this Warrant
pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to
any subsequent determination of exercisability. For the purposes of this paragraph, beneficial ownership and all determinations
and calculations (including, without limitation, with respect to calculations of percentage ownership) shall be determined in
accordance with Section 13(d) of the Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. The provisions of this paragraph shall be implemented in a manner otherwise than in strict conformity with the terms
of this paragraph to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Maximum
Percentage beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such Maximum Percentage limitation. The limitations contained in this paragraph shall apply to a successor Holder
of this Warrant. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1)
Business Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding, including by virtue
of any prior conversion or exercise of convertible or exercisable securities into Common Stock, including, without limitation,
pursuant to this Warrant or securities otherwise issued. By written notice to the Company, any Holder may increase or decrease
the Maximum Percentage to any other percentage specified in such notice; provided that (i) any such increase will not be effective
until the 61st day after such notice is delivered to the Company, and (ii) any such increase or decrease will apply only to the
Holder sending such notice and not to any other holder of Warrants.

 

2.           Exchange
and Replacement. Subject to Sections 1 and 7 hereof, this Warrant is exchangeable upon the surrender hereof
by the Holder to the Company at its office for new Warrants of like tenor and date representing in the aggregate the right to
purchase the number of Warrant Shares purchasable hereunder, each of such new Warrants to represent the right to purchase such
number of Warrant Shares (not to exceed the aggregate total number purchasable hereunder) as will be designated by the Holder
at the time of such surrender. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction,
or mutilation of this Warrant, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to
it, and upon surrender and cancellation of this Warrant, if mutilated, the Company will make and deliver a new Warrant of like
tenor, in lieu of this Warrant. This Warrant will be promptly canceled by the Company upon the surrender hereof in connection
with any exchange or replacement. The Company will pay all expenses, taxes (other than stock transfer taxes), and other charges
payable in connection with the preparation, execution, and delivery of Warrants pursuant to this Section 2.

 

    	2 

    	 

    

 

3.           Issuance
of the Warrant Shares.

 

(a)            The
Company agrees that the Warrant Shares purchased upon exercise of this Warrant will be and are deemed to be issued to the Holder
as of the close of business on the date on which this Warrant will have been surrendered and the payment made for such Warrant
Shares as aforesaid. Subject to the provisions of paragraph (b) of this Section 3, certificates for the Warrant Shares
so purchased will be delivered to the Holder within a reasonable time, not exceeding fifteen (15) days after the rights represented
by this Warrant will have been so exercised, and, unless this Warrant has expired, a new Warrant representing the right to purchase
the number of Warrant Shares, if any, with respect to which this Warrant will not then have been exercised will also be delivered
to the Holder within such time.

 

(b)           Notwithstanding
the foregoing, however, the Company will not be required to deliver any certificate for Warrant Shares upon exercise of this Warrant
except in accordance with registration under or exemptions from the applicable securities registration requirements under the
Securities Act or applicable Blue Sky Laws. Nothing herein, however, will obligate the Company to effect registrations under the
Securities Act or applicable Blue Sky Laws. The Holder agrees to execute such 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 issuance of the Warrant
Shares.

 

4.           Covenants
of the Company. The Company covenants and agrees that all Warrant Shares will, upon issuance, be duly authorized and issued,
fully paid, non-assessable and free from all taxes, liens and charges with respect to the issue thereof. The Company further covenants
and agrees that during the period within which the rights represented by this Warrant may be exercised, the Company will at all
times have authorized and reserved for the purpose of issue or transfer upon exercise of the subscription rights evidenced by
this Warrant a sufficient number of Shares to provide for the exercise of the rights represented by this Warrant.

 

5.           Anti-Dilution
Adjustments. Subject and pursuant to the provisions of this Section 5, the Warrant Price and number of Common Shares subject
to this Warrant shall be subject to adjustment from time to time as set forth hereinafter in this Section 5.

 

a.             Adjustments
upon Issuance of Shares of Common Stock. If and whenever on or after the date hereof, the Company issues or sells, or is deemed
to have issued or sold, any shares of Common Stock (including the issuance or sale of shares of Common Stock owned or held by
or for the account of the Company) for a consideration per share (the “New Issuance Price”) less than a price
equal to the Exercise Price in effect immediately prior to such issue or sale or deemed issuance or sale (the foregoing a “Dilutive
Issuance”), then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to the
New Issuance Price.

 

    	3 

    	 

    

 

b.             Subdivision
and Combination. In case the Company shall at any time subdivide or combine the outstanding Common Stock, the Exercise Price
shall forthwith be proportionately decreased in the case of subdivision or increased in the case of combination.

 

c.             Adjustment
in Number of Warrant Shares. Upon each adjustment of the Exercise Price pursuant to the provisions of this Section 3, the
number of Warrant Shares issuable upon the exercise of each Warrant shall be adjusted to the nearest full shares of Common Stock
by multiplying a number equal to the Exercise Price in effect immediately prior to such adjustment by the number of Warrant Shares
issuable upon exercise of the Warrants immediately prior to such adjustment and dividing the product so obtained by the adjusted
Exercise Price.

 

d.             Reclassification,
Consolidation, Merger, etc. In case of any reclassification or change of the outstanding shares of Common Stock (other than
a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or
combination), or in the case of any consolidation of the Company with, or merger of the Company into, another corporation (other
than a consolidation or merger in which the Company is the surviving corporation and which does not result in any reclassification
or change of the outstanding shares of Common Stock, except a change as a result of a subdivision or combination of such shares
or a change in nominal value, as aforesaid), or in the case of a sale or conveyance to another corporation of the property of
the Company as an entirety, the Holder shall thereafter have the right to purchase the kind and number of shares of stock and
other securities and property receivable upon such reclassification, change, consolidation, merger, sale or conveyance as if the
Holder were the owner of the Warrant Shares issuable upon exercise of the Warrants immediately prior to any such events at a price
equal to the product of (x) the number of Warrant Shares issuable upon exercise of the Warrants and (y) the Exercise Price in
effect immediately prior to the record date for such reclassification, change, consolidation, merger, sale or conveyance as if
such Holder had exercised the Warrants.

 

e.              Determination
of Outstanding Shares. The number of shares of Common Stock at any one time outstanding shall include the aggregate number
of shares issued or issuable upon the exercise of outstanding options, rights, warrants and upon the conversion or exchange of
outstanding convertible or exchangeable securities.

 

f.              Except
as otherwise specifically provided herein the date of issuance or sale of Common Stock shall be deemed to be the date the Company
is legally obligated to issue such Common Shares. In case at any time the Company shall take a record date for the purpose of
determining the holders of Common Stock entitled (i) to receive a dividend or other distribution payable in Common Stock or (ii)
to subscribe for or purchase Common Stock, then such record date shall be deemed to be the date of issue or sale of the Common
Shares, deemed to have been issued or sold upon the declaration of such dividend or the making of such distribution or the granting
of such right of subscription or purchase, as the case may be.

 

6.           No
Voting Rights. This Warrant will not entitle the Holder to any voting rights or other rights as a shareholder of the Company.

 

    	4 

    	 

    

 

7.           Notice
of Transfer of Warrant or Resale of the Warrant Shares. 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. Holder shall also furnish the Company with an opinion of counsel reasonably
acceptable to it to the effect that promptly upon receiving such written notice, the Company will present copies thereof to counsel
to the original purchaser of this Warrant. The proposed transfer may be effected without registration under the Securities Act
or applicable Blue Sky Laws. The prospective transferee or purchaser will also execute such 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.

 

8.           Fractional
Shares. Fractional shares will not be issued upon the exercise of this Warrant, but in any case where the holder would,
except for the provisions of this Section, be entitled under the terms hereof to receive a fractional share, the number of Shares
will be rounded up to the nearest whole Share.

 

9.           Governing
Law. This Warrant shall be governed by the laws of the State of Delaware without regard to its principles of conflict
of laws.

 

    	5 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized officer and this Warrant to be dated
August 8, 2016.

 

	 	U-VEND,
INC.
	 	 	 
	 	By:	/s/
Raymond Meyers
	 	Name:	Raymond
Meyers
	 	Title:	Chief
Executive Officer

  

     

     

    

  

SUBSCRIPTION
FORM

 (To
be signed upon exercise of Warrant)

 

The
undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise the purchase right represented by such Warrant
for, and to purchase thereunder, _____________________________ of the shares of Common Stock of U-Vend, Inc. to which such Warrant
relates and herewith makes payment of $__________________ therefore in cash or by certified check and requests that the certificate
for such shares be issued in the name of, and be delivered to, ______________________, the address for which is set forth below
the signature of the undersigned.

 

Dated:
__________________

 

	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name)
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	Social
Security or Tax Ident. No.

 

     

     

    

  

ASSIGNMENT
FORM

 (To
be signed upon authorized transfer of Warrant)

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto ______________________________ the right to purchase
____________ shares of Common Stock of U-Vend, Inc. to which the within Warrant relates and appoints ___________________ attorney,
to transfer said right on the books of ________________ with full power of substitution in the premises.

 

Dated:
__________________

 

	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name)
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	Social
Security or Tax Ident. No.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]