Document:

Exhibit 4.2

 

[Face of Note]

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made
to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

 

	CUSIP
    No. 87612E BK1	PRINCIPAL
    AMOUNT: $____________
	ISIN
    US87612EBK10	 
	 	 
	REGISTERED
    NO. ___	 

 

TARGET CORPORATION

 

2.650% Notes due 2030

 

TARGET CORPORATION,
a corporation duly organized and existing under the laws of the State of Minnesota (hereinafter called the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises
to pay to Cede & Co., or registered assigns, the principal sum of ____________ MILLION DOLLARS ($___________) on September
15, 2030 and to pay interest thereon from March 31, 2020 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for semi-annually on March 15 and September 15 of each year, commencing September 15, 2020, at the rate
of 2.650% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest next preceding such Interest Payment Date. The Regular Record Date for an Interest Payment Date shall be the date 15 calendar
days prior to that Interest Payment Date (whether or not a Business Day). As used herein, “Business Day” means
a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized
or required by law or regulation to close in New York, New York.

 

    

     

    

 

Any interest not punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid
to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders
of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 

Payment of interest
on this Security shall be made in immediately available funds at the office or agency of the Company maintained for that purpose
in New York, New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts; provided, however, that, at the option of the Company, payment of interest may be paid by check
mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer
to such account as may have been designated by such Person in writing not less than 10 days prior to the date of such payment.
Payment of principal of and interest on this Security at Maturity shall be made against presentation of this Security at the office
or agency of the Company maintained for that purpose in New York, New York.

 

Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    2

     

    

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed under its corporate seal.

 

DATED: March 31, 2020

 

	 	TARGET
CORPORATION
	 	 
	 	 
	 	By: 	      
	 	 	Name:	Don
H. Liu
	 	 	Title:
	Executive
Vice President,
	 	 	 	Chief Legal
& Risk Officer and Corporate Secretary

 

	[SEAL]	
	 	Attest: 	 
	 	 	Name:
	Daniel
Fleming
	 	 	Title:
	Vice
President and Assistant Treasurer

 

    

     

    

 

	TRUSTEE’S
CERTIFICATE OF	 
	AUTHENTICATION	 
	This
is one of the Securities of the	 
	series
referred to in the	 
	within-mentioned
Indenture.	 
	 	 
	THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,	 
	      as
Trustee	 
	 	 
	 	 
	By:	 	 
	 	Name:	Manjari
Purkayastha	 
	 	Title:	Vice
President	 

 

    

     

    

 

[Reverse
of Note]

 

TARGET CORPORATION

 

2.650% Notes due 2030

 

This Security is one
of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued
in one or more series under an Indenture dated as of August 4, 2000 between the Company and The Bank of New York Mellon Trust Company,
N.A. (as successor to Bank One Trust Company, N.A.), as trustee, as supplemented by the First Supplemental Indenture dated as of
May 1, 2007, between the Company and The Bank of New York Trust Company, N.A., as trustee, and as further amended or supplemented
from time to time (herein called the “Indenture”) (in its capacity as trustee, The Bank of New York Mellon Trust
Company, N.A., being herein called the “Trustee,” which term includes any successor trustee under the Indenture),
to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face
hereof, such series being limited in initial aggregate principal amount to $1,000,000,000; provided, however, that the Company
may, without the consent of the Holders of the Securities of this series, issue additional Securities with the same terms as the
Securities of this series, and such additional Securities shall be considered part of the same series under the Indenture as the
Securities of this series.

 

This Security is issuable
only in registered form in denominations of $2,000 or any amount in excess thereof which is an integral multiple of $1,000.

 

The Securities of this
series shall not be entitled to any sinking fund.

 

Optional Redemption

 

The Securities of this
series are redeemable on at least 10 days’, but no more than 45 days’, prior written notice mailed (or otherwise delivered
in accordance with the applicable procedures of DTC) to each Holder of the Securities to be redeemed, either in whole at any time
or in part from time to time prior to June 15, 2030 (three months prior to the Stated Maturity of the Securities of this series,
the “Par Call Date”), at a Redemption Price for the Securities to be redeemed on any Redemption Date equal to
the greater of the following amounts:

 

    5

     

    

 

• 100% of the
principal amount of the Securities being redeemed on the Redemption Date; or

 

• the sum of the present
values of the Remaining Scheduled Payments of principal and interest that would have been payable if the Securities being redeemed
on that Redemption Date matured on the Par Call Date (excluding interest accrued to the Redemption Date), discounted to the Redemption
Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury
Rate, plus 30 basis points;

 

plus, in each case, accrued and unpaid
interest on the Securities being redeemed to, but excluding, the Redemption Date.

 

Any redemption of the
Securities of this series may, at the Company’s discretion, be subject to one or more conditions precedent. Any related
written notice of redemption will describe the conditions precedent and, at the Company’s discretion, will indicate that
any Redemption Date may be delayed or the written notice rescinded if all such conditions precedent shall not have been satisfied
or waived by the Company.

 

“Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
maturity or interpolated yield to maturity of the Comparable Treasury Issue.  In determining this rate, the price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) shall be assumed to be equal to the Comparable Treasury
Price for such Redemption Date.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having an actual
or interpolated maturity comparable to the remaining term of the Securities of this series to be redeemed that would be utilized,
at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities
of comparable maturity to the remaining term of such Securities.

 

“Independent
Investment Banker” means any of (a) BofA Securities, Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co.
LLC and (b) a primary treasury dealer selected by U.S. Bancorp Investments, Inc., or their respective successors as may be appointed
from time to time by the Quotation Agent after consultation with the Company; provided, however, that if any of the foregoing
shall cease to be a primary U.S. Government securities dealer in New York City (a “primary treasury dealer”),
another primary treasury dealer shall be substituted therefor by the Company.

 

“Comparable
Treasury Price” means (A) the arithmetic average of the Reference Treasury Dealer Quotations for such Redemption
Date after excluding the highest and lowest Reference Treasury Dealer Quotations, or (B) if the Quotation Agent obtains fewer
than three Reference Treasury Dealer Quotations, the arithmetic average of all Reference Treasury Dealer Quotations for such Redemption
Date.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
arithmetic average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference
Treasury Dealer by 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date.

 

    6

     

    

 

“Reference
Treasury Dealer” means each (a) BofA Securities, Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC,
or their respective successors, (b) a primary treasury dealer selected by U.S. Bancorp Investments, Inc. or its successor and (c)
any other primary treasury dealer selected by the Quotation Agent after consultation with the Company.

 

“Remaining
Scheduled Payments” means, with respect to any Security of this series, the remaining scheduled payments of the principal
and interest thereon that would be due after the related Redemption Date but for such redemption; provided, however, that,
if such Redemption Date is not an Interest Payment Date with respect to such Security, the amount of the next scheduled interest
payment thereon shall be reduced by the amount of interest accrued thereon to such Redemption Date.

 

“Quotation
Agent” means, for purposes of determining the Redemption Price, a primary treasury dealer as may be selected by the Company.

 

In addition, the Company
may redeem all or part of the Securities of this series, on at least 10 days’, but no more than 45 days’, prior written
notice mailed (or otherwise delivered in accordance with the applicable procedures of DTC) to each Holder of the Securities to
be redeemed, at any time or from time to time on and after the Par Call Date, at the Company’s option, at a Redemption Price
equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest on the Securities being
redeemed to, but excluding, the Redemption Date.

 

A partial redemption
of the Securities of this series may be effected by such method as the Trustee shall deem fair and appropriate and may provide
for the selection for redemption of a portion of the principal amount of the Securities of this series equal to an authorized denomination.

 

For the avoidance of
doubt, notice of any redemption shall be mailed (or otherwise delivered in accordance with the applicable procedures of DTC) at
least 10 days but not more than 45 days before the Redemption Date to each Holder of the Securities of this series to be redeemed.

 

Unless the Company
defaults in payment of the Redemption Price, on and after the Redemption Date interest shall cease to accrue on the Securities
of this series or portions thereof called for redemption.

 

    7

     

    

 

Change of Control Offer

 

If a Change of Control
Triggering Event occurs, unless the Company has exercised its option to redeem the Securities of this series, the Company shall
be required to make an offer (a “Change of Control Offer”) to each Holder of the Securities of this series to
repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Securities
on the terms set forth herein. In a Change of Control Offer, the Company shall be required to offer the Change of Control Payment.
Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control,
but after public announcement of the transaction that constitutes or may constitute the Change of Control, a notice shall be mailed
to Holders of the Securities of this series describing the transaction that constitutes or may constitute the Change of Control
Triggering Event and offering to repurchase such Securities on the date specified in the notice, which date shall be no earlier
than 30 days and no later than 60 days from the date such notice is mailed (a “Change of Control Payment Date”).
The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the Change of Control Offer
is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date.

 

In order to accept
the Change of Control Offer, the Holder must deliver to the Paying Agent, at least five Business Days prior to the Change of Control
Payment Date, this Security together with the form entitled “Election Form” (which form is annexed hereto) duly completed,
or a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange, or the Financial Industry
Regulatory Authority or a commercial bank or trust company in the United States setting forth:

 

(i)       the
name of the Holder of this Security;

 

(ii)      the
principal amount of this Security;

 

(iii)     the
principal amount of this Security to be repurchased;

 

(iv)     the
certificate number or a description of the tenor and terms of this Security;

 

(v)      a
statement that the Holder is accepting the Change of Control Offer; and

 

(vi)     a guarantee
that this Security, together with the form entitled “Election Form” duly completed, will be received by the Paying
Agent at least five Business Days prior to the Change of Control Payment Date.

 

Any exercise by a Holder of its
election to accept the Change of Control Offer shall be irrevocable. The Change of Control Offer may be accepted for less
than the entire principal amount of this Security, but in that event the principal amount of this Security remaining
outstanding after repurchase must be equal to $2,000 or an integral multiple of $1,000 in excess thereof.

 

    8

     

    

 

On the Change of Control
Payment Date, the Company shall, to the extent lawful:

 

		(i)	accept for payment all Securities of this series or portions of such Securities properly tendered
pursuant to the Change of Control Offer;

 

		(ii)	deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all
Securities of this series or portions of such Securities properly tendered; and

 

		(iii)	deliver or cause to be delivered to the Trustee the Securities of this series properly accepted
together with an Officers’ Certificate stating the aggregate principal amount of Securities of this series or portions of
such Securities being repurchased.

 

The Company shall not
be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes
such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and
the third party purchases all Securities of this series properly tendered and not withdrawn under its offer. In addition, the Company
shall not repurchase any Securities of this series if there has occurred and is continuing on the Change of Control Payment Date
an Event of Default under the Indenture, other than a default in the payment of the Change of Control Payment upon a Change of
Control Triggering Event.

 

The Company shall comply
with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection
with the repurchase of the Securities of this series as a result of a Change of Control Triggering Event. To the extent that the
provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Securities of
this series, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations
under the Change of Control Offer provisions of the Securities of this series by virtue of any such conflict.

 

For purposes of the
Change of Control Offer provisions of the Securities of this series, the following terms are applicable:

 

    9

     

    

 

“Change
of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related
transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any person,
other than the Company or a Subsidiary; (2) the consummation of any transaction (including, without limitation, any
merger or consolidation) the result of which is that any person becomes the beneficial owner (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s
outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated,
exchanged or changed, measured by voting power rather than number of shares; (3) the Company consolidates with, or
merges with or into, any person, or any person consolidates with, or merges with or into, the Company, in any such event
pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other
person is converted into or exchanged for cash, securities or other property, other than any such transaction where the
shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company of the
surviving person immediately after giving effect to such transaction; or (4) the adoption of a plan relating to the
Company’s liquidation or dissolution. Notwithstanding the foregoing, a transaction shall not be deemed to involve a
Change of Control under clause (2) above if (i) the Company becomes a direct or indirect wholly-owned
subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company
immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock
immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding
company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of
the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given
thereto in Section 13(d)(3) of the Exchange Act.

 

“Change of
Control Payment” means a payment in cash equal to 101% of the aggregate principal amount of Securities of this series
repurchased, plus accrued and unpaid interest, if any, on the Securities to the date of repurchase.

 

“Change of
Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

 

“Fitch”
means Fitch Ratings, Inc., and its successors.

 

“Investment
Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent)
by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any replacement
rating agency or rating agencies selected by the Company.

 

“Moody’s”
means Moody’s Investors Service, Inc., and its successors.

 

“Rating
Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or
S&P ceases to rate the Securities of this series or fails to make a rating of such Securities publicly available for
reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within
the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a resolution of the
Company’s Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case
may be.

 

    10

     

    

 

“Rating Event”
means the rating on the Securities of this series is lowered by at least two of the three Rating Agencies and the Securities of
this series are rated below an Investment Grade Rating by at least two of the three Rating Agencies on any day during the period
(which period shall be extended so long as the rating of the Securities of this series is under publicly announced consideration
for a possible downgrade by any of the Rating Agencies) commencing 60 days prior to the first public notice of the occurrence of
a Change of Control or the Company’s intention to effect a Change of Control and ending 60 days following consummation of
such Change of Control.

 

“S&P”
means S&P Global Ratings, a division of S&P Global Inc., and its successors.

 

“Voting Stock”
means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as
of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors
of such person.

 

The provisions of Article
Thirteen of the Indenture shall apply to the Change of Control Offer provisions of this Security except as and to the extent otherwise
specified in this Security. For purposes of the Indenture, a Change of Control Payment Date shall be deemed to be a Repayment Date.

 

Other Provisions

 

If an Event of Default
with respect to Securities of this series as set forth in the Indenture shall occur and be continuing, the principal of the Securities
of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each
series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

 

The Indenture
contains provisions for defeasance at any time of (i) the entire indebtedness on this Security and (ii) certain
restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth
therein, which provisions apply to this Security.

 

    11

     

    

 

Upon due presentment
for registration of transfer of this Security at the office or agency of the Company in New York, New York, a new Security or Securities
of this series in authorized denominations for an equal aggregate principal amount shall be issued to the transferee in exchange
herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations described below, without
charge except for any tax or other governmental charge imposed in connection therewith.

 

This Security is exchangeable
for definitive Securities in registered form only if (i) the Depositary notifies the Company that it is unwilling or unable
to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the
Exchange Act and a successor depositary is not appointed within 90 days, (ii) the Company, in its sole discretion, determines
that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (iii) an
Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable
pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, bearing interest at
the same rate, having the same date of issuance, redemption provisions, Stated Maturity and other terms and of authorized denominations
aggregating a like amount.

 

This Security may not
be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary
or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of
such successor. Except as provided above, owners of beneficial interests in this global Security shall not be entitled to receive
physical delivery of Securities in definitive form and shall not be considered the Holders hereof for any purpose under the Indenture.

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin
or currency, herein prescribed, except that in the event the Company deposits money or Government Obligations as provided in Section 401
or 403 of the Indenture, such payments shall be made only from proceeds of such money or Government Obligations.

 

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

No recourse shall
be had for the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder,
officer or director, as such, past, present or future, of the Company or any successor corporation, either directly or through
the Company, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for, and as a condition of,
the issuance hereof, expressly waived and released.

 

All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined
in this Security.

 

    12

     

    

 

ABBREVIATIONS

 

The following abbreviations,
when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

	TEN COM	--	as tenants in common	 
	 	 	 	 
	TEN ENT	--	as tenants by the entireties	 
	 	 	 	 
	JT TEN	--	as joint tenants with right	 
		 	of survivorship and not	 
		 	as tenants in common	 

 

	UNIF
    GIFT MIN ACT --		Custodian	
	 	(Cust)	 	(Minor)

 

	Under
    Uniform Gifts to Minors Act	 
	 	 
	 	 
	(State)	 

 

Additional abbreviations
may also be used though not in the above list.

 

FOR VALUE RECEIVED,
the undersigned hereby sell(s) and transfer(s) unto

 

	Please Insert Social Security or
	Other Identifying Number of Assignee
	 
	 	 
	 
	 
	 
	 

 

(Please
print or type name and address including postal zip code of Assignee)

 

     

     

    

 

the within Security of TARGET CORPORATION
and does hereby irrevocably constitute and appoint __________________ attorney to transfer the said Security on the books of the
Company, with full power of substitution in the premises.

 

	Dated:
    _________________________
	 
	 	 
	 	 

 

NOTICE: The signature to this assignment
must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement
or any change whatever.

 

     

     

    

 

 

 

ELECTION FORM

 

TO BE COMPLETED ONLY IF THE HOLDER

ELECTS TO ACCEPT THE CHANGE OF CONTROL
OFFER

 

 

 

The undersigned hereby
irrevocably requests and instructs the Company to repurchase the within Security (or the portion thereof specified below), pursuant
to its terms, on the Change of Control Payment Date specified in the Change of Control Offer, for the Change of Control Payment
specified in the within Security, to the undersigned, __________________________________________________________________________, at _____________________________________________________________________
(please print or typewrite name and address of the undersigned).

 

For this election
to accept the Change of Control Offer to be effective, the Company must receive, at the address of the Paying Agent set forth below
or at such other place or places of which the Company shall from time to time notify the Holder of the within Security, either
(i) this Security with this “Election Form” form duly completed, or (ii) a telegram, telex, facsimile transmission
or a letter from a member of a national securities exchange or the Financial Industry Regulatory Authority or a commercial bank
or a trust company in the United States setting forth (a) the name of the Holder of the Security, (b) the principal amount
of the Security, (c) the principal amount of the Security to be repurchased, (d) the certificate number or description of
the tenor and terms of the Security, (e) a statement that the option to elect repurchase is being exercised, and (f) a
guarantee stating that the Security to be repurchased, together with this “Election Form” duly completed will be received
by the Paying Agent five Business Days prior to the Change of Control Payment Date. The address of the Paying Agent is The Bank
of New York Mellon Trust Company, N.A., c/o The Bank of New York, 101 Barclay Street, New York, New York 10286.

 

If less than the entire
principal amount of the within Security is to be repurchased, specify the portion thereof (which principal amount must be $2,000
or an integral multiple of $1,000 in excess thereof) which the Holder elects to have repurchased: $__________.Exhibit 4.3

 

[FORM
OF WARRANT]

 

NEITHER
THE ISSUANCE
AND SALE
OF THE
SECURITIES REPRESENTED
BY THIS
CERTIFICATE NOR
THE SECURITIES
INTO WHICH
THESE SECURITIES
ARE EXERCISABLE
HAVE BEEN
REGISTERED UNDER
THE SECURITIES
ACT OF
1933, AS
AMENDED, 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
OF 1933,
AS AMENDED,
OR (B)
AN OPINION
OF COUNSEL
TO THE
HOLDER (IF REQUESTED
BY THE
COMPANY), IN
A FORM
REASONABLY ACCEPTABLE TO THE
COMPANY, THAT REGISTRATION
IS NOT REQUIRED
UNDER SAID ACT
OR (II) UNLESS
SOLD OR ELIGIBLE
TO BE SOLD
PURSUANT TO RULE
144 OR RULE
144A UNDER SAID
ACT. NOTWITHSTANDING THE
FOREGOING, THE SECURITIES
MAY BE PLEDGED
IN CONNECTION WITH
A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN
OR FINANCING ARRANGEMENT
SECURED BY THE
SECURITIES. THE NUMBER
OF SHARES OF
COMMON STOCK ISSUABLE
UPON EXERCISE OF
THIS WARRANT MAY
BE LESS THAN
THE AMOUNTS SET
FORTH ON THE
FACE HEREOF PURSUANT
TO SECTION 1(a)
OF THIS WARRANT.

 

YAYYO,
INC.

 

WARRANT
TO PURCHASE COMMON STOCK

 

Warrant
No.: W-1

Date
of Issuance: March 2nd, 2018 (“Issuance Date”)

 

Yayyo,
Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, BELLRIDGE CAPITAL, LP, the registered holder hereof or its permitted
assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at
the Exercise Price (as defined below) then in effect, upon exercise of this Warrant to Purchase Common Stock (including any Warrants
to Purchase Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”), at any time or
times on or after the Issuance Date, but not after 11:59 p.m., New York time, on the Expiration Date (as defined below), 1,500,000
(subject to adjustment as provided herein) fully paid and non-assessable shares of Common Stock (as defined below) (the “Warrant
Shares”, and such number of Warrant Shares, the “Warrant Number”). Except as otherwise defined herein,
capitalized terms in this Warrant shall have the meanings set forth in Section 19. This Warrant is one of the Warrants to Purchase
Common Stock (the “SPA Warrants”) issued pursuant to Section 1 of that certain Securities Purchase Agreement,
dated as of March 2, 2018 (the “Subscription Date”), by and among the Company and the investors (the “Buyers”)
referred to therein, as amended from time to time (the “Securities Purchase Agreement”).

 

    	 	 	 

     

    

 

1.
EXERCISE OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the
terms and conditions hereof (including, without limitation, the limitations set forth in Section 1(f)), this Warrant may be exercised
by the Holder on any day on or after the Issuance Date (an “Exercise Date”), in whole or in part, by delivery
(whether via facsimile or otherwise) of a written notice, in the form attached hereto as Exhibit A (the “Exercise
Notice”), of the Holder’s election to exercise this Warrant. Within one (1) Trading Day following an exercise
of this Warrant as aforesaid, the Holder shall deliver payment to the Company of an amount equal to the Exercise Price in effect
on the date of such exercise multiplied by the number of Warrant Shares as to which this Warrant was so exercised (the “Aggregate
Exercise Price”) in cash or via wire transfer of immediately available funds if the Holder did not notify the Company
in such Exercise Notice that such exercise was made pursuant to a Cashless Exercise (as defined in Section 1(d)). The Holder shall
not be required to deliver the original of this Warrant in order to effect an exercise hereunder. Execution and delivery of an
Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original
of this Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. Execution
and delivery of an Exercise Notice for all of the then-remaining Warrant Shares shall have the same effect as cancellation of
the original of this Warrant after delivery of the Warrant Shares in accordance with the terms hereof. On or before the first
(1st) Trading Day following the date on which the Company has received an Exercise Notice, the Company shall transmit by facsimile
or electronic mail an acknowledgment of confirmation of receipt of such Exercise Notice, in the form attached hereto as Exhibit
B, to the Holder and, if after the Public Company Date, the Company’s transfer agent (the “Transfer Agent”),
which confirmation shall, if after the Public Company Date, constitute an instruction to the Transfer Agent to process such Exercise
Notice in accordance with the terms herein. On or before the second (2nd) Trading Day following the date on which the Company
has received such Exercise Notice (or such earlier date as required pursuant to the 1934 Act or other applicable law, rule or
regulation for the settlement of a trade of such Warrant Shares initiated on the applicable Exercise Date), the Company shall
(X) if on or after the Public Company Date, provided that the Transfer Agent is participating in The Depository Trust Company
(“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate number
of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s
balance account with DTC through its Deposit/Withdrawal at Custodian system, or (Y) if either (x) prior to the Public Company
Date or (y) on or after the Public Company Date if the Transfer Agent is not participating in the DTC Fast Automated Securities
Transfer Program, upon the request of the Holder, issue and deliver (via reputable overnight courier) to the address as specified
in the Exercise Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares of Common
Stock to which the Holder shall be entitled pursuant to such exercise. Upon delivery of an Exercise Notice, 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 such Warrant Shares are credited to the Holder’s DTC account or the date of
delivery of the certificates evidencing such Warrant Shares (as the case may be). If this Warrant is submitted in connection with
any exercise pursuant to this Section 1(a) 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 and upon surrender of this Warrant to the Company
by the Holder, then, at the request of the Holder, the Company shall as soon as practicable and in no event later than two (2)
Business Days after any exercise and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in accordance
with Section 7(d)) 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. No fractional shares of
Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common Stock to be issued
shall be rounded up to the nearest whole number. The Company shall pay any and all transfer, stamp, issuance and similar taxes,
costs and expenses (including, without limitation, fees and expenses of the Transfer Agent) that may be payable with respect to
the issuance and delivery of Warrant Shares upon exercise of this Warrant. Notwithstanding the foregoing, except in the case where
an exercise of this Warrant is validly made pursuant to a Cashless Exercise), the Company’s failure to deliver Warrant Shares
to the Holder on or prior to the later of ((i) two (2) Trading Days after receipt of the applicable Exercise Notice (or such earlier
date as required pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement of a trade of such Warrant
Shares initiated on the applicable Exercise Date) and (ii) one (1) Trading Day after the Company’s receipt of the Aggregate
Exercise Price (or valid notice of a Cashless Exercise (such later date, the “Share Delivery Date”) shall not
be deemed to be a breach of this Warrant. Notwithstanding anything to the contrary contained in this Warrant or the Registration
Rights Agreement, after the effective date of the Registration Statement (as defined in the Registration Rights Agreement) and
prior to the Holder’s receipt of the notice of a Grace Period (as defined in the Registration Rights Agreement), the Company
shall cause the Transfer Agent to deliver unlegended shares of Common Stock to the Holder (or its designee) in connection with
any sale of Registrable Securities (as defined in the Registration Rights Agreement) with respect to which the Holder has entered
into a contract for sale, and delivered a copy of the prospectus included as part of the particular Registration Statement to
the extent applicable, and for which the Holder has not yet settled. From the Issuance Date through and including the Expiration
Date, the Company shall maintain a transfer agent that participates in the DTC’s Fast Automated Securities Transfer Program.
Notwithstanding any provision of this Warrant to the contrary, at any time prior to the Listing Date, no more than the Pre-Listing
Maximum Eligibility Number of Warrant Shares shall be exercisable hereunder.

 

    	 	2	 

     

    

 

(b)
Exercise Price. For purposes of this Warrant,
“Exercise Price” means $4.00, subject to adjustment as provided herein.

 

	 	(c)	Company’s
    Failure to Timely Deliver Securities.

 

(i)
General. The Company shall in all cases
use its reasonable best efforts to comply with the delivery requirements set forth herein and shall do all things and take all
actions reasonably requested by the Holder in furtherance thereof.

 

	 	(ii)	Intentionally
    omitted

 

(d)
Cashless Exercise. Notwithstanding anything
contained herein to the contrary (other than Section 1(f) below), if at the time of exercise hereof a registration statement is
not effective (or the prospectus contained therein is not available for use) for the issuance of all of the Warrant Shares being
exercised pursuant to the applicable Exercise Notice, but not prior to the earlier to occur of (x) such initial time the Common
Stock of the Company is listed on an Eligible Market and (y) August 31, 2018, then 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 Warrant Shares determined according to the following formula (a “Cashless Exercise”):

 

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

D

 

For
purposes of the foregoing formula:

 

A=
the total number of shares with respect to which this Warrant is then being exercised.

 

B
= (i) prior to the Public Company Date, the greatest of (w) the last purchase price at which the Company issued or sold Common
Stock preceding the date of the Exercise Notice, (x) the initial conversion price of the last Convertible Securities issued or
sold by the Company preceding the date of the Exercise Notice, (y) the initial exercise price of the last Options issued or sold
by the Company preceding the date of the Exercise Notice and (z) the fair market value of the Common Stock as mutually determined
by the Company and the Required Holders; and (ii) on or after the Public Company Date, the greater of (I) the Spot Price and (II)
the quotient of (A) the sum of the VWAP of the Common Stock of each of the twenty (20) Trading Days ending at the close of business
on the Principal Market immediately prior to the time of exercise as set forth in the applicable Exercise Notice, divided by (B)
twenty (20).

 

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

 

D
= (i) prior to the Public Company Date, the greatest of (w) the last purchase price at which the Company issued or sold Common
Stock preceding the date of the Exercise Notice, (x) the initial conversion price of the last Convertible Securities issued or
sold by the Company preceding the date of the Exercise Notice, (y) the initial exercise price of the last Options issued or sold
by the Company preceding the date of the Exercise Notice and (z) the fair market value of the Common Stock as mutually determined
by the Company and the Required Holders and (ii) after the Public Company Date, the Spot Price.

 

For
purposes of Rule 144(d) promulgated under the 1933 Act, as in effect on the Subscription Date, it is intended that the Warrant
Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Holder, and the holding period for the Warrant
Shares shall be deemed to have commenced, on the date this Warrant was originally issued pursuant to the Securities Purchase Agreement.

 

    	 	3	 

     

    

 

(e)
Disputes. In the case of a dispute as
to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares to be issued pursuant
to the terms hereof, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve
such dispute in accordance with Section 13.

 

(f)
Limitations on Exercises. From and after
the Public Company Date, the Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not have
the right to exercise any portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise
shall be null and void and treated as if never made, to the extent that after giving effect to such exercise, the Holder together
with the other Attribution Parties collectively would beneficially own in excess of 4.99% (the “Maximum Percentage”)
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 the other Attribution Parties shall include
the number of shares of Common Stock held by the Holder and all other Attribution Parties plus the number of shares of Common
Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall
exclude shares of Common Stock which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant
beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company (including, without limitation, any convertible notes or convertible
preferred stock or warrants, including other SPA Warrants) beneficially owned by the Holder or any other Attribution Party subject
to a limitation on conversion or exercise analogous to the limitation contained in this Section 1(f). For purposes of this Section
1(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the 1934 Act. For purposes of determining the
number of outstanding shares of Common Stock the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum
Percentage, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most
recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC,
as the case may be, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or the
Transfer Agent, if any, setting forth the number of shares of Common Stock outstanding (the “Reported Outstanding Share
Number”). If the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding
shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing
of the number of shares of Common Stock then outstanding and, to the extent that such Exercise Notice would otherwise cause the
Holder’s beneficial ownership, as determined pursuant to this Section 1(f), to exceed the Maximum Percentage, the Holder
must notify the Company of a reduced number of Warrant Shares to be acquired pursuant to such Exercise Notice (the number of shares
by which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable, the
Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. 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 or
by electronic mail 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 and any other Attribution Party since the date as of which the Reported Outstanding Share Number was
reported. In the event that the issuance of shares of Common Stock to the Holder upon exercise of this Warrant results in the
Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage
of the number of outstanding shares of Common Stock (as determined under Section 13(d) of the 1934 Act), the number of shares
so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum
Percentage (the “Excess Shares”) shall be deemed null and void and shall be cancelled ab initio, and the Holder
shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable after the issuance of the
Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price paid by the Holder for
the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase (with such increase
not effective until the sixty-first (61st) day after delivery of such notice) or decrease the Maximum Percentage to any other
percentage not in excess of 9.99% as specified in such notice; provided that (i) any such increase in the Maximum Percentage 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 and the other Attribution Parties and not to any other holder of SPA Warrants that is not
an Attribution Party of the Holder. For purposes of clarity, the shares of Common Stock issuable pursuant to the terms of this
Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including
for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. 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. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 1(f) to the extent necessary to correct this paragraph or any portion of this paragraph which may
be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 1(f) or to make changes
or supplements necessary or desirable to properly give effect to such limitation. The limitation contained in this paragraph may
not be waived and shall apply to a successor holder of this Warrant.

 

    	 	4	 

     

    

 

	 	(g)	Reservation
    of Shares.

 

(i)
Required Reserve Amount. So long as this
Warrant remains outstanding, the Company shall at all times keep reserved for issuance under this Warrant a number of shares of
Common Stock at least equal to 200% of the maximum number of shares of Common Stock as shall be necessary to satisfy the Company’s
obligation to issue shares of Common Stock under the SPA Warrants then outstanding (without regard to any limitations on exercise)
(the “Required Reserve Amount”); provided that at no time shall the number of shares of Common Stock reserved
pursuant to this Section 1(g)(i) be reduced other than proportionally in connection with any exercise or redemption of SPA Warrants
or such other event covered by Section 2(i) below. The Required Reserve Amount (including, without limitation, each increase in
the number of shares so reserved) shall be allocated pro rata among the holders of the SPA Warrants based on number of shares
of Common Stock issuable upon exercise of SPA Warrants held by each holder on the Closing Date (without regard to any limitations
on exercise) or increase in the number of reserved shares, as the case may be (the “Authorized Share Allocation”).
In the event that a holder shall sell or otherwise transfer any of such holder’s SPA Warrants, each transferee shall be
allocated a pro rata portion of such holder’s Authorized Share Allocation. Any shares of Common Stock reserved and allocated
to any Person which ceases to hold any SPA Warrants shall be allocated to the remaining holders of SPA Warrants, pro rata based
on the number of shares of Common Stock issuable upon exercise of the SPA Warrants then held by such holders (without regard to
any limitations on exercise).

 

(ii)
Insufficient Authorized Shares. If, notwithstanding
Section 1(g)(i) above, and not in limitation thereof, at any time while any of the SPA Warrants remain outstanding, the Company
does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve the
Required Reserve Amount (an “Authorized Share Failure”), then the Company shall immediately take all action
necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve
the Required Reserve Amount for all the SPA Warrants then outstanding. Without limiting the generality of the foregoing sentence,
as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than sixty (60)
days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval
of an increase in the number of authorized shares of Common Stock. In connection with such meeting, the Company shall provide
each stockholder with a proxy statement and shall use its best efforts to solicit its stockholders’ approval of such increase
in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders that they approve such
proposal. In the event that the Company is prohibited from issuing shares of Common Stock upon an exercise of this Warrant due
to the failure by the Company to have sufficient shares of Common Stock available out of the authorized but unissued shares of
Common Stock (such unavailable number of shares of Common Stock, the “Authorization Failure Shares”), in lieu
of delivering such Authorization Failure Shares to the Holder, the Company shall pay cash in exchange for the cancellation of
such portion of this Warrant exercisable into such Authorization Failure Shares at a price equal to the sum of (i) the product
of (x) such number of Authorization Failure Shares and (y) the greatest Closing Sale Price of the Common Stock on any Trading
Day during the period commencing on the date the Holder delivers the applicable Exercise Notice with respect to such Authorization
Failure Shares to the Company and ending on the date of such issuance and payment under this Section 1(f); and (ii) to the extent
the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale
by the Holder of Authorization Failure Shares, any Buy-In Payment Amount, brokerage commissions and other out-of-pocket expenses,
if any, of the Holder incurred in connection therewith. Nothing contained in this Section 1(g) shall limit any obligations of
the Company under any provision of the Securities Purchase Agreement.

 

    	 	5	 

     

    

 

2.
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF
WARRANT SHARES. 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 2.

 

(a)
Stock Dividends and Splits. Without limiting any provision of Section 2(c) or Section 4, if the Company, at any time on
or after the Subscription Date, (i) pays a stock dividend on one or more classes of its then outstanding shares of Common Stock
or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides (by
any stock split, stock dividend, recapitalization or otherwise) one or more classes of its then outstanding shares of Common Stock
into a larger number of shares or (iii) combines (by combination, reverse stock split or otherwise) one or more classes of its
then outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and
of which the denominator shall be the number of shares of Common Stock outstanding immediately after 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) or (iii) of this paragraph
shall become effective immediately after the effective date of such subdivision or combination. If any event requiring an adjustment
under this paragraph occurs during the period that an Exercise Price is calculated hereunder, then the calculation of such Exercise
Price shall be adjusted appropriately to reflect such event.

 

	 	(b)	Intentionally
    omitted

 

(c)
Number of Warrant Shares. Simultaneously
with any adjustment to the Exercise Price pursuant to this Section 2, 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 adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in effect
immediately prior to such adjustment (without regard to any limitations on exercise contained herein).

 

	 	(d)	Intentionally
    omitted

 

	 	(e)	Intentionally
    omitted

 

	 	(f)	Intentionally
    omitted

 

(g)
Calculations. All calculations under this
Section 2 shall be made by rounding to the nearest cent or the nearest 1/100th of a share, as applicable. The number of shares
of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company, and
the disposition of any such shares shall be considered an issuance or sale of Common Stock.

 

(h)
Voluntary Adjustment By Company. The Company
may at any time during the term of this Warrant, with the prior written consent of the Required Holders (as defined in the Securities
Purchase Agreement), reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the
board of directors of the Company.

 

(i)
Dollar-Value Adjustment. At any time the
Dollar Value of this Warrant is less than $6 million, the number of Warrant Shares that may be purchased upon exercise of this
Warrant (without regard to any limitations on exercise set forth herein) shall automatically be increased such that, after giving
effect to such increase, the Dollar Value of this Warrant equals

$6
million.

 

    	 	6	 

     

    

 

3.
RIGHTS UPON DISTRIBUTION OF ASSETS. In
addition to any adjustments pursuant to Section 2 above, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise
(including, without limitation, any distribution of cash, stock or other securities, property, options, evidence of indebtedness
or any other assets by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other
similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such
case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately
before the date on which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record
holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that, on
or after the Public Company Date, to the extent that the Holder’s right to participate in any such Distribution would result
in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate
in such Distribution to the extent of the Maximum Percentage (and shall not be entitled to beneficial ownership of such shares
of Common Stock as a result of such Distribution (and beneficial ownership) to the extent of any such excess) and the portion
of such Distribution shall be held in abeyance for the benefit of the Holder until such time or times, if ever, as its right thereto
would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the
Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent
Distribution held similarly in abeyance) to the same extent as if there had been no such limitation).

 

4.
INTENTIONALY OMITTED

 

5.
NONCIRCUMVENTION. The Company hereby covenants
and agrees that the Company will not, by amendment of its Certificate of Incorporation (as defined in the Securities Purchase
Agreement), Bylaws (as defined in the Securities Purchase Agreement) or through any reorganization, transfer of assets, consolidation,
merger, scheme of arrangement, dissolution, issuance 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 (a) 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, and (b) 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. Notwithstanding anything herein to the contrary, if after the sixty (60) calendar day anniversary of the Issuance
Date, the Holder is not permitted to exercise this Warrant in full for any reason (other than pursuant to restrictions set forth
in Section 1(f) hereof), the Company shall use its best efforts to promptly remedy such failure, including, without limitation,
obtaining such consents or approvals as necessary to permit such exercise into shares of Common Stock.

 

6.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER.
Except as otherwise specifically provided herein, the Holder, solely in its 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 its 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, 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
it 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 (upon exercise of this Warrant or otherwise) or
as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding
this Section 6, the Company shall provide the Holder with copies of the same notices and other information given to the stockholders
of the Company generally, contemporaneously with the giving thereof to the stockholders.

 

    	 	7	 

     

    

 

7.
REISSUANCE OF WARRANTS.

 

(a)
Transfer of Warrant. If this Warrant is
to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the Company will forthwith issue and deliver
upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder may request, representing
the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant
Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing
the right to purchase the number of Warrant Shares not being transferred.

 

(b)
Lost, Stolen or Mutilated Warrant. Upon
receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this
Warrant (as to which a written certification and the indemnification contemplated below shall suffice as such evidence), and,
in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary and reasonable
form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to
the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying
this Warrant.

 

(c)
Exchangeable for Multiple Warrants. This
Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for a new Warrant or
Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the number of Warrant Shares then
underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of such Warrant Shares as
is designated by the Holder at the time of such surrender; provided, however, no warrants for fractional shares of Common Stock
shall be given.

 

(d)
Issuance of New Warrants. Whenever the
Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor
with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares
then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a) or Section 7(c), the Warrant
Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants issued
in connection with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have
an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the
same rights and conditions as this Warrant.

 

8.
NOTICES. Whenever notice is required to
be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance with Section 9(f) of the
Securities Purchase Agreement. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to
this Warrant (other than the issuance of shares of Common Stock upon exercise in accordance with the terms hereof), including
in reasonable detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, the
Company will give written notice to the Holder (i) immediately upon each adjustment of the Exercise Price and the number of Warrant
Shares, setting forth in reasonable detail, and certifying, the calculation of such adjustment(s), (ii) at least fifteen (15)
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 Options, Convertible Securities or
rights to purchase stock, warrants, securities or other property to 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, (iii) at least ten (10)
Trading Days prior to the consummation of any Fundamental Transaction and (iv) within one (1) Business Day of the occurrence of
an Event of Default (as defined in the Notes), setting forth in reasonable detail any material events with respect to such Event
of Default and any efforts by the Company to cure such Event of Default. To the extent that any notice provided hereunder constitutes,
or contains, material, non-public information regarding the Company or any of its Subsidiaries, the Company shall simultaneously
file such notice with the SEC (as defined in the Securities Purchase Agreement) pursuant to a Current Report on Form 8-K. If the
Company or any of its Subsidiaries provides material non- public information to the Holder that is not simultaneously filed in
a Current Report on Form 8- K and the Holder has not agreed to receive such material non-public information, the Company hereby
covenants and agrees that the Holder shall not have any duty of confidentiality to the Company, any of its Subsidiaries or any
of their respective officers, directors, employees, affiliates or agents with respect to, or a duty to any of the foregoing not
to trade on the basis of, such material non-public information. It is expressly understood and agreed that the time of execution
specified by the Holder in each Exercise Notice shall be definitive and may not be disputed or challenged by the Company.

 

    	 	8	 

     

    

 

9.
AMENDMENT AND WAIVER. Except as otherwise
provided herein, the provisions of this Warrant (other than Section 1(f)) 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 Holder. No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving
party.

 

10.
SEVERABILITY. If any provision of this
Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the
provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent
that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity
of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without material change,
the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties
or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in
good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect
of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

11.
GOVERNING LAW. This Warrant shall
be governed by and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation
and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any
choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause
the application of the laws of any jurisdictions other than the State of New York. The Company 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 to the
Company at the address set forth in Section 9(f) of the Securities Purchase Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. The Company hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any
such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other
legal action against the Company in any other jurisdiction to collect on the Company’s obligations to the Holder, to realize
on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling in favor of the Holder.
THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT
TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	 	9	 

     

    

 

12.
CONSTRUCTION; HEADINGS. This Warrant shall
be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any Person as the drafter hereof.
The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this
Warrant. Terms used in this Warrant but defined in the other Transaction Documents shall have the meanings ascribed to such terms
on the Closing Date (as defined in the Securities Purchase Agreement) in such other Transaction Documents unless otherwise consented
to in writing by the Holder.

 

13.
DISPUTE RESOLUTION.

 

	 	(a)	Submission
    to Dispute Resolution.

 

(i)
In the case of a dispute relating to the Exercise
Price, the Closing Sale Price, the Bid Price, Black Scholes Consideration Value, Event of Default Black Scholes Value, Black Scholes
Value or fair market value or the arithmetic calculation of the number of Warrant Shares (as the case may be) (including, without
limitation, a dispute relating to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall
submit the dispute to the other party via facsimile (A) if by the Company, within two (2) Business Days after the occurrence of
the circumstances giving rise to such dispute or (B) if by the Holder, at any time after the Holder learned of the circumstances
giving rise to such dispute. If the Holder and the Company are unable to promptly resolve such dispute relating to such Exercise
Price, such Closing Sale Price, such Bid Price, such Black Scholes Consideration Value, Event of Default Black Scholes Value,
Black Scholes Value or such fair market value or such arithmetic calculation of the number of Warrant Shares (as the case may
be), at any time after the second (2nd) Business Day following such initial notice by the Company or the Holder (as the case may
be) of such dispute to the Company or the Holder (as the case may be), then the Holder may, at its sole option, select an independent,
reputable investment bank to resolve such dispute.

 

	 	(ii)	The
    Holder and the Company shall each deliver to such investment bank

(A)
a copy of the initial dispute submission so delivered in accordance with the first sentence of this Section 13 and (B) written
documentation supporting its position with respect to such dispute, in each case, no later than 5:00 p.m. (New York time) by the
fifth (5th) Business Day immediately following the date on which the Holder selected such investment bank (the “Dispute
Submission Deadline”) (the documents referred to in the immediately preceding clauses (A) and (B) are collectively referred
to herein as the “Required Dispute Documentation”) (it being understood and agreed that if either the Holder
or the Company fails to so deliver all of the Required Dispute Documentation by the Dispute Submission Deadline, then the party
who fails to so submit all of the Required Dispute Documentation shall no longer be entitled to (and hereby waives its right to)
deliver or submit any written documentation or other support to such investment bank with respect to such dispute and such investment
bank shall resolve such dispute based solely on the Required Dispute Documentation that was delivered to such investment bank
prior to the Dispute Submission Deadline). Unless otherwise agreed to in writing by both the Company and the Holder or otherwise
requested by such investment bank, neither the Company nor the Holder shall be entitled to deliver or submit any written documentation
or other support to such investment bank in connection with such dispute (other than the Required Dispute Documentation).

 

(iii)
The Company and the Holder shall cause such investment
bank to determine the resolution of such dispute and notify the Company and the Holder of such resolution no later than ten (10)
Business Days immediately following the Dispute Submission Deadline. The fees and expenses of such investment bank shall be borne
solely by the Company, and such investment bank’s resolution of such dispute shall be final and binding upon all parties
absent manifest error.

 

(b)
Miscellaneous. The Company expressly acknowledges
and agrees that (i) this Section 13 constitutes an agreement to arbitrate between the Company and the Holder (and constitutes
an arbitration agreement) under the rules then in effect under § 7501, et seq. of the New York Civil Practice Law and Rules
(“CPLR”) and that the Holder is authorized to apply for an order to compel arbitration pursuant to CPLR §
7503(a) in order to compel compliance with this Section 13, (ii) a dispute relating to the Exercise Price includes, without limitation,
disputes as to (A) whether an issuance or sale or deemed issuance or sale of Common Stock occurred under Section 2(c), (B) the
consideration per share at which an issuance or deemed issuance of Common Stock occurred, (C) whether any issuance or sale or
deemed issuance or sale of Common Stock was an issuance or sale or deemed issuance or sale of Excluded Securities, (D) whether
an agreement, instrument, security or the like constitutes and Option or Convertible Security and (E) whether a Dilutive Issuance
occurred, (iii) the terms of this Warrant and each other applicable Transaction Document shall serve as the basis for the selected
investment bank’s resolution of the applicable dispute, such investment bank shall be entitled (and is hereby expressly
authorized) to make all findings, determinations and the like that such investment bank determines are required to be made by
such investment bank in connection with its resolution of such dispute (including, without limitation, determining (A) whether
an issuance or sale or deemed issuance or sale of Common Stock occurred under Section 2(c), (B) the consideration per share at
which an issuance or deemed issuance of Common Stock occurred, (C) whether any issuance or sale or deemed issuance or sale of
Common Stock was an issuance or sale or deemed issuance or sale of Excluded Securities, (D) whether an agreement, instrument,
security or the like constitutes and Option or Convertible Security and (E) whether a Dilutive Issuance occurred) and in resolving
such dispute such investment bank shall apply such findings, determinations and the like to the terms of this Warrant and any
other applicable Transaction Documents, (iv) the Holder (and only the Holder), in its sole discretion, shall have the right to
submit any dispute described in this Section 13 to any state or federal court sitting in The City of New York, Borough of Manhattan
in lieu of utilizing the procedures set forth in this Section 13 and (v) nothing in this Section 13 shall limit the Holder from
obtaining any injunctive relief or other equitable remedies (including, without limitation, with respect to any matters described
in this Section 13).

 

    	 	10	 

     

    

 

14.
REMEDIES, CHARACTERIZATION, OTHER OBLIGATIONS,
BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies
available under this Warrant and the other Transaction Documents, at law or in equity (including a decree of specific performance
and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual and consequential damages
for any failure by the Company to comply with the terms of this Warrant. The Company covenants to the Holder that there shall
be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein
with respect to payments, exercises and the like (and the computation thereof) shall be the amounts to be received by the Holder
and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof).
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the
remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened
breach, the holder of this Warrant shall be entitled, in addition to all other available remedies, to specific performance and/or
temporary, preliminary and permanent injunctive or other equitable relief from any court of competent jurisdiction in any such
case without the necessity of proving actual damages and without posting a bond or other security. The Company shall provide all
information and documentation to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s
compliance with the terms and conditions of this Warrant (including, without limitation, compliance with Section 2 hereof). The
issuance of shares and certificates for shares as contemplated hereby upon the exercise of this Warrant shall be made without
charge to the Holder or such shares for any issuance tax or other costs in respect thereof, provided that the Company shall not
be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate
in a name other than the Holder or its agent on its behalf.

 

15.
PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER
COSTS. If (a) this Warrant is placed in the hands of an attorney for collection or enforcement or is collected or enforced
through any legal proceeding or the holder otherwise takes action to collect amounts due under this Warrant or to enforce the
provisions of this Warrant or (b) there occurs any bankruptcy, reorganization, receivership of the company or other proceedings
affecting company creditors’ rights and involving a claim under this Warrant, then the Company shall pay the costs incurred
by the Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or
other proceeding, including, without limitation, attorneys’ fees and disbursements.

 

16.
TRANSFER. This Warrant may be offered
for sale, sold, transferred or assigned without the consent of the Company, except as may otherwise be required by Section 2(g)
of the Securities Purchase Agreement.

 

17.
DISCLOSURE. Upon receipt or delivery by
the Company of any notice in accordance with the terms of this Warrant, from and after the Public Company Date, unless the Company
has in good faith determined that the matters relating to such notice do not constitute material, nonpublic information relating
to the Company or its subsidiaries, the Company shall within one (1) Business Day after any such receipt or delivery publicly
disclose such material, nonpublic information on a Current Report on Form 8-k or otherwise. In the event that the Company believes
that a notice contains material, nonpublic information relating to the Company or its subsidiaries, the Company so shall indicate
to the Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed
to presume that all matters relating to such notice do not constitute material, nonpublic information relating to the Company
or its subsidiaries.

 

19.
CERTAIN DEFINITIONS. For purposes of this
Warrant, the following terms shall have the following meanings:

 

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

 

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

 

    	 	11	 

     

    

 

(c)
“Adjustment Right” means any
right granted with respect to any securities issued in connection with, or with respect to, any issuance or sale (or deemed issuance
or sale in accordance with Section 2) of shares of Common Stock (other than rights of the type described in Section 2(c) and 4
hereof) that could result in a decrease in the net consideration received by the Company in connection with, or with respect to,
such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights).

 

(d)
“Affiliate” means, with respect
to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common control with, such
Person, it being understood for purposes of this definition that “control” of a Person means the power directly or
indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors of such Person or
direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

(e)
“Approved Stock Plan” means
any employee benefit plan which has been approved by the board of directors of the Company prior to or subsequent to the date
hereof pursuant to which shares of Common Stock and standard options to purchase Common Stock may be issued to any employee, officer
or director for services provided to the Company in their capacity as such.

 

(f)
“Attribution Parties” means,
collectively, the following Persons and entities: (i) any investment vehicle, including, any funds, feeder funds or managed accounts,
currently, or from time to time after the Issuance Date, directly or indirectly managed or advised by the Holder’s investment
manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the Holder or any of the foregoing,
(iii) any Person acting or who could be deemed to be acting as a Group together with the Holder or any of the foregoing and (iv)
any other Persons whose beneficial ownership of the Company’s Common Stock would or could be aggregated with the Holder’s
and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of the foregoing is
to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

(g)
“Bid Price” means, for any
security as of the particular time of determination, the bid price for such security on the Principal Market as reported by Bloomberg
as of such time of determination, or, if the Principal Market is not the principal securities exchange or trading market for such
security, the bid price of such security on the principal securities exchange or trading market where such security is listed
or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the bid price of such
security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg as of such
time of determination, or, if no bid price is reported for such security by Bloomberg as of such time of determination, the average
of the bid prices of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc.
(formerly Pink Sheets LLC) as of such time of determination. If the Bid Price cannot be calculated for a security as of the particular
time of determination on any of the foregoing bases, the Bid Price of such security as of such time of determination 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 in accordance with the procedures in Section
13. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during such period.

 

(h)
“Black Scholes Consideration Value”
means (x) prior to the Public Company Date, the fair market value of the applicable Option, Convertible Security or Adjustment
Right (as the case may be) as determined in good faith by the Required Holders, and (y) on or after the Public Company Date, the
value of the applicable Option, Convertible Security or Adjustment Right (as the case may be) as of the date of issuance thereof
calculated using the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg utilizing (i)
an underlying price per share equal to the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the
public announcement of the execution of definitive documents with respect to the issuance of such Option or Convertible Security
(as the case may be), (ii) a risk- free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining
term of such Option, Convertible Security or Adjustment Right (as the case may be) as of the date of issuance of such Option,
Convertible Security or Adjustment Right (as the case may be), (iii) a zero cost of borrow and (iv) an expected volatility equal
to the greater of 100% and the 30 day volatility obtained from the “HVT” function on Bloomberg (determined utilizing
a 365 day annualization factor) as of the Trading Day immediately following the date of issuance of such Option, Convertible Security
or Adjustment Right (as the case may be).

 

(i)
“Black Scholes Value” means
(x) prior to the Public Company Date, the fair market value of the unexercised portion of this Warrant as determined in good faith
by the Required Holders, and (y) on or after the Public Company Date, the value of the unexercised portion of this Warrant remaining
on the date of the Holder’s request pursuant to Section 4(c)(i), which value is calculated using the Black Scholes Option
Pricing Model obtained from the “OV” function on Bloomberg utilizing (i) an underlying price per share equal to the
greater of (1) the highest Closing Sale Price of the Common Stock during the period beginning on the Trading Day immediately preceding
the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if
earlier) and ending on the Trading Day of the Holder’s request pursuant to Section 4(c)(i) and (2) the sum of the price
per share being offered in cash in the applicable Fundamental Transaction (if any) plus the value of the non-cash consideration
being offered in the applicable Fundamental Transaction (if any), (ii) a strike price equal to the Exercise Price in effect on
the date of the Holder’s request pursuant to Section 4(c)(i), (iii) a risk-free interest rate corresponding to the U.S.
Treasury rate for a period equal to the greater of (1) the remaining term of this Warrant as of the date of the Holder’s
request pursuant to Section 4(c)(i) and (2) the remaining term of this Warrant as of the date of consummation of the applicable
Fundamental Transaction or as of the date of the Holder’s request pursuant to Section 4(c)(i) if such request is prior to
the date of the consummation of the applicable Fundamental Transaction, (iv) a zero cost of borrow and (v) an expected volatility
equal to the greater of 100% and the 30 day volatility obtained from the “HVT” function on Bloomberg (determined utilizing
a 365 day annualization factor) as of the Trading Day immediately following the earliest to occur of (A) the public disclosure
of the applicable Fundamental Transaction, (B) the consummation of the applicable Fundamental Transaction and (C) the date on
which the Holder first became aware of the applicable Fundamental Transaction.

 

	 	(j)	“Bloomberg”
    means Bloomberg, L.P.

 

(k)
“Business Day” means any day
other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to
remain closed.

 

(l)
“Closing Sale Price” means,
for any security as of any date, the last closing trade price for such security on the Principal Market, as reported by Bloomberg,
or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price, then
the last trade price of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market
is not the principal securities exchange or trading market for such security, the last trade price of such security on the principal
securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing does
not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security
as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average of the ask prices
of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets
LLC). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing
Sale 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
in accordance with the procedures in Section 13. All such determinations shall be appropriately adjusted for any stock dividend,
stock split, stock combination or other similar transaction during such period.

 

(m)
“Common Stock” means (i) the
Company’s shares of common stock, $0.000001 par value per share, and (ii) any capital stock into which such common stock
shall have been changed or any share capital resulting from a reclassification of such common stock.

 

(n)
“Convertible Securities” means
any stock or other security (other than Options) that is at any time and under any circumstances, directly or indirectly, convertible
into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common Stock.

 

(o)
“Dollar Value” means, as of
any given time, the sum of (x) the sum of each Aggregate Exercise Price of each exercise of this Warrant (assuming solely for
such purpose that each such exercise was a cash exercise of this Warrant) that occurred prior to such given time and (y) the Aggregate
Exercise Price of a cash exercise of the unexercised portion of this Warrant as of such given time.

 

    	 	12	 

     

    

 

(p)
“Eligible Market” means The
New York Stock Exchange, the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Select Market, the Nasdaq Global Market,
the OTCQB, the OTCQX or the Principal Market.

 

(q)
“Event Market Price” means,
with respect to any Stock Combination Event Date, the quotient determined by dividing (x) the sum of the VWAP of the Common Stock
for each of the five (5) lowest Trading Days during the twenty (20) consecutive Trading Day period ending and including the Trading
Day immediately preceding the sixteenth (16th) Trading Day after such Stock Combination Event Date, divided by (y) five (5).

 

(r)
“Event of Default Black Scholes Value”
means (x) prior to the Public Company Date, the fair market value of the unexercised portion of this Warrant as determined in
good faith by the Required Holders, and (y) on or after the Public Company Date, the value of the unexercised portion of this
Warrant remaining on the date of the Holder’s request pursuant to Section 4(c)(ii), which value is calculated using the
Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg utilizing (i) an underlying price
per share equal to the highest Closing Sale Price of the Common Stock during the period beginning on the date of the occurrence
of the Event of Default through the date all Events of Default have been cured (assuming for such purpose that the Notes remain
outstanding) or, if earlier, the Trading Day of the Holder’s request pursuant to Section 4(c)(ii), (ii) a strike price equal
to the Exercise Price in effect on the date of the Holder’s request pursuant to Section 4(c)(ii), (iii) a risk-free interest
rate corresponding to the U.S. Treasury rate for a period equal to the greater of (1) the remaining term of this Warrant as of
the date of the Holder’s request pursuant to Section 4(c)(ii) and (2) the remaining term of this Warrant as of the date
of the occurrence of such Event of Default, (iv) a zero cost of borrow and (v) an expected volatility equal to the greater of
100% and the 30 day volatility obtained from the “HVT” function on Bloomberg (determined utilizing a 365 day annualization
factor) as of the Trading Day immediately following later of (x) the date of the occurrence of such Event of Default and (y) the
date of the public announcement of such Event of Default.

 

(s)
“Excluded Securities” means
(i) shares of Common Stock or standard options to purchase Common Stock issued to directors, officers or employees of the Company
for services rendered to the Company in their capacity as such pursuant to an Approved Stock Plan (as defined above), provided
that (A) all such issuances (taking into account the shares of Common Stock issuable upon exercise of such options) after the
Subscription Date pursuant to this clause (i) do not, in the aggregate, exceed more than 5% of the Common Stock issued and outstanding
immediately prior to the Subscription Date and (B) the exercise price of any such options is not lowered, none of such options
are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such options are otherwise
materially changed in any manner that adversely affects any of the Buyers; (ii) shares of Common Stock issued upon the conversion
or exercise of Convertible Securities (other than standard options to purchase Common Stock issued pursuant to an Approved Stock
Plan that are covered by clause (i) above) issued prior to the Subscription Date, provided that the conversion price of any such
Convertible Securities (other than standard options to purchase Common Stock issued pursuant to an Approved Stock Plan that are
covered by clause (i) above) is not lowered, none of such Convertible Securities (other than standard options to purchase Common
Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above) are amended to increase the number of shares
issuable thereunder and none of the terms or conditions of any such Convertible Securities (other than standard options to purchase
Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above) are otherwise materially changed
in any manner that adversely affects any of the Buyers; and (iii) the shares of Common Stock issuable upon exercise of the SPA
Warrants; provided, that the terms of the SPA Warrant are not amended, modified or changed on or after the Subscription Date (other
than antidilution adjustments pursuant to the terms thereof in effect as of the Subscription Date).

 

(t)
“Expiration Date” means the
date that is the fifth (5th) anniversary of the Issuance Date or, if such date falls on a day other than a Trading Day or on which
trading does not take place on the Principal Market (a “Holiday”), the next date that is not a Holiday.

 

    	 	13	 

     

    

 

(u)
“Fundamental Transaction”
means (A) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more
related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another
Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets
of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of Regulation S-X) to one or more
Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be subject to or have
its Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted
by the holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50% of the outstanding shares of Common
Stock calculated as if any shares of Common Stock held by all Subject Entities making or party to, or Affiliated with any Subject
Entities making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number of shares of Common
Stock such that all Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase,
tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least
50% of the outstanding shares of Common Stock, or (iv) consummate a stock or share
purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate,
acquire, either (x) at least 50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common
Stock calculated as if any shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any
Subject Entity making or party to, such stock purchase agreement or other business combination were not outstanding; or (z) such
number of shares of Common Stock such that the Subject Entities become collectively the beneficial owners (as defined in Rule
13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify
its Common Stock, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise,
in one or more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become
the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition,
purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation,
business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification
or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued
and outstanding Common Stock, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common
Stock not held by all such Subject Entities as of the date of this Warrant calculated as if any shares of Common Stock held by
all such Subject Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued
and outstanding shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to
effect a statutory short form merger or other transaction requiring other shareholders of the Company to surrender their shares
of Common Stock without approval of the shareholders of the Company or (C) directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction
structured in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be
construed and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary
to correct this definition or any portion of this definition which may be defective or inconsistent with the intended treatment
of such instrument or transaction.

 

(v)
“Group” means a “group”
as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

 

(w)
“Listing Date” means the earlier
to occur of (x) May 31, 2018 (solely if the Company fails to use its reasonably best efforts to effect this listing of the Common
Stock on an Eligible Market (other than the OTCQB or the OTCQX) on or prior thereto) or (y) the initial date any security of the
Company (including, without limitation, the Common Stock) is listed on an Eligible Market (other than the OTCQB or the OTCQX).

 

(x)
“Notes” has the meaning ascribed
to such term in the Securities Purchase Agreement, and shall include all notes issued in exchange therefor or replacement thereof.

 

(y)
“Options” means any rights,
warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

(z)
“Parent Entity” of a Person
means an entity that, directly or indirectly, controls the applicable Person and whose common stock or equivalent equity security
is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity
with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

(aa)
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity or a government or any department or agency thereof.

 

(bb)
“Pre-Listing Maximum Eligibility Number” means 100,000 Warrant Shares (as adjusted for stock splits, stock
dividends, recapitalizations and similar events).

 

    	 	14	 

     

    

 

(cc)
“Public Company Date” means the date on which the shares of Common Stock of the Company (or its direct or indirect
successor, subsidiary or parent company, whose securities are issued or issuable to holders of Common Stock), whether as a result
of a public offering, merger, recapitalization, reorganization or otherwise, are registered under the 1934 Act.

 

(dd)
“Principal Market” means, as of any date of determination, the Eligible Market that is the principal securities
exchange market for the Common Stock as of such date of determination.

 

(ee)
“Registration Rights Agreement” means that certain registration rights agreement, dated as of the Closing Date,
by and among the Company and the initial holders of the Notes relating to, among other things, the registration of the resale
of the Common Stock issued pursuant to the Securities Purchase Agreement and issuable upon exercise of the SPA Warrants, as may
be amended from time to time.

 

(ff)
“SEC” means the United States Securities and Exchange Commission or the successor thereto.

 

(gg)
“Spot Price” means, with respect to any given Exercise Notice, as applicable:

(A)
the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice
if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day
or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of “regular trading
hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day,
(B) the Bid Price of the Common Stock as of the time of the Holder’s execution of the applicable Exercise Notice if such
Exercise Notice is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours
thereafter pursuant to Section 1(a) hereof, or (C) the Closing Sale Price of the Common Stock on the date of the applicable Exercise
Notice if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to
Section 1(a) hereof after the close of “regular trading hours” on such Trading Day

 

(hh)
“Subject Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons
or Group.

 

(ii)
“Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting
from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such
Fundamental Transaction shall have been entered into.

 

(jj)
“Trading Day” means, as applicable, (i) prior to the Public Company Date, any Business Day, and (ii) from and
after the Public Company Date, (x) with respect to all price or trading volume determinations relating to the Common Stock, any
day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market
for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded,
provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange
or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading
on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange
or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day
in writing by the Holder or (y) with respect to all determinations other than price or trading volume determinations relating
to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

 

(kk)
“VWAP” means, for any security as of any date, the dollar volume-weighted average price for such security on
the Principal Market (or, if the Principal Market is not the principal trading market for such security, then on the principal
securities exchange or securities market on which such security is then traded) during the period beginning at 9:30:01 a.m., New
York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its “HP” function (set to weighted
average) or, if the foregoing does not apply, the dollar volume- weighted average price of such security in the over-the-counter
market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending
at 4:00:00 p.m., New York time, as reported by Bloomberg, or, 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 the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets
LLC). If the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP 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 in accordance with the procedures
in Section 13. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination,
recapitalization or other similar transaction during such period.

 

[signature
page follows]

 

    	 	15	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date
set out above.

 

	 	YAYYO,
    INC.
	 	 
	 	By:	 
	 	Name:
    	Ramy
    El-Batrawi
	 	Title:
    	CEO

 

    	 	16	 

     

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT
TO PURCHASE COMMON STOCK

 

YAYYO,
INC.

 

The
undersigned holder hereby elects to exercise the Warrant to Purchase Common Stock

No.
(the “Warrant”) of Yayyo, Inc., a Delaware corporation (the “Company”) as specified
below.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 Aggregate Exercise Price shall be made as:

 

[  ]
a “Cash Exercise” with respect to and/or

_________________
Warrant Shares;

 

[  ]
a “Cashless Exercise” with respect to_______________Warrant Shares.

 

In
the event that the Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant
hereto, the Holder hereby represents and warrants that (i) this Exercise Notice was executed by the Holder at________________________[a.m.][p.m.]
on the date set forth below

and
(ii) if applicable, the Bid Price as of such time of execution of this Exercise Notice was

$________.

 

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.

 

4.
Delivery of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below,________________________shares
of Common Stock in accordance with the terms of the

Warrant.
Delivery shall be made to Holder, or for its benefit, as follows:

 

[  ]
Check here if requesting delivery as a certificate to the following name and to the following address:

 

Issue
to:_________________

 

[  ]
Check here if (x) after the Public Company Day and (y) requesting delivery by Deposit/Withdrawal at Custodian as follows:

 

DTC
Participant: _________ DTC Number: ___________ Account Number: ___

 

Date:
_________________________, ____

 

Name
of Registered Holder

 

	 	By:___________________	 
	 	Name:
    	 
	 	Title:	 

 

Tax
ID: __________________

Facsimile:______________

E-mail
Address: ______________

 

    	 	 	 

     

    

 

EXHIBIT
B

 

ACKNOWLEDGMENT

 

TheCompanyherebyacknowledgesthisExerciseNoticeandherebydirects

______________
to issue the above indicated number of shares of Common Stock from the Company and acknowledged and agreed to by__________________________.

 

 

	 	YAYYO,
    INC.
	 	 
	 	By:
    _________________________________
	 	Name:
    Title:

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