Document:

THE SECURITIES REPRESENTED
BY THIS NOTE, INCLUDING THE SECURITIES ISSUANCE UPON CONVERSION OF THE NOTE, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST
THEREIN MAY BE OFFERED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE
UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES
AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES
MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE ACT OR APPLICABLE STATE SECURITIES LAWS.

 

 

This instrument or other agreement
and the indebtedness, rights and obligations evidenced hereby and any liens or other security interests securing such rights and
obligations are subordinate in the manner and to the extent set forth in that certain Subordination Agreement (as amended, restated,
supplemented or modified from time to time, the “Subordination Agreement”), dated as of November [__], 2013 by and
among the Subordinated Lenders identified therein and MidCap Funding III, LLC, in its capacity as agent (together with its successors
and assigns, “Agent”) for the Senior Lenders( as defined in the Subordination Agreement), to certain indebtedness,
rights and obligations of Cytomedix, Inc., Aldagen, Inc. and Cytomedix Acquisition Company, LLC, to Agent and the Senior Lenders
(the “Senior Debt”), and all liens and security interests of Agent securing the same, all as described in the
Subordination Agreement, and each holder and transferee of this instrument or agreement, by its acceptance hereof, irrevocably
agrees to be bound by the provisions of the Subordination Agreement.

 

 

FORM 10% SUBORDINATED CONVERTIBLE PROMISSORY
NOTE

 

	$[_]	Gaithersburg, Maryland
	 	[_], 2013 

 

FOR VALUE RECEIVED,
Cytomedix, Inc., a Delaware corporation (the “Company”) promises to pay to the order of [_] (“Holder”),
at [_], or at such other location as Payee may from time to time designate, the principal sum of [_] Dollars ($[_]), together with
interest on the unpaid principal sum from time to time outstanding at the rate of ten (10%) percent per annum from the date of
this note until this note is paid in full. Subject to the provisions of the Subordination Agreement, interest accrued on the Note
shall be due and payable in equal quarterly payments of [_] Dollars ($[_]) or in shares of the Company’s commons stock as
set forth below, beginning on [_], 2014 and continuing thereafter on the first day of each and every quarter until paid in full
91 days following Payment in Full (as defined in the Subordination Agreement) of the Senior Debt (“Maturity Date”).
No payment will be late under this Note if Holder receives it by the tenth (10th) day of the month after which the payment
is due. Payment for all amounts due hereunder shall be made by wire transfer of immediately available funds, in lawful tender of
the United States, to an account designated in writing by the Holder. This Note is issued pursuant to that certain Subscription
Agreement by and among the Company and the investors described therein, dated as of the date hereof, as the same may from time
to time be amended, modified or supplemented (the “Subscription Agreement”). Capitalized terms used in this
Note that are not defined herein shall have the respective meanings given such terms in the Subscription Agreement. The Holder
of this Note is subject to certain restrictions set forth in the Subscription Agreement and shall be entitled to certain rights
and privileges set forth in the Subscription Agreement. This Note is one of the 10% Subordinated Convertible Promissory Notes referred
to as the “Notes” in the Subscription Agreement. The following is a statement of the rights of the Holder of this Note
and the conditions to which this Note is subject, and to which the Holder hereof, by the acceptance of this Note, agrees:

 

    	 

    	 

    

 

1.            Definitions.
As used in this Note, the following terms, unless the context otherwise requires, have the following meanings:

 

(i)       “Common
Stock” shall mean the shares of Company common stock par value $0.001 per share.

 

(ii)      “Common
Stock Equivalents” means any securities of the Company which would entitle the holder thereof to acquire at any time
Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any
time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

(iii)     “Company”
includes any corporation that, to the extent permitted by this Note or the Subscription Agreement, shall succeed to or assume the
obligations of the Company under this Note.

 

(iv)     “Holder,”
when the context refers to a holder of this Note, shall mean any person who shall at the time be the registered holder of this
Note.

 

2.             Interest.
Until all outstanding principal and all accrued and unpaid interest on this Note shall have been paid (or converted into shares
of Common Stock, as set forth hereunder) in full, interest on the unpaid principal balance of this Note shall accrue from the date
hereof at the rate of ten percent (10%) per annum (the “Interest Rate”), subject to adjustment as set forth
herein below, payable quarterly in cash (subject to the terms of the Subordination Agreement) or, at the sole option of the Company,
in shares of the Company’s common stock valued at fair market value on the date prior to the interest payment date, subject
to adjustment.

 

3.             Events
of Default. If any of the events specified in this Section 3 shall occur (herein individually referred to as an “Event
of Default”), the Company agrees to give the Holder prompt written notice of such event.

 

(i)       Any
breach by the Company of any material representation, warranty or covenant in this Note or the Subscription Agreement which results
in a material adverse effect on the Company’s business, operations or financial condition; provided, that, in the event of
any such breach, such breach shall not have been cured by the Company within sixty (60) days after written notice to the Company
of such breach; or

 

(ii)      The
institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to institution of bankruptcy
or insolvency proceedings against it or the filing by it of a petition or answer or consent seeking reorganization or release under
the federal Bankruptcy Act, or any other applicable federal or state law, or the consent by it to the filing of any such petition
or the appointment of a receiver, liquidator, assignee, trustee or other similar official of the Company, or of any substantial
part of its property, or the making by it of an assignment for the benefit of creditors, or the taking of corporate action by the
Company in furtherance of any such action.

 

If an Event of Default
described above shall occur for any reason and so long as such condition exists or has not been cured during the applicable cure
period, subject to the terms of the Subordination Agreement the Holder may, upon notice to the Company, declare all or any portion
of the outstanding principal amount of the Note, together with interest accrued thereon, to be due and payable and any or all other
obligations hereunder to be due and payable, whereupon the full unpaid principal amount hereof, such accrued interest and any and
all other such obligations which shall be so declared due and payable shall be and become immediately due and payable, without
further notice, demand, or presentment.

 

    	2

    	 

    

 

4.             Prepayment.
Subject to the Subordination Agreement and the Senior Debt documents, the Company may prepay, without penalty, at any time
prior one hundred twenty (120) days following the Closing and provided the Company has an effective registration statement on Form
S-1 covering the Registrable Securities (as the term is defined in the Registration Rights Agreement by and between the Company
and the Holders of the Note dated as of the date hereof) on file with the SEC at the time of such prepayment, all amounts due under
this Note in consideration of one hundred and ten (110%) of the amount of the Note plus any accrued interest thereon upon fifteen
(15) days’ advance written notice to the Holder, during which notice period the Holder may convert the amounts of under this
Note in accordance with this Agreement.

 

5.            Conversion.
The Holder has the option to convert all or a portion of the unpaid principal balance of the Note, plus all accrued but unpaid
interest, at the Conversion Price (as defined below), into fully paid and non-assessable shares of Common Stock (the “Share
Conversion”) anytime after the date of issuance of this Note but before the Maturity Date. The Holder may make its election
for a Share Conversion by delivery of a notice of its election to exercise its conversion option to the Company. Conversion of
this Note shall be deemed to have been made at the close of business on the date the Company received the Holder’s notice
of its election to exercise a Share Conversion (the “Conversion Date”). Any notice of Share Conversion received
on a weekend or recognized United States holiday shall be deemed received on the close of business of the immediately following
business day. The number of shares to be issued will be determined by dividing (x) the dollar amount of principal and accrued interest
to be converted by (y) the Conversion Price.

 

As used herein, the
term “Conversion Price” refers to the price equal to eighty five (85%) percent of the average daily VWAP for
the ten (10) trading day period immediately following the Good News CMS Reimbursement Event (as defined below), provided, however,
that in no event shall the Conversion Price be greater than $0.75 per share.

 

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

 

As used herein, the
term “Good News CMS Reimbursement Event” shall be understood to be a final ruling by the Centers for Medicare
& Medicaid Services included in the “CY 2014 Changes to the Hospital Outpatient Prospective Payment System and Ambulatory
Surgical Center Payment System (CMS-1601-FC)” resulting in an approved reimbursement rate for the Company’s AutoloGel
product of at least $450 per treatment.

 

6.             Upon
the Conversion Date, as applicable, the Company shall reflect in its books and records the new shares that have been issued to
the Holder and will have the Company’s transfer agent reflect such transfer on its records.

 

    	3

    	 

    

 

In the event the Company
should at any time or from time to time after the date hereof fix a record date for (i) the effectuation of a split or subdivision
of the outstanding shares of Common Stock or (ii) the determination of holders of Common Stock entitled to receive a dividend or
other distribution payable in additional shares of Common Stock or other securities or rights convertible into, or entitling the
holder thereof to receive directly or indirectly, additional shares of Common Stock, then, as of such record date (or the date
of such dividend, distribution, split, or subdivision if no record date is fixed), the Conversion Price of this Note shall be appropriately
adjusted in proportion to such change in the number of outstanding shares to ensure that such adjustment does not decrease the
conversion value of the Note.

 

If, at any time within
six (6) months from the date hereof, the Company sells or grants any option to purchase or sells or grants any right to reprice,
or otherwise disposes of or issues (or announces any sale, grant or any option to purchase or other disposition), any Common Stock
or Common Stock Equivalents entitling any person to acquire shares of Common Stock at an effective price per share that is lower
than the then Conversion Price (such lower price, the “Base Conversion Price” and such issuances, collectively,
a “Dilutive Issuance”) (if the holder of the Common Stock or Common Stock Equivalents so issued shall at any
time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or
otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive
shares of Common Stock at an effective price per share that is lower than the Conversion Price, such issuance shall be deemed to
have occurred for less than the Conversion Price on such date of the Dilutive Issuance), then the Conversion Price shall be reduced
to equal the Base Conversion Price. Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued.
Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section in respect of an Exempt Issuance.
“Exempt Issuance” means the issuance of (a) shares of Common Stock or options to employees, consultants, officers or
directors of the Company pursuant to any stock or option plan or agreement duly adopted by a majority of the non-employee members
of the Board of Directors of the Company or a majority of the members of a committee of non-employee directors established for
such purpose, (b) securities upon the exercise or exchange of or conversion of any securities exercisable or exchangeable for or
convertible into shares of Common Stock issued and outstanding on the date hereof, (c) securities issued or to be issued by the
Company pursuant to that certain Purchase Agreement dated as of February 18, 2013, as amended to date, by and between the Company
and Lincoln Park Capital Fund, LLC, as amended to date, (d) securities issued pursuant to acquisitions or strategic transactions
with a third party non-affiliate of the Company approved by a majority of the then disinterested directors of the Company, provided
that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries,
an operating company or an asset in a business synergistic with the business of the Company and shall provide to the Company additional
benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities
primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

 

The Company shall use
its reasonable best efforts at all times reserve and keep available out of its authorized but unissued shares of Common Stock solely
for the purpose of effecting the conversion of this Note such number of its shares of Common Stock as shall from time to time be
sufficient to effect the conversion of the Note; since the amount of shares issuable upon conversion of this Note is not currently
determinable, the Company agrees to reserve a sufficient number of shares to fulfill its contractual obligations under the Notes
as of the date of issuance and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient
to effect the conversion of the entire outstanding principal amount of this Note, in addition to such other remedies as shall be
available to the Holder of this Note, the Company will use its reasonable best efforts to take such corporate action as may, in
the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares
as shall be sufficient for such purposes.

 

    	4

    	 

    

 

Notwithstanding anything
herein to the contrary, the Company shall not issue to the Holder, and the Holder may not acquire, a number of shares of Common
Stock upon conversion of this Note to the extent that, upon such conversion, the number of shares of Common Stock then beneficially
owned by the Holder and its affiliates and any other persons or entities whose beneficial ownership of Common Stock would be aggregated
with the Holder’s for purposes of Section 13(d) of the Exchange Act (including shares held by any “group” of
which the Holder is a member, but excluding shares beneficially owned by virtue of the ownership of securities or rights to acquire
securities that have limitations on the right to convert, exercise or purchase similar to the limitation set forth herein) would
exceed 9.99% of the total number of shares of Common Stock then issued and outstanding (the “Beneficial Ownership Limitation”).
For purposes hereof, “group” has the meaning set forth in Section 13(d) of the Exchange Act and applicable regulations
of the Securities and Exchange Commission, and the percentage held by the Holder shall be determined in a manner consistent with
the provisions of Section 13(d) of the Exchange Act. For purposes of this Section, in determining the number of outstanding shares
of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s
most recent periodic or annual report filed with the Commission, as the case may be or (B) a more recent public announcement by
the Company. Upon the written or oral request of a Holder, the Company shall within two trading days confirm orally and in writing
to the Holder the number of shares of Common Stock then outstanding. The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation.

 

7.            Covenants.

 

7.1           Affirmative
Covenants of the Company. The Company covenants and agrees that, between the date hereof and the date of repayment of all principal
and interest on this Note or a Share Conversion, the Company shall:

 

7.1.1       Ordinary
Course Operations. Operate the Company’s business in the ordinary course.

 

7.1.2      Corporate
Existence. At all times cause to be done all things reasonably necessary to maintain, preserve and renew its corporate existence
and all material licenses, authorizations and permits necessary to the conduct of its businesses.

 

7.1.3       Properties.
Maintain and keep its properties in good repair, working order and condition, normal wear and tear expected.

 

7.1.4       Compliance
with Laws. Comply with all applicable laws, rules and regulations of all governmental authorities, the violation of which could
reasonably be expected to have a material adverse effect.

 

7.1.5       Books and
Records. Maintain proper books of records and account that present fairly in all material respects its financial condition
and results of operations and make provisions on its financial statements for all such proper reserves as in each case are required
in accordance with generally accepted accounting principles (“GAAP”), consistently applied.

 

7.1.6       Taxes and
Other Liabilities. Pay and discharge when due any and all material indebtedness, obligations, assessments and taxes, except
as may be properly extended or those subject to good faith contest or as to which a bona fide dispute may exist that is being diligently
pursued.

 

7.2           Negative
Covenants of the Company. The Company covenants and agrees that, between the date hereof and the repayment of all principal
and interest on this Note, the Company shall not, without the prior notice to the Holder:

 

    	5

    	 

    

 

7.2.1       Ability to
Perform Obligations. Except for the Senior Debt, become subject to (including, without limitation, by way of amendment to or
modification of), any agreement or instrument that, by its terms, would (under any circumstances) restrict the Company’s
right to perform the provisions of this Note.

 

7.2.2       Dividends.
Make a distribution upon its capital stock in cash.

 

7.2.3       Mergers,
Etc. (i) Merge or consolidate with or into, or permit any of its subsidiaries to merge or consolidate with or into, any corporation,
with the effect that immediately after such merger or consolidation the stockholders of the Company immediately prior to such merger
or consolidation hold less than a majority in interest of the total voting power of the outstanding voting securities of the entity
surviving such merger or consolidation, or (ii) sell, lease, transfer or otherwise dispose of all or any substantial part of its
assets (except in the ordinary course of business), whether now owned or hereafter acquired, unless the Company or one of its subsidiaries
would be the acquiring or surviving party in such transaction and no Event of Default shall have occurred and be continuing at
the time of such proposed transaction or would result therefrom.

 

8.             Assignment.
Subject to the restrictions on transfer described herein, the rights and obligations of the Company and the Holder of this Note
shall be binding upon and benefit the successors and assigns of the parties. This Note may not be assigned or transferred by the
parties except in accordance with the terms hereof. 

 

9.             Subordination.
Holder covenants and agrees, that the payment of any and all of the amounts hereunder shall be subordinate and subject in right
and time of payment, to the extent and in the manner hereinafter set forth, to the payment in full of all Senior Debt as set forth
in the Subordination Agreement.

 

10.           Waiver
and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of the Company and the
Holder; provided to the extent this Note is amended all Notes must be similarly amended as agreed to (in writing) by the Company
and all holders of Notes.

 

11.            Transfers.
With respect to any offer, sale or other disposition of this Note, the Holder will give written notice to the Company prior thereto,
describing briefly the manner thereof, together with a written opinion of such Holder’s counsel, which counsel must be acceptable
to the Company, to the effect that such offer, sale or other distribution may be effected without registration or qualification
(under any federal or state law then in effect). Promptly upon receiving such written notice and opinion, the Company, as promptly
as practicable, shall notify such Holder that such Holder may sell or otherwise dispose of this Note, all in accordance with the
terms of the notice delivered to the Company. Each Note thus transferred shall bear a legend as to the applicable restrictions
on transferability in order to ensure compliance with the Act, unless in the opinion of counsel for the Company such legend is
not required. The Company may issue stop transfer instructions to its transfer agent in connection with such restrictions.

 

12.           Notices.
Any notice, request or other communication required or permitted hereunder shall be in writing and shall be deemed to have been
duly given if personally delivered or if faxed with confirmation of receipt by telephone or if mailed by registered or certified
mail, postage prepaid, at the respective addresses of the parties as set forth in the Subscription Agreement. Any party hereto
may by notice so given change its address for future notice hereunder. Notice shall conclusively be deemed to have been given when
personally delivered, faxed, or when deposited in the mail in the manner set forth above and shall be deemed to have been received
when delivered.

 

13.
          No Stockholder Rights. Nothing contained in this Note shall be construed as conferring upon the Holder or any other person
the right to vote or to consent or to receive notice as a stockholder in respect of meetings of stockholders for the election of
directors of the Company or any other matters or any rights whatsoever as a stockholder of the Company; and no dividends or interest
shall be payable or accrued in respect of this Note or the conversion interest represented hereby.

 

    	6

    	 

    

 

14.           Usury.
This Note is hereby expressly limited so that in no event whatsoever, whether by reason of acceleration of maturity of the
loan evidenced hereby or otherwise, shall the amount paid or agreed to be paid to the Holder hereunder for the loan, use, forbearance
or detention of money exceed that permissible under applicable law. If at any time the performance of any provision of this Note
or of any other agreement or instrument entered into in connection with this Note involves a payment exceeding the limit of the
interest that may be validly charged for the loan, use, forbearance or detention of money under applicable law, then automatically
and retroactively, ipso facto, the obligation to be performed shall be reduced to such limit, it being the specific intent
of the Company and the Holder that all payments under this Note are to be credited first to interest as permitted by law, but not
in excess of (i) the agreed rate of interest set forth herein or therein or (ii) that permitted by law, whichever
is the lesser, and the balance toward the reduction of principal. The provisions of this Section 14 shall never be superseded or
waived and shall control every other provision of this Note and all other agreements and instruments between the Company and the
Holder entered into in connection with this Note.

 

15.           Governing
Law. This Note shall be governed by and construed in accordance with the laws of the State of Delaware, excluding that body
of law relating to conflict of laws; provided, however, in the event that any legal proceeding is brought against the Maryland
Venture Fund (Department of Business and Economic Development of the State of Maryland, or the State of Maryland in connection
with such entity’s investment hereunder, the parties to any such dispute agree to submit to the venue of the Maryland courts
for purposes of resolving any and all such disputes.

 

16.           Heading;
References. All headings used herein are used for convenience only and shall not be used to construe or interpret this Note.
Except where otherwise indicated, all references herein to Sections refer to Sections hereof.

 

17.          Waiver.
The Company hereby waives demand, notice, presentment, protest and notice of dishonor.

 

* * * * *

IN WITNESS WHEREOF,
the Company has caused this Note to be issued as of this __ day of ___, 2013.

 

	 	Cytomedix, Inc.	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

 

	Name of Holder:  	 	 
	 	 	 
	 	 	 
	Address: 	 	 

  

    	7

    	 

    

 

NOTICE OF CONVERSION

(To Be Signed Only Upon Conversion of Note)

 

TO [_]

 

The undersigned, the
holder of the foregoing Note, hereby surrenders such Note for conversion into shares of Common Stock of Cytomedix, Inc. to the
extent of $[_] unpaid principal and accrued interest amounts of such Note, and requests that the certificates for such shares be
issued in the name of, and delivered to [_], whose address is [_].

 

Dated: [_]

 

 

 

	 	 	 
	 	(Signature must conform in all respects to name of holder as specified on the face of the Note)	 
	 	 	 
	 	 	 
	 	(Address)	 

  

 

 

42717-0000

DC\80701304.3 

 

    	8THIS WARRANT AND THE SHARES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR WITH ANY
STATE SECURITIES COMMISSION, AND MAY NOT BE TRANSFERRED OR DISPOSED OF BY THE HOLDER IN THE ABSENCE OF A REGISTRATION STATEMENT
THAT IS EFFECTIVE UNDER THE SECURITIES ACT AND APPLICABLE STATE LAWS AND RULES, OR, UNLESS, IMMEDIATELY PRIOR TO THE TIME SET FOR
TRANSFER, SUCH TRANSFER MAY BE EFFECTED WITHOUT VIOLATION OF THE SECURITIES ACT AND OTHER APPLICABLE STATE LAWS AND RULES.

 

CYTOMEDIX,
INC.

 

FORM WARRANT

 

	Warrant No.  [_]	Dated: [_], 2013

 

Cytomedix,
Inc., a Delaware corporation (the “Company”), hereby certifies that, for value received, [_] or its registered
assigns (including permitted transferees, the “Holder”), is entitled to purchase from the Company up to a total
of [_] shares (as adjusted from time to time as provided in Section 9 hereof) of Common Stock (as defined below) (each such
share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise price
equal to $[_] per share (as adjusted from time to time as provided in Section 9 hereof, the “Exercise Price”),
at any time and from time to time from and after the date of this Warrant (the “Initial Exercise Date”) through
and including [_], 2018 (the “Expiration Date”), and subject to the following terms and conditions. This Warrant
is one of a series of similar warrants (the “Warrants”) issued pursuant to one of several Subscription Agreements,
dated as of [_], 2013, by and among the Company and certain other investors (each, a “Subscription Agreement”),
providing for the issuance and sale of the Notes and Warrants by the Company to the Holder and such other investors. Capitalized
terms used in this Warrant that are not defined herein shall have the respective meanings given such terms in the Subscription
Agreement.

 

1.             Definitions.
The capitalized terms used herein and not otherwise defined shall have the meanings set forth below:

 

“Affiliate”
of any specified Person means any other person or entity directly or indirectly controlling, controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control” means the power to direct the
management and policies of such Person or firm, directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise.

 

“Common Stock”
means the common stock of the Company.

 

“Common Stock
Equivalents” means any securities of the Company which would entitle the holder thereof to acquire at any time Common
Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time
convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Convertible
Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable or
exchangeable for shares of Common Stock.

 

“Eligible Market”
means any of the New York Stock Exchange, the NYSE Mkt LLC or the Over-the-Counter Bulletin Board (the “OTCBB”).

 

“Market Price”
shall mean (i) if the principal trading market for such securities is an exchange, the average of the last reported sale prices
per share for the last five previous Trading Days on the Trading Market, (ii) if clause (i) is not applicable, the average of the
closing bid price per share for the last five previous Trading Days as set forth by the OTCBB or (iii) if clauses (i) and (ii)
are not applicable, the average of the closing bid price per share for the last five previous Trading Days as set forth in the
Pink Sheets. Notwithstanding the foregoing, if there is no reported sales price or closing bid price, as the case may be, on any
of the ten (10) Trading Days preceding the event requiring a determination of Market Price hereunder, then the Market Price shall
be determined in good faith by resolution of the Board of Directors of the Company, based on the best information available to
it.

 

    	 

    	 

    

 

“Original Issue
Date” means [_], 2013.

 

“Other Securities”
refers to any capital stock (other than Common Stock) and other securities of the Company or any other Person that the Holder of
this Warrant at any time shall be entitled to receive, or shall have received, upon the exercise of this Warrant, in lieu of or
in addition to Common Stock, or that at any time shall be issuable or shall have been issued in exchange for or in replacement
of Common Stock or Other Securities pursuant to Section 9 hereof or otherwise.

 

“Person”
means any court or other federal, state, local or other governmental authority or other individual or corporation, partnership,
trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or
an agency or subdivision thereof) or other entity of any kind.

 

“Registration
Statement” shall have the meaning set forth in the Subscription Agreement.

 

“Required Holders”
shall mean the holders of the then unexercised Warrants issued pursuant to the Subscription Agreement, which represent a majority
of the Warrant Shares underlying such unexercised warrants.

 

“Trading Day”
means any day on which the Common Stock is listed or quoted on any Eligible Market.

 

“Warrant Shares”
shall initially mean shares of Common Stock and in addition may include Other Securities and Distributed Property (as defined in
Section 9(e) hereof) issued or issuable from time to time upon exercise of this Warrant.

 

“Weighted Average
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on the NYSE Amex LLC or any other national securities exchange (the “Trading Market”),
the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market
on which the common stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is then quoted on the OTCBB, the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on the OTCBB, (c) if the Common Stock is not then quoted
for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published
by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock
as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Notes then outstanding
and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. All such determinations
shall be appropriately adjusted for any share dividend, share split or other similar transaction during such period.

 

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

 

    	-2-

    	 

    

 

3.             Registration
of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender
of this Warrant, with the Form of Assignment attached hereto as Appendix A duly completed and signed, to the Company at
its address specified herein. Upon any such registration and transfer, a new warrant in substantially the form of a Warrant (any
such new warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be issued to
the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued
to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such
transferee of all of the rights and obligations of a holder of a Warrant.

 

4.             Exercise
and Duration of Warrant.

 

        (a)       
This Warrant shall be exercisable by the registered Holder at any time and from time to time on and after the
Initial Exercise Date to and including the Expiration Date. At 5:00 P.M. New York City time on the Expiration Date, the portion
of this Warrant not exercised prior thereto shall be and become void and of no value.

 

(b)       
A Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached
hereto as Appendix B (the “Exercise Notice”), appropriately completed and duly signed, and (ii) payment
of the Exercise Price for the number of Warrant Shares as to which this Warrant is being exercised, and the date such items are
received by the Company is an “Exercise Date.” Execution and delivery of the Exercise Notice shall have the
same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining
number of Warrant Shares.

 

(c)        The
Holder shall pay the Exercise Price (i) in cash, by certified bank check payable to the order of the Company or by wire transfer
of immediately available funds in accordance with the Company’s instructions or (ii) if on or after the six (6) month anniversary
of the Original Issue Date (x) there is no effective Registration Statement registering the resale of the Warrant Shares by the
Holder and (y) the Market Price exceeds the Exercise Price, by means of a “cashless exercise,” by presenting and surrendering
to the Company this Warrant, in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows:

 

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

X = the number of Warrant Shares
to be issued to the Holder upon such cashless exercise;

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

A = the Market Price on the
Exercise Date; and

B = the Exercise Price.

 

(d)
       Notwithstanding anything to the contrary herein, Holder agrees that the no exercises of this Warrant or conversions
of the Note sold in the Offering shall be permitted unless the Company has sufficient number of authorized common stock available
to accommodate such exercises or conversions.

 

 (e)      Notwithstanding
anything herein to the contrary, the Company shall not issue to the Holder, and the Holder may not acquire, a number of shares
of Common Stock upon exercise of this Warrant to the extent that, upon such exercise, the number of shares of Common Stock then
beneficially owned by the Holder and its affiliates and any other persons or entities whose beneficial ownership of Common Stock
would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (including shares held by any “group”
of which the Holder is a member, but excluding shares beneficially owned by virtue of the ownership of securities or rights to
acquire securities that have limitations on the right to convert, exercise or purchase similar to the limitation set forth herein)
would exceed 9.99% of the total number of shares of Common Stock then issued and outstanding (the “Beneficial Ownership
Limitation”). For purposes hereof, “group” has the meaning set forth in Section 13(d) of the Exchange Act
and applicable regulations of the Securities and Exchange Commission, and the percentage held by the Holder shall be determined
in a manner consistent with the provisions of Section 13(d) of the Exchange Act. For purposes of this Section, in determining the
number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected
in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be or (B) a more recent
public announcement by the Company. Upon the written or oral request of a Holder, the Company shall within two trading days confirm
orally and in writing to the Holder the number of shares of Common Stock then outstanding. The provisions of this paragraph shall
be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section to correct this paragraph
(or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained
or to make changes or supplements necessary or desirable to properly give effect to such limitation.

 

    	-3-

    	 

    

 

5.             Delivery
of Warrant Shares.

 

(a)      Upon
exercise of this Warrant, the Company shall within three Trading Days after receipt of the Exercise Notice attached hereto as
Appendix B, issue or cause to be issued and deliver or cause to be delivered to the Holder, in such name or names as the
Holder may designate, a certificate for the Warrant Shares issuable upon such exercise bearing (only if such legend is required
by applicable law) the restrictive legend set forth in Section 4(j)(ii) of the Subscription Agreement. The Holder, or any Person
so designated by the Holder to receive the Warrant Shares, shall be deemed to have become holder of record of such Warrant Shares
as of the Exercise Date.

 

(b)      This
Warrant is exercisable, either in its entirety or, from time to time, for a portion of the number of Warrant Shares. Upon surrender
of this Warrant following one or more partial exercises, the Company shall issue or cause to be issued, at its expense, a New
Warrant evidencing the right to purchase the remaining number of Warrant Shares.

 

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

 

7.             Replacement
of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in
exchange and substitution for and upon cancellation hereof, or in lieu of and in substitution for this Warrant, a New Warrant,
but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and
reasonable indemnity, if requested.

 

8.             Reservation
of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of
its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares
upon exercise of this Warrant as herein provided, the number of Warrant Shares that are then issuable and deliverable upon the
exercise of this entire Warrant, free from all taxes, liens, claims, encumbrances with respect to the issuance of such Warrant
Shares and will not be subject to any pre-emptive rights or similar rights (taking into account the adjustments and restrictions
of Section 9 hereof). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance
and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued,
fully paid and nonassessable. The Company will take all such action as may be necessary to assure that such shares of Common Stock
may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any securities
exchange or automated quotation system upon which the Common Stock may be listed or quoted, as the case may be.

 

    	-4-

    	 

    

 

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

 

(a)      Stock
Dividends. If the Company, at any time while this Warrant is outstanding, pays a dividend on its Common Stock payable in additional
shares of Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock,
then in each such case the Exercise Price shall be multiplied by a fraction, (i) the numerator of which shall be the number of
shares of Common Stock outstanding immediately prior to the opening of business on the day after the record date for the determination
of stockholders entitle to receive such dividend or distribution and (ii) the denominator of which shall be the number of shares
of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section 9(a) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution.

 

(b)      Stock Splits. If the Company, at any time while this Warrant is outstanding, (i) subdivides outstanding shares
of Common Stock into a larger number of shares, or (ii) combines 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, (A) the numerator of which shall be the number of
shares of Common Stock outstanding immediately before such event and (B) the denominator of which shall be the number of shares
of Common Stock outstanding immediately after such event. Any adjustment pursuant to this Section 9(b) shall become
effective immediately after the effective date of such subdivision or combination.

 

(c)     Reclassifications.
A reclassification of the Common Stock (other than any such reclassification in connection with a merger or consolidation to which
Section 9(f) applies) into shares of any other class of stock shall be deemed:

 

(i)       a
distribution by the Company to the holders of its Common Stock of such shares of such other class of stock for the purposes and
within the meaning of this Section 9; and

 

(ii)     if
the outstanding shares of Common Stock shall be changed into a larger or smaller number of shares of Common Stock as part of such
reclassification, such change shall be deemed a subdivision or combination, as the case may be, of the outstanding shares of Common
Stock for the purposes and within the meaning of Section 9(b) hereof.

 

(d)      Subsequent
Financing. If, at any time within six (6) months from the date hereof, the Company sells or grants any option to purchase,
or grants any right to reprice, or otherwise dispose of or issues, any Common Stock or Common Stock Equivalents entitling any
person to acquire shares of Common Stock at an effective price per share that is lower than the Exercise Price, other than in
connection with any Common Stock Equivalents outstanding on the Closing (such lower price, the “Base Share Price”
and such issuances collectively, a “Dilutive Issuance”) (if the holder of the Common Stock or Common Stock Equivalents
so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise
or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance,
be entitled to receive shares of Common Stock at an effective price per share that is lower than the Exercise Price, such issuance
shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance), then the Exercise Price
shall be reduced to equal one hundred twenty five (125%) of such Base Share Price. Such adjustment shall be made whenever such
Common Stock or Common Stock Equivalents are issued. Notwithstanding the foregoing, no adjustments shall be made, paid or issued
under this Section 9(d) in respect of an Exempt Issuance. “Exempt Issuance” means the issuance of (a) shares of Common
Stock or options to employees, consultants, officers or directors of the Company pursuant to any stock or option plan or agreement
duly adopted by a majority of the non-employee members of the Board of Directors of the Company or a majority of the members of
a committee of non-employee directors established for such purpose, (b) securities upon the exercise or exchange of or conversion
of any securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date
hereof, (c) securities issued or to be issued by the Company pursuant to that certain Purchase Agreement dated as of February
18, 2013, as amended to date, by and between the Company and Lincoln Park Capital Fund, LLC, as amended to date, (d) securities
issued pursuant to acquisitions or strategic transactions with a third party non-affiliate of the Company approved by a majority
of the then disinterested directors of the Company, provided that any such issuance shall only be to a Person (or to the equity
holders of a Person) which is, itself or through its subsidiaries, an operating company or an asset in a business synergistic
with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds,
but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or
to an entity whose primary business is investing in securities.

 

    	-5-

    	 

    

 

(e)   
  Calculations. All calculations under this Section 9 shall be made 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 for value of any such shares shall be considered an issue
or sale of Common Stock.

 

(f)    
  Adjustments. Notwithstanding any provision of this Section 9, no adjustment of the Exercise
Price shall be required if such adjustment is less than $0.01; provided, however, that any adjustments that by reason of
this Section 9(e) are not required to be made shall be carried forward and taken into account for purposes of any
subsequent adjustment.

 

(g)   
  Adjustment of Number of Shares. Upon each adjustment in the Exercise Price pursuant to this Section
9, the number of Warrant Shares purchasable hereunder shall be adjusted, to the nearest whole share, to the product obtained
by multiplying the number of Warrant Shares purchasable immediately prior to such adjustment by a fraction, (i) the numerator
of which shall be the Exercise Price immediately prior to such adjustment, and (ii) the denominator of which shall be the Exercise
Price immediately thereafter.

 

(h)      Notice
of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company will promptly deliver
to the Holder a certificate executed by the Company’s Chief Financial Officer setting forth, in reasonable detail, the event
requiring such adjustment and the method by which such adjustment was calculated, the adjusted Exercise Price and the adjusted
number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable). The Company will
retain at its office copies of all such certificates and cause the same to be available for inspection at said office during normal
business hours by the Holder or any prospective purchaser of the Warrant designated by the Holder.

 

(i)
     Notice of Corporate Events.  If the Company (i) declares a dividend or any other distribution of cash,
securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants
to subscribe for or purchase any capital stock of the Company or any subsidiary of the Company, or (ii) authorizes the voluntary
dissolution, liquidation or winding up of the affairs of the Company, then the Company shall deliver to the Holder a notice describing
the material terms and conditions of such transaction at least 15 calendar days prior to the applicable record or effective date
on which a Person would need to hold Common Stock in order to participate in or vote with respect to such transaction, and the
Company will take all steps reasonably necessary in order to ensure that the Holder is given the practical opportunity to exercise
this Warrant prior to such time so as to participate in or vote with respect to such transaction; provided, however, that the
failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described
in such notice.

 

10.           Fractional
Shares. The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise of
this Warrant. If any fraction of a Warrant Share would, except for the provisions of this Section, be issuable upon exercise of
this Warrant, the Company shall make a cash payment to the Holder equal to (a) such fraction multiplied by (b) the Market Price
on the Exercise Date of one full Warrant Share.

 

    	-6-

    	 

    

 

11.           Restricted
Securities. The Holder represents and warrants that it (i) understands that the Warrant and the Warrant Shares have not
been registered under the Securities Act and (ii) understands the restrictions set forth on the legend printed on the face of
this Warrant.

 

12.           Reserved.

 

13.           Remedies.
The Company stipulates that the remedies at law of the Holder of this Warrant in the event of any default or threatened default
by the Company in the performance of or compliance with any of the terms of this Warrant are not and will not be adequate, and
that such terms may be specifically enforced by a decree for the specific performance of any agreement contained herein or by
an injunction against a violation of any of the terms hereof or otherwise.

 

14.          Notices.
Any and all notices or other communications or deliveries hereunder (including without limitation any Exercise Notice) shall be
in writing and shall be mailed by certified mail, return receipt requested, or by a nationally recognized courier service or delivered
(in person or by facsimile), against receipt to the party to whom such notice or other communication is to be given. The address
for such notices or communications shall be as set forth in the Subscription Agreement entered into by the Holder and the Company.
Any notice or other communication given by means permitted by this Section 14 shall be deemed given at the time
of receipt thereof.

 

15.           Warrant
Agent. The Company’s transfer agent shall also serve as warrant agent under this Warrant. Upon 30 days’ notice
to the Holder, the Company may appoint a new warrant agent. Any Person into which any new warrant agent may be merged, any Person
resulting from any consolidation to which any new warrant agent shall be a party or any Person to which any new warrant agent
transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under
this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant
agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant
Register.

 

16.           Miscellaneous.

 

(a)      This
Warrant may be assigned by the Holder. This Warrant shall be binding on and inure to the benefit of the parties hereto and their
respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any
Person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This
Warrant may be modified, revised or amended only in writing signed by the Company and at least two-third (2/3) of the Holders
of such Warrants and their successors and assigns; provided, however, that no such modification, revision or amendment shall materially
and adversely treat one or more Holders in a manner that is disproportionate to such treatment of any of the other Holders.

 

(b)      The
Company will not, by amendment of its governing documents or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder against impairment.
Without limiting the generality of the foregoing, the Company (i) will not increase the par value of any Warrant Shares above
the amount payable therefor upon exercise thereof, (ii) will take all such action as may be reasonably necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares on the exercise of this Warrant,
free from all taxes, liens, claims and encumbrances and (iii) will not close its shareholder books or records in any manner that
interferes with the timely exercise of this Warrant.

 

    	-7-

    	 

    

 

(c)      The
validity, construction and enforcement of this Warrant shall be governed by the laws of the State of Delaware and jurisdiction
is hereby vested in the Courts of said State in the event of the institution of any legal action under this Warrant; provided,
however, in the event that any legal proceeding is brought against the Maryland Venture Fund (Department of Business and Economic
Development of the State of Maryland, or the State of Maryland in connection with such entity’s investment hereunder, the
parties to any such dispute agree to submit to the venue of the Maryland courts for purposes of resolving any and all such disputes.

 

(d)      Neither
party shall be deemed in default of any provision of this Warrant, to the extent that performance of its obligations or attempts
to cure a breach hereof are delayed or prevented by any event reasonably beyond the control of such party, including, without
limitation, war, hostilities, acts of terrorism, revolution, riot, civil commotion, national emergency, strike, lockout, unavailability
of supplies, epidemic, fire, flood, earthquake, force of nature, explosion, embargo, or any other Act of God, or any law, proclamation,
regulation, ordinance, or other act or order of any court, government or governmental agency, provided that such party gives the
other party written notice thereof promptly upon discovery thereof and uses reasonable best efforts to cure or mitigate the delay
or failure to perform.

 

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

 

(f)       In
case any one or more of the provisions of this Warrant shall be deemed invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and
the parties will attempt in good faith to agree upon a valid and enforceable provision that shall be a commercially reasonable
substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	-8-

    	 

    

 

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

 

	 	Cytomedix, Inc.	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 		Name: 	 
	 		Title: 	 

  

    	 

    	 

    

 

 

APPENDIX A

 

Form
of Assignment

 

(to be completed and signed only upon transfer
of Warrant)

 

For
Value Received, the undersigned hereby sells, assigns and transfers unto _________ the right represented by the within
Warrant to purchase _____________ shares of Common Stock of Cytomedix, Inc. to which the within warrant relates and appoints __________________________
attorney to transfer said right on the books of Cytomedix, Inc. with full power of substitution in the premises.

 

 

	Dated:		 	 	 
	 	 	 	(Signature must conform in all respects to name of Holder
as specified on face of the Warrant)	 
	 	 	 	 	 
	 	 	 	Address of Transferee:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 		 

  

    	 

    	 

    

 

APPENDIX
B

 

Form
of Exercise Notice

 

(To be executed by the Holder to exercise the right to purchase
shares of Common Stock under the foregoing Warrant)

 

To:Cytomedix, Inc.

 

 

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

 

		1.               	The Warrant is currently exercisable to purchase a total of ______ Warrant Shares.

 

		2.               	The undersigned Holder hereby exercises its right to purchase ___ Warrant Shares pursuant to the
Warrant.

 

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

 

Cash Exercise _______

Cashless Exercise _______

 

		4.              
	If the Holder has elected a Cash Exercise, the Holder shall pay the sum of $________ to the Company
in accordance with the terms of the Warrant.

 

		5.              	If the Holder has elected a Cashless Exercise, a certificate shall be issued to the Holder for
the number of shares equal to the whole number portion of the product of the calculation set forth below, which is ________. The
Company shall pay a cash adjustment in respect of the fractional portion of the product of the calculation set forth below in an
amount equal to the product of the fractional portion of such product and the Market Price on the Exercise Day, which product is
__________.

 

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

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

Number of Warrant Shares being exercised:
(“Y”).

Market Price on the Exercise Day: (“A”).

Exercise Price: (“B”)

 

		6.              
	Pursuant to this exercise, the Company shall deliver to the Holder Warrant Shares in accordance
with the terms of the Warrant.

 

		7.               	Following this exercise, the Warrant shall be exercisable to purchase a total of __________ Warrant
Shares.

 

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

 

 

42717-0000

DC\80701303.5 

 

    	1.

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