Document:

EX-4.5

 Exhibit 4.5 

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THIS WARRANT HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY, AND THIS WARRANT AND THE UNDERLYING SHARES OF COMMON STOCK MAY NOT BE TRANSFERRED UNTIL
(i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT SHALL HAVE BECOME EFFECTIVE WITH RESPECT THERETO OR (ii) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE
SECURITIES ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS SUCH TRANSFER IN VIOLATION OF ANY APPLICABLE STATE SECURITIES LAWS. 
 THIS
WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR PERSON IN THE UNITED STATES UNLESS THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY
SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE SECURITIES ACT. 

AVADIM TECHNOLOGIES, INC. 

COMMON STOCK WARRANT 
  

			
	Company:	  	Avadim Technologies, Inc., a Wyoming corporation (the “Company”)
		
	Number of Shares:	  	______________ (the “Shares”)
		
	Type/Series of Stock:	  	Common Stock
		
	Warrant Price:	  	$______ per Share
		
	Issue Date:	  	________ __, 20__
		
	Expiration Date:	  	________, __, 20__. See also Section 5.1(b).
		
	Consulting Agreement:	  	This Warrant to Purchase Stock (this “Warrant”) is issued in connection with that certain Consulting Agreement of even date herewith between ______________. and the Company (as the same may be amended,
modified, supplemented or restated, the “Agreement”).

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, __________________, (together with any successor or
permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”), is entitled to purchase the number of fully paid and non-assessable shares (the
“Shares”) of Common Stock (the “Class”) of the Company at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions
and upon the terms and conditions set forth in this Warrant. 
 This Warrant may be exercised as to the Shares which have vested as set forth in Exhibit
“2” (“Vested Shares”). Any Shares which remain unvested (“Unvested Shares”) as of the expiration or earlier termination of the Agreement and do not automatically vest upon such date in
accordance with the terms and conditions of the Agreement shall be void thereafter. 

	1.	 EXERCISE. 

1.1 Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the
Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in
Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Vested Shares
being purchased. 
 1.2 Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the
manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being
exercised. Thereupon, the Company shall issue to Holder such number of fully paid and non-assessable Shares as are computed using the following formula: 

 

					
		 	X = Y(A-B)/A
			
	where:	 		  	
			
		 	X =	  	the number of Shares to be issued to Holder;
			
		 	Y =	  	the number of Vested Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price);
			
		 	A	  	the fair market value (as determined pursuant to Section 1.3 below) of one Share; and
			
		 	B =	  	the Warrant Price (as adjusted to the date of such calculation).

 1.3 Fair Market Value. If the Company’s Common Stock is then traded or quoted on a United States
national securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”), the fair market value of a Share
shall be the VWAP of the Common Stock on the Trading Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Company’s Common Stock is not traded in a Trading Market, the
Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment. 
 1.4 Certain
Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the following meanings: 
 (a)
“Board of Directors” means the board of directors of the Company. 
 (b) “Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of California or the State of North Carolina are authorized or
required by law or other governmental action to close. 
 (c) “Trading Day” means a day on which the principal
Trading Market is open for trading. 
 (d) “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 or quoted on a 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), or (b) if the Common Stock is not then listed or quoted for trading on OTCQB
or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per
share of the Common Stock so reported. 

  
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 1.5 Delivery of Certificate and New Warrant. As promptly as reasonably practicable
after the date Holder exercises this Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has not been
fully exercised and has not expired, a new warrant of like tenor representing the Shares not so acquired. 
 1.6 Replacement of
Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in
form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant
of like tenor and amount. 
 1.7 Treatment of Warrant Upon Acquisition of Company. 

(a) Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of related
transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger or consolidation of the Company into or with another person or entity (other than
a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or
reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or other transfer by the
stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. 

(b) Treatment of Warrant at Acquisition. In the event of an Acquisition, either (i) Holder shall exercise this Warrant pursuant to
Section 1.1 and/or 1.2 and such exercise will be deemed effective immediately prior to and contingent upon the consummation of the Acquisition or (ii) if Holder elects not to exercise the Warrant, this Warrant will expire immediately prior
to the consummation of such Acquisition. In the event the Company Holder does not notify the Company in writing as to whether it intends to exercise the Warrant prior to and contingent upon the consummation of the Acquisition then if, immediately
prior to the Acquisition, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date, then this
Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Vested Shares for which it shall not previously have been exercised, and the Company shall promptly notify Holder of the number
of Shares (or such other securities) issued upon such exercise to Holder and Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as the date thereof. 

(c) Notice. The Company shall provide Holder with written notice of any proposed Acquisition (together with such reasonable information
as Holder may reasonably require regarding the treatment of this Warrant in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than seven Business Days prior to the closing of the
proposed Acquisition. 
  

	2.	 ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 

2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the
Class payable in common stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and
property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company 

  
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subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased
and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately
increased and the number of Shares shall be proportionately decreased. 
 2.2 Reclassification, Exchange, Combinations or
Substitution. Upon any event whereby all of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after
the consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to
further adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or
other similar events. 
 2.3 Subsequent Equity Sales. If the Company at any time while this Warrant is outstanding sells and issues
any Common Stock at a price per share less than the then Wan-ant Price (such issuances collectively, a “Dilutive Issuance”), as adjusted hereunder, then the Warrant Price shall be
reduced to equal a price determined by multiplying the Warrant Price by a fraction, the numerator of which shall be the number of shares of Common Stock issued and outstanding immediately prior to such Dilutive Issuance plus the number of shares of
Common Stock which the aggregate gross consideration received by the Company for the total number of additional shares of Common Stock so issued would purchase at the Warrant Price in effect immediately prior to such Dilutive Issuance, and the
denominator of which shall be the number of shares of Common Stock outstanding immediately prior to such Dilutive Issuance plus the number of such additional shares of Common Stock so issued. Such adjustment shall be made whenever a Dilutive
Issuance occurs. A Dilutive Issuance shall not include: (a) shares of Common Stock issued to employees, officers, directors or consultants of the Company or any subsidiary of the Company, (b) securities issued upon the exercise or exchange
of or conversion of any securities issued and outstanding on the date hereof. 
 2.4 No Fractional Share. No fractional Share shall be
issuable upon exercise of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share
interest by paying Holder in cash the amount computed by multiplying the fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant
Price. 
 2.5 Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the
Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall,
upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such adjustment. 

 

	3.	 REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1 Representations and Warranties. The Company represents and warrants to, and agrees with, Holder as follows: 

(a) All Shares which may be issued upon the exercise of this Warrant, and all securities, if any, issuable upon conversion of the
Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under
applicable federal and state securities laws or restrictions under any Agreement among the Company and Holder. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock
such number of shares of the Class, common stock and other securities as will be sufficient to permit the exercise in full of this Warrant 

  
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and the conversion of the Shares into common stock or such other securities. The Company agrees that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of executing stock certificates to execute and issue the necessary certificates for Shares upon the exercise of this Warrant in the manner set forth in Section 1.1 or 1.2 above. 

3.2 Notice of Certain Events. If the Company proposes at any time to: (i) declare any dividend or distribution upon the outstanding
shares of the Class or common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (ii) offer for subscription or sale pro rata to the holders of the outstanding shares of the
Class any additional shares of any class or series of the Company’s stock (other than pursuant to contractual preemptive rights); (iii) effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of
the outstanding shares of the Class; or (iv) effect an Acquisition or to liquidate, dissolve or wind up; then, in connection with each such event, the Company shall give Holder: 

(1) at least seven Business Days prior written notice of the date on which a record will be taken for such dividend, distribution, or
subscription rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in Section 3.2 (i), (ii) or
(iii) above; and 
 (2) in the case of the matters referred to in Section 3.2 (iv) above at least seven Business Days prior
written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their shares for the securities or other property deliverable upon the
occurrence of such event). 
  

	4.	 REPRESENTATIONS AND WARRANTIES OF THE HOLDER. 

The Holder represents and warrants to the Company as follows: 

4.1 Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired
for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). Holder also
represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares. 
 4.2 Disclosure of
Information. Holder is aware of the Company’s business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect
to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying
securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 4.3 Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such
knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the
Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

  
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 4.4 Accredited Investor Status. Holder is an “accredited investor” within
the meaning of Regulation D promulgated under the Securities Act by virtue of being a natural person (a) who had an individual income in excess of $200,000 in each of the two most recent years, or joint income with that person’s spouse in
excess of $300,000 in each of those years, and who has a reasonable expectation of reaching the same income level in the current year, or (b) whose individual net worth, or joint net worth with that person’s spouse, exceeds $1,000,000 (for
the purposes of calculating net worth: (i) the person’s primary residence shall not be included as an asset; (ii) indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the
primary residence as of the date of this Warrant, shall not be included as a liability (except that if the amount of such indebtedness outstanding exceeds the amount outstanding 60 days before the date of this Warrant, other than as a result of the
acquisition of the primary residence, the amount of such excess shall be included as a liability); and (iii) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary
residence shall be included as a liability). 
 4.5 The Securities Act. Holder understands that this Warrant and the Shares issuable
upon exercise hereof have not been registered under the Securities Act or under the securities or laws of any state of the United States, and have been and will be offered and sold in reliance upon a specific exemption therefrom, which exemption
depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein, and further that this Warrant may not be exercised absent registration of the underlying Shares under the Securities Act and
applicable state securities laws unless an exemption from such registration requirements is available. Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely as “Restricted
Securities” (as such term is defined in Rule 144 under the Securities Act) unless subsequently registered under the Securities Act and qualified under applicable state securities laws, or unless exemption from such registration and
qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Securities Act. 
 4.6 No
Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this Warrant. 
  

	5.	 MISCELLANEOUS. 

5.1 Term and Automatic Conversion Upon Expiration. 

(a) Term. Subject to the provisions of Section 1.7 above, this Warrant is exercisable in whole or in part at any time and from time
to time on or before 6:00 PM, Eastern Time, on the Expiration Date and shall be void thereafter. 
 (b) Automatic Cashless Exercise upon
Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect
on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Vested Shares (or such other securities) for which it shall not previously have been exercised, and the
Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder. 

5.2 Legends. The Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted
with a legend in substantially the following form: 
  

			
	 THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND IN ACCORDANCE
WITH ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO AN EXEMPTION OR EXCLUSION FROM REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.
	  	

  
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	 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN THE WARRANT PURSUANT TO WHICH THESE SHARES WERE ISSUED, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY.
	  	

  
  

	5.3	 Transfer Restrictions. 

(a) Before any proposed sale, pledge, or transfer of this Warrant or any Shares issuable upon exercise of this Warrant, unless there is
in effect a registration statement under the Securities Act covering the proposed transaction, Holder shall give notice to the Company of Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner
and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at Holder’s expense by either (i) a written opinion of legal counsel of recognized standing
who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no
action” letter from the United States Securities and Exchange Commission (the “SEC”) to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not result in a
recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted
Securities may be effected without registration under the Securities Act, whereupon Holder shall be entitled to sell, pledge, or transfer the securities in accordance with the terms of the notice given by Holder to the Company. The Company will not
require such a legal opinion or “no action” letter (i) in any transaction in compliance with SEC Rule 144, if available, or (ii) in any transaction in which Holder distributes the Warrant or Shares to an affiliate of such Holder
for no consideration. Each certificate evidencing the Restricted Securities transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend(s) set forth above to the extent
applicable. 
 (b) This Warrant and the Shares issuable upon exercise of this Warrant may not be transferred or assigned in whole or
in part to any person or entity who is a competitor of the Company, as determined in good faith by the Company’s Board of Directors. 

Notices. All notices and other communications hereunder from the Company to Holder, or vice versa, shall be deemed delivered and
effective (1) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual receipt
if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such address
as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.3(b)(i). All notices to Holder shall be addressed as follows
until the Company receives notice of a change of address 
  

					
	    	 	If to Holder:	 	                                     
                       
		 		 	                                     
                       
		 		 	c/o
                                         
             
		 		 	                                     
                       
		 		 	                                     
                       
		 		 	                                     
                       
			
		 		 	With copies to:

  
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		 		 	Attn:
                                         
          
			
		 		 	                                     
                       
		 		 	                                     
                       
		 		 	                                     
                       
		 		 	Attn:
                                         
          

 Notice to the Company shall be addressed as follows until Holder receives notice of a change in address: 

Avadim Technologies, Inc. 
 81
Thompson Street 
 Asheville, NC 28803 

Attention: President 
 Fax: 828-274-7986 
 Email: David.Fann@avadimtechnologies.com 

5.4 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular
instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

5.5 Attorney’s Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party
prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.6 Counterparts Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute
one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto. 

5.7 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without
giving effect to its principles regarding conflicts of law. 
 5.8 Headings. The headings in this Warrant are for purposes of
reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 
 [Remainder of page left blank
intentionally] 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the
parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives effective as of the Issue Date written above. 
  

			
	“COMPANY”
	
	AVADIM TECHNOLOGIES, INC.
		
	By:	 	  

	Name:	 	  

		 	(Print)
		
	Title:	 	  

		
	“HOLDER”	 	
	
	  

 APPENDIX 1 

NOTICE OF EXERCISE 
 1.
The undersigned Holder hereby exercises its right purchase ___________ shares of the Common Stock (the “Shares”) of Avadim Technologies Inc. (the “Company”) in accordance with the attached Warrant,
and tenders payment of the aggregate Warrant Price for such shares as follows: 
 [    ] check in the amount of
$__________ payable to order of the Company enclosed herewith 
 [    ] Wire transfer of immediately available funds to
the Company’s account 
 [    ] Cashless Exercise pursuant to Section 1.2 of the Warrant 

[    ] Other [Describe]  

2. Please issue a certificate or certificates representing the Shares in the name specified below: 

 

			
	                	 	                                      
                                         
                 
		 	        Holder’s Name
		
		 	                                      
                                         
                 
		
		 	                                      
                                         
                 
		 	        (Address)

 3. The undersigned represents, warrants and certifies as follows (one of the following must be
checked): 
 (a) ☐ the undersigned holder at the time of exercise of the Warrant is not in the United States, is not a
“U.S. person” as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and is not exercising the Warrant on behalf of, or for the account or benefit of a U.S.
person or a person in the United States and did not execute or deliver this exercise form in the United States; 
 (b) ☐ the
undersigned holder is resident in the United States or is a U.S. person who is a resident of the jurisdiction referred to in the address appearing below, and is an accredited investor as defined in Rule 501(a) of Regulation D under the Securities
Act (a “U.S. Accredited Investor”) and has completed the U.S. Accredited Investor Status Certificate in the form attached hereto; or 

(c) ☐ if the undersigned holder is resident in the United States or is a U.S. person, the undersigned holder has delivered to the
Company and the Company’s transfer agent, if any, an opinion of counsel (which will not be sufficient unless it is in form and substance satisfactory to the Company) or such other evidence satisfactory to the Company to the effect that with
respect to the securities to be delivered upon exercise of the Warrant, the issuance of such securities has been registered under the Securities Act and applicable state securities laws or an exemption from the registration requirements of the
Securities Act and applicable state securities laws is available. 
 “United States” and “U.S. person” are
as defined in Regulation S under the Securities Act. 

 Note: Certificates representing Shares will not be registered or delivered to an address in the United
States unless Box 3(b) or 3(c) above is checked. 
 4. If the undersigned has indicated that the undersigned is a U.S. Accredited
Investor by marking alternative 3(b) above, the undersigned represents and warrants to the Company that: 
 (a) the undersigned has
such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares, and the undersigned is able to bear the economic risk of loss of his or her entire investment; 

(b) the undersigned is: (i) purchasing the Shares for his or her own account or for the account of one or more U.S. Accredited
Investors with respect to which the undersigned is exercising sole investment discretion, and not on behalf of any other person; (ii) is purchasing the Shares for investment purposes only and not with a view to resale, distribution or other
disposition in violation of United States federal or state securities laws; and (iii) in the case of the purchase by the undersigned of the Shares as agent or trustee for any other person or persons (each a “Beneficial
Owner”), the undersigned holder has due and proper authority to act as agent or trustee for and on behalf of each such Beneficial Owner in connection with the transactions contemplated hereby; provided that: (A) if the undersigned
holder, or any Beneficial Owner, is a corporation or a partnership, syndicate, trust or other form of unincorporated organization, the undersigned holder or each such Beneficial Owner was not incorporated or created solely, nor is it being used
primarily to permit purchases without a prospectus or registration statement under applicable law; and (B) each Beneficial Owner, if any, is a U.S. Accredited Investor; and 

(c) the undersigned has not exercised the Warrant as a result of any form of general solicitation or general advertising, including
advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio, television or other form of telecommunications, or any seminar or meeting whose attendees have been invited by
general solicitation or general advertising. 
 5. If the undersigned has indicated that the undersigned is a U.S. Accredited Investor
by marking alternative 3(b) above, the undersigned also acknowledges and agrees that: 
 (a) the Company has provided to the
undersigned the opportunity to ask questions and receive answers concerning the terms and conditions of the offering, and the undersigned has had access to such information concerning the Company as he or she has considered necessary or appropriate
in connection with his or her investment decision to acquire the Shares; 
 (b) if the undersigned decides to offer, sell or otherwise
transfer any of the Shares, the undersigned must not, and will not, offer, sell or otherwise transfer any of such Shares directly or indirectly, unless: 

(i) the sale is pursuant to an effective registration statement under the Securities Act; 

(ii) the sale is to the Company; 

(iii) the sale is made outside the United States in a transaction meeting the requirements of Rule 904 of Regulation S under the
Securities Act and in compliance with applicable local laws and regulations; 
 (iv) the sale is made pursuant to the exemption from
the registration requirements under the Securities Act provided by Rule 144 thereunder, if available, and in accordance with any applicable state securities or “blue sky” laws; or 

 (v) the Shares are sold in a transaction that does not require registration under the
Securities Act or any applicable state laws and regulations governing the offer and sale of securities, 
 And, in the circumstances set
forth in clauses 5(b)(iii), (iv) or (v), the undersigned has prior to such sale furnished to the Company an opinion of counsel reasonably satisfactory to the Company; 

(c) the Shares will be issued “restricted securities” under applicable federal securities laws and that the
Securities Act and the rules of the United States Securities and Exchange Commission provide in substance that the undersigned may dispose of the Shares only pursuant to an effective registration statement under the Securities Act or an exemption
therefrom; 
 (d) the Company has no obligation to register any of the Shares or to take action so as to permit sales pursuant to the
Securities Act (including Rule 144 thereunder); 
 (e) the certificates representing the Shares (and any certificates issued in
exchange or substitution for the Shares) will bear a legend, in the form required by the Warrant Certificate, stating that such securities have not been registered under the Securities Act or the securities laws of any state of the United States and
may not be offered for sale or sold unless registered under the Securities Act and the securities laws of all applicable states of the United States or an exemption from such registration requirements is available; and 

(f) it consents to the Company making a notation on its records or giving instructions to any transfer agent of the Company in order to
implement the restrictions on transfer set forth and described in this Notice of Exercise. 
 Executed and delivered by the HOLDER this _____ day of
_____________________, 20___. 
  

					
	  

	Print name of Warrant Holder
		
	By:	 	  

		 	Signature	 	
		
		 	  

		 	Title	 	
		
		 	  

		 	(Please print name of individual whose signature appears above, if different from name of Warrant Holder printed above)

 U.S. ACCREDITED INVESTOR STATUS CERTIFICATE 

In connection with the exercise of an outstanding Warrant to acquire Warrant Shares of AVADIM TECHNOLOGIES INC. (the “Company”) by the
holder, the holder hereby represents and warrants to the Company that the holder, and each beneficial owner (each a “Beneficial Owner”), if any, on whose behalf the holder is exercising such warrants, satisfies one or more of
the following categories of Accredited Investor (please write “W/H” for the undersigned holder, and “B/O” for each beneficial owner, if any, on each line that applies): 

 

					
	      	  	Category 1.	  	A bank, as defined in Section 3(a)(2) of the United States Securities Act of 1933 (the “Securities Act”); or
			
	      	  	Category 2.	  	A savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity; or
			
	      	  	Category 3.	  	A broker or dealer registered pursuant to Section 15 of the United States Securities Exchange Act of 1934; or
			
	      	  	Category 4.	  	An insurance company as defined in Section 2(13) of the Securities Act; or
			
	      	  	Category 5.	  	An investment company registered under the United States Investment Company Act of 1940; or
			
	      	  	Category 6.	  	A business development company as defined in Section 2(a)(48) of the United States Investment Company Act of 1940; or
			
	      	  	Category 7.	  	A small business investment company licensed by the United States Small Business Administration under Section 301 (c) or (d) of the United States Small Business Investment Act of 1958; or
			
	      	  	Category 8.	  	A plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, with total assets in excess of US$5,000,000;
or
			
	      	  	Category 9.	  	An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974 in which the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is
either a bank, savings and loan association, insurance company or registered investment adviser, or an employee benefit plan with total assets in excess of US$5,000,000 or, if a self-directed plan, with investment decisions made solely by persons
who are Accredited Investors; or
			
	      	  	Category 10.	  	A private business development company as defined in Section 202(a)(22) of the United States Investment Advisers Act of 1940; or
			
	      	  	Category 11.	  	An organization described in Section 501(c)(3) of the United States Internal Revenue Code, a corporation, a Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the Warrant
Shares offered, with total assets in excess of US$5,000,000; or
			
	      	  	Category 12.	  	Any director or executive officer of the Company; or
			
	      	  	Category 13.	  	A natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of purchase, exceeds US$1,000,000 (for the purposes of calculating net worth: (i) the person’s primary residence
shall not be included as an asset; (ii) indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary residence at the time of this certification, shall not be included as a liability
(except that if the amount of such indebtedness outstanding at the time of this certification exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess
shall be included as a liability); and (iii) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary residence shall be included as a liability);
or

					
	      	  	Category 14.	  	A natural person who had an individual income in excess of US$200,000 in each of the two most recent years or joint income with that person’s spouse in excess of US$300,000 in each of those years and has a reasonable
expectation of reaching the same income level in the current year; or
			
	      	  	Category 15.	  	A trust, with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the Warrant Shares offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the
Securities Act; or
			
	      	  	Category 16.	  	Any entity in which all of the equity owners meet the requirements of at least one of the above categories — if this alternative is selected you must identify each equity owner and provide statements from each demonstrating how
they qualify as an accredited investor.

 DATED the ______day of ______________, 20___ 

 

					
	  

	Print name of Warrant Holder
		
	By:	 	  

		 	Signature	 	
		
		 	  

		 	Title	 	
		
		 	  

		 	(Please print name of individual whose signature appears above, if different from name of Warrant Holder printed above)EX-4.6

 Exhibit 4.6 

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THIS WARRANT HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY, AND THIS WARRANT AND THE UNDERLYING SHARES OF COMMON STOCK MAY NOT BE TRANSFERRED UNTIL
(i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT SHALL HAVE BECOME EFFECTIVE WITH RESPECT THERETO OR (ii) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE
SECURITIES ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS SUCH TRANSFER IN VIOLATION OF ANY APPLICABLE STATE SECURITIES LAWS. 
 THIS
WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR PERSON IN THE UNITED STATES UNLESS THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY
SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE SECURITIES ACT. 

COMMON STOCK PURCHASE WARRANT 

AVADIM TECHNOLOGIES INC. 
  

			
	Warrant No. _____________	  	Issue Date: ____________

 This is to certify that, FOR VALUE RECEIVED, this Common Stock Purchase Warrant (the
“Warrant”) entitles ________________ of _________________ (with her successors and assigns, the “Holder”), upon the terms and subject to the limitations set forth herein, at any time on
or prior to _____ (am/pm) (________________ time) on __________ (the “Termination Date”), to purchase from Avadim Technologies Inc., a Wyoming corporation (with its successors and assigns, the
“Company”), _______________ (_____) shares of fully paid, validly issued and non-assessable shares of the Common Stock (as hereinafter defined). The number of shares of
Common Stock to be received upon the exercise of this Warrant and the price to be paid for each share of Common Stock may be adjusted from time to time as hereinafter set forth. The shares of Common Stock deliverable upon such exercise, and as
adjusted from time to time, are hereinafter sometimes referred to as the “Warrant Shares”. 
 Section 1.
IN ADDITION TO THE TERMS DEFINED ELSEWHERE IN THIS WARRANT CERTIFICATE,
THE FOLLOWING TERMS HAVE THE MEANINGS SET FORTH IN THIS SECTION 1: 

“Board of Directors” means the board of directors of the Company. 

“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United
States or any day on which banking institutions in the State of North Carolina are authorized or required by law or other governmental action to close. 

“Common Stock” means the common stock of the Company, no par value per share, and any other class of securities into
which such securities may hereafter be reclassified or changed. 
 “Securities Act” means the Securities Act of
1933, as amended, and the rules and regulations promulgated thereunder. 
 “Trading Day” means a day on which the
principal Trading Market is open for trading. 
 “Trading Market” means any of the following markets or exchanges on
which the Common Stock is listed or quoted for trading on the date in question: the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the NYSE MKT, the OTC Bulletin Board or the OTC
Markets, Inc., including the OTCQB marketplace and the OTC Pink marketplace (or any successors to any of the foregoing). 

  
 1 

 Section 2. EXERCISE. 

(a) This Warrant may be exercised, in whole or in part, at any time or times on or before the Termination Date by delivery to the
Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed Notice of Exercise Form substantially in
the form attached hereto. Within three (3) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or
cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(d) below is specified in the applicable Notice of Exercise. Notwithstanding anything herein to the contrary, the Holder shall not
be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the
Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number
of Warrant Shares purchased and the date of such purchases. 
 (b) Exercise Price. The exercise price of the Common Stock under this
Warrant shall be $________ per share, subject to adjustment hereunder (as adjusted from time to time, the “Exercise Price”). 

(c) Cashless Exercise. This Warrant may also be exercised, in whole or in part, at any time and from time to time, by means of a
cashless exercise in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) x (X)] by (A), where: 

 

							
	        	 	(A)	  	=	  	the VWAP of the Common Stock on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise;
		 	(B)	  	=	  	the Exercise Price of this Warrant; and
		 	(X)	  	=	  	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 “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 a United States national securities exchange, 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 4:00 p.m. (New York City time), (b) if the Common Stock is then quoted on 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 then listed on a national securities exchange or quoted for trading on the OTC Bulletin Board, and if
prices for the Common Stock are then published by the 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 in good faith by the Board of Directors. 

  
 2 

 (d) Mechanics of Exercise. 

(i) Delivery of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Company or its
transfer agent (if applicable) to the Holder as soon as practicable by crediting the account of the Holder’s prime broker with the Depository Trust Company through its Deposit Withdrawal Agent Commission (“DWAC”) system
if the Company is then a participant in such system and either (A) there is an effective Registration Statement filed with the Securities and Exchange Commission under the Securities Act permitting the issuance of the Warrant Shares to or
resale of the Warrant Shares by Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule
144 under the Securities Act, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise. The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named
therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes
required to be paid by the Holder, if any, pursuant to Section 2(e)(iv) prior to the issuance of such Warrant Shares, having been paid. 

(ii) Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a
Holder and upon surrender of this Warrant, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for
by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 (iii) No Fractional Shares or
Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall
round down to the next whole share, and the Holder shall not be entitled to receive a cash adjustment in respect of such final fraction. 

(iv) Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue
or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may
be directed by the Holder. The Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 

(v) Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of
this Warrant, pursuant to the terms hereof. 
 Section 3. CERTAIN ADJUSTMENTS. 

(a) Stock Splits, etc. The number and kind of securities purchasable upon the exercise of this Warrant and the Purchase Price shall be
subject to adjustment from time to time upon the happening of any of the following. In case the Company shall: (i) pay a dividend in shares of Common Stock, or securities convertible or exchangeable into Common Stock, or make a distribution in
shares of Common Stock, or securities convertible or exchangeable into Common Stock, to all holders of its outstanding Common Stock; (ii) subdivide its outstanding shares of Common Stock into a greater number of shares; (iii) combine its
outstanding shares of Common Stock into a smaller number of shares of Common Stock; or (iv) issue any shares of its capital stock in a reclassification of the Common Stock, then the number of Warrant Shares purchasable upon exercise of this
Warrant immediately prior thereto shall be adjusted so that the Holder shall be entitled to receive the kind and number of Warrant Shares or other securities of the Company which it would have owned or have been entitled to receive had such Warrant
been exercised in advance thereof. Upon each such adjustment of the kind and number of Warrant Shares or other securities of the Company which are purchasable hereunder, the Holder shall thereafter be entitled to purchase the number of Warrant
Shares or other securities resulting from such adjustment at a Purchase Price per Warrant Share or other security obtained by multiplying the Purchase Price in effect immediately prior to such adjustment by the number of Warrant Shares purchasable
pursuant hereto immediately prior to such adjustment and dividing by the number of Warrant Shares or other securities of the Company resulting from such adjustment. An adjustment made pursuant to this paragraph shall become effective immediately
after the effective date of such event retroactive to the record date, if any, for such event. 

  
 3 

 (b) Reorganization, Reclassification, Merger, Consolidation or Disposition of Assets.
In case the Company shall reorganize its capital, reclassify its capital stock, consolidate or merge with or into another corporation (where the Company is not the surviving corporation or where there is a change in or distribution with respect to
the Common Stock of the Company), or sell, transfer or otherwise dispose of all or substantially all its property, assets or business to another corporation and, pursuant to the terms of such reorganization, reclassification, merger, consolidation
or disposition of assets, shares of common stock of the successor or acquiring corporation, or any cash, shares of stock or other securities or property of any nature whatsoever (including warrants or other subscription or purchase rights) in
addition to or in lieu of common stock of the successor or acquiring corporation (the “Other Property”), are to be received by or distributed to the holders of Common Stock of the Company, then the Holder shall have the right
thereafter to receive upon exercise of this Warrant, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and Other Property receivable upon or as a result of such
reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event. In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets, the successor or acquiring corporation (if other than the Company) shall expressly assume the due and punctual observance and performance of each and every covenant and condition of
this Warrant to be performed and observed by the Company and all the obligations and liabilities hereunder, subject to such modifications as may be deemed appropriate (as determined in good faith by resolution of the Board of Directors) in order to
provide for adjustments of Warrant Shares for which this Warrant is exercisable which shall be as nearly equivalent as practicable to the adjustments provided for in this Section. For purposes of this Section, “common stock of the successor or
acquiring corporation” shall include stock of such corporation of any class which is not preferred as to dividends or assets over any other class of stock of such corporation and which is not subject to redemption and shall also include any
evidences of indebtedness, shares of stock or other securities which are convertible into or exchangeable for any such stock, either immediately or upon the arrival of a specified date or the happening of a specified event and any warrants or other
rights to subscribe for or purchase any such stock. The foregoing provisions of this Section shall similarly apply to successive reorganizations, reclassifications, mergers, consolidations or disposition of assets. 

(c) Voluntary Adjustment by the Company. If and whenever at any time after the date hereof and prior to the Termination Date, the
Company takes any action affecting its Common Stock to which the foregoing provisions of this Section, in the opinion of the Board of Directors, acting reasonably and in good faith, are not strictly applicable, or if strictly applicable would not
fairly adjust the rights of the Holder against dilution in accordance with the intent and purposes thereof, or would otherwise materially affect the rights of the Holder hereunder, then the Company shall execute and deliver to the Holder an
amendment hereto providing for an adjustment in the application of such provisions so as to adjust such rights as aforesaid in such a manner as the Board of Directors may determine to be equitable in the circumstances, acting reasonably and in good
faith. Without limiting the generality of the foregoing, the Company may at any time during the term of this Warrant reduce the then current Purchase Price to any amount and for any period of time deemed appropriate by the Board of Directors. 

(d) Notice of Adjustment. Whenever the number of Warrant Shares or number or kind of securities or other property purchasable upon the
exercise of this Warrant or the Purchase Price is adjusted, as herein provided, the Company shall give notice thereof to the Holder, which notice shall state the number of Warrant Shares (and other securities or property) purchasable upon the
exercise of this Warrant and the Purchase Price of such Warrant Shares (and other securities or property) after such adjustment, setting forth a brief statement of the facts requiring such adjustment and setting forth the computation by which such
adjustment was made. 

  
 4 

 (e) Notice of Corporate Action. If at any time: 

(i) the Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend or other
distribution; or 
 (ii) there shall be any capital reorganization of the Company, any reclassification or recapitalization of the
capital stock of the Company or any consolidation or merger of the Company with, or any sale, transfer or other disposition of all or substantially all the property, assets or business of the Company to, another corporation; or 

(iii) there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company; 

then, in any one or more of such cases, the Company shall give to Holder: (i) at least ten (10) calendar days’ prior written notice of the date
on which a record date shall be selected for such dividend or distribution, or for determining rights to vote in respect of any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, liquidation or winding up; and
(ii) in the case of any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, dissolution, liquidation or winding up, at least ten (10) calendar days’ prior written notice of the date when the same
shall take place. Such notice in accordance with the foregoing clause also shall specify (A) the date on which any such record is to be taken for the purpose of such dividend or distribution, the date on which the holders of Common Stock shall
be entitled to any such dividend or distribution, and the amount and character thereof, and (B) the date on which any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up is to take place and the time, if any such time is to be fixed, as of which the Holders of shall be entitled to exchange their Warrant Shares for securities or other property deliverable upon such disposition, dissolution, liquidation or winding
up. Each such written notice shall be sufficiently given if addressed to Holder at the last address of Holder appearing on the books of the Company. 

Section 4. WARRANTS NON-TRANSFERABLE;
WARRANT REGISTER. 
 (a) Non-Transferability. This Warrant
and all rights hereunder are non-assignable and are non-transferable, in whole or in part. 

(b) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose, in the
name of the record Holder hereof. 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. 
 Section 5. RESALE RESTRICTIONS. 

(a) This Warrant and the Warrant Shares to be issued upon exercise of this Warrant have not been registered under the Securities Act or
any state securities laws. Accordingly, this Warrant and the underlying Warrant Shares may not be offered, sold or otherwise transferred in the United States or to or for the account or benefit of a U.S. Person or a person in the United States,
unless registered under the Securities Act and applicable state securities laws, or an exemption from registration is available. 

  
 5 

 As such, each Warrant Certificate issued to a Holder shall be stamped or otherwise imprinted with a legend
in substantially the following form: 
 THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT
HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THIS WARRANT HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY, AND THIS WARRANT
AND THE UNDERLYING SHARES OF COMMON STOCK MAY NOT BE TRANSFERRED UNTIL (i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT SHALL HAVE BECOME EFFECTIVE WITH RESPECT THERETO OR (ii) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY TO THE El-PECT THAT REGISTRATION UNDER THE SECURITIES ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS SUCH TRANSFER IN VIOLATION OF ANY APPLICABLE
STATE SECURITIES LAWS. 
 THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR PERSON IN THE UNITED STATES
UNLESS THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED
STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE SECURITIES ACT. 
 In addition, except as otherwise provided in
Section 5(b) hereof, any certificates representing any Warrant Shares issued upon exercise of this Warrant shall be stamped or otherwise imprinted with a legend in substantially the following form: 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”) OR APPLICABLE STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, 01-PbRED FOR SALE, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO AN EXEMPTION OR EXCLUSION FROM REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
REPRESENTED BY THIS CERTIFICATE CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS SUCH TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE SECURITIES ACT. 

(b) The legend requirements of Section 5(a) shall terminate as to any particular Warrant Share: (i) when and so long as the
Warrant Shares shall have been effectively registered under the Securities Act and is disposed of pursuant thereto; or (ii) when the Company shall have received an opinion of counsel reasonably satisfactory to it that such shares may be sold to
the public without registration thereof under the Securities Act. 
 (c) Whenever the legend requirements imposed by Section 5
shall terminate as to any Warrant Share, as hereinabove provided, the Holder hereof shall be entitled to receive from the Company, at the Company’s expense, a new certificate representing such Warrant Shares and not bearing the restrictive
legends set forth in Section 5(a) as appropriate. 
 Section 6. MISCELLANEOUS. 

(a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as
a stockholder of the Company prior to the exercise hereof as set forth in Section 2. 

  
 6 

 (b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that
upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new
Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 
 (c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on
the next succeeding Business Day. 
 (d) Authorized Shares. The Company covenants that, during the period the Warrant is outstanding,
it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its
issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights
under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading
Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this
Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes
in respect of any transfer occurring contemporaneously with such issue). 
 (e) Prohibitions. Except and to the extent as waived or
consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such
actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant, and (ii) use commercially reasonable efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. Before taking any action that would result in an adjustment in the number of Warrant
Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction
thereof. 
 (f) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be determined in accordance with the laws of the State of North Carolina, without regard to such jurisdiction’s conflicts of laws principles. 

(g) Notices. All notices, requests, consents and other communications hereunder shall be in writing and shall be deemed to have been
made when delivered or mailed first class registered or certified mail, postage prepaid as follows: if to the Holder of a Warrant Certificate, at the address of such Holder as shown on the Warrant Registry maintained by the Company; and if to the
Company, at 81 Thompson Street, Asheville, North Carolina 28803, U.S.A., or such other place as may be designated by the Company in writing to the Holder. 

  
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 (h) Limitation of Liability. No provision hereof, in the absence of any affirmative
action by Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a stockholder of the
Company, whether such liability is asserted by the Company or by creditors of the Company. 
 (i) Remedies. The Holder, in addition to
being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 

(j) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall
inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of
this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 
 (k) Amendment. This Warrant may be modified or
amended or the provisions hereof waived with the written consent of the Company and the Holder. 
 (l) Severability. Wherever
possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 

(m) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a
part of this Warrant. 
 ******************** 

(Signature Page Follows) 

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

			
	 AVADIM TECHNOLOGIES INC.

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 9

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