Document:

Exhibit 10.01 

"Certain identified information noted as 'XXXXX' has been excluded from this exhibit, because it is both a.) not material and b.) would likely cause competitive harm to the Registrant if publicly disclosed."

 

EXCLUSIVE DISTRIBUTION SERVICES AGREEMENT

_____________________________________________________________

This Exclusive Distribution Services Agreement ("Agreement") is effective as of the date last set forth below (the “Effective Date”), by and between Wellgistics, LLC, a Florida limited liability company, having a business address of 358 Eagles Landing Drive, Lakeland, FL 33810 (“Wellgistics”) and Predictive Laboratories, Inc., a Utah corporation having a business address of 2735 East Parleys Way, Suite 205, Salt Lake City, Utah 84109  (“Supplier”). Wellgistics and Supplier may be individually referred to as a “Party” or collectively as the “Parties.” References to this Agreement shall include its Schedules and/or Exhibits. 

RECITALS

WHEREAS, Wellgistics is a wholesale distributer of pharmaceutical and healthcare industry related products; 

WHEREAS, Supplier sources or manufactures healthcare related products and distributes the same; and

WHEREAS, subject to the terms and conditions of this Agreement, Supplier desires to use Wellgistics to distribute, or hereby authorizes it to distribute, the products detailed in Exhibit A (the “Product” or “Products”) on an exclusive basis.

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AGREEMENT

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Parties hereto, each intending to be legally bound, agree as follows:

1. Term.  This Agreement shall commence on the Effective Date and will have a reoccurring term of one year (the “Term”), which shall automatically renew for additional one year Terms unless either Party provides the other Party written notice of termination of the Agreement at least sixty (60) days prior to the end of the then contract Term or the Agreement is terminated in accordance with Section 7.

2. Products and Pricing.  The Products available hereunder and the respective initial direct invoice prices included in this Agreement are listed on Exhibit A.  For all direct purchase Products, Wellgistics will be invoiced at the contract prices listed in Exhibit A.  

      a. Distribution Channel. In order to ensure that Wellgistics is fully incentivized to promote and maximize sales of the Products, Wellgistics shall serve as Supplier’s exclusive distributor during the Term of this Agreement in the Territory (as defined below).

         i. Subject to the terms of this Agreement, Supplier hereby exclusively grants all distribution rights it holds, as those rights may change from time-to-time, for the Products on and in any platform and in any distribution channel in the Territory;

         ii. The exclusive distribution rights granted herein are subject to Wellgistics placing an Initial Order of One Million (1,000,000) units of the Product immediately following execution of this Agreement;

         iii.Wellgistics shall have the right and discretion to set the pricing at or above XXXXX per unit of Product on the reselling or wholesaling of the Product and to determine who it will and will not sell the Product to. Wellgistics will not sell units of Product at less than XXXXXX per unit of Product without the prior written consent of Supplier, which consent shall be in  Supplier’s sole and absolute discretion. 

         iv. All inquiries made to the Supplier by any buyer regarding the purchase of the Product shall be referred to Wellgistics for a response.

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     b. Purchase Orders; Pricing. Wellgistics’ purchase of the Product from Supplier will be handled through Purchase Orders (“PO”) to Supplier.  Each PO will set forth: (a) the quantities and sizes of the Product; (b) the shipment dates; and (c) the shipping destination. Supplier will not be obligated under the terms and conditions of a PO until Supplier has given Wellgistics written notice of its acceptance of the PO in question. Acceptance of a PO will be in the sole and absolute discretion of Supplier.  Under no circumstances shall a PO that has been accepted by Supplier be cancelled by Supplier without Wellgistics’ prior written approval.  Wellgistics may not cancel any submitted PO after the PO is accepted by Supplier.   

     c. Price Protection. The price may be changed only by a written amendment to this Agreement.

     d. Minimum Quantity. Wellgistics’ exclusive distribution are granted based upon Wellgistics placing an initial One Million (1,000,000) unit order of the Product on the following terms:

          i.Wellgistics shall submit to Supplier a PO for One Million (1,000,000) units of the Product immediately upon execution of this Agreement (“Initial Order”);

          ii.Within three days following the submission of the PO, Wellgisitics shall pay 50% of the Initial Order price to Supplier (“Initial Payment”);

          iii.Supplier will begin providing XXXXX per week to Wellgistics on the earliest possible schedule (not to be longer than seven (7) business days from receipt of the Initial Payment); 

          iv.Upon having received the first 500,000 units of the Product, Wellgistics will pay the balance owned on the Initial Order (“Second Payment”); and

         v.Supplier will provide the 1,000,000 units of Product that are part of the Initial Order on the earliest possible schedule. 

    e .Failure to purchase the Minimum Quantity as outlined in Section 2(d) shall trigger Supplier’s right to terminate the exclusive rights granted hereunder, which act shall be Supplier’s sole remedy for Wellgistic’s failure to purchase a minimum quantity. 

    f.Product Delivery.  Shipping terms are FOB Destination.  Title to and risk of loss to the Products shall pass to Wellgistics upon receipt by Wellgistics at Wellgistics’ warehouse in Lakeland, Florida.  If Product is lost or damaged during transit, Wellgistics shall notify Supplier in writing within ten (10) days of its receipt of such Product and Supplier will provide Wellgistics with credits for that portion of the shipment that is lost or damaged against future orders.

3.Payment Terms

The invoice for the first order (1,000,000) units shall be paid by Wellgistics fifty percent (50%) upon placement of the Initial Order. The balance shall be payable as outlined in 2(d) above

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4. Additional Compensation. 

      a. As further consideration for both the Product price stated in Exhibit A and the grant of exclusivity, Wellgistics agrees to further compensate supplier by paying it (XXXXX%) of the Net Revenue (defined below) generated by all sales of the Product plus XXXXX% XXXXX to Florida shipping costs (including domestic shipping costs) for the Product in question.  Net Revenue shall be defined for purposes of this Agreement as the gross sales price by Wellgistics and/or its Affiliates (defined below) less the price paid by Wellgistics to purchase the Product from Supplier.  This additional compensation shall be calculated and paid in two ways: (1) Wellgistics will pay Supplier an additional XXXXX per unit in accordance with the following schedule: (i) 50% at that the time of the Initial Payment; and (ii) 50% at the time of the Second Payment; and (2) all sales will be calculated monthly and the balance owed Supplier, less the XXXXX already paid, shall be paid to Supplier by Wellgistics on or before the 15th of the subsequent month. For purposes hereof, an “Affiliate” shall mean any person or entity that is controlling, controlled by, or is under common control with Wellgistic. For purposes of this definition “control” means ownership or control of greater than 50% of the voting rights of the person or entity in question or the power to otherwise direct the affairs of the person or entity in question.

     b. Each Party shall keep or cause to be kept such records as are required to determine, in a manner consistent with generally accepted accounting principles in the United States, the sums or credits due under this Agreement, including, but not limited to Net Revenue. At the request (and expense) of either Party, the other Party shall permit an independent certified public accountant appointed by such Party and reasonably acceptable to the other Party, at reasonable times not more than twice a year and upon reasonable notice, to examine only those records as may be necessary to determine, with respect to any quarterly period or periods ending not more than three years prior to such Party’s request, the correctness or completeness of any report or payment made under this Agreement. Results of any such examination shall be (i) binding on the Parties other than in the case of manifest error, (ii) limited to information relating to calculation of Net Revenues, and (iii) made available to both Parties. The Party requesting the audit shall bear the full cost of the performance of any such audit, unless such audit discloses a variance of more than 5% from the amount of the original report, commission or payment calculation, in which case the Party being audited shall bear the full cost of the performance of such audit. Each Party shall pay to the other the amount owing as revealed by such examination and review.

5. Warrants.  As additional compensation for the services performed by Wellgistics hereunder and only if Wellgistics is able to submit its Initial Order by April 1, 2020 and wire 50% of the Initial Order price by April 3, 2020, the Supplier, together with its parent company, Predictive Technology Group, Inc. (“PGI”), shall issue to Wellgistics or its designees at the time of the execution of this Agreement, transferable divisible warrants (the "Warrants") for the purchase of 1,500,000 PGI Shares at an exercise price of $.86 per share. The Warrants will expire on the third anniversary of the Effective Date. The Warrant shall be in the form set forth in Exhibit B. If the Warrants are issued, then on the date hereof and on each subsequent date that Warrants are exercised Wellgistics will be deemed to make the representations and warranties set forth in Exhibit D. Warrants may not be excercised or sold during the initial twelve month term of this agreement without the written consent of the Board of Directors of Predictive Technology Group.

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6. Adverse Events; Complaints.  Wellgistics agrees to notify Supplier of any information coming into Wellgistics’ possession concerning any adverse event relating to the Product, within three (3) Business Days of the date of Wellgistics first becoming aware of such adverse event. 

7.Return Policy and Product Recall.  Products may be returned if: (i) they are damaged or deteriorated through no action of Wellgistics; or (ii) they are subject to a recall initiated by Supplier or other government agency.  

8. Termination.

      a. This Agreement may be terminated in whole or in part by either Party: (i) as a result of a material breach of this Agreement by the other Party if such breach is not cured within 30 days after receipt of notice of such breach by the non-breaching Party, which notice specifies the nature of the breach with reasonable particularity; (ii) if the other Party admits in writing of its inability to pay its debts generally as they become due, makes an assignment for the benefit of its creditors, or files (or has filed against it) any petition under any federal, state or local bankruptcy, insolvency or similar laws, if such filing is not stayed or dismissed within sixty (60) days after the date thereof.

     b.Effect of Termination on Orders.  Upon the expiration or earlier termination of this Agreement, Supplier will fill all accepted POs in accordance with their terms.  If Wellgistics is in possession of any Product at the expiration and/or termination of this Agreement, Wellgistics shall have the right to sell such Product after the expiration and/or termination of this Agreement. Wellgistics will not have the right to return Product to Supplier following expiration and/or termination of this Agreement. 

     c. Survival.  Notwithstanding anything to the contrary contained in this Agreement, the provisions of Sections 5, 6, 8, 9, 10, and 13-25 will survive any expiration or termination of this Agreement. 

9. Limited Warranty.  THE PARTIES SEPARATELY PROVIDE THE FOLLOWING RESPECTIVE REPRESENTATIONS AND WARRANTIES:

     a. Wellgistics represents warrants and covenants that: (a) entering into this Agreement does not violate any contractual obligations Wellgistics may have with third-parties; and (b) it shall distribute the Products and otherwise perform its obligations under this Agreement: (i) in accordance with any and all applicable laws, rules and regulations; (ii) in compliance with professional standards applicable to the pharmaceutical and medical device wholesale industry; (iii) consistent with Supplier’s instructions for use; and (iv) in accordance with the terms of this Agreement and amendments, if any.  Wellgistics may only sell and distribute Product to Customers within the fifty (50) states of the United States of America, the District of Columbia, Puerto Rico and the territories and possessions of the United States (collectively, the “Territory”). 

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    b. Wellgistics acknowledges Supplier’s right, title, and interest, in and to the Products’ patents, trademarks and any other symbols, logos, service marks, trademarks, trade names, copyrights, copyrightable material, or other legally protected information associated with the Products or Supplier (collectively referred to as "Supplier IP") and shall not claim any right, title, or interest, in or to the Supplier IP or the Products, other than the right to distribute the Products.

10. Indemnification.  SUPPLIER SHALL INDEMNIFY, DEFEND, AND HOLD HARMLESS WELLGISTICS AND ITS AFFILIATE COMPANIES AND THEIR DIRECTORS, OFFICERS, EMPLOYEES, AGENTS (HEREINAFTER COLLECTIVELY REFERRED TO AS A “WELLGISTICS INDEMNIFIED PARTY”) FROM AND AGAINST ANY AND ALL THIRD PARTY CLAIMS AND ASSOCIATED LOSSES, EXPENSES, DAMAGES, LIABILITIES, COSTS (INCLUDING, BUT NOT LIMITED TO, INTEREST, PENALTIES, AND REASONABLE ATTORNEYS’ FEES) AND JUDGMENTS SUFFERED BY A WELLGISTICS INDEMNIFIED PARTY ARISING OUT OF: (A) BODILY INJURY, PROPERTY DAMAGE, OR ANY OTHER DAMAGE OR INJURY, IN EACH CASE, DIRECTLY CAUSED BY THE PRODUCTS PURCHASED  BY WELLGISTICS FROM SUPPLIER OR (B) SUPPLIER’S BREACH OF THIS AGREEMENT, EXCEPT IN THE CASE OF (A) OR (B) IF SUCH INJURY OR DAMAGE RESULTS PARTIALLY OR COMPLETELY FROM SUCH WELLGISTICS INDEMNIFIED PARTY’S NEGLIGENCE, WILLFUL MISCONDUCT, OR THE BREACH OF WELLGISTICS’ OBLIGATIONS UNDER THIS AGREEMENT.  

 

WELLGISTICS SHALL INDEMNIFY, DEFEND, AND HOLD HARMLESS SUPPLIER AND ITS AFFILIATE COMPANIES AND THEIR DIRECTORS, OFFICERS, EMPLOYEES, AGENTS (HEREINAFTER COLLECTIVELY REFERRED TO AS A “SUPPLIER INDEMNIFIED PARTY”) FROM AND AGAINST ANY AND ALL THIRD PARTY CLAIMS AND ASSOCIATED LOSSES, EXPENSES, DAMAGES, LIABILITIES, COSTS (INCLUDING, BUT NOT LIMITED TO, INTEREST, PENALTIES, AND REASONABLE ATTORNEYS’ FEES) AND JUDGMENTS SUFFERED BY A SUPPLIER INDEMNIFIED PARTY ARISING OUT OF WELLGISTICS’ FRAUD, NEGLIGENCE OR WILLFUL MISCONDUCT OR WELLGISTICS’ BREACH OF THIS AGREEMENT, EXCEPT IF CLAIM RESULTS PARTIALLY OR COMPLETELY FROM SUCH SUPPLIER INDEMNIFIED PARTY’S NEGLIGENCE, WILLFUL MISCONDUCT, OR THE BREACH OF SUPPLIER’S OBLIGATIONS UNDER THIS AGREEMENT. 

 

Indemnification under this Section will be provided only on the conditions that: (a) the indemnifying Party is given written notice within fifteen (15) days after the indemnified Party receives notice of the subject action (provided failure to give such notice within such period shall not bar a claim for indemnification except to the extent such failure has prejudiced the indemnifying Party); (b) the indemnifying Party has sole control of the defense and all related settlement negotiations, provided any settlement that would impose any monetary or injunctive obligation upon the indemnified Party or requires any admission of liability shall be subject to the indemnified Party’s prior written approval; and (c) the indemnified Party provides cooperation and information in furtherance of such defense, as reasonably required by the indemnifying Party.

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NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY UNDER THIS AGREEMENT FOR ANY INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES ARISING IN ANY WAY OUT OF OR UNDER THIS AGREEMENT, WHETHER IN TORT, CONTRACT OR OTHERWISE, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.  NO TERMS SET FORTH IN SUPPLIER’S INVOICE OR IN ANY OTHER DOCUMENT THAT IS NOT SIGNED BY BOTH PARTIES SHALL IN ANY WAY ACT TO LIMIT EITHER PARTY’S LIABILITY UNDER THIS AGREEMENT.  THESE INDEMNIFICATION OBLIGATIONS AND LIMITATION OF LIABILITY SHALL SURVIVE EXPIRATION OR EARLY TERMINATION OF THIS AGREEMENT.  

 

11. Insurance.  Supplier shall maintain a product liability insurance policy with limits of not less than One Million Dollars ($1,000,000) including excess or umbrella policies.  Wellgistics shall obtain and maintain at all times during this Agreement the following minimum levels of insurance: (i) comprehensive general liability with limits of at least $1,000,000 per occurrence, and two million ($2,000,000) aggregate and a four million ($4,000,000) umbrella and in the aggregate, (ii) workers' compensation insurance as required by Law, (iii) employers' liability insurance with limits of at least $500,000 per accident, and (iv) professional and product liability insurance policy with limits of at least two million dollars ($2,000,000) per claim and five million ($5,000,000) in the aggregate.  

12. Compliance with Laws.  In the performance of its duties and obligations under this Agreement, each Party shall at all times comply with all federal, state, local and other applicable laws, regulations, rules, orders and ordinances (collectively “Laws”) pertinent to each Party’s performance of its duties.

13. Force Majeure.  The Parties shall not be liable for, acts of God, war, riots, floods, fires, storms, strikes, catastrophes, or any other acts of force majeure, governmental restrictions, prohibitions, regulations, and requisitions, the acts of logistics providers  or common carriers, or other interferences beyond their reasonable control to the extent that the same prevent or delay the performance of the obligations herein contained; provided, however, that such Party shall use reasonable commercial efforts to remove the cause of the disruption fulfill the obligations under this Agreement and provide the other Party with prompt notice of the occurrence of any such event of force majeure. This section is not intended and cannot be used by either Party to otherwise limit the availability of common law protections otherwise available.

14. Entire Agreement.  This Agreement contains the entire agreement and understanding between the Parties. This Agreement supersedes the Distribution Services Agreement and Third Party Logistics Services Agreement that were previously entered into by the Parties. The inapplicability or unenforceability of any provision of this Agreement shall not affect the operation or validity of any other provision of this Agreement and all such other provisions shall remain in full force and effect.  

15. Amendment.  This Agreement may be amended or modified only by a written document duly executed by each Party.  This Agreement shall not be contravened or deemed modified or amended by any terms contained in any purchase order, confirmation or acknowledgment of Wellgistics or in any Supplier invoice, confirmation or acknowledgment stating other or different terms, whether or not signed by the Parties hereto.

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16. Waiver.  No waiver of a breach, failure of any condition, or any right or remedy contained in or granted by the provisions of this Agreement shall be effective unless it is in writing and signed by the Party waiving the breach, failure, right, or remedy. No waiver of any breach, failure, right, or remedy, whether or not similar, nor shall any waiver constitute a continuing waiver unless the writing so specifies.

17. Governing Law.  This Agreement, and any dispute arising from the relationship between the Parties to this Agreement, shall be governed by and construed in accordance with the laws of the State of Utah, without giving effect to its choice of law provisions.

18. Notices.  Any notice to be given by either Party to the other shall be in writing and shall be given either by hand delivery or facsimile or email and confirmed in writing, by overnight courier (charges prepaid) or certified mail, return receipt requested, addressed to Wellgistics or Supplier at their respective addresses set forth below, or at such other address as either Party shall designate to the other in accordance herewith.  Notices shall be deemed given when received, as evidenced by written receipt or confirmation. 

 If to Wellgistics:

Wellgistics

Attn: General Counsel

358 Eagles Landing Drive, 

Lakeland, FL 33810

Phone: 435.817.6615

Fax: 863.336.5010

Email:  XXXXX

 

If to Supplier: 

Predictive Laboratories, Inc.

Attn: President

2735 East Parleys Way, Suite 205, 

Salt Lake City, Utah 84109 Phone: 

Email: XXXXX 

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19. Severability.  If any provision of this Agreement is declared or found to be illegal or unenforceable, both Parties shall be relieved of all obligations arising under such provision, but the remainder of this Agreement shall not be affected and remain in full force and effect.

20. Headings.  The headings contained in this Agreement are for convenience of reference only and shall not define, limit or otherwise affect any of the terms or sections or provisions hereof.

21. Counterparts.  This Agreement may be executed in any number of counterparts and all such counterparts, when taken together, shall constitute a single and binding agreement.  Signatures sent by telefacsimile transmission or by electronic mail in PDF format shall constitute originals for purposes of executing and delivering this Agreement and sending notices.

22. Attorneys’ Fees.  In any litigation, arbitration or other proceeding by which one Party seeks to enforce its rights under this Agreement (whether in contract, tort or both) or seeks a declaration of its rights or obligations under this Agreement, the prevailing Party shall be awarded its reasonable attorneys’ fees, and costs and expenses incurred.

23. Subcontracting; Assignment.  This Agreement may not be subcontracted or assigned without prior written consent of the Parties, with the exception of third-party courier services. 

24. Publicity. Except as required by Law, neither Supplier or Wellgistics shall identify the other as a prospective, current or former business counterparty in any press release, publicity, advertising, or other disclosure without prior written consent of the other Party.  

25. Independent Contractors.  Each Party acknowledges and agrees that it is acting hereunder as an independent contractor.  Nothing in this Agreement is intended to mean, or shall be construed to mean, that Wellgistics or any of its employees or agents are the agents, representatives or employees of Supplier. 

26. Arbitration.  Any controversy, claim or dispute arising out of or relating to this Agreement, shall be settled by binding arbitration in Salt Lake City, UT if it cannot first be resolved through good faith negotiations for at least thirty (30) days. Such arbitration shall be conducted in accordance with the then prevailing commercial arbitration rules of JAMS/Endispute (“JAMS”), with the following exceptions if in conflict: (a) one arbitrator shall be chosen by JAMS; (b) each Party to the arbitration will pay its pro rata share of the expenses and fees of the arbitrator, together with other expenses of the arbitration incurred or approved by the arbitrator; and (c) arbitration may proceed in the absence of any Party if written notice (pursuant to the JAMS’ rules and regulations) of the proceedings has been given to such Party. The Parties agree to abide by all decisions and awards rendered in such proceedings. Such decisions and awards rendered by the arbitrator shall be final and conclusive and may be entered in any court having jurisdiction thereof as a basis of judgment and of the issuance of execution for its collection. All such controversies, claims or disputes shall be settled in this manner in lieu of any action at law or equity; provided however, that nothing in this subsection shall be construed as precluding the bringing an action for injunctive relief or other equitable relief. The arbitrator shall not have the right to award punitive damages or speculative damages to either Party and shall not have the power to amend this Agreement. The arbitrator shall be required to follow applicable law.  If for any reason this arbitration clause becomes not applicable, then each Party, to the fullest extent permitted by applicable law, hereby irrevocably waives all right to trial by jury as to any issue relating hereto in any action, proceeding or counterclaim arising out of or relating to this Agreement or any other matter involving the Parties hereto.

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IN WITNESS WHEREOF, this Agreement has been executed and delivered by the Parties through their duly authorized representatives as of the Effective Date.                

		
	 	 
	  

Wellgistics, LLC

	 

Predictive Technology Group, Inc. 

Separately and on behalf of Predictive Laboratories, Inc.

	By:

	By:

	 

	 

	Name: Matthew Starley

	Name: Bradley C. Robinson

	Title: COO / General Counsel

	Title: President and CEO

	Date: April 1, 2020

	Date: April 1, 2020

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EXHIBIT A

Wellgistics Pricing as of the Effective Date

				
	 	 	 	 
	NDC

	Description

	Initial Order Minimum

	Exclusive Price Per Unit

	n/a

	Assurance AB Test

(COVID-19 IgM/IgG Rapid Antibody Test (blood))

	1,000,000

	$ XXXXX

-11-Exhibit 4.1

 

NEITHER THE ISSUANCE AND SALE OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL SELECTED BY THE HOLDER, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION
IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING,
THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE
SECURITIES.

 

XpresSpa
Group, Inc.

 

Form
of Pre-funded Warrant To Purchase Common Stock

 

Warrant No.: 2020-[ ]

Number of Shares of Common Stock: [ ]

Date of Issuance: April [ ], 2020 (“Issuance
Date”)

 

XpresSpa Group, Inc.,
a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, ________________ the registered
holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to
purchase from the Company, at the Exercise Price (as defined below) then in effect, at any time or times on or after the Issuance
Date, and until the date on which this Warrant is exercised in full (the “Termination Date”), [ ] ([ ]) fully
paid nonassessable shares of Common Stock, subject to adjustment as provided herein (the “Warrant Shares”).
Except as otherwise defined herein, capitalized terms in this Warrant to Purchase Common Stock (including any Warrants to Purchase
Common Stock issued in exchange, transfer or replacement hereof, this “Warrant”) shall have the meanings set
forth in the Purchase Agreement (as defined below). This Warrant is the Warrant to purchase Common Stock issued pursuant to that
certain Securities Purchase Agreement, dated as of April 6, 2020 (“Purchase Agreement”) by and between the
Company and the purchasers party thereto.

 

1.       EXERCISE
OF WARRANT.

 

(a)       Mechanics
of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in Section
1(f)), this Warrant may be exercised by the Holder at any time or times on or after the Issuance Date and prior to the Termination
Date, in whole or in part, by (i) delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise
Notice”), of the Holder’s election to exercise this Warrant and (ii) (A) payment to the Company of an amount
equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the
 “Aggregate Exercise Price”) in cash by wire transfer of immediately available funds or (B) if the provisions
of Section 1(d) are applicable, by notifying the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as
defined in Section 1(d)). The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder.
Execution and delivery of the Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as
cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant
Shares. On or before the first (1st) Trading Day following the date on which the Company has received the Exercise Notice,
the Company shall transmit by electronic mail an acknowledgment of confirmation of receipt of the Exercise Notice to the Holder.
On or before the second (2nd) Trading Day following the date on which the Company has received the Exercise Notice,
so long as the Holder delivers the Aggregate Exercise Price (or notice of a Cashless Exercise) on or prior to the second (2nd)
Trading Day following the date on which the Company has received the Exercise Notice (the “Share Delivery Date”)
(provided that if the Aggregate Exercise Price (or notice of a Cashless Exercise) has not been delivered by such date, the Share
Delivery Date shall be extended one (1) Trading Day after the Aggregate Exercise Price (or notice of a Cashless Exercise) is delivered),
the Company shall (X) provided that the Company’s transfer agent (“Transfer Agent”) is participating in
The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program and the Warrant Shares are eligible
to be issued without a restrictive legend, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant
to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal At Custodian
system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program or the Warrant
Shares are not eligible to be issued without a restrictive legend, issue and dispatch by overnight courier to the address as specified
in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise. The Company shall be responsible for
all fees and expenses of the Transfer Agent and all fees and expenses with respect to the issuance of Warrant Shares via DTC, if
any. Upon delivery of the Exercise Notice and the Aggregate Exercise Price (or notice of a Cashless Exercise) (such date of delivery
being the “Exercise Date”), the Holder shall be deemed for all corporate purposes to have become the holder
of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares
are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the
case may be. If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant
Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise,
then the Company shall as soon as practicable and in no event later than three (3) Trading Days after any exercise and at its own
expense, issue a new Warrant (in accordance with Section 7(d)) representing the right to purchase the number of Warrant Shares
issuable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant
is exercised. No fractional Warrant Shares are to be issued upon the exercise of this Warrant, but rather the number of Warrant
Shares to be issued shall be rounded up to the nearest whole number. The Company shall pay any and all taxes which may be payable
with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant; provided,
that the Company shall not be required to pay any tax or governmental charge that may be imposed with respect to any applicable
withholding or the issuance or delivery of the Warrant Shares to any Person other than the Holder, and no such issuance or delivery
shall be made unless and until such Person other than the Holder requesting such issuance has paid to the Company the amount of
any such tax, or has established to the satisfaction of the Company that such tax has been paid. The Company’s obligations
to issue and deliver Warrant Shares in accordance with the terms and subject to the conditions hereof are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof,
the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation
or termination. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions
of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available
for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

     

     

    

 

(b)       Exercise
Price. For purposes of this Warrant, “Exercise Price” means $0.01, subject to adjustment as provided herein.

 

(c)       Company’s
Failure to Timely Deliver Securities. If (I) the Company shall fail for any reason or for no reason on or prior to the Share
Delivery Date either (a) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program and the
Warrant Shares are eligible to be issued without a restrictive legend, to issue to the Holder a certificate without any restrictive
legend for the number of shares of Common Stock to which the Holder is entitled and register such shares of Common Stock on the
Company’s share register or (b) if the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program
and the Warrant Shares are eligible to be issued without a restrictive legend, to credit the Holder’s balance account with
DTC, for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise of this Warrant
and the Warrant Shares are not eligible to be issued without a restrictive legend, to issue and dispatch by overnight courier to
the address as specified in the Exercise Notice for delivery on or before the Share Delivery Date a certificate, registered in
the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder
is entitled pursuant to such exercise, (the event described in clause (I) above referred to herein as an “Exercise Failure”)
occurs, then, in addition to all other remedies available to the Holder, (X) the Company shall pay in cash to the Holder on each
day after the Share Delivery Date and during such Exercise Failure an amount equal to 1.0% of the product of (A) the number of
shares of Common Stock not issued to the Holder on or prior to the Share Delivery Date and to which the Holder is entitled, and
(B) the higher of (i) the then in effect Exercise Price of this Warrant or (ii) the closing price of the Common Stock on the date
of the applicable Exercise Notice, and (Y) the Holder, upon written notice to the Company, may void its Exercise Notice with respect
to, and retain or have returned, as the case may be, any portion of this Warrant that has not been exercised pursuant to such Exercise
Notice; provided that the voiding of an Exercise Notice shall not affect the Company’s obligations to make any payments which
have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise. In addition to the foregoing, if an Exercise
Failure occurs, and if on or after the Share Delivery Date the Holder purchases (in an open market transaction or otherwise) shares
of Common Stock to deliver in satisfaction of a sale through a broker by the Holder of shares of Common Stock issuable upon such
exercise that the Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within
three (3) Trading Days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder
in an amount equal to the Holder’s total purchase price (including brokerage commissions and other reasonable out of pocket
expenses related to the Buy-In, if any) for the shares of Common Stock so purchased (such number of shares not to exceed the number
of Warrant Shares failed to be delivered) (the “Buy-In Price”), at which point the Company’s obligation
to deliver such certificate (and to issue such shares of Common Stock) or credit such Holder’s balance account with DTC for
such shares of Common Stock shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates
representing such shares of Common Stock or credit such Holder’s balance account with DTC, as applicable, and pay cash to
the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common
Stock, times (B) the sale price of the Common Stock at which the sell order giving rise to such purchase obligation was executed.
Nothing shall limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity, including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely
deliver certificates representing shares of Common Stock (or to electronically deliver such shares of Common Stock) upon the exercise
of this Warrant as required pursuant to the terms hereof.

 

    2 

     

    

 

(d)       Cashless
Exercise. If at any time there is no effective registration statement registering, or no current prospectus available for,
the resale of the Warrant Shares by the Holder, then the Holder may, in its sole discretion (and without limiting the Holder’s
rights and remedies contained herein), exercise this Warrant in whole or in part and, subject to the provisions of Section 1(a),
in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate
Exercise Price, elect instead to receive the number of Warrant Shares as is computed using the following formula:

 

X =Y(A - B)
 ÷ A

 

Where:

 

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

 

Y = the total
number of Warrant Shares for which the Holder has elected to exercise this Warrant pursuant to Section 1(a).

 

A = the Closing
Bid Price of the Company’s Common Stock as of the applicable Exercise Date.

 

B = the Exercise
Price in effect under this Warrant as of the applicable Exercise Date.

 

(e)       Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the
Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance
with Section 12.

 

(f)       Limitations
on Exercises. Notwithstanding anything to the contrary contained herein, the Company shall not effect the exercise of any portion
of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to the terms and conditions
of this Warrant and any such exercise shall be null and void and treated as if never made, to the extent that after giving effect
to such exercise, the Holder together with the other Attribution Parties collectively would beneficially own in excess of 4.99%
(the “Maximum Percentage”) of the number of shares of Common Stock outstanding immediately after giving effect
to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by
the Holder and the other Attribution Parties shall include the number of shares of Common Stock held by the Holder and all other
Attribution Parties plus the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the
determination of such sentence is being made, but shall exclude the number of shares of Common Stock which would be issuable upon
(A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of the other Attribution
Parties and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company (including,
without limitation, any convertible notes or convertible preferred stock or warrants) beneficially owned by the Holder or any other
Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 1(f).
For purposes of this Section 1(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “1934 Act”). For purposes of this Warrant, in determining the number of
outstanding shares of Common Stock the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage,
the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Annual
Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange
Commission (the “SEC”), as the case may be, (y) a more recent public announcement by the Company or (3) any
other written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding (the “Reported
Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a time when the actual number
of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder
in writing of the number of shares of Common Stock then outstanding and, to the extent that such Exercise Notice would otherwise
cause the Holder’s beneficial ownership, as determined pursuant to this Section 1(f), to exceed the Maximum Percentage, the
Holder must notify the Company of a reduced number of Warrant Shares to be purchased pursuant to such Exercise Notice (the number
of shares by which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable,
the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time,
upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing or
by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including
this Warrant, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number was
reported. In the event that the issuance of shares of Common Stock to the Holder upon exercise of this Warrant results in the Holder
and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number
of outstanding shares of Common Stock (as determined under Section 13(d) of the 1934 Act), the number of shares so issued by which
the Holder’s and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage (the
 “Excess Shares”) shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have
the power to vote or to transfer the Excess Shares. As soon as reasonably practicable after the issuance of the Excess Shares has
been deemed null and void, the Company shall return to the Holder the exercise price paid by the Holder for the Excess Shares.
For purposes of clarity, the shares of Common Stock issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage
shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1)
of the 1934 Act. No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability
of the provisions of this paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(f) to the extent
necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial
ownership limitation contained in this Section 1(f) or to make changes or supplements necessary or desirable to properly give effect
to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this
Warrant.

 

    3 

     

    

 

(g)       Insufficient
Authorized Shares. If at any time while this Warrant remains outstanding the Company does not have a sufficient number of authorized
and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise of this Warrant at least
a number of shares of Common Stock equal to the number of shares of Common Stock as shall from time to time be necessary to effect
the exercise of all of this Warrant then outstanding (the “Required Reserve Amount” and the failure to have
such sufficient number of authorized and unreserved shares of Common Stock, an “Authorized Share Failure”),
then the Company shall promptly take all action necessary to increase the Company’s authorized shares of Common Stock to
an amount sufficient to allow the Company to reserve the Required Reserve Amount for this Warrant then outstanding. Without limiting
the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure,
but in no event later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting
of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such
meeting, the Company shall provide each stockholder with a proxy statement and shall use its commercially reasonable efforts to
solicit its stockholders’ approval of such increase in authorized shares of Common Stock and to cause its board of directors
to recommend to the stockholders that they approve such proposal. Notwithstanding the foregoing, if any such time of an Authorized
Share Failure, the Company is able to obtain the written consent of a majority of the shares of its issued and outstanding Common
Stock to approve the increase in the number of authorized shares of Common Stock without soliciting its stockholders, the Company
may satisfy this obligation by obtaining such consent and submitting for filing with the SEC an Information Statement on Schedule
14C. In the event that upon any exercise of this Warrant, the Company does not have sufficient authorized shares to deliver in
satisfaction of such exercise, then unless the Holder elects to void such attempted exercise, the Holder may require the Company
to pay to the Holder within three (3) Trading Days of the applicable exercise, cash in an amount equal to the product of (i) the
quotient determined by dividing (x) the number of Warrant Shares that the Company is unable to deliver pursuant to this Section
1(g), by (y) the total number of Warrant Shares issuable upon exercise of this Warrant (without regard to any limitations or restrictions
on exercise of this Warrant) and (ii) the Black Scholes Value; provided, that (x) references to “the day immediately following
the public announcement of the applicable Fundamental Transaction” in the definition of “Black Scholes Value”
shall instead refer to “the date the Holder exercises this Warrant and the Company cannot deliver the required number of
Warrant Shares because of an Authorized Share Failure” and (y) clause (iii) of the definition of “Black Scholes Value”
shall instead refer to “the underlying price per share used in such calculation shall be the highest Weighted Average Price
during the period beginning on the date of the applicable date of exercise and the date that the Company makes the applicable cash
payment.”

 

2.       ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall be adjusted from
time to time as follows:

 

(a)       [Reserved].

 

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

 

    4 

     

    

 

3.       RIGHTS
UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make any dividend or other distribution of its assets (or rights
to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation,
any distribution of cash, stock or other securities, property, options, evidence of indebtedness or any other assets by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled, and the Company shall reserve
the Holder’s pro rata share of the Distribution pending complete exercise of this Warrant, to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant,
including without limitation, the Maximum Percentage) immediately before the date of which a record is taken for such Distribution,
or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the
participation in such Distribution (provided, however, that to the extent that the Holder’s right to participate
in any such Distribution would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the
Holder shall not be entitled to participate in such Distribution to such extent (and shall not be entitled to beneficial ownership
of such shares of Common Stock as a result of such Distribution (and beneficial ownership) to such extent).

 

4.       PURCHASE
RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)       Purchase
Rights. In addition to any adjustments pursuant to Section 2 above, if at any time the Company grants, issues or sells any
Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to all of the record
holders of any class of Common Stock (the “Purchase Rights”), then the Holder will be entitled, and the Company
shall reserve the Holder’s pro rata share of the Purchase Rights pending complete exercise of this Warrant, to acquire, upon
the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately before the date
on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as
of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, that to the extent that the Holder’s right to participate in any such Purchase Right would
result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled
to participate in such Purchase Right to such extent (and shall not be entitled to beneficial ownership of such shares of Common
Stock as a result of such Purchase Right (and beneficial ownership) to such extent).

 

    5 

     

    

 

(b)       Fundamental
Transactions. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”); then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard
to any limitation in Section 2(e) on the 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 any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor
Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after,
the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder an amount of cash
equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental
Transaction; provided, however, until the first anniversary of the Issuance Date, the Black Scholes Value of the
remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction shall be capped at
the initial Exercise Price of this Warrant; provided, further, if the Fundamental Transaction is not within the Company’s
control, including not approved by the Company’s Board of Directors or the consideration is not in all stock of the Successor
Entity, Holder shall have the option to require the Company or any Successor Entity to purchase its Warrant for the Black Scholes
Value of the unexercised portion of this Warrant as of the date of consummation of such Fundamental Transaction using the same
type or form of consideration (and in the same proportion) that is being offered and paid to the holders of Common Stock of the
Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination
thereof, or whether the holders of Common Stock are given the choice to receive from among alternative forms of consideration in
connection with the Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which
the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the
Company under this Warrant and the Purchase Agreement in accordance with the provisions of this Section 3(e) pursuant to written
agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay)
prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant
a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant
which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent
to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the
exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder
to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being
for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Warrant and the Purchase Agreement referring to the “Company” shall refer instead to the Successor
Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this
Warrant and the Purchase Agreement with the same effect as if such Successor Entity had been named as the Company herein.

 

    6 

     

    

 

5.       NONCIRCUMVENTION.
The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation or Bylaws,
or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of
securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
and will at all times in good faith carry out all of the provisions of this Warrant and take all action as may be required to protect
the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value
of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall
take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and
nonassessable shares of Common Stock upon the proper exercise of this Warrant by the Holder, and (iii) shall, so long as this Warrant
is outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock,
solely for the purpose of effecting the exercise of this Warrant, the number of shares of Common Stock as shall from time to time
be necessary to effect the exercise of this Warrant (without regard to any limitations on exercise).

 

6.       WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s
capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital
of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in
such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote,
give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to
the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant.
In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company. Notwithstanding this Section 6, the Company shall provide the Holder with copies of the same notices
and other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders.

 

7.       REISSUANCE
OF WARRANTS.

 

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

 

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

 

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

 

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

 

    7 

     

    

 

8.       NOTICES.
Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or electronic mail, addressed as set forth below or to such other address as such party shall have
specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall
be deemed effective (a) upon hand delivery at the address or number designated below (if delivered on a business day during normal
business hours where such notice is to be received), or the first business day following such delivery (if delivered other than
on a business day during normal business hours where such notice is to be received), (b) on the second business day following the
date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, or
(c) on the date sent by e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the
recipient on a Business Day, and on the next Business Day if sent after normal business hours of the recipient on a non-Business
Day, whichever shall first occur. The addresses for such communications shall be: (i) if to Borrower, to: XpresSpa Group, Inc.,
254 West 31st Street, 11th Floor, Attn: Douglas Satzman, CEO, email: notices@xpresspagroup.com, with a copy by email
only to: Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., Chrysler Center, 666 3rd Avenue, New York, NY 10017,
Attn: Kenneth R. Koch, Esq., email: krkoch@mintz.com, and (ii) if to the Holder, to the contact and at the address as set forth
on signature pages hereto. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this
Warrant, including in reasonable detail a description of such action and the reason therefor. Without limiting the generality of
the foregoing, the Company will give written notice to the Holder (i) immediately upon any adjustment of the Exercise Price, setting
forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least five (5) days prior to the date
on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of Common
Stock, (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase stock, warrants,
securities or other property to holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental
Transaction, dissolution or liquidation; provided in each case that such information shall be made known to the public prior
to or in conjunction with such notice being provided to the Holder.

 

9.       AMENDMENT
AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended or waived and the Company may
take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained
the written consent of the Holder, and with respect to any amendment, the amendment is in writing and signed by the Company, except
that the Holder may waive the Company’s performance hereunder or provide consent as to only the Holder.

 

10.       GOVERNING
LAW; JURISDICTION; JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of
the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of
New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City
of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. The Company hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to the Company at the address set forth in Section 8 hereto and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other
legal action against the Company in any other jurisdiction to collect on the Company’s obligations to the Holder, to realize
on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling in favor of the Holder.
THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF
ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    8 

     

    

 

11.       CONSTRUCTION;
HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against
any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or
affect the interpretation of, this Warrant.

 

12.       DISPUTE
RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall submit the disputed determinations or arithmetic calculations via electronic mail within two (2) Business
Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company
are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three (3) Business
Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two
(2) Business Days submit via electronic mail (a) the disputed determination of the Exercise Price to an independent, reputable
investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares
to the Company’s independent, outside accountant. The Company shall cause at its expense the investment bank or the accountant,
as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later
than ten (10) Business Days from the time it receives the disputed determinations or calculations. Such investment bank’s
or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error.

 

13.       REMEDIES,
OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition
to all other remedies available under this Warrant and the Acknowledgement Agreement, at law or in equity (including a decree of
specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages
for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its obligations
hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company
therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition
to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without
any bond or other security being required.

 

    9 

     

    

 

14.       TRANSFER.
This Warrant and the Warrant Shares may be offered for sale, sold, transferred, pledged or assigned without the consent of the
Company.

 

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

 

16.       DISCLOSURE.
Upon receipt or delivery by the Company of any notice in accordance with the terms of this Warrant, unless the Company has in good
faith determined that the matters relating to such notice do not constitute material, nonpublic information relating to the Company
or its Subsidiaries, the Company shall within four (4) Business Days after any such receipt or delivery publicly disclose such
material, nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice
contains material, nonpublic information relating to the Company or its Subsidiaries, the Company so shall indicate to such Holder
contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed to presume
that all matters relating to such notice do not constitute material, nonpublic information relating to the Company or its Subsidiaries.

 

17.       LIMITATIONS
OF RIGHTS. The rights granted to the Holder pursuant to Sections 2(a) and 4(b) of this Warrant are personal to the original
Holders of this Warrant and shall automatically be cancelled and of no further effect upon any transfer of this Warrant by sale
or otherwise.

 

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

 

(a)       “1933
Act” means the Securities Act of 1933, as amended.

 

(b)       “Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the 1933 Act.

 

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

 

    10 

     

    

 

(d)       “Black
Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg determined as of the day immediately following the public announcement of the applicable Fundamental Transaction,
or, if the Fundamental Transaction is not publicly announced, the date the Fundamental Transaction is consummated, for pricing
purposes and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining
term of this Warrant as of such date of request, (ii) an expected volatility equal to the greater of 100% and the 100 day volatility
obtained from the HVT function on Bloomberg as of the day immediately following the public announcement of the applicable Fundamental
Transaction, or, if the Fundamental Transaction is not publicly announced, the date the Fundamental Transaction is consummated,
(iii) the underlying price per share used in such calculation shall be the sum of the price per share being offered in cash, if
any, plus the value of any non-cash consideration, if any, being offered in the Fundamental Transaction, (iv) a zero cost of borrow
and (v) a 360 day annualization factor.

 

(e)       “Bloomberg”
means Bloomberg Financial Markets.

 

(f)       “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 New York are authorized or required by law or other governmental action to
close.

 

(g)       “Closing
Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price
and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal
Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price, as
the case may be, then the last bid price or the last trade price, respectively, of such security prior to 4:00:00 p.m., New York
time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such
security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or
trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing
bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for
such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such security
by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported
in the OTC Link or “pink sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Closing Bid Price
or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid
Price or the Closing Sale Price, as the case may be, of such security on such date shall be the fair market value as mutually determined
by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then
such dispute shall be resolved pursuant to Section 12. All such determinations to be appropriately adjusted for any stock dividend,
stock split, stock combination, reclassification or other similar transaction during the applicable calculation period.

 

    11 

     

    

 

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

 

(i)       “Common
Stock Equivalents” means any securities of the Company or its Subsidiaries 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.

 

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

 

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

 

(l)       “Termination
Date” means the date on which this Warrant is exercised in full.

 

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

 

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

 

(o)       “Parent
Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person, including such entity
whose common shares or common stock or equivalent equity security is quoted or listed on an Eligible Market (or, if so elected
by the Holder, any other market, exchange or quotation system), or, if there is more than one such Person or such entity, the Person
or such entity designated by the Holder or in the absence of such designation, such Person or entity with the largest public market
capitalization as of the date of consummation of the Fundamental Transaction.

 

(p)       “Person”
means an 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.

 

(q)       “Principal
Market” means the Nasdaq Capital Market.

 

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

 

(s)       “Subsidiary”
means with respect to any entity at any date, any direct or indirect Person, limited or general partnership, limited liability
company, trust, estate, association, joint venture or other business entity of which (A) more than 50% of (i) the outstanding
capital stock having (in the absence of contingencies) ordinary voting power to elect a majority of the board of directors or other
managing body of such entity, (ii) in the case of a partnership or limited liability company, the interest in the capital
or profits of such partnership or limited liability company or (iii) in the case of a trust, estate, association, joint venture
or other entity, the beneficial interest in such trust, estate, association or other entity business is, at the time of determination,
owned or controlled directly or indirectly through one or more intermediaries, by such entity, or (B) is under the actual control
of the Company.

 

    12 

     

    

 

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

 

(u)       “Trading
Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common
Stock is then traded; provided that “Trading Day” shall not include any day on which the Common Stock is scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the
final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time
of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time).

 

(v)       “Weighted
Average Price” means, for any security as of any date, the dollar volume-weighted average price for such security on
the Principal Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly
announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the Principal Market
publicly announces is the official close of trading), as reported by Bloomberg through its “Volume at Price” function
or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on
the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time (or such other time
as such market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time
as such market publicly announces is the official close of trading), as reported by Bloomberg, or, if no dollar volume-weighted
average price is reported for such security by Bloomberg for such hours, the average of the highest Closing Bid Price and the lowest
closing ask price of any of the market makers for such security as reported in the OTC Link or “pink sheets” by OTC
Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Weighted Average Price cannot be calculated for a security on a particular
date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be the fair market value as
mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value
of such security, then such dispute shall be resolved pursuant to Section 12 with the term “Weighted Average Price”
being substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any stock
dividend, stock split, stock combination, reclassification or other similar transaction during the applicable calculation period.

 

[Signature Page Follows]

 

    13 

     

    

 

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

 

	 	XPRESSPA GROUP, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	Name: Douglas Satzman
	 	Title: Chief Executive Officer

 

[Signature Page to Warrant]

     

     

    

 

EXHIBIT A

 

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER
TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

XPRESSPA
GROUP, INC. 

The undersigned holder
hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of
XpresSpa Group, Inc., a Delaware corporation (the “Company”), evidenced by the attached Warrant to Purchase
Common Stock No. ____ (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Warrant.

 

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

 

____________a
 “Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

____________a
 “Cashless Exercise” with respect to _________________ Warrant Shares.

 

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

 

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

 

	_______
    Electronic Delivery	 	DTC Participant:	 
	 	 	 	DTC Number:	 
	 	 	 	Account Name:	 
	 	 	 	Account Number:	 
	 	 	 	 	 
	_______ Physical Delivery	 	Address:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Date: _______________ __, ______	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Name of Registered Holder	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
		Name:	 	 	 
		Title:	 	 	 

 

    14 

     

    

 

ACKNOWLEDGMENT

 

The Company hereby
acknowledges this Exercise Notice and hereby directs American Stock Transfer & Trust Company, LLC to issue the above indicated
number of shares of Common Stock in accordance with the Exercise Notice.

 

	 	XPRESSPA GROUP, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    15

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