Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 
 This
EMPLOYMENT AGREEMENT (the “Agreement”) made and effective as of August 30, 2021 (the “Effective Date”), by and between the MOHEGAN TRIBAL GAMING AUTHORITY d/b/a MOHEGAN GAMING & ENTERTAINMENT (the
“Employer”), an instrumentality of THE MOHEGAN TRIBE OF INDIANS OF CONNECTICUT (the “Tribe”), a sovereign Indian nation, having an address of One Mohegan Sun Boulevard, Uncasville, Connecticut 06382, and JODY MADIGAN, residing at
13105 Pendleton Court Reisterstown, Maryland 21136 (the “Executive”). 
 WITNESSETH: 

WHEREAS, the Employer owns and operates Mohegan Sun casino and resort in Uncasville, Connecticut, and Mohegan Sun Pocono in Plains Township,
Pennsylvania with off-track wagering facilities located in Pennsylvania, manages and owns an interest in Resorts Casino in Atlantic City, New Jersey, developed and manages ilani Casino on the Cowlitz
Reservation in Washington, is developer and manager and owns the Inspire Resort project in Seoul, South Korea, operates Niagara Fallsview Casino Resort, Casino Niagara and Niagara Falls Entertainment Centre, and Mohegan Sun Casino at Virgin Hotels
Las Vegas, as well as owns investments in other proposed gaming enterprises and/or other gaming and entertainment businesses (as presently existing and hereafter developed, the “Business”); and 

WHEREAS, the Executive has significant gaming operations experience; and 

WHEREAS, the Employer intends to employ the Executive as the Chief Operating Officer and is desirous of assuring that the Executive has
the authority to fully carry out his duties hereunder. 
 NOW, THEREFORE, in consideration of the promises and the mutual covenants, terms
and conditions hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency whereof is specifically acknowledged, the parties hereto hereby agree as follows: 

1. Effective Date of this Agreement 
 This
Agreement shall be effective from the Effective Date set forth in the opening paragraph of this Agreement; provided, however, that the Executive’s employment and Effective Date are subject to and conditioned upon Executive qualifying for and
receiving all required gaming licenses from the State of Connecticut on or before the Effective Date. 
 2. Nature of Services and Duties 

(A) The Employer hereby agrees to employ the Executive as its Chief Operating Officer upon the terms set forth herein, and the Executive
hereby accepts such employment. 

 (B) The Executive shall perform such duties and services of an executive, managerial and
administrative nature as are customary for a chief operating officer of a similar entity and which, consistent with the foregoing, the Employer may from time to time through communication from the Chief Executive Officer hereafter assign to him.
Such duties shall include, but not be limited to: direct supervision of the general managers (or equivalent positions) of Mohegan Sun Connecticut, Mohegan Sun Pocono, and all other properties; overseeing development of short and long-term strategic
business plans for all properties in association with the Chief Executive Officer and other leadership; overseeing development and implementation of strategic competitive positioning plans, proactively and reactively, due to competition in the
respective markets and ensuring that marketing and operational plans drive profitability; and overseeing development of annual operating and capital budgets aligned with strategic business plans for all properties and affecting appropriate controls
and measurements to evaluate success in meeting organizational strategies and financial performance targets. The Executive shall report exclusively to the Chief Executive Officer of the Employer. The Executive shall carry out these responsibilities
in accordance with and subject to the requirements of applicable laws, including applicable Tribal laws. The Employer shall not materially restrict, reduce or otherwise limit the Executive’s responsibility or authority without the
Executive’s consent, except for customary limits and protocols of authority established by the Employer consistent with past practice. 

(C) The Executive shall devote his full time best efforts and ability and all required business time to the performance of his duties and
responsibilities hereunder to achieve the goals set forth in the Employer’s annual business plan. The Executive shall perform all duties to the Employer faithfully, competently, and diligently. The Executive shall comply with the
Employer’s policies, as amended from time to time. 
 (D) The Executive’s work location is the Connecticut corporate office. The
Executive’s role includes a telecommuting option permitting him to work remotely from Reisterstown, Maryland (or such other location that is his primary residence) when he is not traveling and requiring him to spend on average one week a month
in the Connecticut corporate office and a minimum of one week a month on the road visiting properties, etc. both domestically and internationally. The cost of required travel to and from the Connecticut corporate office is to be reimbursed as a
business expense in accordance with Section 6(A), below. 
 (E) To the fullest extent authorized or permitted by law, except for actions
of the Executive that could be the basis for termination for Cause as set forth in Section 7(C), below, the Employer shall indemnify, defend, and hold the Executive harmless, including the payment of reasonable attorney fees if the Employer
does not directly provide the Executive’s defense, from and against all claims made by anyone, including, but not limited to, a corporate entity, company, other employee, agent, patron, tribal member, or any member of the general public with
respect to any claim that asserts as a basis, any acts, omissions, or other circumstances involving the performance of the Executive of his duties and services under this Agreement. 

3. Term 
 This Agreement shall govern the
Executive’s employment with the Employer from the Effective Date through and including March 31, 2025 (the “Initial Term”). This Agreement shall automatically renew for additional terms of one (1) year (each a “Renewal
Term” and together with the Initial Term, the “Term”) unless either party shall notify the other of its intention not to renew, or unless otherwise terminated as provided herein. Any such notice of intention not to renew shall be
delivered not later than six (6) months prior to the end of the Initial Term or Renewal Term, as the case may be, and shall be effective at the scheduled end of such Initial Term or Renewal Term, except as otherwise provided herein. 

  
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 4. Base Annual Salary; EBITDA Achievement and Sign-On Bonus

 (A) Commencing with the Effective Date and until September 30, 2022, the Employer shall pay the Executive a Base Annual Salary in the
amount of Six Hundred Thousand Dollars (USD$600,000.00), payable in equal weekly installments of $11,538.46., subject to taxes and other applicable withholdings. Commencing October 1, 2022, and on each October 1 thereafter during the Term
of this Agreement, the Base Annual Salary shall be increased if, and in an amount, mutually agreed to by the Executive and the Employer. 

(B) The Executive shall be permitted to participate in and shall be eligible for all incentive compensation plans and benefits as available to
executive-level employees at or below his level. The bonus payable under the Incentive Compensation Program is targeted at Thirty Five Percent (35%) of Base Annual Salary; but notwithstanding any other language the payment of the Incentive
Compensation Program will be at the sole discretion of the Management Board of the Employer and the Employer reserves the right to amend or withdraw any bonus and/or the Incentive Compensation Program at its absolute discretion. In addition to the
Incentive Compensation Program, for FY 2022 EBITDA achievement the Employer will provide the Executive with an opportunity for an additional bonus based on the following schedule: 

 

	 	•	 	 90-94.99% EBITDA - $50,000 bonus 

 

	 	•	 	 95-99.99% EBITDA - $75,000 bonus 

 

	 	•	 	 100% or more EBITDA - $100,000 bonus 

(C) In connection with the execution of this Agreement, the Executive will receive a sign-on payment in
the amount of Fifty Thousand Dollars (USD$50,000.00), which amount shall be subject to taxes and other applicable withholdings, payable in one installment within the first few weeks of employment. In the event that the Executive resigns his position
or is terminated for Cause as set forth in Section 7(C) within one (1) year after the Effective Date, the Executive will be required to reimburse the Employer a prorated portion of the sign-on
payment, less applicable withholding taxes paid on such amount. In the event of such resignation or termination for Cause, the Employer is hereby authorized to deduct such amount from any wages or other amounts due and owing to the Executive. The
Executive’s obligations under this Section 4(B) shall survive any termination or expiration this Agreement and the Executive’s employment hereunder. 

  
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 5. Life Insurance 

The Employer may, within its discretion, at any time during the Term of this Agreement apply for and procure as owner and for its own benefit
insurance on the life of the Executive, in such amounts and in such form as the Employer may choose. The Executive shall have no interest whatsoever in any such policies, but he shall upon request by the Employer submit to such medical examinations,
supply such information, and execute such documents as may be required by the Employer or the insurance companies to whom the Employer has made application. 

6. Reimbursement of Certain Expenses; Vacation; Medical Benefits 

(A) The Employer will reimburse the Executive for necessary and reasonable business expenses incurred by him in the performance of his duties
hereunder, provided, that he shall obtain the approval for such expenditures in accordance with the procedures adopted by the Employer from time to time and generally applicable to its executive-level employees, including such procedures with
respect to submission of appropriate documentation and receipts. Failure by the Executive to follow such procedures shall entitle the Employer to refuse to reimburse the Executive for such expenses until such time as such failure has been cured. It
is understood and agreed that the Executive shall not be entitled to reimbursement for any expense of the Executive for legal services or tax planning services employed by the Executive in interpreting this or any other agreement between the
Executive and the Employer. 
 (B) The Executive shall be entitled to four (4) weeks paid personal time off (PTO)
per full fiscal year of employment, subject to policies (e.g., relating to maximum accrual) as are now or may be adopted by the Employer. 

(C) The Executive shall participate in such employee benefit plans and programs (including but not limited to medical and life insurance
programs) as are now or may be adopted by the Employer for its executive employees and their families, subject to any minimum employment period for eligibility. The life insurance program currently provides term life insurance coverage on the
Executive’s life for the benefit of the Executive’s designated beneficiary in an amount of the Executive’s Base Annual Salary. The Employer shall continue to provide such medical insurance coverage for a period of one (1) year
after any termination by the Employer of the Executive’s employment hereunder if such termination was without Cause, as hereinafter defined (for the avoidance of doubt, including a termination as a result of the Employer’s determination
not to renew this Agreement pursuant to Section 3). 
 7. Disability; Termination

(A) If the Executive becomes unable to perform all of his duties set forth in Section 2 of this Agreement due to mental or physical
disability, all compensation and benefits provided in this Agreement shall continue to be paid and provided in full for a period not exceeding one hundred and eighty (180) consecutive days. Upon completion of such one hundred and eighty
(180) days (or if the Executive shall be disabled by the same incapacity for an aggregate period of one hundred and eighty (180) days in any period of three hundred and sixty (360) consecutive days by the same incapacity) the Employer
may, at its sole option, suspend the Executive’s employment until the Executive is recovered (as reasonably certified by a physician designated by the Employer) from such mental or physical disability. During any period of

  
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suspension on account of disability, the Executive shall receive as compensation under this Agreement only such compensation as may be provided under the disability insurance described in
Section 7(B). If the physician designated by the Employer certifies that the Executive is permanently disabled, the Employer’s obligations under this Agreement will cease; provided, however, the Executive will be entitled to the disability
benefits set forth in Section 7(B). 
 (B) The Executive shall be entitled to participate in the Employer’s long-term disability
insurance program as is now or may be adopted by the Employer for its employees subject to any minimum employment period for eligibility and the insurance policy provisions. Such program currently provides payment of 60% of the Executive’s Base
Annual Salary to a maximum benefit of $20,000 per month commencing with suspension or termination of employment, pursuant to Section 7(A), above, by reason of physical or mental disability. 

(C) Subject to the provisions of this subsection (C), the Employer may terminate the Executive’s employment for Cause, defined as
(i) the Executive’s violation of the Restrictive Covenants as defined in Section 10 of this Agreement, (ii) the loss, suspension, or revocation by the State of Connecticut, the Mohegan Tribal Gaming Commission, or any other
gaming regulatory agency with jurisdiction over the Employer’s gaming operations and personnel, of the Executive’s license for Class III and, as applicable, Class II gaming (“Executive’s Gaming License”) for a
period of thirty (30) consecutive days, (iii) the Executive’s conviction of any crime involving fraud, theft or moral turpitude, or (iv) the Executive’s intentional or material breach of his obligations under this Agreement.
The Employer may suspend the Executive without pay upon the Executive’s loss or suspension of his Gaming License or his arrest for any alleged crime against the Employer or any of its affiliates. In the event that the Executive’s Gaming
License is restored or if the Executive is found not guilty or otherwise exonerated for an alleged crime against the Employer or any of its affiliates, and the Executive is not otherwise terminated for Cause as defined herein, the Executive’s
suspended pay shall be reimbursed to him. 
 Except in the event of suspension upon the Executive’s loss or suspension of the
Executive’s Gaming License or the Executive’s arrest or termination upon conviction of a crime, if the Employer desires to terminate the Executive for Cause, the Employer shall give written notice specifying the act(s) claimed to
constitute cause and specifying an effective date of termination, which date shall be no sooner than thirty (30) days after the giving of such notice; provided, that nothing herein shall prevent the Employer from suspending the Executive, with
pay, from all operational functions and from access to the Employer’s facilities upon giving such written notice. The Employer may, in its sole discretion, give the Executive an opportunity to rectify the reasons for termination. In the event
the Executive fails to rectify the act(s) claimed to constitute cause as set forth in the notice of termination, the Executive’s employment with the Employer shall cease effective upon the date provided in the notice of termination. If such
termination is for Cause, then the Executive shall not be entitled to any further compensation from and after the date of termination. 
 (D)
Subject to the provisions of this subsection (D), the Employer may terminate the Executive’s employment other than for Cause, as defined above. In the event of termination other than for Cause, the Executive shall be paid, following such
termination, his Base Annual Salary for a period of twelve (12) months from the date of termination; provided that such Base Annual Salary shall be payable to the Executive in the same amount and at the same intervals as would have been paid
had his employment continued. 

  
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 (E) In the event that the Executive voluntarily terminates his employment hereunder, the
Executive’s employment shall cease as of the date provided in the Executive’s notice to the Employer of his voluntary termination, and thereafter, provided that the Employer shall not then be in material breach of this Agreement, the
Executive shall not be entitled to any further compensation hereunder. For the avoidance of doubt, the Executive shall be entitled to pursue any such claim for material breach of this Agreement by the Employer, provided that the Executive’s
remedies for such material default by the Employer, if any, shall in no case exceed recovery of the amounts in Section 7(D) above and relief from any obligation to repay amounts specified in Section 4(B) above. 

8. Covenants of Executive Not to Compete

The Executive acknowledges that, as of the date of this Agreement, the Employer’s Business includes all of the gaming facilities listed in
the preamble to this Agreement and that the Employer intends to develop additional gaming properties and interests. The Executive acknowledges and agrees that: (i) his services to the Employer are special and unique; (ii) his work for the
Employer has given him and will continue to give him access to confidential information concerning the Employer, its strategies, and the Business; (iii) he has the means to support himself and his dependents other than by engaging in the
Business of the Employer and the provisions of this Section 8 will not impair such ability; (iv) that competing with the Employer within the Restricted Areas and within the Restricted Period, as defined herein, would give the Executive or
any entity with which he might become affiliated an unfair competitive advantage, to the detriment of the Employer; and (v) that the Employer’s undertakings herein, including but not limited to the provisions of Sections 4 and 7(A), (B),
and (D), provide sufficient consideration for his acceptance of the restrictive covenants set forth herein. Accordingly, in order to induce the Employer to enter into this Agreement, the Executive covenants and agrees that: 

(A) The geographic areas within which the Executive shall not compete include the states of New York, New Jersey, Pennsylvania, Connecticut,
Massachusetts, Rhode Island, Vermont, New Hampshire, and Maine and a radius of one hundred twenty five (125) statute miles from any site in which the Employer owns, operates or manages any casino gaming facility, or holds, has an application
pending for, or has formed a plan made by or disclosed to the Executive by the Employer while the Executive is employed by the Employer, to apply for, a gaming license, whether as a ‘qualifier’ or a ‘principal’ (the
“Restricted Area”). Provided, in the event of expiration of this Agreement (as opposed to termination with or without Cause) the Restrictive Area shall be defined only as a radius of one hundred twenty five (125) statute miles from
any site in which the Employer owns, operates or manages any casino gaming facility, or holds, has an application pending for, or has formed a plan made by or disclosed to the Executive by the Employer while the Executive is employed by the
Employer, to apply for, a gaming license, whether as a ‘qualifier’ or a ‘principal’. 

  
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 (B) The period of the restrictive covenant shall include all times in which the Executive is
employed by the Employer and a period of twelve (12) months following the expiration or termination of his employment for any reason including the Executive’s voluntary termination (the “Restricted Period”). 

(C) During the Restricted Period and in the Restricted Area, the Executive shall not, without the express written permission of the Employer,
accept any offer of employment, nor shall he perform services for any entity engaged in casino gaming, nor shall he compete in any manner, either directly or indirectly, including, without limitation, as an employee or independent contractor,
investor, partner, shareholder, officer, director, principal, agent or trustee, of any entity which competes with any Business in which the Employer is engaged during any period of the Executive’s employment by the Employer. This restriction
shall not bar the Executive from ownership of less than five percent (5%) of the shares of a publicly traded corporation engaged in casino gaming or any other Business in which the Employer is engaged during any period of the Executive’s
employment by the Employer. 
 (D) During the Restricted Period, the Executive shall not, directly or indirectly, hire or solicit any
employee of the Employer or any of its affiliates or encourage any such employee to leave such employment. For the avoidance of doubt, this restriction shall not apply with respect to general solicitations or advertisements for positions. 

(E) The Executive’s obligations under this Section 8 shall survive any termination or expiration of this Agreement and the
Executive’s employment hereunder. 
 (F) The Employer shall have the right to notify, without liability to the Executive, any person or
entity that employs or seeks to employ or retain the Executive during or after the period of the Executive’s employment by the Employer (but within the Restricted Period) of the restrictions set forth in this Agreement. 

9. Confidential Information
 The Executive
agrees to receive Confidential Information (as hereinafter defined) of the Employer in confidence, and not to disclose to others, assist others in the application of, or use for his own gain, such information, or any part thereof, unless and until
it has become public knowledge, has come into the possession of such other or others by legal and equitable means, or if required to do so by order of a court of competent jurisdiction. The Executive further agrees to take and maintain all
reasonable efforts to protect Confidential Information from disclosure to persons or entities other than those engaged in the furtherance of the Employer’s Business. The Executive further agrees that, upon termination of his employment with the
Employer, all documents, records, notebooks and similar repositories of or containing Confidential Information, including any computer devices, cell phones, laptops, digital storage devices, and similar technological devices that contain any
Confidential Information, including copies thereof, then in the Executive’s possession, whether prepared by him or others, will be left with or returned to the Employer. For purposes of this Section 9, “Confidential Information”
means information disclosed to the Executive or known by the Executive as a consequence of or arising from or out of his employment by the Employer, not generally known in the industry in which the Employer is or may become engaged about the
Employer’s Business, products, processes and/or services. The Executive’s obligations under this Section 9 shall survive any termination or expiration of this Agreement and the Executive’s employment hereunder. 

  
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 10. Rights and Remedies Upon Breach

The Executive acknowledges and agrees that a violation of any provision of Sections 8 or 9 of this Agreement (the “Restrictive
Covenants”) shall cause irreparable harm to the Employer and the Employer shall be entitled to specific performance of this Agreement or an injunction without proof of special damages, together with costs and reasonable and documented
attorney’s fees incurred by the Employer in enforcing its rights under this Agreement. If the Executive breaches, or threatens to commit a breach of any of the Restrictive Covenants, the Employer shall have the following rights and remedies,
each of which rights and remedies shall be independent of the other and severally enforceable, and all of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Employer under law or in
equity: 
 (A) The right and remedy to have the Restrictive Covenants specifically enforced by any court of competent jurisdiction including,
without limitation, the right to entry against the Executive of restraining orders and injunctions (preliminary, mandatory, temporary and permanent), without proof of special damages, against violations of such covenants, threatened or actual, and
whether or not then continuing, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Employer and that money damages will not provide an adequate remedy to the Employer; and 

(B) The right and remedy to require the Executive to account for and pay over to the Employer all compensation, profits, monies, accruals,
increments or other benefits derived or received by the Executive from the Employer or in connection with any such breach of the Restrictive Covenants during the period of any breach of the Restrictive Covenants. The Employer may set off any amounts
due it under this Section 10(B) against any amounts owed to the Executive under Sections 4 or 7. 
 11. Notice

All notices hereunder shall be in writing. Any notice, request, information, legal process, or other instrument to be given or served hereunder
by any party to another shall be deemed given or served hereunder by any party to the other if either delivered personally or sent by prepaid registered or certified mail, return receipt requested. Any such notice to the Employer shall be sent to
the address set forth in the introductory paragraph of this Agreement to the attention of the Chief Executive Officer of the Employer with a copy to the Senior Vice President/Chief Legal Officer of the Employer. Any such notice to the Executive
shall be sent to his then current residential address on file with the Employer’s Human Resources Department. Either party may, through written notice to the other party, change the address of notice as provided in this Section. 

  
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 12. Entire Agreement; Modification

Except as otherwise provided herein, this Agreement supersedes and cancels any and all prior agreements between the parties hereto, express or
implied, relating to the subject matter hereof. This Agreement sets forth the entire agreement of the parties hereto with respect to the subject matter hereof. This Agreement may not be changed, modified, amended or altered except in a writing
signed by both parties. 
 13. Non-Waiver

The failure or refusal of either party to insist upon the strict performance of any provision of this Agreement or to exercise any right in any
one or more instances or circumstances shall not be construed as a waiver or relinquishment of such provision or right and shall in no way effect such provision or right, nor shall such failure or refusal be deemed a custom or practice contrary to
such provision or right. 
 14. Severability

If any section, paragraph, term or provision of this Agreement shall be held or determined to be unenforceable, the balance of this Agreement
shall nevertheless continue in full force and unaffected by such holding or determination. In addition, in any such event, the parties agree that it is their intention and agreement that any such section, paragraph, term or provision which is held
or determined to be unenforceable as written, shall nonetheless be enforced and binding to the fullest extent permitted by law as though such section, paragraph, term or provision had been written in such a manner to such an extent as to be
enforceable under the circumstances. Without limitation of the foregoing, with respect to any restrictive covenant contained herein, if it is determined that any such provision is excessive as to duration or scope, the parties hereto agree that any
court of competent jurisdiction over them shall be authorized and empowered to revise and enforce the restrictive covenant for such shorter duration or with such narrower scope as will render it enforceable to the greatest extent permissible under
applicable law. 
 15. Governing Law

This Agreement shall be construed in accordance with the laws of the State of Connecticut without regard to its conflict of laws’
provisions. 
 16. Dispute Resolution

Except for actions by the Employer for enforcement against the Executive of the Restrictive Covenants set forth in this Agreement, any
disagreement or dispute between the parties as to the interpretation of this Agreement or any rights or obligations arising hereunder, including, without limitation, the arbitrability of any dispute, shall be resolved exclusively by binding
arbitration in accordance with the then prevailing rules of the American Arbitration Association (or any successor thereto to the extent not inconsistent herewith), upon notice to the other party of its intention to do so. The parties agree that any
such arbitration shall be confidential and that in any such arbitration each party shall be entitled to discovery as 

  
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provided by the Federal Rules of Civil Procedure. All hearings shall be conducted in Hartford County, Connecticut, commencing within fifteen (15) days after the arbitrator is selected and
shall be conducted in the presence of the arbitrator. The decision of the arbitrator will be final and binding on the parties. The costs and expenses of the arbitration shall be shared equally by the parties. No demand for arbitration shall be
submitted to the arbitral forum unless and until the party asserting the existence of a dispute has given notice to the other party of the grounds therefor, and the parties have met and conferred in an effort to resolve the dispute; provided that
the demand for arbitration shall not be delayed more than thirty (30) days after notice of the dispute is provided. 
 17. No Jury Trial 

The parties agree that no dispute arising from or out of this Agreement shall be tried to a jury in any court or forum having jurisdiction over
the parties. 
 18. Gaming Disputes Court Jurisdiction 

In the event of any action to enforce the Restrictive Covenants under this Agreement, or any action to enforce the requirement that the parties
submit disputes to arbitration or to enforce or overturn an arbitration decision, as provided in Section 16, the parties agree to submit to any tribal, state or federal court having personal and subject matter jurisdiction. The parties further
agree that the Mohegan Gaming Disputes Court shall be used as a forum only if a state or federal court denies jurisdiction to (a) enforce the requirement that the parties submit disputes to arbitration and (b) enforce or overturn an
arbitration decision. 
 19. Limited Waiver of Sovereign Immunity

The Employer hereby waives its sovereign immunity from arbitration for claims by the Executive for the enforcement of this Agreement and any
remedies for breach thereof, and waives its sovereign immunity from suit to enforce or set aside an arbitration award. Nothing herein shall limit the Executive’s right to proceed with any claims otherwise allowed under the laws of the Tribe.
The Employer hereby consents to personal jurisdiction and venue in any court of the State of Connecticut, any federal court sitting in the State of Connecticut, and the Mohegan Gaming Disputes Court for the purposes set forth herein, and hereby
waives any claim that it may have that such court is an inconvenient forum for the purposes of any proceeding arising under this Agreement as aforesaid and, with respect to a proceeding in a court of the State of Connecticut or a federal court
sitting in the State of Connecticut, any requirement that tribal remedies be exhausted. 
 20. Headings

The headings of this Agreement are inserted for convenience only and shall not be considered in construction of the provisions hereof. 

  
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 21. Assignment and Successors; Binding Effect

The rights and obligations of the Employer under this Agreement shall inure to the benefit of and shall be binding upon the successors of the
Employer and may be assigned by the Employer to any affiliate of the Employer, for all or any part of the Term hereof, provided that the Employer shall continue to be financially responsible to the Executive hereunder. The Executive shall have no
right to assign, transfer, pledge or otherwise encumber any of the rights, or to delegate any of the duties created by this Agreement without prior written consent of the Employer. Subject to the foregoing, this Agreement shall be binding upon and
inure to the benefit of the Employer, its successors and assigns, and the Executive, his heirs and legal representatives. 
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intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Employer has caused this Agreement to be executed by the Chief
Executive Officer of the Employer and the Executive has affixed his signature hereto on the date and year first above written. 
  

							
	EMPLOYER:	 		 	EXECUTIVE:
	
	 Mohegan Tribal Gaming Authority d/b/a

Mohegan Gaming & Entertainment

				
	By:	 	 /s/ Raymond Pineault
	 		 	 /s/ Jody Madigan

		 	Raymond Pineault	 		 	Jody Madigan
		 	Chief Executive Officer	 		 	

  

					
	STATE OF CONNECTICUT 	  	)	  	
		  	) ss. Uncasville	  	September 8, 2021
	COUNTY OF NEW LONDON	  	)	  	

 Personally, appeared Raymond Pineault, Chief Executive Officer of the MOHEGAN TRIBAL GAMING AUTHORITY, an
instrumentality of the Mohegan Tribe Indians of Connecticut, signer and sealer of the foregoing instrument, and acknowledged the same to be his free act and deed and the free act and deed of the Mohegan Tribal Gaming Authority, before me.

 

	
	 /s/ Denise A. Rubino

	Notary Public Denise A. Rubino
	My Commission Expires: May 31, 2025

  

					
	STATE OF 	  	)	  	
		  	) ss.	  	September 3, 2021
	COUNTY OF 	  	)	  	

 Personally, appeared JODY MADIGAN, signer and sealer of the foregoing, instrument, and acknowledged the same
to be his free act and deed, before me. 
  

	
	 /s/ Karen Chartier

	Notary Public Karen M. Chartier
	My Commission Expires: March 31, 2025

  
 12EXHIBIT 4.1

    

    Representative’s Warrant Agreement

    

    

    THE REGISTERED HOLDER OF THIS WARRANT SHALL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE, OR BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT,
      OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS WARRANT OR THE UNDERLYING SECURITIES FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS IMMEDIATELY FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) EXCEPT AS MAY BE PERMITTED
      BY SECTION 4(A) BELOW AND IN COMPLIANCE WITH FINRA RULE 5110(E).

    

    

    THIS WARRANT IS NOT EXERCISABLE PRIOR TO MARCH 1, 2022. VOID AFTER 5:00 P.M., EASTERN TIME, SEPTEMBER 2, 2026.

    

    

    

    

    WARRANT TO PURCHASE COMMON STOCK

    

    

    GENERATION INCOME PROPERTIES, INC.

    

    

                                                                                                                    Warrant Shares: 135,000                                                                                                                               Initial Issuance Date: September 8, 2021

    Initial Exercise Date: March 1, 2022

    

    

    

    

    THIS WARRANT TO PURCHASE COMMON STOCK (the “Warrant”) certifies that, for value received, Maxim Partners LLC, or its assigns (the “Holder”), is entitled, upon the terms and subject to
      the limitations on exercise and the conditions hereinafter set forth, at any time on or after March 1, 2022 (the “Initial Exercise Date”) and, in accordance with FINRA Rule 5110(g)(8)(A), prior to at 5:00 p.m. (New York time) on the date that
      is five (5) years following the Effective Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from GENERATION INCOME PROPERTIES, INC., a Maryland corporation (the “Company”), up to 135,000 shares of common
      stock, par value $0.01 per share (“Common Stock”), of the Company, as subject to adjustment hereunder (the “Warrant Shares”). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as
      defined in Section 2(b).

     

    Section 1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

    

    

    “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 Securities Act.

    

    

    “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed;
      provided that banks shall not be deemed to be authorized or obligated to be closed due to a “shelter in place,” “non-essential employee” or similar closure of physical branch locations at the direction of any governmental authority if such banks’
      electronic funds transfer systems (including for wire transfers) are open for use by customers on such day.

     

    “Commission” means the United States Securities and Exchange Commission.

    
      
        

    

    
     

    “Effective Date” means the date =on which the registration statement on Form S-11, as amended (File No. 333-235707), pursuant to which this Warrant is initially issued, is
      declared effective by the Commission.

    

    

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

    

    

    “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.

     

    “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or
      regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

     

    

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

     

    “Trading Day” means a day on which the New York Stock Exchange is open for trading.

     

    “Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the
      Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing).

     

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

     

    Section 2. Exercise.

     

    a)                  Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on
      or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly
      executed facsimile copy (or e-mail attachment) of the Notice of Exercise Form annexed hereto. Within two (2) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in
      the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States 

    
      2

      
        

    

    bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required,
      nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the
      Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within five (5) Trading Days of
      the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding
      number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases.
      The Company shall deliver any objection to any Notice of Exercise Form within two (2) Business Days of receipt of such notice. 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. The exercise price per share of the Common Stock under this Warrant shall be $12.50, subject to adjustment hereunder (the “Exercise
        Price”).

     

    c)                  Cashless Exercise. If at any time on or after the Initial Exercise Date, there is no effective registration statement registering, or the prospectus
      contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive the
      number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

     

    (A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and
      delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of
      Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading
      hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable
      Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

     

    (B) = the Exercise Price of this Warrant, as adjusted hereunder; and

     

    (X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash
      exercise rather than a cashless exercise.

    
      3

      
        

    

     

    If Warrant Shares are issued in such a “cashless exercise,” the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the
      registered characteristics of the Warrants being exercised, and the holding period of the Warrants being exercised may be tacked on to the holding period of the Warrant Shares.  The Company agrees not to take any position contrary to this Section
      2(c). 

    

    

    Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c) so long as the quotient set
      forth in the first paragraph of this Section 2(c) results in the issuance to the Holder of at least one whole Warrant Share.

      

    d)                 Mechanics of Exercise.

     

                                               i.            Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by its
      transfer agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in
      such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder, (B) this Warrant is being exercised via Cashless Exercise or (C) the Warrant Shares
      are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 and, in either case, the Warrant Shares have been sold by the Holder prior to the Warrant Share Delivery Date (as defined below), and otherwise by
      physical delivery of a certificate bearing a customary restrictive legend, 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 to the address specified by the Holder in the Notice of Exercise by the date that is two (2) Trading Days after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). If the Warrant
      Shares can be delivered via DWAC and are not required to have a restrictive legend, the transfer agent shall have received from the Company, at the expense of the Company, any legal opinions or other documentation required by it to deliver such
      Warrant Shares without legend (subject to receipt by the Company of reasonable back up documentation from the Holder, including with respect to affiliate status) and, if applicable and requested by the Company prior to the Warrant Share Delivery
      Date, the transfer agent shall have received from the Holder a confirmation of sale of the Warrant Shares (provided the requirement of the Holder to provide a confirmation as to the sale of Warrant Shares shall not be applicable to the issuance of
      unlegended Warrant Shares upon a cashless exercise of this Warrant if the Warrant Shares are then eligible for resale pursuant to Rule 144(b)(1)). The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to
      be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes
      required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the
      second Trading Day following the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock
      on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after the second Trading Day following such Warrant
      Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.

    
      4

      
        

    

        

                                             ii.            Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at
      the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by
      this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

     

                                              iii.            Rescission Rights. If the Company fails to cause its transfer agent to deliver to the Holder the Warrant Shares
      pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise; provided, however, that the Holder shall be required to return any Warrant Shares or Common Stock subject to
      any such rescinded exercise notice concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and the restoration of Holder’s right to acquire such Warrant Shares pursuant to this Warrant
      (including, issuance of a replacement warrant certificate evidencing such restored right).

     

                                             iv.            Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other
      rights available to the Holder, if the Company fails to cause its transfer agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its
      broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving
      upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased
      exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase
      obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or
      deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase
      price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company
      shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing
      herein shall limit a 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 shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

      

                                            v.            No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon
      the exercise of this Warrant. As to any

    
      5

      
        

    

                                               fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election,
      either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

     

                                             vi.            Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue
      or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as
      may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment
      Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all transfer agent fees required for
      same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

     

                                             vii.            Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the
      timely exercise of this Warrant, pursuant to the terms hereof.

    

    

                                            viii.            Signature. This Section 2 and the exercise form attached hereto set forth the totality of the procedures
      required of the Holder in order to exercise this Warrant.  Without limiting the preceding sentences, no ink-original exercise form shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any exercise form
      be required in order to exercise this Warrant.  No additional legal opinion, other information or instructions shall be required of the Holder to exercise this Warrant.  The Company shall honor exercises of this Warrant and shall deliver the Warrant
      Shares in accordance with the terms, conditions and time periods set forth herein.

        

    e)                  Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion
      of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons
      acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock
      beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common
      Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other
      securities of the Company (including, without limitation, any other common stock equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. 
      Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being 

    
      6

      
        

    

    acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is
      solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities
      owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of
      whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
      shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and
      regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most
      recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Company’s transfer agent setting forth the number of shares
      of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  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 or its Affiliates since the date as of which such number of outstanding
      shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 9.8% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise
      of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.8% of the number of shares
      of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial
      Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms
      of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give
      effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

    

    

    Section 3. Certain Adjustments.

     

    a)                  Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution
      or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of
      this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
      reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury
      shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock 

    
      7

      
        

    

    outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price
      of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall
      become effective immediately after the effective date in the case of a subdivision, combination or re-classification.  For the purposes of clarification, the Exercise Price of this Warrant will not be adjusted in the event that the Company or any
      subsidiary thereof, as applicable, sells or grants any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or
      common stock equivalents, at an effective price per share less than the Exercise Price then in effect.

     

    b)                  [RESERVED]

      

    c)                  Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any
      common stock equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled 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 on exercise hereof, including without limitation, the Beneficial Ownership Limitation) 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, to the extent that the Holder’s right to participate in any such Purchase Right would result
      in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such
      extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

     

    d)                 Pro Rata Distributions.  During such time as this Warrant is outstanding, if the Company shall declare or make any dividend of shares of its Common Stock
      or other non-cash distribution of its assets, (or rights to acquire its assets) to holders of shares of Common Stock (including, without limitation, any distribution of stock or other securities, property or options by way of a dividend, spin off,
      reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "Distribution"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such
      Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof,
      including without limitation, the Beneficial Ownership Limitation) 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, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then
      the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in
      abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

    
      8

      
        

    

      

    e)                  Fundamental Transaction. 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 (other than a merger in which the Company is the surviving corporation and in which the stockholders of the Company immediately prior to such merger or consolidation own
      more than 50% of the voting securities of the surviving entity immediately following such merger or consolidation), (ii) the Company or any subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or
      other disposition of all or substantially all of the assets of the Company and its subsidiaries (taken as a whole on a consolidated basis) 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, as a class, 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, merger 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 by holders of Common Stock as a result of such Fundamental Transaction for each share 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. 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 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 

    
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    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 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 with the same effect as if such Successor Entity had been named as the Company herein.

      

    f)                   Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For
      purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

     

    g)                  Notice to Holder.

     

                                              i.            Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section
      3, the Company shall promptly deliver to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such
      adjustment.

     

                                               ii.            Notice to Allow Exercise by Holder. If (A) the Company shall declare a non-cash dividend (or any other non-cash
      distribution) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to
      subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock (excluding, however, any forward or
      reverse stock split), any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other
      securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered a notice to the Holder at
      its last address as it shall appear upon the Warrant Register of the Company, at least 15 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the
      purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants
      are to be determined or (y) the date on which such reclassification, consolidation, merger, 

    
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                                               sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
      Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to
      provide such notice or any defect therein shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information
      regarding the Company or any of the subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing
      on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

      

    Section 4. Transfer of Warrant.

     

    a)                  Transferability. Pursuant to FINRA Rule 5110(e)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold,
      transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days
      immediately following the Effective Date or commencement of sales of the offering pursuant to which this Warrant is being issued, except the transfer of any security:

     

    	                        	
             i.            by operation of law or by reason of reorganization of the Company;

          

     

    	                           	
             ii.           to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time
              period;

          

     

     

    

    	                           	
            iii.              if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being offered;

          

     

    

    
       

      

      	                           	
              
                                

                iv.               that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise
                  directs investments by the fund, and participating members in the aggregate do not own more than 10% of the equity in the fund; or

              

            

    

    

    	                            	
            v.                the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period.

          

      

    Subject to the foregoing restriction, any applicable securities laws and the conditions set forth in Section 4(d), this Warrant and all rights hereunder (including, without
      limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form
      attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a
      new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant
      not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this 

    
      11

      
        

    

    Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the
      Company assigning this Warrant full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

     

    b)                  New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with
      a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or
      combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial
      issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

     

    c)                  Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”),

      in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
      purposes, absent actual notice to the contrary.

     

    d)                 Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise
      hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state
      securities law, except pursuant to sales registered or exempted under the Securities Act.

    

    

    Section 5. Registration Rights.

     

    5.1.1          [RESERVED]

     

    5.1.2          [RESERVED] 

     

    	 	
            5.2

          	
            “Piggy-Back” Registration.

          

     

    5.2.1          Grant of Right. If at any time prior to the five-year anniversary of the Effective Date, a registration statement covering the issuance or resale of the
      Warrant Shares underlying the Warrants is no longer effective, the Holder shall have the right, for a period of no more than five (5) years from the Effective Date in compliance with FINRA Rule 5110(g)(8)(D), to include all or any part of the Warrant
      Shares underlying the Warrants (the “Registrable Securities”) as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or
      pursuant to Form S-8, Form S-4 or any equivalent form); provided, however, that if, solely in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable
      discretion, impose a limitation on the number of shares which may be included in the Registration Statement because, in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution,
      then the Company shall be obligated to include in such Registration Statement only such limited portion of the Registrable Securities with respect to which the Holder requested inclusion hereunder as the 

    
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    underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made pro rata among the Holders seeking to include Registrable Securities in proportion
      to the number of Registrable Securities sought to be included by such Holders.

     

    5.2.2           Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 5.2.1 hereof, but the Holders
      shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall
      furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each
      registration statement filed by the Company during the five (5) year period following the Effective Date until such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities shall exercise the
      “piggy-back” rights provided for herein by giving written notice within ten (10) days of the receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise provided in this Warrant, there shall be no limit on
      the number of times the Holder may request registration under this Section 5.2.2; provided, however, that such registration rights shall terminate on the fifth (5th) anniversary of the Effective Date.

     

    	  	
            5.3                General Terms

          

     

              5.3.1. Indemnification. The Company shall
      indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20(a) of the
      Exchange Act against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become
      subject under the Securities Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters
      contained in Section 6.1 of the underwriting agreement, dated September 2, 2021, by and between the Company and Maxim Group LLC, as representative of the underwriters set forth therein (the “Underwriting Agreement”). The Holder(s) of the
      Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable
      attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished
      by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in Section 6.2 of the Underwriting Agreement
      pursuant to which the Underwriters have agreed to indemnify the Company.

     

               5.3.2. Exercise of Warrants. Nothing contained in
      this Warrant shall be construed as requiring the Holder(s) to exercise their Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

    

    

               5.3.3. Documents Delivered to Holders. The
      Company shall furnish to each Holder participating in any of the foregoing offerings (if such offering is an underwritten public offering) and to each underwriter of any such offering (if such offering is an underwritten public offering), if any, a
      signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated
      the date of the closing under any underwriting agreement related thereto), and (ii) a customary “cold comfort” letter dated the effective date of such registration statement (and, if 

    
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    such registration includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent registered
      public accounting firm which has issued a report on the Company’s financial statements included in such registration statement, in each case covering substantially the same matters with respect to such registration statement (and the prospectus
      included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to
      underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to the managing underwriter, if any,
      copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter
      to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such
      investigation shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times as any such Holder
      shall reasonably request.

     

               5.3.4. Underwriting Agreement. The Company shall,
      if Registrable Securities are being included in an underwritten offering for such offering, enter into a customary underwriting agreement for such offering. The Holders shall be parties to any underwriting agreement relating to an underwritten sale
      of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such
      Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate to such Holders, their Warrant Shares and their intended methods of distribution.

     

               5.3.5. Documents to be Delivered by Holder(s).
      Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

     

               5.3.6. Damages. Should the registration or the
      effectiveness thereof fail  to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief
      against the threatened breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other security.

    

    

    Section 6. Miscellaneous.

     

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

     

    b)                  Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of
      the loss, theft, 

    
      14

      
        

    

    destruction or mutilation of this Warrant or any certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably
      satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock
      certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

     

    c)                  Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein
      shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.

     

    d)                 Authorized Shares.

     

    The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for
      the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing
      the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of
      any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this
      Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges
      created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

      

    Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or
      through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
      times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality
      of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
      in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any
      public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

     

    Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall
      obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

    
      15

      
        

    

     

    e)                  Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with
      the provisions of the Underwriting Agreement.

     

    f)                   Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not
      utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

     

    g)                  Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of
      such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
      which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate
      proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

     

    h)                  Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in
      accordance with the notice provisions of the Underwriting Agreement.

      

    i)                    Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant
      Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the
      Company or by creditors of the Company.

     

    j)                    Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
      performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
      the defense in any action for specific performance that a remedy at law would be adequate.

     

    k)                  Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit
      of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall
      be enforceable by the Holder or holder of Warrant Shares.

    

    

     l)                    Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

     

    m)                Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but
      if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
      provisions of this Warrant.

    
      16

      
        

    

     

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

     

     

    ********************

     

    (Signature Page Follows)

    
      17

      
        

    

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

     

    	
             

          	
            GENERATION INCOME PROPERTIES, INC.

          
	
             

          	
             

          
	
             

          	 

          
	
             

          	
            By: /s/ David Sobelman

            Name: David Sobelman

            Title: President and Chief Executive Officer

          
	 	 

     

     

    
      
        

    

    NOTICE OF EXERCISE

     

    

    

    TO: GENERATION INCOME PROPERTIES, INC.

    _________________________

     

    (1)   The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the
      exercise price in full, together with all applicable transfer taxes, if any.

     

    (2)   Payment shall take the form of (check applicable box):

     

    [ ] in lawful money of the United States; or

     

    [ ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum
      number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

     

    (3)   Please register and issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

     

    _______________________________

     

     

    The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

     

    _______________________________

     

    _______________________________

     

    _______________________________

     

    (4)   Accredited Investor. If the Warrant is being exercised via cash exercise, the undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of
      1933, as amended

     

     

    [SIGNATURE OF HOLDER]

     

    Name of Investing Entity: _______________________________________________________________

    Signature of Authorized Signatory of Investing Entity: _________________________________________

    Name of Authorized Signatory: ___________________________________________________________

    Title of Authorized Signatory: ____________________________________________________________

    Date: ________________________________________________________________________________

    
      19

      
        

    

    ASSIGNMENT FORM

     

    (To assign the foregoing warrant, execute

      this form and supply required information.

      Do not use this form to exercise the warrant.)

     

     

     

    FOR VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

     

     

    _______________________________________________ whose address is

     

    _______________________________________________________________.

     

     

     

    _______________________________________________________________

     

    Dated: ______________, _______

     

     

    Holder’s Signature: _____________________________

     

    Holder’s Address: _____________________________

     

    _____________________________

     

     

     

    NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever. Officers of corporations and those acting
      in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

     

     

  

  20

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