Document:

Submission Proof - C:\Users\yurik\Dropbox\GlobalOne Team Folder\edgar\Wytec 8-K\wytec_8k.gfp

Exhibit 10.3

 

 

EXCHANGE AGREEMENT

 

This Exchange Agreement (the
“Agreement”) is entered into as of the 6th day of October 2022 (the “Effective Date”) by and between Wytec International,
Inc., a Nevada corporation (the “Company” or “Wytec”), and Eagle Rock Investment, L.L.C., a Louisiana limited
liability company (“Noteholder”), with respect to the following facts:

 

R E C I T A L S

 

		A.	Noteholder is the holder of the promissory notes listed on Exhibit A to this Agreement (collectively,
the “Notes”).

 

		B.	The Company desires to exchange the Notes for a convertible note in the principal amount set forth on
Exhibit A to this Agreement (the “New Note”) bearing interest at a rate of 9.5% per annum, due and payable on or before December
31, 2023 (the “Maturity Date”). If the Company’s common stock is listed on the NASDAQ Capital Markets on or before the
Maturity Date, the New Note will automatically be converted into shares of the Company’s common stock at a rate equal to the price
per share in the public offering. If the New Note has not otherwise been automatically converted into shares of the Company’s common
stock, the Noteholder will have the option, on or before the Maturity Date, to convert all or a portion of the Noteholder’s outstanding
New Note into shares of the Company’s common stock at a rate equal to $5.00 per share and, immediately upon the conversion, the
Noteholder will be issued a number of new warrants from the Company equal to the dollar amount of the conversion divided by $5.00 (the
“Warrants”). The Warrants will be exercisable until December 31, 2023 at an exercise price equal to the greater of (i) five
dollars ($5.00) or (ii) eighty-five percent (85%) of the 10-day moving average of the Company’s public trading price if the Company’s
securities are trading on a public securities trading market.

 

		C.	Noteholder desires to exchange the Notes for the New Note (the “Exchange”).

 

		D.	By executing this Agreement, Noteholder agrees to exchange the Notes for the New Note on the terms and
conditions of this Agreement.

 

NOW, THEREFORE, for
good and valuable consideration the receipt and sufficiency of which are hereby acknowledged by the parties to this Agreement, and in
light of the recitals stated above, the parties to this Agreement hereby agree as follows:

 

1.       Exchange
of Notes for New Note.

 

Effective as of the date first
above written of this Agreement, with the closing of the Exchange deemed to be effective on such date (the “Closing”), Noteholder
hereby tenders the Notes to the Company for cancellation in consideration for the issuance to Noteholder of the New Note, a copy of which
is attached hereto as Exhibit B. The New Note, the shares of the Company’s common stock issuable upon the conversion of the New
Note (the “Shares”), and the Warrants, a copy of the form of which is attached hereto as Exhibit C, will be subject to the
conditions of Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”), with respect to the transferability
of the New Note, the Shares, and the Warrants unless and until New Note, the Shares, and the Warrants are registered with the Securities
and Exchange Commission.

 

2.       Representations
and Warranties of the Company.

 

The Company represents and
warrants to Noteholder that now and as of the Closing:

 

2.1       Good
Standing. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Nevada.

 

2.2       Subsidiaries.
The Company does not own, directly or indirectly, any capital stock, equity or interest in any corporation, firm, partnership, joint venture,
or other entity, other than as disclosed in its public reports and financial statements it filed with the Securities and Exchange Commission.

 

2.3       Capitalization.
Approximately 12,076,166 shares of common stock and 1,000 shares of Series C Preferred Stock are outstanding as of September 30, 2022.
The Company has not granted registration rights to any person.

 

 

    	 	1	 

     

    

 

2.4       Litigation.
To the Company’s knowledge, there is no claim, dispute, action, suit, proceeding or investigation pending or threatened against
the Company, challenging the validity or propriety of the transactions contemplated by this Agreement, at law or in equity or admiralty
or before any federal, state, local, foreign or other governmental authority, board, agency, commission or instrumentality.

 

3.       Representations
and Warranties of Noteholder.

 

Noteholder represents and
warrants to the Company that now and as of the Closing:

 

3.1       Title
to Notes. Noteholder is the legal and beneficial owner of the Notes, and, upon consummation of the Exchange contemplated herein, the
Company will acquire from Noteholder good and marketable title to such Notes, free and clear of all liens and claims.

 

3.2       Access
to Information. Noteholder hereby represents and warrants that prior to the execution of this Agreement by Noteholder, Noteholder
has carefully reviewed the audited financial statements for the Company for the year ended December 31, 2021, and the unaudited financial
statements at and for the six months ended June 30, 2022, copies of which are available in public reports filed by Wytec with the Securities
and Exchange Commission at www.sec.gov., which include risk factors, and updated business, financial and other information regarding the
Company, and has carefully reviewed that information and the Executive Summary of the Company, dated September 15, 2022 (collectively
the “Information”). As a director of the Company, Noteholder has also had an opportunity to ask questions of and receive additional
information from other members of the management of the Company before making an investment decision.

 

3.3       Sophistication
and Knowledge. Noteholder is an “accredited investor” as that term is defined in Rule 501 of the Act, and acknowledges
that Noteholder has sufficient experience in financial and business matters to be capable of utilizing such information to evaluate the
merits and risks of Noteholder’s investment through the Exchange, and to make an informed decision relating to it.

 

3.4       Evaluation
of Risks. Noteholder has evaluated the risks of this investment in the Company, including those risks particularly described in the
Information, and has determined that the investment is suitable for Noteholder. Noteholder has adequate financial resources for an investment
of this character, and at this time can bear a complete loss of this investment.

 

3.5       No
Federal Registration. Noteholder understands that the New Note, the Shares, and the Warrants are not being registered under the Securities
Act on the ground that the issuance thereof is exempt under Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder
as a transaction by an issuer not involving any public offering, and that reliance on such exemption is predicated in part on the truth
and accuracy of the undersigned’s representations and warranties.

 

3.6       No
State Registration. Noteholder understands that the New Note, the Shares, and the Warrants are not being registered under state securities
laws on the basis that the issuance thereof is exempt as an offer and sale not involving a public offering in such state. Noteholder understands
that reliance on such exemptions is predicated in part on the truth and accuracy of Noteholder’s representations and warranties.

 

3.7       Acknowledgment
of No Liquidity. Noteholder has no need for any liquidity in this investment and is able to bear the economic risk of this investment
for an indefinite period of time. Noteholder has been advised and is aware that (i) it may not be possible to liquidate the investment
readily; (ii) Noteholder must bear the economic risk of Noteholder’s investment in the New Note for an indefinite period of time
because the New Note, the Shares, and the Warrants have not been registered under the Securities Act or state law and, therefore, cannot
be sold unless they are subsequently registered under the Securities Act and applicable state law or an exemption from such registration
is available; (iii) a legend as to the restrictions on transferability of the New Note, the Shares, and the Warrants referred to herein
will be made on the documents evidencing the New Note, the Shares, and the Warrants, and (iv) a notation in the appropriate records of
the Company will be made with respect to any restrictions on transfer of the New Note, the Shares, and the Warrants. The undersigned covenants
not to sell, transfer, or otherwise dispose of the New Note, the Shares, or the Warrants, unless the New Note, the Shares, or the Warrants
have been registered under the Securities Act and the applicable state securities laws, or an exemption from registration is available.
The restrictive legend will essentially state as follows:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), NOR UNDER ANY STATE SECURITIES LAWS. THESE
SECURITIES MAY NOT BE SOLD, TRANSFERRED, CONVEYED, HYPOTHECATED OR OTHERWISE ASSIGNED UNLESS THEY ARE REGISTERED UNDER THE ACT OR UNLESS
AN OPINION OF COUNSEL OR OTHER EVIDENCE REASONABLY SATISFACTORY TO THE COMPANY IS PRESENTED INDICATING THAT AN EXEMPTION FROM REGISTRATION
IS AVAILABLE.

 

3.8       Authority.
This Agreement and all other documents executed in connection with this acquisition of the New Note are valid, binding, and enforceable
agreements of Noteholder.

 

 

    	 	2	 

     

    

 

3.9       Acknowledgment
of Investment Risks. Noteholder hereby understands and acknowledges the risk factors relating to this investment, including but not
limited to those described in the Information, and that the acceptance of the New Note is highly speculative and subject to a high degree
of risk.

 

4.       Further
Assurances.

 

Each of the parties shall
use its reasonable commercial efforts to proceed promptly with the transactions contemplated in this Agreement, to fulfill the conditions
precedent for the closing of the Exchange, and to execute such further documents and perform such further acts as may be reasonably required
or desirable to carry out the provisions of this Agreement and to consummate the transactions contemplated by it.

 

5.       Deliveries.

 

		5.1	Items to be delivered by the Company to Noteholder.

 

(a)       The
New Note, in the form attached hereto as Exhibit B, will be delivered to Noteholder within ten (10) business days after the execution
of this Agreement by all parties to it.

 

(b)       An
executed copy of this Agreement, signed by an authorized representative of the Company.

 

		5.2	Items to be delivered by Noteholder to the Company.

 

(a)       An
executed copy of this Agreement, signed by Noteholder or the Noteholder’s authorized representative.

 

(b)       Any
other document reasonably requested by the Company that it deems necessary for the consummation of the transactions contemplated by this
Agreement.

 

6.       Survival
of Representations and Warranties.

 

All representations, warranties,
and statements made by a party in this Agreement or in any document or certificate delivered pursuant hereto shall survive the date of
the Closing for the period of the applicable statute of limitations. Each of the parties hereto is executing and carrying out the provisions
of this Agreement in reliance upon the representations, warranties, covenants and agreements contained in this Agreement or given at the
Closing, and not upon any investigation which it might have made or any representation, warranty, agreement, promise or information, written
or oral, given by the other party or by any other person, other than as specifically set forth in this Agreement.

 

7.       Equitable
Relief.

 

		7.1	Damages Inadequate

 

Each party acknowledges that
it would be impossible to measure in money the damages to the other parties if there is a failure to comply with any covenants or provisions
of this Agreement, and agrees that in the event of any breach of any covenant or provision, the other parties to this Agreement will not
have an adequate remedy at law.

 

7.2       Equitable
Relief

 

It is therefore agreed that
any party to this Agreement who is entitled to the benefit of the covenants or provisions of this Agreement which have been breached,
in addition to any other rights or remedies which they may have, shall be entitled to immediate equitable and injunctive relief to enforce
such covenants and provisions, and that in the event that any such action or proceeding is brought in equity to enforce them, the defaulting
or breaching party will not urge a defense that there is an adequate remedy at law.

 

 

    	 	3	 

     

    

 

8.       Waivers.

 

If either party shall at any
time waive any rights hereunder resulting from any breach by the other party of any of the provisions of this Agreement, such waiver is
not to be construed as a continuing waiver of other breaches of the same or other provisions of this Agreement. Resort to any remedies
referred to herein shall not be construed as a waiver of any other rights and remedies to which such party is entitled under this Agreement
or otherwise.

 

9.       Successors
and Assigns.

 

This Agreement shall be binding
upon, enforceable against and inure to the benefit of, the parties hereto and their respective heirs, administrators, executors, personal
representatives, successors and assigns, and nothing herein is intended to confer any right, remedy or benefit upon any other person.
This Agreement may not be assigned by any party hereto except with the prior written consent of the other parties, which consent shall
not be unreasonably withheld.

 

10.       Entire
and Sole Agreement.

 

This Agreement and any instruments
and agreements to be executed pursuant to this Agreement, set forth the entire understanding of the parties hereto with respect to its
subject matter, merge and supersede all prior and contemporaneous understandings with respect to its subject matter, and may not be waived
or modified, in whole or in part, except by a writing signed by each of the parties hereto. No waiver of any provision of this Agreement
in any instance shall be deemed to be a waiver of the same or any other provision in any other instance. Failure of any party to enforce
any provision of this Agreement shall not be construed as a waiver of its rights under such provision.

 

11.       Expenses.

 

Each party to this Agreement
will separately pay for their own respective costs of legal services, accounting, auditing, communications, and due diligence in connection
with the transactions contemplated by this Agreement.

 

12.       Governing
Law.

 

This Agreement shall be governed
by and construed in accordance with the laws of the State of Nevada. The venue for any legal proceedings under this Agreement will be
in the appropriate forum in the County of Bexar, State of Texas.

 

13.       Counterparts.

 

This Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall
constitute but one and the same instrument.

 

14.       Attorneys’
Fees and Costs.

 

In the event that any party
must resort to legal action in order to enforce the provisions of this Agreement or to defend such action, the prevailing party shall
be entitled to receive reimbursement from the nonprevailing party for all reasonable attorneys’ fees and all other costs incurred
in commencing or defending such action, or in enforcing this Agreement, including but not limited to post judgment costs.

 

15.       Further
Acts.

 

The parties to this Agreement
hereby agree to execute any other documents and take any further actions which are reasonably necessary or appropriate in order to implement
the transactions contemplated by this Agreement.

 

 

    	 	4	 

     

    

 

16.       Authorized
Signatures.

 

Each party to this Agreement
hereby represents that the persons signing below are duly authorized to execute this Agreement on behalf of their respective party.

 

17.       Severability.

 

The provisions of this Agreement
are severable and in the event that one or more of its provisions are deemed to be unenforceable or invalid for any reason, such finding
will not affect the enforceability or validity of any other provision of this Agreement, which shall remain in full force and effect.

 

 

[Signatures on following page.]

 

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, this
Agreement has been entered into as of the date first above written.

 

 

	COMPANY:	WYTEC INTERNATIONAL, INC., a Nevada corporation
	 	 
	 	 
	 	By:	/s/ William H. Gray
	 	 	William H. Gray, Chief Executive Officer
	 	 
	 	 
	 	 
	 	 
	NOTEHOLDER:	Eagle Rock Investments, L.L.C., a Louisiana limited liability company
	 	 
	 	 
		By:	/s/ Christopher Stuart
	 	 	Christopher Stuart, Manager

 

 

 

    	 	6	 

     

    

 

 

Exhibit A

 

 

List of Notes

 

		1.	Promissory Note, dated August 10, 2021, in the principal amount of $100,000 and accrued but unpaid interest
in the amount of $7,978.08 through the date of this Agreement.

 

		2.	Promissory Note, dated August 25, 2021, in the principal amount of $100,000 and accrued but unpaid interest
in the amount of $7,690.41 through the date of this Agreement.

 

		3.	Promissory Note, dated September 29, 2021, in the principal amount of $50,000 and accrued but unpaid interest
in the amount of $3,500.00 through the date of this Agreement.

 

		4.	Promissory Note, dated June 10, 2022, in the principal amount of $50,000 and accrued but unpaid interest
in the amount of $1,073.97 through the date of this Agreement.

 

Dollar Amount of New Note

 

$320,242.46

 

 

    	 	7	 

     

    

 

Exhibit B

 

CONVERTIBLE PROMISSORY NOTE

 

 

	$320,242.46	October 6, 2022

 

San Antonio, Texas

 

FOR VALUE RECEIVED,
Wytec International, Inc., a Nevada corporation (the “Borrower”), hereby promises to pay to the order of Eagle Rock Investments,
L.L.C. (“Lender”) at 4320 Jeffery Drive, Baton Rouge, LA 70816, the principal sum of Three Hundred Twenty Thousand Two Hundred
Forty-Two and 46/100 Dollars U.S. (320,424.46) plus simple interest at the rate of 9.5% per annum, payable principal and all accrued interest
in full on or before December 31, 2023 (the “Maturity Date”).

 

		1.	Conversion.

 

(a)       Automatic
Conversion. Immediately upon the initial closing of a public offering of the Company’s common stock on the NASDAQ Capital Markets
(the “Closing Date”), all of the outstanding principal and accrued interest on this Note (the “Conversion Amount”)
will automatically be converted without the necessity of any action on the part of Lender or the Borrower other than the delivery of the
appropriate number of fully paid and nonassessable shares of the Borrower’s common stock to Lender as is determined by dividing
the Conversion Amount by the price per share in the public offering on the Closing Date. The Conversion Amount will equal the outstanding
balance of principal and accrued but unpaid interest on the Note on the Closing Date.

 

(b)       Optional
Conversion. In the event all of the outstanding principal and accrued interest has not otherwise been automatically converted into
shares of the Borrower’s common stock pursuant to Paragraph 1(a), Lender will have the right at any time until the Maturity Date
to convert all or any portion of the Conversion Amount into such number of fully paid and nonassessable shares of the Borrower’s
common stock as is determined by dividing the Conversion Amount by $5.00, and immediately upon the conversion, the converting Lender will
be issued a number of new warrants (“Warrants”) from the Borrower equal to the Conversion Amount divided by $5.00. The Warrants,
if issued, will be exercisable until December 31, 2023 at an exercise price equal to the greater of (i) five dollars ($5.00) or (ii) eighty-five
percent (85%) of the 10-day moving average of the Borrower’s public trading price if the Borrower’s securities are trading
on a public securities trading market.

 

2.       Default.
Any of the following shall constitute a default by Borrower hereunder:

 

(a)       The
failure of Borrower to make any payment of principal or interest required hereunder within thirty (30) days of the due date for such payment,
as it may properly be extended pursuant to the terms of this Note; or

 

(b)       The
failure of Borrower to fully perform any other material covenants and agreements under this Note and continuance of such failure for a
period of thirty (30) days after written notice of the default by Lender to the Borrower.

 

Upon the occurrence of a default
hereunder, Lender may, at its option, declare immediately due and payable the entire unpaid principal sum of this Note together with all
accrued and unpaid interest owing at the time of such declaration pursuant to this Note. The outstanding defaulted amount, i.e. principal
plus accrued and unpaid interest, will bear simple interest at rate of 10% per annum. In the event of a default under this Note, the Lender
will have all rights and remedies available to Lender at law or in equity on a cumulative basis, including but not limited to all rights
and remedies under the Uniform Commercial Code as in effect under the laws of the State of Texas.

 

3.       Note
is Nonrecourse. In the event that Borrower defaults on this Note, Lender shall look solely to the of the Borrower for payment on this
Note, and none of the shareholders, officers, directors or affiliates of the Borrower shall have any personal liability for payment hereunder.

 

4.       Costs
of Collections. Lender shall be entitled to collect reasonable attorney's fees and costs from Borrower, as well as other costs and
expenses reasonably incurred, in curing any default or attempting collection of any payment due on this Note.

 

 

    	 	8	 

     

    

 

5.       Restriction
on Transfer. This Note shall be subject to the following restrictions:

 

“This Note has been
purchased by means of a private placement exempt from Federal securities registration pursuant to Section 4(a)(2) and Rule 506 of the
Securities Act of 1933, as amended (the “Act”), and exempt from applicable state securities registration pursuant to the exemption
for offerings not involving any public offering or solicitation. This Note may not be sold, assigned, transferred or otherwise disposed
of to any person or entity until the Note has been registered under an effective registration statement filed with the Securities and
Exchange Commission, or an opinion of counsel or other evidence acceptable to Borrower has been obtained to the effect that such registration
is not required.”

 

6.       Representations
by Lender. Lender is (i) an “accredited investor” as that term is defined in Rule 501 of the Act, and (ii) experienced
in making investments of the kind described in this Agreement and the related documents, and (iii) able, by reason of the business and
financial experience of its officers (if an entity) and professional advisors (who are not affiliated with or compensated in any way by
Borrower or any of its affiliates or selling agents), to protect its own interests in connection with the transactions described in this
Note and the related documents. Lender further represents and warrants that Lender is not subject to any order, judgement, action, determination
or similar event by any court, government agency or association that causes Lender to be deemed to be a "bad actor" pursuant
to Rule 262 of Regulation A promulgated under Section 3(b) of the Act, or Rule 506(d) or 507 of Regulation D promulgated under Section
4(a)(2) of the Act.

 

7.       Payment.
This Note shall be payable in lawful money of the United States.

 

8.       Place
of Payment. All payments on this Note are to be made or given to Lender at the address provided to Borrower or to such other place
as Lender may from time to time direct by written notice to Borrower.

 

9.       Waiver.
Borrower, for itself and its successors, transfers and assigns, waives presentment, dishonor, protest, notice of protest, demand for payment
and dishonor in nonpayment of this Note, bringing of suit or diligence of taking any action to collect any sums owing hereunder or in
proceeding against any of the rights and properties securing payment hereunder.

 

10.       Severability.
If any provision of this Note or the application thereof to any persons or entities or circumstances shall, to any extent, be invalid
or unenforceable, the remainder of this Note shall not be deemed affected thereby and every provision of this Note shall be valid and
enforceable to the fullest extent permitted by law.

 

11.       No
Partner. Lender shall not become or be deemed to be a partner or joint venturer with Borrower by reason of any provision of this Note.
Nothing herein shall constitute Borrower and Lender as partners or joint venturers or require Lender to participate in or be responsible
or liable for any costs, liabilities, expenses or losses of Borrower.

 

12.       Governing
Law and Venue. This Note shall be governed by and construed in accordance with the laws of the State of Texas, without giving effect
to conflicts of laws thereof. Any action brought by either party against the other concerning the transactions contemplated by this Agreement
shall be brought only in the state courts of Texas or in the federal courts located in the city and county of Bexar, in the State of Texas.
Both parties and the individuals signing this Agreement agree to submit to the jurisdiction of such courts.

 

13.       Prepayment.
Borrower may prepay all or any portion of the outstanding principal amount and accrued but unpaid interest thereon due under this Note
prior to the Maturity Date without penalty, premium or fee due or payable.

 

14.       No
Waiver. The failure to exercise any rights herein shall not constitute a waiver of the right to exercise the same or any other right
at any subsequent time in respect of the same event or any other event.

 

15.       Entire
Agreement. This Note contains the entire understanding and agreement between the parties with respect to the subject matter herein
and may not be altered or amended except by the written agreement of the parties.

 

IN WITNESS WHEREOF,
Borrower has executed this Note as of the date first hereinabove written.

 

 

	BORROWER:	Wytec International, Inc.,

                  a Nevada corporation

	 	 
	 	 
	 	By:	
	 	 	William H. Gray, President
	 	 
	 	 
	 	 
	 	 
	LENDER:	Eagle Rock Investments, L.L.C.,

                  a Louisiana limited liability company

	 	 
	 	 
		By:	
	 	 	Christopher Stuart, Manager

 

 

 

    	 	9	 

     

    

 

Exhibit C

 

THIS SECURITY HAS NOT BEEN REGISTERED
OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE OFFERED OR SOLD
UNLESS REGISTERED AND QUALIFIED PURSUANT TO THE APPLICABLE PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS OR UNLESS AN EXEMPTION FROM
SUCH REGISTRATION OR QUALIFICATION APPLIES. THEREFORE, NO SALE OR TRANSFER OF THIS SECURITY SHALL BE MADE, NO ATTEMPTED SALE OR TRANSFER
SHALL BE VALID, AND THE ISSUER SHALL NOT BE REQUIRED TO GIVE ANY EFFECT TO ANY SUCH TRANSACTION UNLESS (A) SUCH TRANSACTION HAS BEEN DULY
REGISTERED UNDER THE ACT AND QUALIFIED OR APPROVED UNDER APPROPRIATE STATE SECURITIES LAWS, OR (B) THE ISSUER HAS FIRST RECEIVED AN OPINION
OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH REGISTRATION, QUALIFICATION OR APPROVAL IS NOT REQUIRED.

 

 

WARRANT

 

For the Purchase of Shares of
Common Stock of

 

WYTEC INTERNATIONAL, INC.

 

Void After 5 P.M. December 31,
2023

 

	No. __	Date: ___________, 2022

 

Warrant to Purchase ________(______) Shares of Common
Stock

 

THIS IS TO CERTIFY, that,
for value received, , or registered assigns (the “Holder”), is entitled, subject to the terms and conditions hereinafter
set forth, on or after the date hereof, and at any time prior to 5 P.M., Central Time (“CT”), on December 31, 2023, but not
thereafter, to purchase such number of shares of common stock, par value $0.001 (the “Shares”), of Wytec International, Inc.,
a Nevada corporation (the “Company”), from the Company as set forth above, upon payment to the Company of an amount per Share
of five dollars ($5.00), provided, that ten (10) days after the common stock of the Company commences trading on a public securities trading
market, the amount per Share shall thereafter be the greater of (i) $5.00 or (ii) 85% of the average closing price of the Company’s
common stock, as quoted on the public securities trading market on which the Company’s common stock is then traded with the highest
volume, for ten (10) consecutive trading days immediately prior to the date of exercise (the “Purchase Price”), if and to
the extent this Warrant is exercised, in whole or in part, during the period this Warrant remains in force, subject in all cases to adjustment
as provided in Section 2 hereof, and to receive (a) in book entry form from the Company’s transfer agent or (b) a certificate or
certificates representing the Shares so purchased, upon presentation and surrender to the Company of this Warrant, with the form of Subscription
Agreement attached hereto, including changes thereto reasonably requested by the Company, duly executed and accompanied by payment of
the Purchase Price of each Share.

 

 

 

    	 	10	 

    
 

    

 

SECTION 1.

 

Terms of this Warrant

 

1.1           
Time of Exercise. This Warrant may be exercised at any time and from time to time after 9:00 A.M., CT, on the date hereof
(the “Exercise Commencement Date”), but no later than 5:00 P.M., CT on December 31, 2023 (the “Expiration Time”),
at which time this Warrant shall become void and all rights hereunder shall cease.

 

		1.2	Manner of Exercise.

 

1.2.1       
The Holder may exercise this Warrant, in whole or in part, upon surrender of this Warrant, with the form of Subscription Agreement
attached hereto duly executed, to the Company at its corporate office in San Antonio, Texas, and upon payment to the Company of the full
Purchase Price for each Share to be purchased in lawful money of the United States, or by certified or cashier’s check, or wired
funds, and upon compliance with and subject to the conditions set forth herein.

 

1.2.2       
Upon receipt of this Warrant with the form of Subscription Agreement duly executed and accompanied by payment of the aggregate
Purchase Price for the Shares for which this Warrant is then being exercised, the Company shall cause to be issued in book entry form
from the Company’s transfer agent, or by physical certificates for the total number of whole Shares for which this Warrant is being
exercised in such denominations as are required for delivery to the Holder, and the Company shall thereupon deliver such book entry form
or certificates to the Holder or its nominee.

 

1.2.3       
In case the Holder shall exercise this Warrant with respect to less than all of the Shares that may be purchased under this Warrant,
the Company shall execute a new Warrant for the balance of the Shares that may be purchased upon exercise of this Warrant and deliver
such new Warrant to the Holder, or accomplish the same result for Warrants held in book entry form by the Company’s Transfer Agent
by appropriate written notice and instructions delivered to said Transfer Agent by the Company.

 

1.3           
Exchange of Warrant. This Warrant may be divided into, combined with or exchanged for another Warrant or Warrants of like
tenor to purchase a like aggregate number of Shares. If the Holder desires to divide, combine or exchange this Warrant, he shall make
such request in writing delivered to the Company at its corporate office and shall surrender this Warrant and any other Warrants to be
so divided, combined or exchanged. The Company shall execute and deliver to the person entitled thereto a Warrant or Warrants, as the
case may be, as so requested. The Company shall not be required to effect any division, combination or exchange which will result in the
issuance of a Warrant entitling the Holder to purchase upon exercise a fraction of a Share. The Company may require the Holder to pay
a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any division, combination or exchange
of Warrants.

 

1.4           
Holder as Owner. Prior to surrender of this Warrant in accordance with Section 1.6 for registration or assignment, the
Company may deem and treat the Holder as the absolute owner of this Warrant (notwithstanding any notation of ownership or other writing
hereon) for the purpose of any exercise hereof and for all other purposes, and the Company shall not be affected by any notice to the
contrary.

 

1.5           
Method of Assignment. Any assignment or transfer of any portion or all of this Warrant shall be made by surrender of this
Warrant to the Company at its principal office with the form of assignment attached hereto duly executed and accompanied by funds sufficient
to pay any transfer tax, payable by the tranferor. In such event, the Company shall, without charge, execute and deliver a new Warrant
in the name of the assignee named in such instrument of assignment and this Warrant shall promptly be canceled, or the same result will
be accomplished for Warrants held in book entry form by the Company’s Transfer Agent by appropriate written notice and instructions.

 

 

 

    	 	11	 

    
 

    

 

1.6           
Rights of Holder. Nothing contained in this Warrant shall be construed as conferring upon the Holder the right to vote,
consent or receive notice as a shareholder in respect of any meetings of shareholders for the election of directors or any other matter,
or as having any rights whatsoever as a shareholder of the Company, until Shares are duly and properly issued to the Holder upon the exercise
of this Warrant.

 

1.7           
Lost Certificates. If this Warrant is lost, stolen, mutilated or destroyed, the Company shall, on such reasonable terms
as to indemnity or otherwise as it may impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue
a new Warrant of like denomination and tenor as, and in substitution for, this Warrant, which shall thereupon become void. Any such new
Warrant shall constitute a substituted and not an additional contractual obligation of the Company.

 

		1.8	Covenants of the Company. The Company covenants and agrees as follows:

 

1.8.1       
At all times the Company shall reserve and keep available for the exercise of this Warrant such number of authorized shares of
Common Stock as are sufficient to permit the exercise in full of this Warrant.

 

1.8.2       
The Company covenants that all Shares when issued upon the exercise of this Warrant will be validly issued, fully paid, nonassessable
and free of preemptive rights.

 

SECTION 2.

 

Adjustment of Purchase Price

and Number of Shares Purchasable
upon Exercise

 

2.1           
Stock Splits. If the Company at any time or from time to time after the issuance date of this Warrant effects a subdivision
of the outstanding Common Stock, the Purchase Price then in effect immediately before that subdivision shall be proportionately decreased,
and the number of shares of Common Stock issuable upon the exercise of this Warrant after the effective date of said subdivision shall
be proportionately increased; and conversely, if the Company at any time or from time to time after the issuance date of this Warrant
combines the outstanding shares of Common Stock, the Purchase Price then in effect immediately before the combination shall be proportionately
increased, and the number of shares of Common Stock issuable upon the exercise of this Warrant after the effective date of said combination
shall be proportionately decreased. Any adjustment under this subsection 2.1 shall become effective at the close of business on the date
the subdivision or combination becomes effective.

 

2.2           
Dividends and Distributions. In the event the Company at any time, or from time to time after the issuance date of this
Warrant makes, or fixes a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution
payable in additional shares of Common Stock, then and in each such event the Purchase Price then in effect shall be decreased as of
the time of such issuance or, in the event such a record date is fixed, as of the close of business on such record date, by multiplying
the Purchase Price then in effect by a fraction (i) the numerator of which is the total number of shares of Common Stock issued and outstanding
immediately prior to the time of such issuance or the close of business on such record date, and (ii) the denominator of which shall
be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business
on such record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution; provided, however,
that if such record date is fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor,
the Purchase Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Purchase Price
shall be adjusted pursuant to this subsection 2.2 as of the time of actual payment of such dividends or distributions.

 

 

    	 	12	 

    
 

    

 

2.3           
Recapitalization or Reclassification. If the Shares issuable upon the exercise of the Warrant are changed into the same
or a different number of shares of any class or classes of stock, whether by recapitalization, reclassification or otherwise (other than
a subdivision or combination of shares or stock dividend or a reorganization, merger, consolidation or sale of assets, provided for elsewhere
in this Section 2), then, and in any such event, the Holder shall thereafter be entitled to receive upon exercise of this Warrant such
number and kind of stock or other securities or property of the Company to which a holder of Shares deliverable upon exercise of this
Warrant would have been entitled on such reclassification or other change, subject to further adjustment as provided herein.

 

SECTION 3.

Status Under the Securities
Act of 1933

 

This Warrant
and the Shares issuable upon exercise of this Warrant have not been registered under the Securities Act of 1933, as amended (“the
Act”). Upon exercise, in whole or in part, of this Warrant, the book entry form or certificates representing the Shares shall bear
the legend first above written.

 

SECTION 4.

Other Matters

 

4.1           
Binding Effect. All the covenants and provisions of this Warrant by or for the benefit of the Company shall bind and inure
to the benefit of its successors and assigns hereunder.

 

4.2           
Notices. Notices or demands pursuant to this Warrant to be given or made by the Holder to or on the Company shall be sufficiently
given or made if sent by certified or registered mail, return receipt requested, postage prepaid, or by email or facsimile or personal
delivery and addressed, until another address is designated in writing by the Company, as follows:

 

Wytec International, Inc.

19206 Huebner Road, Suite 202

San Antonio, Texas
78258

Telephone No.: (888) 284-4531

Facsimile No.: (210) 404-9022

Email Address: whg@wytecintl.com

Attention: William H. Gray, President

 

Notices to
the Holder provided for in this Warrant shall be deemed given or made by the Company if sent by certified or registered mail, return receipt
requested, postage prepaid, or by facsimile or email or personal delivery and addressed to the Holder at his last known address as it
shall appear on the books of the Company.

 

4.3           
Governing Law. The validity, interpretation and performance of this Warrant shall be governed by the laws of the State of
Nevada. The venue for any legal proceedings under this Warrant will be in the appropriate forum in the County of Bexar, State of Texas.

 

4.4           
Parties Bound and Benefited. Nothing in this Warrant expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the Company and the Holder
any right, remedy or claim under any promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements
contained in this Warrant shall be for the sole and exclusive benefit of the Company and its successors and of the Holder, its successors
and permitted assigns.

 

4.5           
Headings. The Section headings herein are for convenience only and are not part of this Warrant and shall not affect the
interpretation thereof.

 

 

 

    	 	13	 

    
 

    

 

IN WITNESS
WHEREOF, this Warrant has been duly executed by the Company as of ______________, 2022.

 

 

	 	WYTEC INTERNATIONAL, INC.
	 	 
	 	 
	 	 
	 	 
	 	By:	
	 	 	William H. Gray, President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	14	 

    
 

    

 

ASSIGNMENT OF WARRANT

 

 

 

FOR VALUE RECEIVED,
_________________________ hereby sells, assigns and transfers unto ____________________the within Warrant and the rights represented
thereby, and does hereby irrevocably constitute and appoint _________________________________Attorney, to transfer said Warrant on the
books of the Company, with full power of substitution.

 

 

Dated: ______________________________________________

 

 

Signed: _____________________________________________

 

 

Signature guaranteed:

 

 

____________________________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	15	 

    
 

    

 

SUBSCRIPTION AGREEMENT

FOR THE EXERCISE OF WARRANTS

 

The
undersigned hereby irrevocably subscribes for the purchase of ________________ Shares pursuant to and in accordance with the terms
and conditions of this Warrant, which Shares should be delivered to the undersigned at the address stated below. If said number of
Shares are not all of the Shares purchasable hereunder, a new Warrant of like tenor for the balance of the remaining Shares
purchasable hereunder should be delivered to the undersigned at the address stated below.

 

The undersigned
elects to pay the aggregate Purchase Price for such Shares in the following manner:

 

[_]     by the enclosed cash or check made payable to the
Company in the amount of $ _______; or

 

[_]     by
wire transfer of United States funds to the account of the Company in the amount of $ _____________________,  which transfer has been
made before or simultaneously with the delivery of this Notice pursuant to the instructions of the Company; or

 

The undersigned
agrees that: (1) the undersigned will not offer, sell, transfer or otherwise dispose of any Shares unless either (a) a registration statement,
or post-effective amendment thereto, covering the Shares has been filed with the Securities and Exchange Commission pursuant to the Securities
Act of 1933, as amended (the “Act”), such sale, transfer or other disposition is accompanied by a prospectus meeting the requirements
of Section 10 of the Act forming a part of such registration statement, or post-effective amendment thereto, which is in effect under
the Act covering the Shares to be so sold, transferred or otherwise disposed of, and all applicable state securities laws have been complied
with, or (b) counsel reasonably satisfactory to Wytec International, Inc. has rendered an opinion in writing and addressed to Wytec International,
Inc. that such proposed offer, sale, transfer or other disposition of the Shares is exempt from the provisions of Section 5 of the Act
in view of the circumstances of such proposed offer, sale, transfer or other disposition; (2) Wytec International, Inc. may notify the
transfer agent for the Shares that the certificates for the Shares acquired by the undersigned are not to be transferred unless the transfer
agent receives advice from Wytec International, Inc. that one or both of the conditions referred to in (1)(a) and (1)(b) above have been
satisfied; and (3) Wytec International, Inc. may affix the legend set forth in Section 3 of this Warrant to the certificates for the Shares
hereby subscribed for, if such legend is applicable.

 

 

 

	Dated: ___________________________________________________	 	Signed: _____________________________________________
	 	 	 
	 	 	 
	Printed Name: ______________________________________________	 	Address: ____________________________________________
	 	 	 
	 	 	 
	 	 	___________________________________________________

 

 

 

 

    	 	16Exhibit
4.1

 

FORM
OF SERIES A WARRANT

 

BONE
BIOLOGICS CORPORATION

SERIES
A COMMON STOCK PURCHASE WARRANT

 

	Warrant
    Shares: _______	Initial
    Exercise Date: October 12, 2022

 

THIS
SERIES A COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ 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 the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New
York City time) on October 12, 2027 (the “Termination Date”) but not thereafter, to subscribe for and purchase from
Bone Biologics Corporation, a Delaware corporation (the “Company”), up to ______ shares (as subject to adjustment
hereunder, the “Warrant Shares”) of Common Stock. 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). This Warrant shall initially be issued and maintained in the form of
a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”) shall initially be the
sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant
to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

 

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.

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock
is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (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 the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not
then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or
a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

“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, however, for clarification, commercial banks shall not be deemed to be authorized
or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee”
or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority
so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally
are open for use by customers on such day.

 

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

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.

 

    	1

     

    

 

“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.

 

“Registration
Statement” means the Company’s registration statement on Form S-1 (File No. 333-267588).

 

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

 

“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed
or acquired after the date hereof.

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“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, the New York Stock
Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

“Transfer
Agent” means Equiniti Trust Company, the current transfer agent of the Company, with a mailing address of 1110 Centre Pointe
Curve, Mendota Heights, MN 55120, and any successor transfer agent of the Company.

 

“Underwriting
Agreement” means the underwriting agreement, dated as of October 7, 2022, among the Company and WallachBeth Capital, LLC as
representative of the underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms.

 

“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 the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not
then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or
a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the holders of a majority in interest of the Common Stock Purchase Warrants then outstanding and reasonably
acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“Warrant
Agency Agreement” means that certain warrant agent agreement, dated on or about the Initial Exercise Date, between the Company
and the Warrant Agent.

 

“Warrant
Agent” means the Transfer Agent and any successor warrant agent of the Company.

 

“Warrants”
means this Warrant and other Common Stock purchase warrants issued by the Company pursuant to the Registration Statement.

 

    	2

     

    

 

Section
2. Exercise.

 

	 	a)	Exercise
    of Warrant. 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 of a duly executed PDF copy
    submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”).
    Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as
    defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price
    for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States
    bank unless the cashless exercise procedure specified in Section 2(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 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 three (3)
    Trading Days of the date on which 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 within one (1) Business Day 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.

 

Notwithstanding
the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this
Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect
exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate
instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation,
as applicable), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant
Agency Agreement, in which case this sentence shall not apply.

 

b)
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $1.62, subject to adjustment hereunder
(the “Exercise Price”).

 

c)
Cashless Exercise. If at the time of exercise hereof 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 a 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) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder,
    either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of
    the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution 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;

 

    	3

     

    

 

	 	(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.

 

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. The Company agrees not
to take any position contrary to this Section 2(c).

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by
the 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 or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a
certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares
to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date
that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day
after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement
Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”).
Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of
the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares,
provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier
of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice
of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by 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
such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain
a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein,
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. Notwithstanding
the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise
Date, which may be delivered at any time after the time of execution of the Underwriting Agreement, the Company agrees to deliver the
Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date
shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price (other than in
the case of a cashless exercise) is received by such Warrant Share Delivery Date.

 

    	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 the Transfer Agent to transmit 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.

 

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 the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above 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 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.

 

    	5

     

    

 

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.

 

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 (such Persons, “Attribution Parties”)),
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 and Attribution Parties 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 or Attribution Parties 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 or Attribution Parties. 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
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 Attribution Parties) 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 Attribution
Parties) 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 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 one Trading Day 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 or Attribution Parties since the date
as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) 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 9.99% 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.

 

    	6

     

    

 

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 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.

 

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, that, 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 or
other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, stock or other securities, property 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, that, 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).

 

    	7

     

    

 

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, (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 its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender
offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted
to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Common Stock or 50% or more of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory
share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property,
or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with
another Person or group of Persons whereby such other Person or group acquires 50% or more of the outstanding shares of Common Stock
or 50% or more of the voting power of the common equity of the Company (each a “Fundamental Transaction”), then, upon
any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to
any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this
Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such
Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the
relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the
securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary,
in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option,
exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the
date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder
an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date
of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not within
the Company’s control, including not approved by the Company’s Board of Directors, Holder shall only be entitled to receive
from the Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value
of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection
with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the
holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the Fundamental
Transaction; provided, further, that if holders of Common Stock of the Company are not offered or paid any consideration
in such Fundamental Transaction, such holders of Common Stock will be deemed to have received common stock of the Successor Entity (which
Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. “Black Scholes Value”
means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg,
L.P. (“Bloomberg”) determined as of the day of consummation of the applicable contemplated Fundamental Transaction
for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time
between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility
equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization
factor) as of the Trading Day immediately following the public announcement of the applicable contemplated Fundamental Transaction, (C)
the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash,
if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the highest VWAP
during the period beginning on the Trading Day immediately preceding the public announcement of the applicable contemplated Fundamental
Transaction (or the consummation of the applicable Fundamental Transaction, if earlier) and ending on the Trading Day of the Holder’s
request pursuant to this Section 3(e) and (D) a remaining option time equal to the time between the date of the public announcement of
the applicable contemplated Fundamental Transaction and the Termination Date [and (E) a zero cost of borrow. The payment of the Black
Scholes Value will be made by wire transfer of immediately available funds (or such other consideration) within five Business Days of
the Holder’s election (or, if later, on the date of consummation of the Fundamental Transaction). The Company shall cause any successor
entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in
writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written
agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior
to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common
Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior
to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such
shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic
value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in
form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the
term “Company” under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction,
each and every provision of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead
to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor
Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity
or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents
with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the
Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(e) regardless
of (i) whether the Company has sufficient authorized shares of Common Stock for the issuance of Warrant Shares and/or (ii) whether a
Fundamental Transaction occurs prior to the Initial Exercise Date.

 

    	8

     

    

 

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 by email 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 dividend (or any other distribution in whatever form) 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, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any
sale or transfer of all or substantially all of its assets, 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 by email to the Holder at its last email
address as it shall appear upon the Warrant Register of the Company, at least 20 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, 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
deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to
be specified in such notice. To the extent that any notice provided in this Warrant 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.

 

h)
Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during
the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and
for any period of time deemed appropriate by the board of directors of the Company.

 

Section
4. Transfer of Warrant.

 

a)
Transferability. 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 Warrant in full, in which case, the Holder shall
surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the
Company assigning this Warrant in 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. If this Warrant is not held in global form through DTC (or any successor depositary), 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.

 

    	9

     

    

 

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

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise; No Settlement in Cash. 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), except as expressly
set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant
to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be
required to net cash settle an exercise of this Warrant.

 

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

 

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

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with
the duty of 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.

 

    	10

     

    

 

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.

 

e)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts
of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.
Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York,
Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient
venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant,
the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. Notwithstanding
the foregoing, this exclusive forum provision shall not apply to suits brought to enforce a duty or liability created by the Exchange
Act, any other claim for which the federal courts have exclusive jurisdiction or any complaint asserting a cause of action arising under
the Securities Act against us or any of our directors, officers, other employees or agents. Section 27 of the Exchange Act creates exclusive
federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations
thereunder.

 

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, 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.

 

    	11

     

    

 

h)
Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without
limitation, any Notice of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight
courier service, addressed to the Company, at 2 Burlington Woods Drive, Suite 100, Burlington, MA 01803 Attention: Mr. Jeffrey Frelick,
Chief Executive Officer, email address: jfrelick@bonebiologics.com, or such other email address or address as the Company may specify
for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder
shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service addressed to each
Holder at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries
hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered
via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading
Day after the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section
on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following
the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom
such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public
information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K.

 

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, on
the one hand, and the Holder of the beneficial owner of this Warrant, on the other hand.

 

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.

 

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.

 

o)
Warrant Agency Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued
subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant
Agency Agreement, the provisions of this Warrant shall govern and be controlling.

 

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

 

(Signature
Page Follows)

 

    	12

     

    

 

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.

 

	 	BONE
    BIOLOGICS CORPORATION
	 	 	 
	 	By:	 
	 	Name:	Jeffrey
    Frelick
	 	Title:	Chief
    Executive Officer

 

    	13

     

    

 

NOTICE
OF EXERCISE

 

To:
bONE BIOLOGICS CORPORATION

 

(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:

___________________________________________________________________________________________

 

    	14

     

    

 

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

 

	Name:	 
	 	(Please
    Print)
	 	 
	Address:	 
	 	(Please
    Print)
	 	 
	Phone
    Number:	 
	 	 
	Email
    Address:	 

 

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.

 

    	15

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