Document:

Exhibit

Exhibit 10.1

EXECUTION VERSION

VOTING AGREEMENT
VOTING AGREEMENT (this “Agreement”), dated as of December 9, 2019, by and between Texas Capital Bancshares, Inc., a Delaware corporation (“TCBI”), and the individual or entity whose name appears in the signature block to this Agreement (the “Stockholder”).
W I T N E S S E T H:
WHEREAS, concurrently with the execution of this Agreement, TCBI and Independent Bank Group, Inc., a Texas corporation (“IBTX”), are entering into an Agreement and Plan of Merger, dated as of the date hereof (as amended, supplemented or modified from time to time in accordance with its terms, the “Merger Agreement”), pursuant to which, among other things and subject to the terms and conditions of the Merger Agreement, TCBI will merge with and into IBTX (the “Merger”), so that IBTX is the surviving entity in the Merger;
WHEREAS, as of the date hereof, the Stockholder and its Affiliates Beneficially Own certain shares of IBTX Common Stock (such shares, the “Existing Shares”, and the shares of IBTX Common Stock that are Beneficially Owned by the Stockholder and its Affiliates and that the Stockholder is entitled to vote as of the record date and meeting date for any meeting of IBTX shareholders pursuant to Section 1.01(a), the “Covered Shares”);
WHEREAS, as a condition and inducement to TCBI entering into the Merger Agreement, TCBI has required that the Stockholder agree, and the Stockholder has agreed, to enter into this Agreement and abide by the covenants and obligations with respect to such Stockholder’s Covered Shares; and
WHEREAS, the Board of Directors of IBTX has adopted and approved the Merger Agreement and the transactions contemplated thereby, understanding that the execution and delivery of this Agreement by the Stockholder is a material inducement and condition to TCBI’s willingness to enter into the Merger Agreement.
NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants and agreements herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:
ARTICLE I
VOTING
Section 1.01.    Agreement To Vote.
(a)    The Stockholder hereby irrevocably and unconditionally agrees that during the term of this Agreement, at the IBTX Meeting and at any other meeting of the shareholders of IBTX, however called, including any adjournment or postponement thereof, such Stockholder shall, in each case to the fullest extent that the Stockholder is entitled to vote the Covered Shares thereon or consent thereto:

(i)    appear at each such meeting or otherwise cause the Covered Shares to be counted as present thereat for purposes of calculating a quorum; and
(ii)    vote (or cause to be voted), in person or by proxy, all of such Covered Shares (A) in favor of (1) the approval of the Merger Agreement, the Merger and other transactions contemplated by the Merger Agreement and (2) any proposal to adjourn or postpone any meeting of the shareholders of IBTX at which any of the foregoing matters are submitted for consideration and vote of the shareholders of IBTX to a later date if there are not a quorum or sufficient votes for approval of such matters on the date on which the meeting is held to vote upon any of the foregoing matters; and (B) against any Acquisition Proposal and against any other action, agreement or transaction involving IBTX or any of its Subsidiaries that would reasonably be expected to materially impede, interfere with, delay, postpone, adversely affect or prevent the consummation of the Merger or the other transactions contemplated by the Merger Agreement or this Agreement or the performance by IBTX of its obligations under the Merger Agreement or by such Stockholder of its obligations under this Agreement.
(b)    The Stockholder hereby agrees (i) not to commence or participate in and (ii) to take all actions necessary to opt out of, any class in any class action with respect to any claim, derivative or otherwise, against TCBI, IBTX or any of their respective Affiliates relating to the negotiation, execution or delivery of this Agreement or the Merger Agreement or the consummation of the transactions contemplated hereby or thereby, including any claim (A) challenging the validity of, or seeking to enjoin the operation of, any provision of this Agreement or (B) alleging a breach of any fiduciary duty of the Board of Directors of IBTX in connection with this Agreement, the Merger Agreement or the transactions contemplated hereby or thereby (for the avoidance of doubt, participating in the defense of any claims made against the Stockholder and asserting any counterclaims in connection therewith shall not be prohibited).
(c)    The obligations of the Stockholder specified in this Section 1.01 shall apply whether or not the Merger or any action described above is recommended by the Board of Directors of IBTX (or any committee thereof).
ARTICLE II
REPRESENTATIONS AND WARRANTIES
The Stockholder hereby represents and warrants to TCBI as follows:
Section 2.01.    Authorization; Validity of Agreement.  Such Stockholder has the requisite capacity and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby.  This Agreement has been duly authorized (to the extent authorization is required), executed and delivered by such Stockholder and, assuming this Agreement constitutes a legal, valid and binding obligation of TCBI, constitutes a legal, valid and binding obligation of such Stockholder, enforceable against such Stockholder in accordance with its terms, subject to the Enforceability Exceptions.  

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Section 2.02.    Ownership.  (a) Such Stockholder’s Existing Shares are as of the date hereof, and all of the Covered Shares Beneficially Owned by such Stockholder as of the record date and meeting date for any meeting of IBTX shareholders pursuant to Section 1.01(a) will be, Beneficially Owned by such Stockholder and (b) as of the date hereof such Stockholder has good and valid title to such Stockholder’s Existing Shares, free and clear of any security interest, pledge, mortgage, lien or other encumbrance, other than pursuant to this Agreement, the Merger Agreement or under applicable federal or state securities laws.  With respect to any outstanding Covered Shares of which the Stockholder is not the record owner, such lack of record ownership will not prevent or impair such Stockholder from complying with any obligation, agreement or covenant set forth herein.  As of the date hereof, such Stockholder’s Existing Shares constitute all of the shares of IBTX Common Stock (or any other equity interests of IBTX) Beneficially Owned or owned of record by such Stockholder over which such Stockholder has sole voting power.  
Section 2.03.    No Violation.  The execution and delivery of this Agreement by such Stockholder does not, and the performance by such Stockholder of its obligations under this Agreement will not, (a) violate any Law; or (b) conflict with, or result in a breach or default under, any agreement or instrument to which the Stockholder or any of its Affiliates is a party or any term or condition of any of its Affiliates’ certificate of limited partnership, partnership agreement or comparable organizational documents, as applicable, except where such conflict, breach or default would not reasonably be expected to, individually or in the aggregate, have an adverse effect on the Stockholder’s ability to satisfy its obligations hereunder.
Section 2.04.    Consents and Approvals.  The execution and delivery of this Agreement by such Stockholder does not, and the performance by such Stockholder of its obligations under this Agreement and the consummation by it of the transactions contemplated hereby will not, require such Stockholder to obtain any consent, approval, authorization or permit of, or to make any filing with or notification to, any Governmental Entity, other than the filings of any required reports with the SEC.
Section 2.05.    Absence of Litigation.  As of the date hereof, there is no litigation, action, suit or proceeding pending or, to the knowledge of such Stockholder, threatened against or affecting such Stockholder and/or any of its Affiliates before or by any Governmental Entity that would reasonably be expected to impair the ability of such Stockholder to perform its obligations hereunder or to consummate the transactions contemplated hereby on a timely basis.

Section 2.06.    Absence of Other Voting Agreements.  None of the Covered Shares is or will be subject to any voting trust, proxy or other agreement, arrangement or restriction with respect to voting, in each case, that is inconsistent with this Agreement.  None of the Covered Shares is subject to any pledge agreement pursuant to which the Stockholder does not retain sole and exclusive voting rights with respect to the Covered Shares subject to such pledge agreement at least until the occurrence of an event of default under the related debt instrument.

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Section 2.07.    Finder’s Fees.  No investment banker, broker, finder or other intermediary is entitled to a fee or commission from TCBI or IBTX in respect of this Agreement or the Merger Agreement based upon any arrangement or agreement made by or on behalf of such Stockholder.
Section 2.08.    Reliance by TCBI.  Such Stockholder understands and acknowledges that TCBI is entering into the Merger Agreement in reliance upon the execution and delivery of this Agreement by such Stockholder and the representations and warranties of such Stockholder contained herein.  Such Stockholder understands and acknowledges that the Merger Agreement governs the terms of the Merger and the other transactions contemplated thereby.
ARTICLE III
OTHER COVENANTS
Section 3.01.    No Solicitation; Support Of Acquisition Proposals.  Prior to the termination of this Agreement in accordance with Section 4.01, the Stockholder agrees that it shall not, and shall cause each of its Subsidiaries, Affiliates and Representatives not to, directly or indirectly (i) initiate, solicit, knowingly encourage or knowingly facilitate inquiries or proposals with respect to any Acquisition Proposal, (ii) engage or participate in any negotiations with any person concerning any Acquisition Proposal, (iii) have or participate in any discussions with, any person relating to any Acquisition Proposal, (iv) make or participate in, directly or indirectly, a “solicitation” of “proxies” (as such terms are used in the rules of the SEC) or powers of attorney or similar rights to vote, or seek to advise or influence any Person, with respect to the voting of any shares of IBTX Common Stock or other capital stock of IBTX in connection with any vote or other action on any matter, other than to recommend that the shareholders of IBTX vote in favor of the adoption and approval of the Merger Agreement and the transactions contemplated thereby as otherwise expressly provided in this Agreement, (v) approve, adopt, recommend or enter into, or publicly propose to approve, adopt, recommend or enter into, any agreement with respect to any Acquisition Proposal, or (vi) agree or propose to do any of the foregoing, in each case, except to the extent IBTX is permitted to do so pursuant to Section 6.12 of the Merger Agreement.  The Stockholder agrees to promptly (and in any event within 24 hours) notify TCBI and IBTX after receipt by it of an Acquisition Proposal or any indication to it that any Person is considering making an Acquisition Proposal and to keep TCBI and IBTX fully informed of the status and details of any such Acquisition Proposal, indication or request.
Section 3.02.    Notice Of Acquisitions of IBTX Common Stock.  The Stockholder agrees to notify TCBI as promptly as practicable orally and in writing (it being understood and agreed that any information disclosed in public filings with the SEC shall be deemed to constitute adequate notice) of the number of any additional shares of IBTX Common Stock, or other securities of IBTX of which such Stockholder acquires Beneficial Ownership on or after the date hereof.
Section 3.03.    Further Assurances.  Prior to the termination of this Agreement in accordance with Section 4.01, the Stockholder agrees that it shall not, and shall cause each of its Subsidiaries, Affiliates and Representatives not to, (a) enter into any agreement, arrangement or understanding with any Person, or take any other action, that violates or conflicts with or would reasonably be expected to violate or conflict with, or result in or give rise to a violation of or 

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conflict with, such Stockholder’s representations, warranties, covenants and obligations under this Agreement or (b) take any action that could reasonably be expected to restrict or otherwise affect such Stockholder’s legal power, authority and right to comply with and perform its covenants and obligations under this Agreement.
Section 3.04.    Disclosure.  The Stockholder hereby authorizes TCBI and IBTX to publish and disclose in any announcement or disclosure required by the SEC and in the Joint Proxy Statement such Stockholder’s identity and ownership of such Stockholder’s Covered Shares and the nature of such Stockholder’s obligations under this Agreement.
ARTICLE IV
MISCELLANEOUS
Section 4.01.    Termination.  This Agreement shall remain in effect until the earlier to occur of (a) the Effective Time and (b) the date the Merger Agreement is terminated in accordance with its terms. Neither the provisions of this Section 4.01 nor the termination of this Agreement shall (i) relieve any party hereto from any liability to any other party arising out of or in connection with a material breach of this Agreement prior to such termination or expiration or (ii) terminate the obligations under Article IV.  
Section 4.02.    Notices.  All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally, by e-mail transmission (with confirmation), mailed by registered or certified mail (return receipt requested) or delivered by an express courier (with confirmation) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):
(a)    if to TCBI to:
Texas Capital Bancshares, Inc.
2000 McKinney Avenue Suite 700 
Dallas, Texas  75201 
Attention:    C. Kelly Rentzel, General Counsel 
E-mail:        kelly.rentzel@texascapitalbank.com
with a copy (which shall not constitute notice) to:
 Sullivan & Cromwell LLP 
125 Broad Street
New York, New York 10004
Attention:     H. Rodgin Cohen 
Mitchell S. Eitel
Email:        cohenhr@sullcrom.com
eitelm@sullcrom.com

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and
(b)    if to the Stockholder, to:
Vincent J. Viola
7777 Henneman Way
McKinney, Texas  75070

with a copy (which shall not constitute notice) to:
Independent Bank Group, Inc.
7777 Henneman Way
McKinney, Texas  75070 
Attention:    Mark Haynie, General Counsel 
E-mail:        mhaynie@ibtx.com

Section 4.03.    Defined Terms.  Capitalized terms used but not otherwise defined herein have the meanings ascribed to such terms in the Merger Agreement.  The following capitalized terms, as used in this Agreement, have the following meanings: 
(a)    “Affiliate” of a specified Person is any Person that directly or indirectly controls, is controlled by, or is under common control with, such specified Person (including as the term “control” is defined for purposes of the Bank Holding Company Act of 1956); provided that, for purposes of this Agreement, in no event shall IBTX or any of its controlled Affiliates be deemed to be an Affiliate of such Stockholder.  For purposes of this Agreement, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have correlative meanings.
(b)    “Beneficial Ownership” has the meaning ascribed to such term in Rule 13d-3 under the Exchange Act.  The terms “Beneficially Own”, “Beneficially Owned” and “Beneficial Owner” each have a correlative meaning.
(c)    “Person” means an individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, Governmental Entity or other entity of any kind or nature.
(d)    “Representatives” means, with respect to a Person, such Person’s Affiliates and its and their respective officers, directors, employees, agents and advisors.
(e)    “Subsidiary” means, with respect to any Person, any other Person, whether incorporated or unincorporated, (a) of which such first Person or any other Subsidiary of such first Person is a general partner or manager or (b) at least a majority of the securities or other interests of which having by their terms ordinary voting power to elect a majority of the board of directors or others performing similar functions with respect to such other Person is directly or indirectly owned or controlled by such first Person or by any one or more of its Subsidiaries.

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Section 4.04.    Interpretation.  The parties have participated jointly in negotiating and drafting this Agreement.  In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.  When a reference is made in this Agreement to Articles, Sections or Schedules, such reference shall be to an Article or Section of or Schedule to this Agreement unless otherwise indicated.  Headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”  References to “the date hereof” shall mean the date of this Agreement.  As used herein, (a) “business day” means any day other than a Saturday, a Sunday or a day on which banks in Dallas, Texas are authorized by law or executive order to be closed and (b) the “transactions contemplated by the Merger Agreement” shall include the Merger and the Bank Merger.  All references to “dollars” or “$” in this Agreement are to United States dollars.  This Agreement shall not be interpreted or construed to require any Person to take any action, or fail to take any action, if to do so would violate any applicable law.  References to any statute or regulation refer to such statute or regulation as amended, modified, supplemented or replaced from time to time (and, in the case of statutes, include any rules and regulations promulgated under the statute) and references to any section of any statute or regulation include any successor to such section.
Section 4.05.    Counterparts.  This Agreement may be executed in two or more counterparts (including by facsimile or other electronic means) all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.
Section 4.06.    Entire Agreement.  This Agreement and, to the extent referenced herein, the Merger Agreement, together with the several agreements and other documents and instruments referred to herein or therein or attached hereto or thereto, constitute the entire agreement among the parties and supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof and thereof.
Section 4.07.    Governing Law; Consent To Jurisdiction; Waiver Of Jury Trial.  
(a)    This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to any applicable conflicts of law principles.
(b)    Each party agrees that it will bring any action or proceeding in respect of any claim arising out of or related to this Agreement or the transactions contemplated hereby exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any federal or state court of competent jurisdiction located in the State of Delaware (the “Chosen Courts”), and, solely in connection with claims arising under this Agreement or the transactions that are the subject of this Agreement, (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any objection to laying venue in any 

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such action or proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party and (iv) agrees that service of process upon such party in any such action or proceeding will be effective if notice is given in accordance with Section 4.02.
(c)    EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE EXTENT PERMITTED BY LAW AT THE TIME OF INSTITUTION OF THE APPLICABLE LITIGATION, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT:  (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4.07(c).
Section 4.08.    Amendment; Waiver.  This Agreement may not be amended except by an instrument in writing signed by TCBI and the Stockholder.  Each party may waive any right of such party hereunder by an instrument in writing signed by such party and delivered to the other parties, but such waiver shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure.
Section 4.09.    Remedies.  The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with its specific terms or were otherwise breached.  Accordingly, the parties shall be entitled to specific performance of the terms hereof, including an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity.  Each of the parties hereby further waives (a) any defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any law to post security or a bond as a prerequisite to obtaining equitable relief.
Section 4.10.    Severability.  Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed 

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and enforced in such jurisdiction such that the invalid, illegal or unenforceable provision or portion thereof shall be interpreted to be only so broad as is enforceable.
Section 4.11.    Delivery by Facsimile or Electronic Transmission.  This Agreement and any signed agreement or instrument entered into in connection with this Agreement, and any amendments or waivers hereto or thereto, to the extent signed and delivered by means of a facsimile machine or by e-mail delivery of a “.pdf” format data file, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.  No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or e-mail delivery of a “.pdf” format data file to deliver a signature to this Agreement or any amendment hereto or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or e-mail delivery of a “.pdf” format data file as a defense to the formation of a contract and each party hereto forever waives any such defense.
Section 4.12.    Successors And Assigns; Third Party Beneficiaries.  Neither this Agreement nor any of the rights, interests or obligations contained herein shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties.  Any purported assignment in contravention hereof shall be null and void.  Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns. 
Section 4.13.    Expenses.  All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense.
Section 4.14.    Capacity as a Shareholder.  This Agreement shall apply to the Stockholder solely in such Stockholder’s capacity as a shareholder of IBTX and shall not apply in any manner to the Stockholder or any family member of such Stockholder in any capacity as a director or officer of IBTX or its Subsidiaries or in any other capacity (and shall not limit or affect any actions taken by such Stockholder or any family member of such Stockholder in the capacity of director or officer of IBTX or its Subsidiaries, and no such action taken by such Stockholder or any family member of such Stockholder in the capacity of director or officer of IBTX or its Subsidiaries shall be deemed to constitute a breach of this Agreement).
[Remainder of this page intentionally left blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed (where applicable, by their respective officers or other authorized Person thereunto duly authorized) as of the date first written above.

TEXAS CAPITAL BANCSHARES, INC.
By:    /s/ Julie Anderson     
    Name: Julie Anderson 
    Title: Chief Financial Officer 

[SIGNATURE PAGE TO VOTING AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed (where applicable, by their respective officers or other authorized Person thereunto duly authorized) as of the date first written above.
	
			
	 

	 
	/s/ Vincent J. Viola

	 
	Vincent J. Viola

	 
	 
	 

[SIGNATURE PAGE TO VOTING AGREEMENT]Exhibit 4.1

 

 WARRANT AGENT AGREEMENT 

 

THIS WARRANT AGENT AGREEMENT
(this “Agreement”) is dated December [    ], 2019, between Nutriband Inc., a Nevada corporation
(the “Company”), and American Stock Transfer & Trust Company, LLC, acting as warrant agent (the “Warrant
Agent”). 

 

WHEREAS, the Company
proposes to issue series A common stock purchase warrants (the “Warrants”) to acquire up to 359,375 of common
stock, par value $0.001 per share (“Common Stock”), subject to adjustment as provided herein, of the Company
(collectively, the “Warrant Shares”); 

 

WHEREAS, each Warrant
shall represent the right to purchase from the Company, at an initial price of $[ ] per share (the “Exercise Price”),
one share of Common Stock, subject to adjustment as provided hereunder; and 

 

WHEREAS, American Stock
Transfer & Trust Company, LLC is willing to serve as the Warrant Agent in connection with the issuance of Warrant Certificates
(as defined below) and the other matters as provided herein.

 

NOW, THEREFORE, in consideration
of the foregoing and for the purpose of defining the terms and provisions of the Warrants and the respective rights and obligations
thereunder of the Company, the Warrant Agent and the record holders from time to time of the Warrants or, if the Warrants are held
in “street name,” a Participant (as defined below) or a designee appointed by such Participant (each, a “Holder”
and collectively, the “Holders”), the parties hereby agree as follows: 

 

1. Definitions.
For the purposes hereof, the following terms shall have the following meanings:

 

“Aggregate Exercise
Price” means, with respect to each exercise of Warrants held by the Holder, the Exercise Price multiplied by the aggregate
number of Warrant Shares (which must be a whole number) that such Holder intends to purchase pursuant to such exercise.  

 

“Business Day”
means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which
banking institutions in The City of New York are authorized or required by law or other government action to close. 

 

“Date of Exercise”
means the date on which the Holder shall have delivered to the Warrant Agent an appropriately completed and duly signed Form of
Election to Purchase (with the Warrant Shares Exercise Log attached to it and reference to the relevant Warrant Certificate sufficient
to identify it). 

 

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

 

“Expiration
Date” means November [  ], 2024.

 

“Form of Election
to Purchase” means a Form of Election to Purchase substantially in the form attached to the Warrant.

 

“Initial Exercise
Date” means November [  ], 2019.

 

“Initial Issuance
Date” means November [  ], 2019.

 

“Person”
means a corporation, association, partnership, limited liability corporation, organization, business, individual, trust, government
or political subdivision thereof or governmental agency.

 

“Prospectus” means
the final prospectus relating to the Warrant Shares included in the Registration Statement.

 

“Registration
Statement” means, collectively, the various parts of the registration statement prepared by the Company on Form S-1 (File
No. 333-232370) with respect to the Warrant Shares, each as amended as of the date hereof, including the Prospectus therein and
all exhibits filed with such registration statement.

 

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

 

“Specified Merger”
has the meaning set forth in subsection 8(d).

 

    1

     

    

 

“Trading Day”
means (i) a day on which the shares of Common Stock are traded on the principal stock exchange or market on which the shares of
Common Stock are then listed or quoted, or (ii) if the shares of Common Stock are not listed on any such exchange or market, a
day on which the shares of Common Stock are traded in the over-the-counter market, as reported by the OTC Markets; provided, that
in the event that the shares of Common Stock are not listed or quoted as set forth in clause (i) or (ii) hereof, then Trading Day
shall mean a Business Day. 

 

“Trading Market”
means the New York Stock Exchange, the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select
Market.

 

“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 the principal market on which
the Common Stock is traded, 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 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.

 

“Warrant Certificate”
means a certificate in substantially the form attached hereto as Exhibit A representing such number of Warrants set forth
on the Warrant Certificate. 

 

2. Form of Warrant.

 

(a) Warrants in Global
Form. The Warrants shall initially be issuable in book-entry registration only and evidenced by one or more global Warrant
Certificates (the “Global Warrant Certificates”) deposited with the Depository Trust Company (the “Depository”)
and registered in the name of Cede & Co. (“Cede”), a nominee of the Depository. Ownership of beneficial
interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by
(i) the Depository or its nominee for each Global Warrant Certificate or (ii) institutions that have accounts with the Depository
(such institutions, with respect to a Warrant in its account, each a “Participant”). For purposes of this Agreement,
the delivery of a notice from the Depository or a Participant of the transfer or exercise of Warrants in the form of a Global Warrant
Certificate shall be deemed to constitute the delivery of a Warrant Certificate with respect to such transfer or exercise. If the
Depository subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the
Warrant Agent regarding other arrangements for book-entry settlement. If the Company determines, in its sole discretion, not to
have securities represented by the Global Warrant Certificates, the Company will instruct the Warrant Agent to prepare and deliver
physical certificates evidencing the Warrants in exchange for the beneficial interests in the Global Warrant Certificates, based
on directions received by the Depository from its Participants with respect to ownership of beneficial interests in the Global
Warrant Certificates. In such event, any physical certificates evidencing the Warrants shall represent one or more Warrants as
set forth on the Warrant Certificate and be issued in registered form only as definitive Warrant Certificates and shall be substantially
in the form attached hereto as Exhibit A, shall be dated the date of issuance thereof (whether upon initial issuance, register
of transfer, exchange or replacement) and shall bear such legends and endorsements typed, stamped, printed, lithographed or engraved
thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement.

 

(b) Effect of Signature.
Warrant Certificates shall be signed by, or bear the facsimile or electronic signature of, the chief executive officer, president,
chairperson of the board, chief financial officer, treasurer, any vice president, or secretary of the Company. In the event the
person whose facsimile or electronic signature has been placed upon any Warrant Certificate shall have ceased to serve in the capacity
in which such person signed the Warrant Certificate before such Warrant Certificate is issued, it may be issued with the same effect
as if he or she had not ceased to be such at the date of issuance.

 

(c) Effect of Countersignature.
Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant Certificate shall be invalid and of no
effect and may not be exercised by the holder thereof. Such signature by the Warrant Agent upon any Warrant Certificate executed
by the Company shall be conclusive evidence that such Warrant Certificate has been duly issued under the terms of this Agreement.

 

    2

     

    

 

(d) Warrant Register.
The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of original issuance and
the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register
the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Warrant Agent by or on behalf of the Company. The Company and the Warrant Agent may deem and treat the registered
Holder of each Warrant Certificate as the absolute owner of the Warrants represented thereby for the purpose of any exercise thereof
or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. Any Person in whose name ownership
of a beneficial interest in the Warrants evidenced by a Global Warrant Certificate is recorded in the records maintained by the
Depository or its nominee shall be deemed the “beneficial owner” thereof; provided, that all such beneficial interests
shall be held through a Participant, which shall be the registered holder of such Warrants.

 

(e) Registration of
Transfers. The Warrant Agent shall register the transfer of any portion of a Warrant Certificate in the Warrant Register, upon
surrender of the Warrant Certificate, with the Form of Assignment attached thereto, to the Warrant Agent at its address specified
for notice set forth in Section 13 below. Upon any such registration or transfer, a new Warrant Certificate substantially in the
form attached hereto as Exhibit A (any such new Warrant Certificate, a “New Warrant Certificate”), evidencing
the portion of the Warrant Certificate so transferred shall be issued to the transferee and a New Warrant Certificate evidencing
the remaining portion of the Warrant Certificate not so transferred, if any, shall be issued to the transferring Holder. Upon issuance
and delivery of the New Warrant Certificate, the Warrant Certificate surrendered to the Warrant Agent shall be clearly marked “cancelled”
or bear a similar statement to that effect. The delivery of the New Warrant Certificate by the Warrant Agent to the transferee
thereof shall be deemed to constitute acceptance by such transferee of all of the rights and obligations of a holder of a Warrant
Certificate. Notwithstanding the foregoing, so long as the Warrants are evidenced by Global Warrant Certificates deposited with
the Depository, ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be
effected through, records maintained (i) by the Depository or its nominee for each Warrant; (ii) by Participants; or (iii) directly
on the book-entry records of the Warrant Agent with respect only to owners of beneficial interests that represent such direct registration.

 

(f) Warrants in Uncertificated
Form. Notwithstanding the foregoing and anything else herein to the contrary, the Warrants may be issued in uncertificated
form if so specified by the Company.

 

3. Term of Warrants.
Warrants shall be exercisable by the registered Holder at any time and from time to time on or after the Initial Exercise Date
until 5:00 p.m. (New York time) on the Expiration Date. At 5:00 p.m. (New York time) on the Expiration Date, any Warrant not exercised
prior thereto (including without limitation, by payment of the applicable Aggregate Exercise Price on or prior to 5:00 p.m. (New
York time) on the Expiration Date) shall be and become void and of no value.  

 

4. Exercise of Warrants
and Delivery of Warrant Shares.

 

(a) Exercise Procedure.
At such times, and upon such representations and agreements, upon delivery of an appropriately completed and duly signed Form of
Election to Purchase (with the Warrant Shares Exercise Log attached and reference to the applicable Warrant Certificate sufficient
to identify it) to the Warrant Agent (or, in the case of a Global Warrant Certificate, properly delivered by the Participant in
accordance with the Depository’s procedures), at its address for notice set forth in Section 13, and payment of the Aggregate
Exercise Price by the date that is one (1) Trading Day after the Date of Exercise, the Company shall, on or prior to the date that
is the later of (A) the date that is three (3) Trading Days after the Date of Exercise and (B) the date that is two (2) Trading
Days after the date on which the Aggregate Exercise Price has been paid in accordance with Section 9 below (such later date, the
“Warrant Share Delivery Date”), (i) provided that the Company’s transfer agent (the “Transfer
Agent”) is participating in the Depository’s Fast Automated Securities Transfer Program and an effective registration
statement is available for the issuance of the Warrant Shares, or (ii) if the Transfer Agent is not participating in the Depository’s
Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to the address as specified in the Form of
Election to Purchase, a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Any Person so designated by
the Holder to receive Warrant Shares shall be deemed to have become holder of record of such Warrant Shares as of the time that
the Holder shall have delivered to the Warrant Agent an appropriately completed and duly signed Form of Election to Purchase (with
the Warrant Shares Exercise Log attached to it and reference to the relevant Warrant Certificate sufficient to identify it), provided
that the Holder delivers the Aggregate Exercise Price by the date that is one (1) Trading Day after the Date of Exercise.

 

(b) If the Holder delivers
a Form of Election to Purchase but fails, within one Trading Day after the Date of Exercise, to deliver the Aggregate Exercise
Price, then the Holder shall only be deemed to be the holder of record of the Warrant Shares upon delivery of the Aggregate Exercise
Price, so long as such Aggregate Exercise Price is delivered within three (3) Trading Days of the Date of Exercise.

 

    3

     

    

 

(c) No ink-original Form
of Election to Purchase shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any
Form of Election to Purchase be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to
physically surrender any Warrant Certificate to the Company or Warrant Agent until all of the Warrant Shares issuable thereunder
have been purchased and all of the Warrants evidenced by such Warrant Certificate have been exercised in full, in which case, the
Holder shall surrender such Warrant Certificate to the Company or Warrant Agent for cancellation within five (5) Trading Days of
the date the final Form of Election to Purchase is delivered to the Warrant Agent. Partial exercises of such Warrant Certificate
resulting in purchases of a portion of the total number of Warrant Shares available thereunder shall have the effect of lowering
the outstanding number of Warrant Shares purchasable thereunder in an amount equal to the applicable number of Warrant Shares purchased.
The Holder and any assignee, by acceptance of a Warrant Certificate, acknowledge and agree that, by reason of the provisions
of this subsection, following a partial exercise of such Warrant Certificate, the number of Warrant Shares issuable upon exercise
of such Warrant Certificate at any given time may be less than the amount stated on the face thereof. 

 

(d) If fewer than all
Warrant Shares issuable upon exercise of the relevant Warrant Certificate are purchased upon any exercise thereof, then promptly
following the date on which the Holder has taken all actions necessary under the terms of this Agreement for such Holder to receive
Warrant Shares and be deemed to have become the holder of record of such Warrant Shares and at the request of the Holder (provided
that the Holder has delivered the original physical Warrant Certificate to the Warrant Agent for cancellation), the Company will
execute and deliver to the Holder or its assigns a New Warrant Certificate (dated the date such Holder is deemed to have become
the holder of record of such Warrant Shares) evidencing the unexercised portion of the relevant Warrant Certificate. If fewer than
all the Warrants evidenced by a Global Warrant Certificate are exercised, a notation shall be made to the records maintained by
the Depository, its nominee for each Global Warrant Certificate, or a Participant, as appropriate, evidencing the balance of the
Warrants remaining after such exercise.

 

(e) In addition to any
other rights available to the Holder, if the Holder has taken all actions necessary under the terms of this Agreement for such
Holder to receive Warrant Shares subject to a Form of Election to Purchase on a Warrant Share Delivery Date and the Company fails,
or fails to cause the Warrant Agent, to transmit to the Holder the Warrant Shares in accordance with the provisions of subsection
4(a) above on or before the applicable 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 shares of 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 a Buy-In and evidence
of the amount of such loss.

 

(f) 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 converted, in whole or in part, into Common
Stock 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) =the
VWAP on the Trading Day immediately preceding the date of the applicable Form of Cashless Exercise Election if
such Form of Cashless Exercise Election is both executed and delivered pursuant to Section 4(a).

 

(B) =the Exercise
Price of this Warrant, as then in effect; 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.

 

    4

     

    

 

To exercise the
Warrant by means of a cashless exercise, the holder shall complete, execute and deliver to the Company the Form of Cashless
Exercise Election. Unless the Company disputes the computation of the number of Warrant Shares, the Company shall, within one
Trading Day, instruct the Warrant Agent to issue the Warrant Shares in accordance with the Form of Cashless Exercise
Election. If the Company disputes the computation of the number of Warrant Shares, the Company shall, within one Trading Day
after its receipt of the Form of Cashless Exercise Election (i) so advise the Holder of such dispute and set forth the basis
for its disagreement and (ii) instruct the Warrant Agent to issue the number of Warrant Shares to be issued based on its
calculation. In not event shall it be the responsibility of the Warrant Agent to compute the number of Warrant Shares to be
issued upon a cashless exercise. The holder shall be deemed to be a holder of record of the Common Stock on the date the Company
receives the executed Form of Cashless Exercise Election and concurs with the holder’s computation of the number of Warrant
Shares to be issued.

 

If Warrant Shares are
issued in such a cashless exercise, which is an exchange of the warrants for the Warrant Shares, the parties acknowledge and agree
that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants
being exercised. The Company agrees not to take any position contrary to this Section 2(c).

 

5. Charges, Taxes
and Expenses. Issuance and delivery of certificates for Warrant Shares shall be made without charge to the Holder for any issue
or transfer tax, or transfer agent fee in respect of the issuance of such certificates, all of which taxes shall be paid by the
Company; provided, however, that the Company shall not be obligated to pay any tax which may be payable in respect of any transfer
involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the Holder. The Holder
shall be responsible for all other tax liabilities that may arise as a result of holding or transferring any Warrant Certificate. 
The Company shall pay all Warrant Agent and Transfer Agent fees required for same-day processing of any Form of Election to Purchase
and all fees to the Depository (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the Warrant Shares.

 

6. Replacement of
Warrant Certificate. If any Warrant Certificate is mutilated, lost, stolen or destroyed, the Company shall issue or cause to
be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution for such Warrant Certificate,
a New Warrant Certificate, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction
and customary and reasonable indemnity, if requested. Applicants for a New Warrant Certificate under such circumstances shall also
comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may
prescribe. 

 

7. Reservation of
Warrant Shares. The Company covenants that it will at all times reserve and keep available out of its authorized but unissued
and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of all outstanding
Warrants as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of all outstanding
Warrants (taking into account any adjustments pursuant to Section 8 below). The Company covenants that all Warrant Shares so issuable
and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly
and validly authorized and issued, and be fully paid and non-assessable.  

 

8. Certain Adjustments.
The Exercise Price and number of Warrant Shares issuable upon exercise of each Warrant then outstanding are subject to adjustment
from time to time as set forth in this Section 8. 

 

(a) Stock Dividends
and Splits. If the Company, (i) pays a dividend or distribution in the form of shares of its Common Stock on its Common Stock,
(ii) subdivides outstanding shares of Common Stock into a greater number of shares or otherwise effects a stock split, or (iii)
combines outstanding shares of Common Stock into a lesser number of shares or otherwise effects a reverse split, then in each such
case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock
outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event. Any adjustment made pursuant to clause (i) of this subsection 8(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment
pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision
or combination.

 

(b) Number of Warrant
Shares. Simultaneously with any adjustment to the Exercise Price pursuant to subsection 8(a) above, the number of Warrant Shares
that may be purchased upon exercise of each Warrant shall be increased or decreased proportionately, as the case may be, so that
after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same
as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

    5

     

    

 

 (c) Certain
Extraordinary Transactions. Except as provided in Section 8(d), in case of any consolidation or merger of the Company into
another corporation (other than a merger in which the Company is the continuing corporation) or in case of any sale, lease or conveyance
to another corporation of our property as an entirety in which the proceeds of the transaction are distributed to the Company’s
stockholders, the Company shall, as a condition precedent to such transaction, cause effective provisions to be made so that the
holder of the Warrants shall have the right thereafter by exercising the Warrant, to purchase the kind and amount of shares of
stock and other securities and property receivable upon such consolidation, merger, sale or conveyance by a holder of the number
of shares of Common Stock which might have been purchased upon exercise of the warrant immediately prior to such consolidation,
merger, sale or conveyance. Any such provision shall include provision for adjustments which shall be as nearly equivalent as may
be practicable to the adjustments provided for in the warrant.

 

(d) Specified Merger.
Notwithstanding the provisions of subsection 8(c) of this Agreement, in the event of a Specified Merger, as hereinafter defined,
the Warrants, if not exercised prior to the effective time of the Specified Merger, shall, at the effective time of the Specified
Merger, without any action on the part of the Holder, become and be converted into the right to receive cash or securities equal
to the amount determined by multiplying the number of Warrant Shares issuable upon exercise of the Warrant by the amount by which
(x) the consideration payable with respect to one share of Common Stock in the Specified Merger exceeds (y) the Exercise Price.
A “Specified Merger” shall mean the merger or consolidation of the Company into another corporation or entity
or the sale by the Company of all or substantially all of its business and assets in a transaction in which the net proceeds or
other consideration from such sale are distributed to the Company’s stockholders in liquidation of their shares of Common
Stock, if, and only if, the sole consideration to be received by the holders of the Common Stock is cash, including any contingent
cash, and/or securities all of which are listed on the New York Stock Exchange, the Nasdaq Stock Market or the OTCQX or OTCQB Market
or another United States, Canadian or foreign stock exchange or market designated by the Company’s board of directors and
the shares are issuable pursuant to a registration statement on Form S-4 or other applicable form of registration statement.. Securities
issued in the Specified Merger shall be valued at the average closing price thereof on the principal stock exchange or market on
which the securities are listed or traded on the trading day immediately prior to the effective date of the Specified Merger unless
the agreement relating to the Specified Merger provides another method of determining the value thereof, in which event the valuation
determined by such agreement shall prevail. Payment to the holder of this Warrant with respect to any such securities shall be
payable in either cash or in such securities (valued as herein provided), in the same manner as cash or securities is being paid
or issued to the holders of the Common Stock. If, in a Specified Merger, the value of the consideration payable with respect to
one share of Common Stock is equal to or less than the Exercise Price, no payment shall be made to the Holder of the Warrants,
and the Warrants shall expire and cease to be exercisable. The Company shall give the Holders and the Warrant Agent reasonable
notice of a proposed effective date of a Specified Merger.

 

(e) Notice of Adjustments.
Upon the occurrence of each adjustment pursuant to this Section 8, the Company at its expense will promptly calculate such adjustment
in accordance with the terms of this Agreement and prepare a certificate setting forth such adjustment, including a statement of
the adjusted Exercise Price and adjusted number of Warrant Shares or type of consideration issuable upon exercise of each Warrant
(as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment
is based. The Company will reasonably promptly deliver or cause to be delivered to each Holder who makes a request in writing and
to the Warrant Agent, a copy of each such certificate.

 

(f) Notice of Corporate
Events. If the Company (i) declares a dividend or any other distribution of cash, securities or other property in respect of
its Common Stock (other than a dividend payable solely in shares of Common Stock) or (ii) authorizes the voluntary dissolution,
liquidation or winding up of the affairs of the Company, or (iii) proposed a transaction involving a merger, consolidation, sale
of assets or similar transaction, including a proposed Specified Merger, then the Company shall deliver or cause to be delivered
to each Holder a notice describing the material terms and conditions of such dividend, distribution or transaction. Notwithstanding
anything to the contrary in this subsection 8(f), the failure to deliver any notice under this subsection 8(f) or any defect therein
shall not affect the validity of the corporate action required to be described in such notice. Until the exercise of a Holder’s
Warrant or any portion of such Warrant, a Holder shall not have nor exercise any rights by virtue of ownership of a Warrant as
a stockholder of the Company (including without limitation the right to notification of stockholder meetings or the right to receive
any notice or other communication concerning the business and affairs of the Company other than as provided in this subsection
8(f)), except as expressly set forth in this Section 8.

 

(g) Notices to Holders
on Registration Statement. If, at any time while any Warrants remain outstanding, the Registration Statement (or any subsequent
registration statement registering the sale or resale of the Warrant Shares) is not effective or is not otherwise available for
the sale of the Warrant Shares, the Company shall deliver notice to the record Holders that such registration statement is not
then effective for the sale of Warrant Shares and shall deliver notice to the record Holders if and when the registration statement
is effective again and available for the sale of the Warrant Shares (it being understood and agreed that the foregoing shall not
limit the ability of any holder thereof to sell any of the Warrant Shares in compliance with applicable federal and state securities
laws). The Company shall use its commercially reasonable best efforts to maintain a current and effective registration statement
relating to the Warrant Shares until the expiration of the Warrants.

 

(h) To the extent that
any notice provided to the Holders under this Agreement constitutes, or contains, material, non-public information regarding the
Company or any of the Company’s subsidiaries, the Company shall simultaneously file such notice with the Commission on a
Current Report on Form 8-K.

 

    6

     

    

 

9. Payment of Exercise
Price. The Holder shall pay the Aggregate Exercise Price by paying, in lawful money of the United States, by certified check
payable to the Warrant Agent, as agent for the Company, or bank draft payable to the order of the Company or by wire transfer of
immediately available funds to an account designated in writing by the Company (or as otherwise agreed to by the Company) delivered
to the Warrant Agent not later than one Trading Day after the Date of Exercise. Notwithstanding the foregoing, if payment is made
in any form other than a wire transfer of immediately available funds, neither the Warrant Agent nor the Company shall be required
to issue Warrant Shares until the Warrant Agent’s bank shall have confirmed that the payment has cleared, which date shall
be the date that the Holder has made payment of the Exercise Price.

 

10. Holder Not Deemed
a Stockholder. The Holder, solely in such Person’s capacity as a Holder, shall not be entitled to vote or receive dividends
or be deemed the holder of shares of the Company for any purpose, nor shall anything contained in the Warrants be construed to
confer upon the Holder, solely in such Person’s capacity as a Holder of Warrants, any of the rights of a stockholder of the
Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification
of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights,
or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the
due exercise of the Warrants, except as expressly set forth in Section 8. 

 

11. No Fractional
Shares. No fractional shares will be issued in connection with any exercise of a Warrant. In lieu of any fractional
shares which would otherwise be issuable, the Company shall, at its election, either pay cash equal to the product of such
fraction multiplied by the Exercise Price or round up to the next whole share of Common Stock. 

 

12. Exchange Act Filings.
The Holder agrees and acknowledges that it shall have sole responsibility for making any applicable filings with the U.S. Securities
and Exchange Commission pursuant to Sections 13 and 16 of the Exchange Act as a result of its acquisition of any Warrant and the
Warrant Shares and any future retention or transfer thereof. 

  

13. Notices. Any
and all notices or other communications or deliveries hereunder (including without limitation any Form of Election to Purchase)
shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number or by PDF sent by email specified in this Section 13 prior to
5:00 p.m. (New York time) on a Business Day, (b) the next Business Day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or by PDF send by email as specified in this Section 13 on a day that is not
a Business Day or later than 5:00 p.m. (New York time) on any Business Day, (c) the Business Day following the date of mailing,
if sent by nationally recognized overnight courier service which provides evidence of delivery, or (d) upon actual receipt by the
party to whom such notice is required to be given. The addresses for such communications shall be:

 

if to the Company:

 

Nutriband Inc.

121 South Orange Ave., Suite 1500

Orlando, Florida 32801

Attention: Chief Financial Officer

Facsimile:

Email:

 

if to the Warrant Agent:

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attention: Warrant Department

Facsimile:

Email:

 

if to the Holder:

 

to the address or facsimile number or email
appearing on the Warrant Register or such other address or facsimile number as the Holder may provide to the Company in accordance
with this Section 13.

 

    7

     

    

 

14. Warrant Agent.

 

(a) The Company and the
Warrant Agent hereby agree that the Warrant Agent will serve as an agent of the Company as set forth in this Agreement.

 

(b) The Warrant Agent
shall not by any act hereunder be deemed to make any representation as to validity or authorization of the Warrants or the Warrant
Certificates (except as to its countersignature thereon) or of any securities or other property delivered upon exercise of any
Warrant, or as to the number or kind or amount of securities or other property deliverable upon exercise of any Warrant or the
correctness of the representations of the Company made in such certificates that the Warrant Agent receives.

 

(c) The Warrant Agent
shall not have any duty to calculate or determine any required adjustments with respect to the Exercise Price or the kind and amount
of securities or other property receivable by Holders upon the exercise of Warrants, nor to determine the accuracy or correctness
of any such calculation.

 

(d) The Warrant Agent
shall not (i) be liable for any recital or statement of fact contained herein or in the Warrant Certificates or for any action
taken, suffered or omitted by it in good faith in the belief that any Warrant Certificate or any other document or any signature
is genuine or properly authorized, (ii) be responsible for any failure by the Company to comply with any of its obligations contained
in this Agreement or in the Warrant Certificates, (iii) be liable for any act or omission in connection with this Agreement except
for its own gross negligence or willful misconduct or (iv) have any responsibility to determine whether a transfer of a Warrant
complies with applicable securities laws.

 

(e) The Warrant Agent
is hereby authorized to accept instructions with respect to the performance of its duties hereunder solely on behalf of the Company
from the Chief Executive Officer, the President, the Chief Financial Officer, or the Secretary or any Assistant Secretary of the
Company and to apply to any such officer for written instructions (which will then be reasonably promptly given) and the Warrant
Agent shall not be liable for any action taken or suffered to be taken by it in good faith in accordance with the instructions
of any such officer, except for its own gross negligence or willful misconduct, but in its discretion the Warrant Agent may in
lieu thereof accept other evidence of such or may require such further or additional evidence as it may deem reasonable.

 

(f) The Warrant Agent
may exercise any of the rights and powers hereby vested in it or perform any duty hereunder either itself or by or through its
attorneys, agents or employees, provided reasonable care has been exercised in the selection and in the continued employment of
any persons. The Warrant Agent shall not be under any obligation or duty to institute, appear in or defend any action, suit or
legal proceeding in respect hereof, unless first indemnified to its satisfaction. The Warrant Agent shall promptly notify the Company
in writing of any claim made or action, suit or proceeding instituted against or arising out of or in connection with this Agreement.

 

(g) The Company will
take such action as may reasonably be required by the Warrant Agent in order to enable it to carry out or perform its duties under
this Agreement.

 

(h) The Warrant Agent
shall act solely as agent of the Company hereunder. The Warrant Agent shall only be liable for the failure to perform such duties
as are specifically set forth herein.

 

    8

     

    

 

(i) The Warrant Agent
may, at its own expense, consult with legal counsel satisfactory to it (who may be legal counsel for the Company), and the Warrant
Agent shall incur no liability or responsibility to the Company or to any Holder for any action taken, suffered or omitted by it
in good faith in accordance with the opinion or advice of such counsel.

 

(j) The Company agrees
to pay to the Warrant Agent compensation for all services rendered by the Warrant Agent hereunder as the Company and the Warrant
Agent may agree from time to time, and to reimburse the Warrant Agent for reasonable expenses incurred in connection with the execution
and administration of this Agreement (including the reasonable compensation and expenses of its counsel), and further agrees to
indemnify the Warrant Agent for, and hold it harmless against, any loss, liability or expense incurred without gross negligence,
bad faith or willful misconduct on its part, arising out of or in connection with the acceptance and administration of this Agreement.

 

(k) No resignation or
removal of the Warrant Agent and no appointment of a successor warrant agent shall become effective until the acceptance of appointment
by the successor warrant agent as provided herein. The Warrant Agent may resign its duties and be discharged from all further duties
and liability hereunder (except liability arising as a result of the Warrant Agent’s own gross negligence, bad faith or willful
misconduct) after giving 60 days prior written notice to the Company. The Company may remove the Warrant Agent upon written notice,
and the Warrant Agent shall thereupon in like manner be discharged from all further duties and liabilities hereunder, except as
aforesaid. Upon such resignation or removal, the Company shall appoint in writing a new warrant agent. If the Company fails to
do so within a period of 30 days after it has been notified in writing of such resignation by the resigning Warrant Agent or after
such removal, then the resigning Warrant Agent or the Holder of any Warrant (if such Holder first submits his, her or its Warrant
Certificate for inspection by the Company) may apply to any court of competent jurisdiction for the appointment of a new warrant
agent, provided that, for purposes of this Agreement, the Company shall be deemed to be the Warrant Agent until a new warrant agent
is appointed. After acceptance in writing of such appointment by the new warrant agent, it shall be vested with the same powers,
rights, duties and responsibilities as if it had been originally named herein as the Warrant Agent. Not later than the effective
date of any such appointment, the Company shall give notice thereof to the resigning or removed Warrant Agent. Failure to give
any notice provided for in this subsection 14(k), however, or any defect therein, shall not affect the legality or validity of
the resignation of the Warrant Agent or the appointment of a new warrant agent, as the case may be. The Company shall, or shall
cause the successor Warrant Agent to, deliver to each Holder at such Holder’s last address as shown on the register of Holders
maintained by the Warrant Agent, notice of the appointment of the successor Warrant Agent and such successor Warrant Agent’s
address for communication.

 

(l) Any corporation into
which the Warrant Agent or any new warrant agent may be merged or converted or any corporation resulting from any consolidation
to which the Warrant Agent or any new warrant agent shall be a party or any corporation to which the Warrant Agent transfers substantially
all of its corporate trust business shall be a successor Warrant Agent under this Agreement without any further act, provided that
such corporation (i) would be eligible for appointment as successor to the Warrant Agent under the provisions of subsection 14(k)
above or (ii) is a wholly owned subsidiary of the Warrant Agent. Any such successor Warrant Agent shall promptly cause notice of
its succession as Warrant Agent to be mailed (by first class mail, postage prepaid) to each Holder in accordance with Section 14
above.

 

15. Miscellaneous. 

 

(a) Successors and
Assigns. This Agreement shall be binding on and inure to the benefit of the Company, the Warrant Agent and the Holders, and
their respective successors and assigns. Subject to the preceding sentence, nothing in this Agreement shall be construed to give
to any Person other than the Company, the Warrant Agent and the Holders any legal or equitable right, remedy or cause of action
under this Agreement.

 

(b) Amendments and
Waivers. The Company may, without the consent of the Holders, by supplemental agreement or otherwise, add to the covenants
and agreements of the Company for the benefit of the Holders, or surrender any rights or power reserved to or conferred upon the
Company in this Agreement, provided that such changes or corrections shall not adversely affect the interests of Holders of then
outstanding Warrants in any respect. The Company may, with the consent, in writing or at a meeting, of the Holders of outstanding
Warrants exercisable for a majority of the Warrant Shares, amend in any way, by supplemental agreement or otherwise, this Agreement
and/or all of the outstanding Warrant Certificates; provided, however, that no such amendment shall adversely affect any Warrant
differently than it affects all other Warrants, unless the Holder thereof consents thereto. The Warrant Agent shall, at the request
of the Company, and without need of independent inquiry as to whether such supplemental agreement is permitted by the terms of
this Section 15(b), join with the Company in the execution and delivery of any such supplemental agreements, but shall not be
required to join in such execution and delivery for such supplemental agreement to become effective.

 

    9

     

    

 

(c) Choice of Law,
etc. All questions concerning the construction, validity, enforcement and interpretation of this Agreement 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 hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby. If either party shall commence an action or proceeding to enforce any provisions of this Agreement, then the prevailing
party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding.

 

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

 

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

 

(f) Execution.
This Agreement may be executed in counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood
that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile or electronic transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

(g) Additional Warrants.
The Company may from time to time issue additional warrants (the “Additional Warrants”) under this Agreement,
without requiring the consent of any Holder, with the same terms as the warrants initially issued hereunder.

 

[The remainder of this page has been left intentionally
blank.]

 

    10

     

    

 

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

 

	 	NUTRIBAND INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Company Signature Page to Warrant Agency
Agreement] 

 

    11

     

    

 

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

 

	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Warrant Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Warrant Agent Signature Page to Warrant
Agency Agreement] 

 

    12

     

    

 

Exhibit A

 

[UNLESS THIS GLOBAL WARRANT
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE& CO., HAS AN INTEREST
HEREIN.

 

TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE WARRANT AGENCY AGREEMENT.

 

ANY TRANSFER OF THE SECURITIES
REPRESENTED BY THIS GLOBAL WARRANT CERTIFICATE IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE WARRANT AGENCY AGREEMENT (THE “WARRANT
AGREEMENT”) DATED AS OF [ ], 2019 BETWEEN NUTRIBAND INC. AND AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, SOLELY IN
ITS CAPACITY AS WARRANT AGENT. BY ACCEPTING DELIVERY OF THE SECURITIES REPRESENTED BY THIS GLOBAL WARRANT CERTIFICATE, ANY TRANSFEREE
SHALL BE DEEMED TO HAVE AGREED TO BE BOUND BY THE WARRANT AGREEMENT AS IF THE TRANSFEREE HAD EXECUTED AND DELIVERED THE WARRANT
AGREEMENT.]

 

EXERCISABLE ON OR AFTER [ ], 2019

AND UNTIL 5:00 P.M. (NEW YORK TIME) ON THE EXPIRATION
DATE

 

	CUSIP:	 	 	 
	No.	 	 	Warrants to Purchase [____________] Shares

 

Warrant Certificate

 

SERIES A WARRANTS TO PURCHASE COMMON STOCK OF
NUTRIBAND INC.

 

This Warrant Certificate
certifies that [______________], or registered assigns, is the registered holder of Warrants (the “Warrants”)
to acquire from Nutriband Inc., a Nevada corporation (the “Company”), the aggregate number of fully paid and
non-assessable shares of common stock of the Company, par value $0.001 per share (the “Common Stock”), specified
above for consideration equal to the Exercise Price (as defined in the Warrant Agreement (as defined below)) per share of Common
Stock. The Exercise Price and number of shares of Common Stock and/or type of securities or property issuable upon exercise of
the Warrants are subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. The Warrants
evidenced by this Warrant Certificate shall not be exercisable after and shall terminate and become void as of 5:00 P.M., New York
time, on [ ], 2024 (the “Expiration Date”).

 

    A-1

     

    

 

The Warrants evidenced
by this Warrant Certificate are part of a duly authorized issue of warrants expiring on the Expiration Date entitling the Holder
hereof to receive shares of Common Stock, and is issued or to be issued pursuant to a Warrant Agency Agreement dated November [
], 2019 (the “Warrant Agreement”), duly executed and delivered by the Company and American Stock Transfer &
Trust Company, LLC, as warrant agent (the “Warrant Agent,” which term includes any successor warrant agent under
the Warrant Agreement), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is
hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the
Warrant Agent, the Company and the Holders (“Holders” meaning, from time to time, the registered holders of
the warrants issued thereunder). To the extent any provisions of this Warrant Certificate conflicts with any provision of the Warrant
Agreement, the provisions of the Warrant Agreement shall apply. A copy of the Warrant Agreement may be obtained by the Holder hereof
upon written request to the Company at Nutriband Inc., 121 S. Orange Ave. Suite 1500, Orlando, Florida 32765, Attn: Chief Financial
Officer. Capitalized terms not defined herein have the meanings ascribed thereto in the Warrant Agreement.

 

 The Warrants evidenced
by this Warrant Certificate may be exercised, in whole or in part, at any time on or after November [ ], 2019 and on or before
the Expiration Date, in the manner and subject to the terms of the Warrant Agreement including, but not limited to, Sections 4
and 8 thereof. Each exercise must be for a whole number of Warrant Shares.

 

The Warrant Agreement
provides that upon the occurrence of certain events the Exercise Price set forth in this Warrant Certificate may, subject to certain
conditions, be adjusted, and that upon the occurrence of certain events the number of shares of Common Stock and/or the type of
securities or other property issuable upon the exercise of the Warrants evidenced by this Warrant Certificate shall be adjusted.
The Warrant Agreement also provides for the automatic conversion of the Warrants under certain circumstances. No fractional share
of Common Stock will be issued upon the exercise of the Warrants evidenced by this Warrant Certificate, but the Company will at
its elcection either pay the cash value thereof determined as provided in the Warrant Agreement or round the fractional share to
the next whole share.

 

Warrant Certificates,
when surrendered at the office of the Warrant Agent by the registered Holder thereof in person or by such Holder’s legal
representative or attorney duly appointed and authorized in writing, may be exchanged, in the manner and subject to the limitations
provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates
of like tenor evidencing in the aggregate the right to purchase a like number of Warrant Shares.

 

Each taker and holder
of this Warrant Certificate, by taking or holding the same, consents and agrees that the holder of this Warrant Certificate when
duly endorsed in blank may be treated by the Company, the Warrant Agent and all other persons dealing with this Warrant Certificate
as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented hereby or the person
entitled to the transfer hereof on the register of the Company maintained by the Warrant Agent, any notice to the contrary notwithstanding,
provided that until such transfer on such register, the Company and the Warrant Agent may treat the registered Holder hereof as
the owner for all purposes.

 

The Warrants evidenced
by this Warrant Certificate do not entitle any Holder to any of the rights of a stockholder of the Company.

 

This Warrant Certificate
and the Warrant Agreement are subject to amendment as provided in the Warrant Agreement.

 

This Warrant Certificate
shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent.

 

[The remainder of this page has been left intentionally
blank.]

 

    A-2

     

    

 

IN WITNESS WHEREOF, the undersigned have caused
this [Global Warrant] Certificate to be executed as of the date set forth below.

 

	 	NUTRIBAND INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Dated:	 	 

 

	
        Countersigned:

        AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC,

        as Warrant Agent
	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Signature page to [Global] Warrant Certificate]

 

    A-3

     

    

 

FORM OF ASSIGNMENT

 

[To be completed and signed only upon transfer
of Warrant]

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto __________________________________________________ the right represented by
the within Warrant Certificate to purchase ______________ shares of common stock of Nutriband Inc. to which the within Warrant
Certificate relates and appoints ____________________________________ attorney to transfer said right on the books of Nutriband
Inc. with full power of substitution in the premises.

 

	Dated:	 	 

 

	 	 
	 	Printed Name of Holder
	 	 
	 	 
	 	Signature of Holder (signature must conform in all respects to name of holder as specified on the front page of the Warrant Certificate)
	 	 
	 	 
	 	Title of Signatory (if Holder is not a natural person)
	 	 
	 	Address of Transferee:
	 	 
	 	 
	 	 
	 	 

Signature Guaranteed By:

 

 

 

 

The signature to this Form of Assignment must
correspond with the name as it appears on the face of the Warrant Certificate in every particular. Officers signing on behalf of
a corporation, partnership, trust or other entity must provide evidence of authority to assign the foregoing Warrant upon request
of the Company or Warrant Agent. The signature must be guaranteed by a U.S. chartered bank or by a medallion signature guarantee
from a member of a recognized Signature Medallion Guarantee Program.

 

    A-4

     

    

 

FORM OF ELECTION TO PURCHASE

 

To Nutriband Inc.:

 

In accordance with [Warrant
Certificate No. enclosed with this Form of Election to Purchase][the Global Warrant Certificate] to be delivered in connection
with this Form of Election to Purchase in the manner contemplated by the Warrant Agreement (as defined below)], the undersigned
hereby irrevocably elects to exercise the Warrants evidenced by this Warrant Certificate with respect to Warrant Shares in accordance
with the terms of the Warrant Agent Agreement dated [ ], 2019, between Nutriband Inc., a Nevada corporation, and American Stock
Transfer & Trust Company, LLC, as warrant agent (the “Warrant Agreement”). Terms used and not defined herein
have the meanings specified in the Warrant Agreement.

 

The Holder hereby agrees
to pay the Aggregate Exercise Price, in lawful money of the United States, by certified check payable to the Warrant Agent, as
agent for the Company, or bank draft payable to the order of the Company or by wire transfer of immediately available funds to
an account designated in writing by the Company (or as otherwise agreed to by the Company) delivered to the Warrant Agent, together
with any applicable taxes payable by the undersigned pursuant to the terms of the Warrant Agreement.

 

Unless the Warrant Shares
will be delivered electronically via DWAC, the undersigned requests that certificates for the shares of Common Stock issuable upon
this exercise be issued in the name of:

 

	Name:	 	 
	Address:	 	 
	 	 	 

 

Social Security or Tax I.D. No.: _________________________

 

If the Warrant Shares
will be delivered electronically via DWAC, the undersigned requests that the Warrant Shares issuable upon this exercise be issued
to the following account:

 

	Name of DTC Participant:	 	 
	DTC Participant Number:	 	 
	Name of Account at DTC Participant to be credited with the Warrant Shares:	 	 
	
        Account Number at DTC Participant to be

        credited with the Warrant Shares:
	 	 

 

 

	This Election to Purchase is delivered by:	 
	 	 
	Signature (and title, if applicable) of Authorized Signatory of Holder	 
	 	 
	Name of Holder	 
	 	 
	Date	 
	 	 

 

    A-5

     

    

 

FORM OF CASHLESS EXERCISE ELECTION

 

(To be executed by the Warrant Holder only if there is not
an effective registration statement covering the issuance of Warrant Shares on exercise of this Warrant)

 

To Nutriband Inc.:

 

 In accordance with [Warrant Certificate
No. enclosed with this Form of Cashless Exercise] [the Global Warrant Certificate] to be delivered in connection with this Form
of Cashless Exercise in the manner contemplated by the Warrant Agreement (as defined below)], the undersigned hereby irrevocably
elects to exercise the Warrants evidenced by this Warrant Certificate with respect to Warrant Shares in accordance with the terms
of the Warrant Agent Agreement dated [ ], 2019, between Nutriband Inc., a Nevada corporation, and American Stock Transfer &
Trust Company, LLC, as warrant agent (the “Warrant Agreement”). Terms used and not defined herein have the meanings
specified in the Warrant Agreement.

 

The Holder
hereby exercises this Warrant by a cashless exercise. The number of Warrant Shares to be issued shall be determined by the formula
(A x (B-C))/B

 

For purpose of the
foregoing formula:

 

A= the total number shares
with respect to which this Warrant is then being exercised.

 

B= the VWAP on the Trading
Day immediately preceding the date of this Form of Cashless Exercise Election.

 

C= the Warrant Exercise
Price then in effect at the time of such exercise.

 

As a result of the
cashless exercise, unless this Warrant is being exercised in full, the number of shares of Common Stock issuable upon exercise
of this Warrant shall be reduced by A (the total number of shares with respect to which the Warrant is being exercised).

 

Number of shares as to
which this Warrant is exercisable: ___________________

 

Number of shares as to
which the Warrant is being exercised: ___________________________

 

VWAP on the Trading Day
immediately preceding the date of delivery of this Form of Cashless Exercise __________

 

Number of Warrant Shares
to be issued: _____________________________

 

Unless the Warrant
Shares will be delivered electronically via DWAC, the undersigned requests that certificates for the shares of Common Stock issuable
upon this exercise be issued in the name of:

 

	Name:	 	 
	Address:	 	 

 

Social Security or Tax I.D. No.: _________________________

 

If the Warrant Shares will be delivered electronically via
DWAC, the undersigned requests that the Warrant Shares issuable upon this exercise be issued to the following account:

 

	Name of DTC Participant:	 	 
	DTC Participant Number:	 	 
	Name of Account at DTC Participant to be credited with the Warrant Shares:	 	 
	
        Account Number at DTC Participant to be

        credited with the Warrant Shares:
	 	 

 

	This Election to Purchase is delivered by:	 
	 	 
	Signature (and title, if applicable) of Authorized Signatory of Holder	 
	 	 
	Name of Holder	 
	 	 
	Date	 
	 	 

 

    A-6

     

    

 

Warrant Shares Exercise Log

 

	Date	 	Number of Warrant Shares Available to be Exercised	 	Number of Warrant Shares Exercised	 	Number of

Warrant Shares Remaining to be Exercised
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

A-7

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