Document:

EXHIBIT
4.7 

 

FORM
OF WARRANT AGENT AGREEMENT

 

 This WARRANT AGENT AGREEMENT (this
“Warrant Agreement”) dated as of [●], 2022 (the “Issuance Date”) is between bioAffinity Technologies,
Inc., a company incorporated under the laws of the State of Delaware (the “Company”), and VStock Transfer, LLC (the
“Warrant Agent”).

 

WHEREAS, pursuant to the terms of that
certain Underwriting Agreement (“Underwriting Agreement”), dated [●], 2022, by and among the Company and WallachBeth
Capital, LLC, as representative of the underwriters set forth therein (the “Representative”), the Company is engaged
in a public offering (the “Offering”) of up to 1,180,000 units, each unit consisting of (i) one share (the “Shares”)
of common stock, par value $0.007 per share (the “Common Stock”) of the Company, (ii) one five-year tradable
warrant (each, a “Tradable Warrant”) to purchase one share of Common Stock (“Tradable Warrant Shares”)
at an anticipated exercise price of $7.20 per share, and one five-year non-tradable warrant (a “Non-tradable Warrant”;
together with each Tradable Warrant, the “Warrants”) to purchase one share of Common Stock (“Non-tradable
Warrant Shares; together with the Tradable Warrant Shares, the “Warrant Shares”) at an anticipated exercise price
of $7.50 per share, which includes Shares and Warrants issuable pursuant to the underwriters’ over-allotment option and the warrant
and 23,600 Warrant Shares subject to the warrant issued to the Representative (the “Representative’s Warrant”); 

 

WHEREAS, the Company has filed with the Securities and Exchange Commission
(the “Commission”) a Registration Statement, No. 333-264463, on Form S-1 (as the same may be amended from time to time,
the “Registration Statement”), for the registration under the Securities Act of 1933, as amended (the “Securities
Act”), of the units, Shares, Warrants, the Representative’s Warrant and the Warrant Shares, and such Registration Statement
was declared effective on [●], 2022;

 

 WHEREAS the Company desires the
Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with the terms set forth in
this Warrant Agreement in connection with the issuance, registration, transfer, exchange and exercise of the Warrants;

 

WHEREAS,
the Company desires to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants the valid, binding and legal obligations of
the Company, and to authorize the execution and delivery of this Warrant Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.
Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company with respect to the
Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express terms and
conditions set forth in this Warrant Agreement (and no implied terms or conditions).

 

    	 

     

    

 

2.
Warrants.

 

2.1.
Form of Warrants. The Tradable Warrants shall be registered securities and shall be evidenced by a global certificate (“Tradable
Global Certificate”) in the form of Exhibit A to this Warrant Agreement, which shall be deposited on behalf of
the Company with a custodian for The Depository Trust Company (“DTC”) and registered in the name of Cede & Co.,
a nominee of DTC. If DTC subsequently ceases to make its book-entry settlement system available for the Tradable Warrants, the
Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Tradable
Warrants are not eligible for, or it is no longer necessary to have the Tradable Warrants available in, book-entry form, the
Company may instruct the Warrant Agent to provide written instructions to DTC to deliver to the Warrant Agent for cancellation of the
Tradable Global Certificate, and the Company shall instruct the Warrant Agent to deliver to DTC separate certificates evidencing the
Tradable Warrants (“Tradable Definitive Certificates”) registered as requested through the DTC system. The Non-tradable
Warrants will be unregistered securities and will be evidenced by a global certificate (“Non-tradable Global Certificate”;
together with the Tradable Global Certificate, the “Global Certificates”) in the form of Exhibit B to
this Warrant Agreement, which shall be deposited on behalf of the Company with the Warrant Agent. If the Warrant Agent subsequently ceases
to make its book-entry settlement system available for the Non-tradable Warrants, the Company may instruct the Warrant Agent regarding
making other arrangements for book-entry settlement. In the event that the Non-tradable Warrants are not eligible for, or it is no longer
necessary to have the Non-tradable Warrants available in, book-entry form, the Company may instruct the Warrant Agent to cancel the Non-tradable
Global Certificate and to deliver separate certificates evidencing the Non-tradable Warrants (“Non-tradable Definitive Certificates”
and, together with the Global Certificates and the Tradable Definitive Certificates, the “Warrant Certificates”) . 

 

2.2.
Issuance and Registration of Warrants.

 

2.2.1.
Warrant Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original
issuance and the registration of transfer of the Warrants.

 

2.2.2.
Issuance of Warrants. Upon the initial issuance of the Tradable Warrants, the Warrant Agent shall issue the Tradable
Global Certificate and deliver the Tradable Warrants in the DTC book-entry settlement system in accordance with written instructions
delivered to the Warrant Agent by the Company. Upon the initial issuance of the Non-tradable Warrants, the Warrant Agent shall issue
the Non-tradable Global Certificate and deliver the Non-tradable Warrants in the Warrant Agent’s book-entry settlement system in
accordance with the Company’s written instructions delivered to the Warrant Agent. Ownership of security entitlements in the Warrants
shall be shown on, and the transfer of such ownership shall be effected through, records maintained, (i) in the case of Tradable Warrants
(A) by DTC and (B) by institutions that have accounts with DTC (each, a “Participant”), and (ii) in the case of Non-tradable
Warrants, by the Warrant Agent . 

 

2.2.3.
Beneficial Owner; Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent
may deem and treat the Person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”)
as the absolute owner of such Warrant for purposes of any exercise thereof, and for all other purposes, and neither the Company nor the
Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the Company,
the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization
furnished by DTC governing the exercise of the rights of a Holder of a beneficial interest in any Tradable Warrant. The rights of
beneficial owners in a Warrant evidenced by the Global Certificates shall be exercised by the Holder or a Participant through (i) in
the case of a Tradable Warrant, the DTC system, or (ii) in the case of a Non-tradable Warrant, the Warrant Agent’s system, except
to the extent set forth herein or in the Global Certificates. 

 

    	 

     

    

 

2.2.4.
Execution. The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized
Officer”), which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by facsimile
signature. The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant Agent, which need not be the same
signatory for all of the Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless so countersigned. In
case any Authorized Officer of the Company that signed any of the Warrant Certificates ceases to be an Authorized Officer of the Company
before countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be
countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the Person who signed such Warrant
Certificates had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by
any Person who, at the actual date of the execution of such Warrant Certificate, shall be an Authorized Officer of the Company authorized
to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement any such Person was not such an Authorized
Officer.

 

2.2.5.
Registration of Transfer. At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be
registered and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate
or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder
desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such request in
writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates evidencing
the Warrants the transfer of which is to be registered or that is or are to be split up, combined or exchanged and, in the case of registration
of transfer, shall provide a signature guarantee. Thereupon, the Warrant Agent shall countersign and deliver to the Person entitled thereto
a Warrant Certificate or Warrant Certificates, as the case may be, as so requested. The Company and the Warrant Agent may require payment,
by the Holder requesting a registration of transfer of Warrants or a split-up, combination or exchange of a Warrant Certificate (but,
for purposes of clarity, not upon the exercise of the Warrants and issuance of Warrant Shares to the Holder), of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with such registration of transfer, split-up, combination or exchange,
together with reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto.

 

2.2.6.
Loss, Theft and Mutilation of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory
to them of the loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of indemnity
or security in customary form and amount, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental
thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Warrant Agent shall, on
behalf of the Company, countersign and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate
so lost, stolen, destroyed or mutilated. The Warrant Agent may charge the Holder an administrative fee for processing the replacement
of lost Warrant Certificates, which shall be charged only once in instances where a single surety bond obtained covers multiple certificates.
The Warrant Agent may receive compensation from the surety companies or surety agents for administrative services provided to them.

 

2.2.7.
Proxies. The Holder of a Warrant may grant proxies or otherwise authorize any Person, including the Participants and beneficial
holders that may own interests through the Participants in the case of Tradable Warrants, to take any action that a Holder is
entitled to take under this Agreement or the Warrants; provided, however, that at all times that Tradable Warrants are
evidenced by a Tradable Global Certificate, exercise of those Tradable Warrants shall be effected on their behalf by Participants through
DTC in accordance the procedures administered by DTC.

 

    	 

     

    

 

3.
Terms and Exercise of Warrants.

 

3.1.
Exercise Price. Each Warrant shall entitle the Holder, subject to the provisions of
the applicable Warrant Certificate and of this Warrant Agreement, to purchase from the Company the number of Shares of Common Stock stated
therein, at the price of (i) $7.20 per whole Share (120% of the anticipated $6.00 per-Unit public offering price) upon exercise of
a Tradable Warrant, and (ii) $7.50 per whole Share (125% of the anticipated $6.00 per-Unit public offering price) upon exercise of a Non-tradable
Warrant, subject in both cases to the subsequent adjustments provided in Section 4 hereof. The term “Exercise Price”
as used in this Warrant Agreement refers to the price per Share at which Shares of Common Stock may be purchased at the time a Warrant
is exercised.

 

3.2.
Duration of Warrants. Warrants may be exercised only during the period (“Exercise Period”) commencing on the
Issuance Date and terminating at 5:00 P.M., New York City Time (the “close of business”) on [●], 2027 (“Expiration
Date”). Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights
in respect thereof under this Warrant Agreement shall cease at the close of business on the Expiration Date.

 

3.3.
Exercise of Warrants.

 

3.3.1.
Exercise and Payment. (a) Subject to the provisions of this Warrant Agreement, a Holder
(or a Participant or a designee of a Participant acting on behalf of a Holder) may exercise Warrants by delivering to the Warrant Agent,
not later than 5:00 P.M., New York City Time, on any Business Day during the Exercise Period an election to purchase the Warrant Shares
underlying the Warrants to be exercised (i) in the form included in Exhibit C to this Warrant Agreement or (ii) in the case of
a Tradable Warrant, via an electronic warrant exercise through the DTC system (each, an “Election to Purchase”). No
later than one (1) Trading Day following delivery of an Election to Purchase, the Holder (or a Participant acting on behalf of a Holder
in accordance with DTC procedures) shall: (i) (A) surrender the Warrant Certificate evidencing the Warrants to the Warrant Agent at its
office designated for such purpose or (B) deliver the Warrants to an account of the Warrant Agent at DTC designated for such purpose in
writing by the Warrant Agent to DTC from time to time, and (ii) deliver to the Company the Exercise Price for each Warrant to be exercised,
in lawful money of the United States of America by certified or official bank check payable to the Company or bank wire transfer in immediately
available funds to:

 

Receiving
Bank:

 

Account
Name:

Address:

 

Any
Person so designated by the Holder (or a Participant or designee of a Participant on behalf of a Holder) to receive Warrant Shares shall
be deemed to have become holder of record of such Warrant Shares as of the time that an appropriately completed and duly signed Election
to Purchase has been delivered to the Warrant Agent, provided that the Holder (or Participant on behalf of the Holder) makes delivery
of the deliverables referenced in the immediately preceding sentence by the date that is one (1) Trading Day after the delivery of the
Election to Purchase. If the Holder (or Participant on behalf of the Holder) fails to make delivery of such deliverables on or prior
to the Trading Day following delivery of the Election to Purchase, such Election to Purchase shall be void ab initio.

 

    	 

     

    

 

(b)
If any of (i) the Warrants, (ii) the Election to Purchase, or (iii) the Exercise Price therefor, is received by the Warrant Agent on
any date after 5:00 P.M., New York City Time, or on a date that is not a Trading Day, the Warrants with respect thereto will be deemed
to have been received and exercised on the Trading Day next succeeding such date. “Business Day” means a day other
than a Saturday or Sunday on which commercial Banks in New York City are authorized or required by law to remain closed; provided,
however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay
at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or the
closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems
(including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day. The “Exercise
Date” will be the date on which the materials in the foregoing sentence are received by the Warrant Agent (if by 5:00 P.M.,
New York City time), or the following Trading Day (if after 5:00 P.M., New York City time), regardless of any earlier date written on
the materials. If the Warrants are received or deemed to be received after the Expiration Date, the exercise thereof will be null and
void and any funds delivered to the Company will be returned to the Holder or Participant, as the case may be, as soon as practicable.
In no event will interest accrue on any funds deposited with the Company in respect of an exercise or attempted exercise of Warrants.

 

(c)
If less than all the Warrants evidenced by a surrendered Warrant Certificate are exercised, the Warrant Agent shall split up the surrendered
Warrant Certificate and return to the Holder a Warrant Certificate evidencing the Warrants that were not exercised.

 

3.3.2.
Issuance of Warrant Shares. (a) The Warrant Agent shall, by 11:00 a.m., New York City time, on
the Trading Day following the Exercise Date of any Warrant, advise the Company, the transfer agent and registrar for the Company’s
Common Stock, in respect of (i) the number of Warrant Shares indicated on the Election to Purchase as issuable upon such exercise with
respect to such exercised Warrants, (ii) the instructions of the Holder or Participant, as the case may be, provided to the Warrant Agent
with respect to the delivery of the Warrant Shares and the number of Warrants that remain outstanding after such exercise, and (iii) such
other information as the Company or such transfer agent and registrar shall reasonably request.

 

(b)
The Company shall, by no later than 5:00 P.M., New York City Time,
on the third Trading Day following the Exercise Date of any Tradable Warrant and the clearance of the funds in payment of the Exercise
Price (such date and time, the “Delivery Time”), cause its registrar to electronically transmit the Warrant Shares
issuable upon that exercise to DTC by crediting the account of DTC or of the Participant, as the case may be, through its Deposit Withdrawal
Agent Commission system.

 

    	 

     

    

 

3.3.3.
Valid Issuance. All Warrant Shares issued by the Company upon the proper exercise of a Warrant in conformity with this Warrant
Agreement shall be duly authorized, validly issued, fully paid and non-assessable.

 

3.3.4.
No Fractional Exercise. No fractional Warrant Shares will be issued upon the exercise of the Warrant. If, by reason of any adjustment
made pursuant to Section 4, a Holder would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share,
the Company shall, upon such exercise, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

3.3.5.
No Transfer Taxes. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and
such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
however, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, the Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached to the Warrant duly executed by the Holder and the Company
may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company
shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company
(or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

3.3.6.
Date of Issuance. The Company will treat an exercising Holder as a beneficial owner of the Warrant Shares as of the Exercise Date,
except that, if the Exercise Date is a date when the stock transfer books of the Company are closed, such Person shall be deemed to have
become the holder of such shares at the open of business on the next succeeding date on which the stock transfer books are open.

 

3.3.7.
Restrictive Legend Events; Cashless Exercise Under Certain Circumstances. (a) The Company shall use it reasonable best efforts to maintain the effectiveness
of the Registration Statement and the current status of the prospectus included therein or to file and maintain the effectiveness of another
registration statement and another current prospectus covering the Tradable Warrants and the Tradable Warrant Shares at any time that
the Tradable Warrants are exercisable. The Company shall provide to the Warrant Agent and each Holder prompt written notice of any time
that the Company is unable to deliver the Tradable Warrant Shares via DTC transfer or otherwise without restrictive legend because: (i)
the Commission has issued a stop order with respect to the Registration Statement, (ii) the Commission otherwise has suspended or withdrawn
the effectiveness of the Registration Statement, either temporarily or permanently, (iii) the Company has suspended or withdrawn the effectiveness
of the Registration Statement, either temporarily or permanently, (iv) the prospectus contained in the Registration Statement is not available
for the issuance of the Tradable Warrant Shares to the Holder, or (v) otherwise (each a “Restrictive Legend Event”).
To the extent that the Tradable Warrants cannot be exercised as a result of a Restrictive Legend Event or a Restrictive Legend Event occurs
after a Holder has exercised Tradable Warrants in accordance with the terms of the Tradable Warrants but prior to the delivery of the
Tradable Warrant Shares, the Company shall, at the election of the Holder, which shall be given within five (5) days of receipt of such
notice of the Restrictive Legend Event, either (i) rescind the previously submitted Election to Purchase and the Company shall return
all consideration paid by registered holder for such shares upon such rescission, or (ii) treat the attempted exercise as a cashless exercise
as described in paragraph (b) below and refund the cash portion of the exercise price to the Holder.

 

    	 

     

    

 

(b)
If a Restrictive Legend Event has occurred, the Tradable Warrant shall only be exercisable on a cashless basis. Notwithstanding anything
herein to the contrary, the Company shall not be required to make any cash payments or net cash settlement to the Holder in lieu of delivery
of the Tradable Warrant Shares. Upon a “cashless exercise”, the Holder shall be entitled to receive the number of Tradable
Warrant Shares equal to the quotient obtained by dividing (A-B) (X) by (A), where:

 

	 	(A)	=	as
applicable: (i) the VWAP on the Trading Day immediately preceding the Exercise Date if the Holder’s Election to Purchase is (1)
both executed and delivered pursuant to Section 3.37(a) hereof on a day that is not a Trading Day, or (2) both executed and delivered
pursuant to Section 3.37(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68)
of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the
VWAP on the Trading Day immediately preceding the date of the applicable Election to Purchase, or (z) the Bid Price of the Common Stock
on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Election
to Purchase if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within
two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant
to Section 3.37(a) hereof, or (iii) the VWAP on the date of the applicable Election to Purchase if the date of such Notice of Exercise
is a Trading Day and such Election to Purchase is both executed and delivered pursuant to Section 3.37(a) hereof after the close of “regular
trading hours” on such Trading Day;
	 	 	 	 
	 	(B)	=	the
    Exercise Price of the Tradable Warrant, as adjusted as set forth herein; and
	 	 	 	 
	 	(X)	=
    	the
number of Tradable Warrant Shares that would be issuable upon exercise of the Tradable Warrant in accordance with the terms of the Tradable
Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If the Tradable Warrant Shares are issued in such a cashless exercise,
the Company acknowledges and agrees that, in accordance with Section 3(a)(9) of the Securities Act, the Tradeable Warrant Shares shall
take on the registered characteristics of the Tradable Warrants being exercised and the Company agrees not to take any position contrary
thereto. Upon receipt of an Election to Purchase for a cashless exercise, the Warrant Agent will promptly deliver a copy of the Election
to Purchase to the Company to confirm the number of Tradeable Warrant Shares issuable in connection with the cashless exercise. The Company
shall calculate and transmit to the Warrant Agent in a written notice, and the Warrant Agent shall have no duty, responsibility or obligation
under this section to calculate, the number of Tradeable Warrant Shares issuable in connection with any cashless exercise. The Warrant
Agent shall be entitled to rely conclusively on any such written notice provided by the Company, and the Warrant Agent shall not be liable
for any action taken, suffered or omitted to be taken by it in accordance with such written instructions or pursuant to this Warrant Agreement.

 

    	 

     

    

 

 3.3.8.
Restrictive Legend of Non-tradable Warrants. No registration is required for the offer and sale of the Non-tradable Warrants by
the Company to the Holders. The Non-tradable Warrants may only be disposed of in compliance with state and federal securities laws. In
connection with any transfer of Non-tradable Warrants other than pursuant to an effective registration statement or Rule 144 promulgated
under the Securities Act, the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by
the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to
the Company, to the effect that such transfer does not require registration of such transferred Non-tradable Warrant under the Securities
Act. Certificates evidencing the Non-tradeable Warrants shall not contain any legend: (i) while a registration statement covering the
resale of such security is effective under the Securities Act; (ii) following any sale of such Non-tradable Warrants pursuant to Rule
144 (assuming cashless exercise of the Non-tradeable Warrants); (iii) if such Non-tradeable Warrants are eligible for sale under
Rule 144 (assuming cashless exercise of the Non-tradeable Warrants); or (iv) if such legend is not required under applicable requirements
of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall
cause its counsel to issue a legal opinion to the Warrant Agent or the Holder promptly if required by the Warrant Agent to effect the
removal of the legend hereunder, or if requested by a Holder, respectively. If all or any portion of a Non-tradeable Warrant is exercised
at a time when a legend is not required pursuant to clauses (i)-(iv) above, then such Non-tradeable Warrants shall be issued free of
all legends. 

 

 3.3.9.
 Disputes. In the case of a dispute as to
the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares issuable in connection with any
exercise, the Company shall promptly deliver to the Holder the number of Warrant Shares that are not disputed.

 

 3.3.10.
 Beneficial Ownership Limitation. A Holder
shall not have the right to exercise any Warrants to the extent that after giving effect to the issuance of Warrant Shares after exercise
as set forth on the applicable Election to Purchase, such Holder or a Person holding through such Holder (together with such Holder’s
or Person’s Affiliates (as defined in Rule 405 under the Securities Act), and any other Persons acting as a group together with
that Holder or person or any of that Holder’s or person’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of 9.99% (“Beneficial Ownership Limitation”) of the Company’s Common Stock.
For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and
Attribution Parties shall include the number of Warrant Shares that would be owned by that Person issuable upon exercise of the Warrants
with respect to which such determination is being made, but shall exclude the number of shares of Common Stock (a) which would be issuable
upon exercise of the remaining, non-exercised Warrants beneficially owned by that Holder or any of its Affiliates or Attribution Parties
and (b) which would be issuable upon exercise or conversion of the unexercised or nonconverted portion of any other securities of the
Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous
to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.. Except as set forth
in the preceding sentence, for purposes of this Section 3.3.10, beneficial ownership shall be calculated in accordance with Section 13(d)
of the Securities Exchange Act of 1934, as amended, and the rule and regulations promulgated thereunder (the “Exchange Act”),
it being acknowledged by the Holder that neither the Warrant Agent nor the Company is representing to the Holder that such calculation
is in compliance with Section 13(d) of the Exchange Act and the Holder or beneficial owner is solely responsible for any schedules required
to be filed in accordance therewith. To the extent that the limitation contained in this Section 3.3.10 applies, the determination of
whether a Warrant is exercisable and of which portion of the Warrant is exercisable shall be in the sole discretion of the Holder, and
the submission of an Election to Purchase shall be deemed to be the Holder’s determination of whether such Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and which portion of the Warrant
is exercisable, and neither the Warrant Agent nor the Company shall have any obligation to verify or confirm the accuracy of such determination
and neither of them shall have any liability for any error made by the Holder or any other Person. In addition, a determination as to
any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 3.3.10, in determining the number of outstanding shares of Common Stock, a
Holder or other Person may rely on the number of outstanding shares of Common Stock as reflected in (a) the Company’s most recent
periodic or annual report filed with the Securities and Exchange Commission, as the case may be, (b) a more recent public announcement
by the Company or (c) a more recent written notice by the Company or the Company’s transfer agent setting forth the number of shares
of Common Stock outstanding. For any reason at any time, upon the written or oral request of a Person that represents that it is or is
acting on behalf of a Holder, the Company shall, within one (1) Trading Day, confirm orally or in writing or by e-mail to that Person
the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of securities of the Company, including the Warrant, by the Holder or its Affiliates
or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial
Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number
of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise
of this Warrant. Upon delivery of a written notice to the Company, the Holder may from time to time increase or decrease the Beneficial
Ownership Limitation to any other percentage not in excess of 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of
this Section 3.3.10 shall continue to apply. as specified in such notice, provided that any increase in the Beneficial Ownership Limitation
will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and any such increase
or decrease will apply only to the Holder and its Affiliates and Attribution Parties and not to any other holder of Warrants. The provisions
of this Section 3.3.10 shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
3.3.10 to correct this subsection (or any portion hereof) which may be defective or inconsistent with the intended beneficial ownership
limitation herein contained. The limitations contained in this paragraph shall apply to a successor holder of the Warrant.

 

    	 

     

    

 

4.
Adjustments.

 

4.1.
Adjustment upon Subdivisions or Combinations. If the Company, at any time while a Warrant is outstanding: (i) pays a stock
dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of the Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by
a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately
before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event,
and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price
of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 4.1 shall become effective immediately after the
record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately
after the effective date in the case of a subdivision, combination or re-classification. The Company shall promptly notify Warrant Agent
of any such adjustment and give specific instructions to Warrant Agent with respect to any adjustments to the warrant register.

 

4.2.
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 4.1 above, if at
any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property
pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will
be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of such Holder’s Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the
date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of
which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided,
however, that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding
the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial
ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall
be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation).

 

4.3.
Pro Rata Distributions. During such time as a Holder’s Warrant is outstanding, if the
Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares
of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
transaction) (a “Distribution”), at any time after the issuance of such Holder’s Warrant, then, in each such
case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of the Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is
taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to
be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder’s right to participate
in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled
to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution
to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever,
as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

    	 

     

    

 

4.4.
Reclassification, Consolidation, Purchase, Combination, Sale or Conveyance. If, at any time while the Warrants are outstanding, (a) the Company,
directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person,
(b) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all
or substantially all of its assets in one or a series of related transactions, (c) any, direct or indirect, purchase offer, tender offer
or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Common Stock, (d) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into
or exchanged for other securities, cash or property, or (e) the Company, directly or indirectly, in one or more related transactions consummates
a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another Person or group of Persons, whereby such other Person or group acquires more than 50%
of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or
party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business
combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of a Warrant, each Holder shall
have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction at the option of the Holder (without regard to any limitation in Section 3.3.10 on the exercise of the
Warrants), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation,
and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction
by a holder of the number of shares of Common Stock for which each Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 3.3.10 on the exercise of the Warrants). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration that such Holder receives upon any exercise of each Warrant
following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company
is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this
Warrant Agreement in accordance with the provisions of this Section 4.4 pursuant to written agreements in form and substance reasonably
satisfactory to the Holders of a majority in interest of the Warrants then outstanding and approved by such Holder or Holders (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option and written request of such Holder, deliver to such
Holder in exchange for the applicable Warrants created by this Warrant Agreement a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to the Warrants which are exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity), equivalent to the shares of Common Stock acquirable and receivable upon exercise
of this Warrant (without regard to any limitations on the exercise of the Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value
of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares
of capital stock and such exercise price being for the purpose of protecting the economic value of the Warrant immediately prior to the
consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holders of a majority
in interest of the Warrants then outstanding. Upon the occurrence of any such Fundamental Transaction the Successor Entity shall succeed
to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant Agreement
and the Warrants referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Warrant Agreement and the Warrants with the same
effect as if such Successor Entity had been named as the Company herein and therein. The Company shall instruct the Warrant Agent in writing
to mail by first class mail, postage prepaid, to each Holder, written notice of the execution of any such amendment, supplement or agreement
with the Successor Entity. Any supplemented or amended agreement entered into by the successor corporation or transferee shall provide
for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4.4. The Warrant
Agent shall have no duty, responsibility or obligation to determine the correctness of any provisions contained in such agreement or such
notice, including but not limited to any provisions relating either to the kind or amount of securities or other property receivable upon
exercise of Warrants or with respect to the method employed and provided therein for any adjustments, and shall be entitled to rely conclusively
for all purposes upon the provisions contained in any such agreement. The provisions of this Section 4.4 shall similarly apply to successive
reclassifications, changes, consolidations, mergers, sales and conveyances of the kind described above.

 

    	 

     

    

 

4.5.
Calculations. All calculations under this Section 4 shall be made to the nearest cent or the nearest 1/100th of a share, as the
case may be. For purposes of this Section 4, the number of shares of Common Stock deemed to be issued and outstanding as of a given date
shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

4.6.
Notices of Changes in Warrant. Upon every adjustment of the Exercise Price or the number of Warrant Shares issuable upon exercise
of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting
from such adjustment and the increase or decrease, if any, in the number of Warrant Shares purchasable at such price upon the exercise
of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the
occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give written notice to
each Holder, at the last address set forth for such holder in the Warrant Register, as of the record date or the effective date of the
event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. The Warrant Agent
shall be entitled to rely conclusively on, and shall be fully protected in relying on, any certificate, notice or instructions provided
by the Company with respect to any adjustment of the Exercise Price or the number of shares issuable upon exercise of a Warrant, or any
related matter, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with
any such certificate, notice or instructions or pursuant to this Warrant Agreement. The Warrant Agent shall not be deemed to have knowledge
of any such adjustment unless and until it shall have received written notice thereof from the Company.

  

5.
Restrictive Legends; Fractional Warrants. In the event that a Warrant Certificate surrendered for transfer bears a restrictive
legend, the Warrant Agent shall not register that transfer until the Warrant Agent has received an opinion of counsel for the Company
stating that such transfer may be made and indicating whether the Warrants must also bear a restrictive legend upon that transfer. The
Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the transfer of or delivery
of a Warrant Certificate for a fraction of a Warrant.

 

6.
Other Provisions Relating to Rights of Holders of Warrants.

 

6.1.
No Rights as Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants,
shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall
anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the registered 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 share capital, consolidation, merger, conveyance or otherwise), receive notice
of meetings, receive dividends or subscription rights or rights to participate in new issues of shares, or otherwise, prior to the issuance
to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of Warrants.

 

6.2.
Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant
Agreement.

 

7.
Concerning the Warrant Agent and Other Matters.

 

7.1.
Any instructions given to the Warrant Agent orally, as permitted by any provision of this Warrant Agreement, shall be confirmed in writing
by the Company as soon as practicable. The Warrant Agent shall not be liable or responsible and shall be fully authorized and protected
for acting, or failing to act, in accordance with any oral instructions which do not conform with the written confirmation received in
accordance with this Section 7.1.

 

7.2.
(a) Whether or not any Warrants are exercised, for the Warrant Agent’s services as agent for the Company hereunder, the Company
shall pay to the Warrant Agent such fees as may be separately agreed between the Company and Warrant Agent and the Warrant Agent’s
out of pocket expenses in connection with this Warrant Agreement, including, without limitation, the fees and expenses of the Warrant
Agent’s counsel. While the Warrant Agent endeavors to maintain out-of-pocket charges (both internal and external) at competitive
rates, these charges may not reflect actual out-of-pocket costs, and may include handling charges to cover internal processing and use
of the Warrant Agent’s billing systems.

 

    	 

     

    

 

(b)
All amounts owed by the Company to the Warrant Agent under this Warrant Agreement are due within 30 days of the invoice date. Delinquent
payments are subject to a late payment charge of one and one-half percent (1.5%) per month commencing 45 days from the invoice date.
The Company agrees to reimburse the Warrant Agent for any attorney’s fees and any other costs associated with collecting delinquent
payments.

 

(c)
No provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties under this Warrant Agreement or in the exercise of its rights.

 

7.3.
As agent for the Company hereunder the Warrant Agent: (a) shall have no duties or obligations other than those specifically set forth
herein or as may subsequently be agreed to in writing by the Warrant Agent and the Company; (b) shall be regarded as making no representations
and having no responsibilities as to the validity, sufficiency, value, or genuineness of the Warrants or any Warrant Shares; (c) shall
not be obligated to take any legal action hereunder; if, however, the Warrant Agent determines to take any legal action hereunder, and
where the taking of such action might, in its judgment, subject or expose it to any expense or liability it shall not be required to
act unless it has been furnished with an indemnity reasonably satisfactory to it; (e) may rely on and shall be fully authorized and protected
in acting or failing to act upon any certificate, instrument, opinion, notice, letter, telegram, telex, facsimile transmission or other
document or security delivered to the Warrant Agent and believed by it to be genuine and to have been signed by the proper party or parties;
(f) shall not be liable or responsible for any recital or statement contained in the Registration Statement or any other documents relating
thereto; (g) shall not be liable or responsible for any failure on the part of the Company to comply with any of its covenants and obligations
relating to the Warrants, including without limitation obligations under applicable securities laws; (h) may rely on and shall be fully
authorized and protected in acting or failing to act upon the written, telephonic or oral instructions with respect to any matter relating
to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying any such actions) of officers of the
Company, and is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from the
Company or counsel to the Company, and may apply to the Company, for advice or instructions in connection with the Warrant Agent’s
duties hereunder, and the Warrant Agent shall not be liable for any delay in acting while waiting for those instructions; any applications
by the Warrant Agent for written instructions from the Company may, at the option of the Agent, set forth in writing any action proposed
to be taken or omitted by the Warrant Agent under this Warrant Agreement and the date on or after which such action shall be taken or
such omission shall be effective; the Warrant Agent shall not be liable for any action taken by, or omission of, the Warrant Agent in
accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less
than five Business Days after the date such application is sent to the Company, unless the Company shall have consented in writing to
any earlier date) unless prior to taking any such action, the Warrant Agent shall have received written instructions in response to such
application specifying the action to be taken or omitted; (i) may consult with counsel satisfactory to the Warrant Agent, including its
in-house counsel, and the advice of such counsel shall be full and complete authorization and protection in respect of any action taken,
suffered, or omitted by it hereunder in good faith and in accordance with the advice of such counsel; (j) may perform any of its duties
hereunder either directly or by or through nominees, correspondents, designees, or subagents, and it shall not be liable or responsible
for any misconduct or negligence on the part of any nominee, correspondent, designee, or subagent appointed with reasonable care by it
in connection with this Warrant Agreement; (k) is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting
fees to any Person; and (l) shall not be required hereunder to comply with the laws or regulations of any country other than the United
States of America or any political subdivision thereof.

 

    	 

     

    

 

7.4.
(a) In the absence of gross negligence or willful or illegal misconduct on its part, the Warrant Agent shall not be liable for any action
taken, suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant Agreement.
Anything in this Warrant Agreement to the contrary notwithstanding, in no event shall Warrant Agent be liable for special, indirect,
incidental, consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even if the
Warrant Agent has been advised of the possibility of such losses or damages and regardless of the form of action. Any liability of the
Warrant Agent will be limited in the aggregate to the amount of fees paid by the Company hereunder. The Warrant Agent shall not be liable
for any failures, delays or losses, arising directly or indirectly out of conditions beyond its reasonable control including, but not
limited to, acts of government, exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil disobedience,
riots, rebellions, storms, electrical or mechanical failure, computer hardware or software failure, communications facilities failures
including telephone failure, war, terrorism, insurrection, earthquakes, floods, acts of God or similar occurrences. (b) In the event
any question or dispute arises with respect to the proper interpretation of the Warrants or the Warrant Agent’s duties under this
Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act and shall not be held
liable or responsible for its refusal to act until the question or dispute has been judicially settled (and, if appropriate, it may file
a suit in interpleader or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent jurisdiction,
binding on all Persons interested in the matter which is no longer subject to review or appeal, or settled by a written document in form
and substance satisfactory to Warrant Agent and executed by the Company and each such Holder. In addition, the Warrant Agent may require
for such purpose, but shall not be obligated to require, the execution of such written settlement by all the Holders and all other Persons
that may have an interest in the settlement.

 

7.5.
The Company covenants to indemnify the Warrant Agent and hold it harmless from and against any loss, liability, claim or expense (“Loss”)
arising out of or in connection with the Warrant Agent’s duties under this Warrant Agreement, including the costs and expenses
of defending itself against any Loss, unless such Loss shall have been determined by a court of competent jurisdiction to be a result
of the Warrant Agent’s gross negligence or willful misconduct.

 

7.6.
Unless terminated earlier by the parties hereto, this Agreement shall terminate 90 days after the earlier of the Expiration Date and
the date on which no Warrants remain outstanding (the “Termination Date”). On the Business Day following the Termination
Date, the Agent shall deliver to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement. The Agent’s
right to be reimbursed for fees, charges and out-of-pocket expenses as provided in this Section 7 shall survive the termination of this
Warrant Agreement.

 

    	 

     

    

 

7.7.
If any provision of this Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant Agreement shall
be construed and enforced as if such provision had not been contained herein and shall be deemed an Agreement among the parties to it
to the full extent permitted by applicable law.

 

7.8.
The Company represents and warrants that: (a) it is duly incorporated and validly existing under the laws of its jurisdiction of incorporation;
(b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions contemplated thereby (including
this Warrant Agreement) have been duly authorized by all necessary corporate action and will not result in a breach of or constitute
a default under the articles of association, bylaws or any similar document of the Company or any indenture, agreement or instrument
to which it is a party or is bound; (c) this Warrant Agreement has been duly executed and delivered by the Company and constitutes the
legal, valid, binding and enforceable obligation of the Company; (d) the Warrants will comply in all material respects with all applicable
requirements of law; and (e) to the best of its knowledge, there is no litigation pending or threatened as of the date hereof in connection
with the offering of the Warrants.

 

7.9.
In the event of inconsistency between this Warrant Agreement and the descriptions in the Registration Statement, as they may from time
to time be amended, the terms of this Warrant Agreement shall control.

 

7.10.
Set forth in Exhibit C hereto is a list of the names and specimen signatures of the Persons authorized to act for the Company
under this Warrant Agreement (the “Authorized Representatives”). The Company shall, from time to time, certify to
you the names and signatures of any other Persons authorized to act for the Company under this Warrant Agreement.

 

7.11.
Except as expressly set forth elsewhere in this Warrant Agreement, all notices, instructions and communications under this Agreement
shall be in writing, shall be effective upon receipt and shall be addressed, if to the Company, to its address set forth beneath its
signature to this Agreement, or, if to the Warrant Agent, to VStock Transfer, LLC 18 Lafayette Place, Woodmere, New York 11598,
or to such other address of which a party hereto has notified the other party.

 

7.12.
(a) This Warrant Agreement shall be governed by and construed in accordance with the laws of the State of New York. All actions and proceedings
relating to or arising from, directly or indirectly, this Warrant Agreement may be litigated in courts located within the Borough of
Manhattan in the City and State of New York. The Company hereby submits to the personal jurisdiction of such courts and consents that
any service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address
last specified for notices hereunder. Each of the parties hereto hereby waives the right to a trial by jury in any action or proceeding
arising out of or relating to this Warrant Agreement.

 

    	 

     

    

 

(b)
This Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties hereto. This Warrant
Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the prior written consent of the
other party, which the other party will not unreasonably withhold, condition or delay; except that (i) consent is not required for an
assignment or delegation of duties by Warrant Agent to any affiliate of Warrant Agent and (ii) any reorganization, merger, consolidation,
sale of assets or other form of business combination by Warrant Agent or the Company shall not be deemed to constitute an assignment
of this Warrant Agreement.

 

(c)
No provision of this Warrant Agreement may be amended, modified or waived, except in a written document signed by both parties. The Company
and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
determine, in good faith, shall not adversely affect the interest of the Holders. All other amendments and supplements shall require
the vote or written consent of Holders of at least 50.1% of the then outstanding Warrants, provided that adjustments may be made to the
Warrant terms and rights in accordance with Section 4 without the consent of the Holders unless otherwise stated herein.

 

7.13.
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or
the Warrant Agent in respect of the issuance or delivery of Warrant Shares upon the exercise of Warrants, but the Company may require
the Holders to pay any transfer taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering any transfer
of Warrants or any delivery of any Warrant Shares unless or until the Persons requesting the registration or issuance shall have paid
to the Warrant Agent for the account of the Company the amount of such tax or charge, if any, or shall have established to the reasonable
satisfaction of the Company and the Warrant Agent that such tax or charge, if any, has been paid.

 

7.14.
Resignation of Warrant Agent.

 

7.14.1.
Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and
be discharged from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company,
or such shorter period of time agreed to by the Company. The Company may terminate the services of the Warrant Agent, or any successor
Warrant Agent, after giving thirty (30) days’ notice in writing to the Warrant Agent or successor Warrant Agent, or such shorter
period of time as agreed. If the office of the Warrant Agent becomes vacant by resignation, termination or incapacity to act or otherwise,
the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such
appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent,
then the Warrant Agent or any Holder may apply to any court of competent jurisdiction for the appointment of a successor Warrant Agent
at the Company’s cost. Pending appointment of a successor to such Warrant Agent, either by the Company or by such a court, the
duties of the Warrant Agent shall be carried out by the Company. Any successor Warrant Agent (but not including the initial Warrant Agent),
whether appointed by the Company or by such court, shall be a Person organized and existing under the laws of any state of the United
States of America, in good standing, and authorized under such laws to exercise corporate trust powers and subject to supervision or
examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers,
rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent
hereunder, without any further act or deed, and except for executing and delivering documents as provided in the sentence that follows,
the predecessor Warrant Agent shall have no further duties, obligations, responsibilities or liabilities hereunder, but shall be entitled
to all rights that survive the termination of this Warrant Agreement and the resignation or removal of the Warrant Agent, including but
not limited to its right to indemnity hereunder. If for any reason it becomes necessary or appropriate or at the request of the Company,
the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor
Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant
Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

    	 

     

    

 

7.14.2.
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.

 

7.14.3.
Merger or Consolidation of Warrant Agent. Any Person into which the Warrant Agent may be merged or converted or with which it
may be consolidated or any Person resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party
or any Person succeeding to the shareowner services business of the Warrant Agent or any successor Warrant Agent shall be the successor
Warrant Agent under this Warrant Agreement, without any further act or deed.

 

8.
Miscellaneous Provisions.

 

8.1.
Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied
from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any Person or corporation other than
the parties hereto and the Holders any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition,
stipulation, promise, or agreement hereof.

 

8.2.
Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the office
of the Warrant Agent designated for such purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require
any such holder to provide reasonable evidence of its interest in the Warrants.

 

8.3.
Counterparts. This Warrant Agreement may be executed in any number of original, facsimile or electronic counterparts and each
of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one
and the same instrument.

 

    	 

     

    

 

8.4.
Effect of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall
not affect the interpretation thereof.

 

9.
Certain Definitions. As used herein, the following terms shall have the following meanings:

 

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

 

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

 

(c)
“Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder
thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
Common Stock

 

(d)
“Board of Directors” means the board of directors of the Company.

 

(e)
“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint
venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

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

 

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

 

(h)
“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (i) 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)); (ii) if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
; (iii) if the Common Stock are not then listed or quoted for trading on the OTCQB or OTCQX and if prices for the Common Stock are then
reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
Bid Price per share of the Common Stock so reported; or (iv) 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 Company, the fees and expenses of which shall be paid by the Company.

 

[Signature
Page to Follow]

 

    	 

     

    

 

IN
WITNESS WHEREOF, this Warrant Agent Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	BIOAFFINITY
    TECHNOLOGIES, INC.
	 	 	 
	 	By:	                                 
	 	Name: 	Maria Zannes
	 	Title:	President & CEO
	 	 	 
	 	VSTOCK TRANSFER,
    LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

     

    

 

EXHIBIT
A

 

[TO
BE INCLUDED IN THE TRADABLE  GLOBAL CERTIFICATE]

 

Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede
& Co. or in 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.

 

BIOAFFINITY
TECHNOLOGIES, INC.

WARRANT
CERTIFICATE

NOT EXERCISABLE AFTER [●], 2027

 

This
certifies that the Person whose name and address appears below, or registered assigns, is the registered owner of the number of Warrants
set forth below. Each Warrant entitles its registered holder to purchase from bioAffinity Technologies, Inc., a company incorporated
under the laws of the State of Delaware (the “Company”), at any time prior to 5:00 P.M. (Eastern Standard Time) on
[●], 2027, one share of common stock, par value $0.007 per share, of the Company (each, a “Warrant Share” and
collectively, the “Warrant Shares”), at an exercise price of $7.20 per share, subject to possible adjustments
as provided in the Warrant Agreement (as defined below).

 

This
Warrant Certificate, with or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent, may be
exchanged for another Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or
Warrant Certificates surrendered. A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate
at the designated office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed
or accompanied by proper instruments of transfer, a signature guarantee, and such other and further documentation as the Warrant Agent
may reasonably request and duly stamped as may be required by the laws of the State of New York and of the United States of America.

 

The
terms and conditions of the Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in the Warrant
Agent Agreement dated as of [●], 2022 (the “Warrant Agreement”) between the Company and VStock Transfer,
LLC (the “Warrant Agent”). A copy of the Warrant Agreement is available for inspection during business hours at the
office of the Warrant Agent.

 

    	 

     

    

 

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

 

WITNESS
the facsimile signature of a proper officer of the Company.

 

	 	BIOAFFINITY
    TECHNOLOGIES, INC.
	 	 	 
	 	By:	                           
	 	Name: 	Maria Zannes
	 	Title:	President & CEO

 

	Dated: ________________	 
	 	 
	Countersigned:	 

 

	VSTOCK TRANSFER,
    LLC	 
	 	 	 
	By:	                   	 
	Name: 	 	 
	Title:	 	 

 

PLEASE
DETACH HERE

 

 

 

Certificate
No.:_________ Number of Warrants:__________

 

WARRANT
CUSIP NO.: _09076W 117

 

BIOAFFINITY
TECHNOLOGIES, INC.

 

    	 

     

    

 

EXHIBIT
B 

 

[TO
BE INCLUDED IN THE NON-TRADABLE GLOBAL CERTIFICATE]

 

BIOAFFINITY
TECHNOLOGIES, INC.

WARRANT
CERTIFICATE

NOT
EXERCISABLE AFTER [●], 2027

 

This
certifies that the Person whose name and address appears below, or registered assigns, is the registered owner of the number of Warrants
set forth below. Each Warrant entitles its registered holder to purchase from bioAffinity Technologies, Inc., a company incorporated
under the laws of the State of Delaware (the “Company”), at any time prior to 5:00 P.M. (Eastern Standard Time) on
[●], 2027, one share of common stock, par value $0.007 per share, of the Company (each, a “Warrant Share” and
collectively, the “Warrant Shares”), at an exercise price of $7.50 per share, subject to possible adjustments as provided
in the Warrant Agreement (as defined below).

 

This
Warrant Certificate, with or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent, may be
exchanged for another Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or
Warrant Certificates surrendered. A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate
at the designated office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed
or accompanied by proper instruments of transfer, a signature guarantee, and such other and further documentation as the Warrant Agent
may reasonably request and duly stamped as may be required by the laws of the State of New York and of the United States of America.

 

The
terms and conditions of the Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in the Warrant
Agent Agreement dated as of [●], 2022 (the “Warrant Agreement”) between the Company and VStock Transfer, LLC
(the “Warrant Agent”). A copy of the Warrant Agreement is available for inspection during business hours at the office
of the Warrant Agent.

 

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

 

WITNESS
the facsimile signature of a proper officer of the Company.

 

	 	 	BIOAFFINITY
    TECHNOLOGIES, INC.
	 	 	 	 
	 	 	By:	 
	 	 	Name:	Maria
    Zannes
	 	 	Title:	President
    & CEO
	 	 	 	 
	Dated:	 _______________	 	 
	 	 	 	 
	Countersigned:	 	 
	 	 	 	 
	VSTOCK
    TRANSFER, LLC	 	 
	 	 	 	 
	By:	 	 	 
	Name:	 	 	 
	Title:		 	 

 

PLEASE
DETACH HERE

——————————————————————————————————————

 

Certificate
No.:_________ Number of Warrants:__________

 

BIOAFFINITY
TECHNOLOGIES, INC.

 

    	 

     

    

 

 EXHIBIT
C 

 

 [Form
of Election to Purchase] 

 

 (To
Be Executed Upon Exercise Of Warrants not evidenced by a Global Certificate) 

 

 TO:
BIOAFFINITY TECHNOLOGIES, INC. 

 

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

 

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

 

 [  ]
in lawful money of the United States; or 

 

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

 

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

 

	 	 	 

 

 The
Warrant Shares shall be delivered to the following DWAC Account Number: 

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

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

 

 [SIGNATURE
OF HOLDER] 

 

	 	 Name
    of Investing Entity:___________________________________________________________________ 
	 	 Signature
    of Authorized Signatory of Investing Entity: ____________________________________________ 
	 	 Name
    of Authorized Signatory: ______________________________________________________________ 
	 	 Title
    of Authorized Signatory:_______________________________________________________________ 
	 	 Date:
    __________________________________________________________________________________ 

 

    	 

    	 

    

 

EXHIBIT
D 

 

AUTHORIZED
REPRESENTATIVES

 

	Name	 	Title	 	Signature
	Maria
    Zannes	 	President/Chief
    Executive OfficerEXHIBIT
4.8 

 

SECURED
CONVERTIBLE NOTE PURCHASE AGREEMENT

 

This
Secured Convertible Note Purchase Agreement (this “Agreement”), dated as of December 21, 2018, is entered into among
bioAffinity Technologies, Inc., a Delaware corporation (the “Company”), The Harvey Sandler Revocable Trust (the “Trust”)
and each of the persons and entities, including the Trust (each individually a “Purchaser,” and collectively, the
“Purchasers”) named on the Schedule of Purchasers attached hereto (the “Schedule of Purchasers”).

 

WHEREAS,
subject to the terms and conditions set forth herein, the Company wishes to issue and sell to the Purchasers, and the Purchasers wish
to purchase from the Company, one or more secured convertible promissory notes in exchange for the consideration (the “Consideration”)
set forth opposite each Purchaser’s name on the Schedule of Purchasers.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1.
Definitions. Capitalized terms not otherwise defined in this Agreement will have the meanings set forth in this Section 1.

 

1.1
“Common Stock” means the Company’s common stock, par value $0.001 per share.

 

1.2
“Conversion Shares” (for purposes of determining the type of Equity Securities issuable upon conversion of the Notes)
means:

 

(a)
with respect to a conversion pursuant to Section 4.1, shares of the Equity Securities issued in the Next Equity Financing;

 

(b)
with respect to a conversion pursuant to Section 4.2(a), shares of the Equity Securities issued in the equity financing; or

 

(c)
with respect to a conversion pursuant to Section 4.2(b), shares of Common Stock.

 

1.3
“Conversion Price” means:

 

(a)
with respect to a conversion pursuant to Section 4.1 or Section 4.2(a), the product of (x) 100% less the Discount and (y) the
lowest per share purchase price of the Equity Securities issued in the Next Equity Financing;

 

(b)
with respect to a conversion pursuant to Section 4.2(b), one dollar ($1.00); provided, however, that if at any time while a Note is outstanding,
the Company issues capital stock for less than one dollar ($1.00) per share (on a common stock equivalent basis), then the Conversion
Price of all outstanding Notes for any conversions pursuant to Section 4.2(b) will be automatically reset to such lower price.

 

    	 

    	 

    

 

1.4
“Collateral” means all of Company’s right, title and interest in, to and under its intellectual property, including,
without limitation, the following:

 

(a)
Any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship and derivative
work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing,
created, acquired or held (collectively, the “Copyrights”), a list of Company’s registered Copyrights are attached
hereto as Exhibit “B”;

 

(b)
Any and all trade secrets now or hereafter existing, created, acquired or held;

 

(c)
All patents, patent applications and like protections including, without limitation, improvements, divisions, continuations, renewals,
reissues, extensions and continuations-in-part of the same, including without limitation the patents and patent applications set forth
on Exhibit B attached hereto (collectively, the “Patents”), a list of Company’s registered (and/or pending registration)
Patents are attached hereto as Exhibit “C”;

 

(d)
Any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections,
and the entire goodwill of the business of Grantor connected with and symbolized by such trademarks (collectively, the “Trademarks”),
a list of Company’s registered (and/or pending registration) Trademarks are attached hereto as Exhibit “D”;

 

(e)
Any and all claims for damages by way of past, present and future infringements of any of the rights included above, with the right,
but not the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified
above;

 

(f)
All licenses or other rights to use any of the Copyrights, Patents, or Trademarks and all license fees and royalties arising from such
use to the extent permitted by such license or rights;

 

(g)
All amendments, extensions, renewals and extensions of any of the Copyrights, Patents, or Trademarks; and

 

(h)
All proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty payable
in respect of any of the foregoing.

 

1.5
“Collateral Agent” shall mean the Trust.

 

1.6
“Discount” means 30%.

 

1.7
“Equity Securities” means (a) Common Stock; (b) any securities conferring the right to purchase Common Stock; or (c)
any securities directly or indirectly convertible into, or exchangeable for (with or without additional consideration) Common Stock.
Notwithstanding the foregoing, the following will not be considered “Equity Securities”: (i) any security granted, issued
or sold by the Company to any director, officer, employee, consultant or adviser of the Company for the primary purpose of soliciting
or retaining their services; and (ii) any convertible promissory notes (including the Notes) issued by the Company.

 

    	 	2	 

     

    

 

1.8
“Event of Default” means:

 

(a)
Company fails to make any payment of principal or interest on the Notes on its due date; or

 

(b)
Company fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this
Agreement or any Note, and as to any such default that can be cured, has failed to cure the default within thirty (30) days after the
occurrence thereof; provided, however, that if the default cannot by its nature be cured within the thirty (30) day period or
cannot after diligent attempts by Company be cured within such thirty (30) day period, and such default is likely to be cured within
a reasonable time, then Company shall have an additional period (which shall not in any case exceed forty-five (45) days from the date
of default) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed
an Event of Default for purposes of seeking any remedy, but shall be a default for purposes of commencing the calculation of default
rate interest.

 

1.9
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

1.10
“Maturity Date” means, with respect to each Note issued under this Agreement, June 30, 2020.

 

1.11
“Next Equity Financing” means the next sale (or series of related sales) by the Company of its Equity Securities following
the date of this Agreement, in one or more offerings relying on Section 4(a)(2) of the Securities Act or Regulation D thereunder for
exemption from the registration requirements of Section 5 of the Securities Act, from which the Company receives purchase commitments
of not less than $5 million and actual gross cash proceeds at an initial closing of not less than $3 million (not including the aggregate
principal amount of any Notes that convert into such Equity Securities).

 

1.12
“Notes” means one or more secured convertible promissory notes issued to each Purchaser pursuant to Section 2, the
form of which is attached hereto as Exhibit A.

 

1.13
“Preferred Stock” means the Company’s preferred stock, whether now existing or hereafter created.

 

1.14
“Requisite Noteholders” means each of The Harvey Sandler Revocable Trust (provided the Trust is not in default under
its matching Notes set forth in Section 2) and any holder of at least $1,500,000.00 aggregate principal amount of the Notes. Matters
requiring the consent of the Requisite Noteholders shall mean each such Requisite Noteholder to the extent there is more than one.

 

1.15
“Securities Act” means the Securities Act of 1933, as amended.

 

1.16
“Trust” shall mean The Harvey Sandler Revocable Trust.

 

    	 	3	 

     

    

 

2.
Notes.

 

2.1
Purchase and Sale. In exchange for the Consideration paid by each Purchaser, the Company will sell and issue to such Purchaser
one or more Notes. Each Note will have a principal balance equal to that portion of the Consideration paid by such Purchaser for such
Note, as set forth opposite such Purchaser’s name on the Schedule of Purchasers.

 

2.2
Matching by Trust. The purchase of Notes by the Trust will occur on a matching basis. At each Closing, the Trust will purchase
an aggregate principal amount of Notes equal to the aggregate principal amount of Notes purchased by each other Purchaser at such Closing
until the Trust has purchased Notes with an aggregate principal amount of $1 million at all Closings.

 

2.3
Security Interest. Company hereby grants Collateral Agent, for the ratable benefit of the Purchasers, to secure the payment and
performance in full of all of the Notes, a continuing security interest in, and pledges to Collateral Agent, for the ratable benefit
of the Purchasers, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products
thereof. Company represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to
be a first priority perfected security interest in the Collateral. If this Agreement is terminated, Collateral Agent’s lien in
the Collateral shall continue until the Notes are either converted or are repaid in full in cash, and, in such event(s), the Notes are
no longer outstanding. Upon conversion of or payment in full in cash of the Notes, Collateral Agent shall, at the sole cost and expense
of Company, release its liens in the Collateral and all rights therein shall revert to Company. Company hereby authorizes Collateral
Agent to file this Agreement with the USPTO or any other appropriate governmental agency, and/or file any financing statement with the
appropriate state agency, or take any other action Collateral Agent deems required to perfect Collateral Agent’s security interests
in the Collateral, without notice to Company, with all appropriate jurisdictions to perfect or protect Collateral Agent’s interest
or rights under the this Agreement, including a notice that any disposition of the Collateral, except to the extent permitted by the
terms of this Agreement, by Company, or any other person, shall be deemed to violate the rights of Collateral Agent and the other Purchasers
and constitute a breach of this Agreement by Company.

 

3.
Closings.

 

3.1
Initial Closing. The initial closing of the sale of the Notes in return for the Consideration paid by each Purchaser (the “Initial
Closing”) will take place at the Company’s offices in San Antonio, Texas, on the date of this Agreement, or at such other
time as the Company and the Purchasers purchasing a majority-in-interest of the aggregate principal amount of the Notes to be sold at
the Initial Closing agree upon orally or in writing. At the Initial Closing, each Purchaser will deliver the Consideration to the Company
and the Company will deliver to each Purchaser one or more executed Notes in return for the respective Consideration provided to the
Company.

 

3.2
Subsequent Closings. In any subsequent closing (each a “Subsequent Closing”), the Company may sell additional
Notes subject to the terms of this Agreement to any purchaser as it will select; provided that the aggregate principal amount of Notes
issued pursuant to this Agreement does not exceed $5,000,000.00. Any subsequent purchasers of Notes will become parties to, and will
be entitled to receive Notes in accordance with, this Agreement. Each Subsequent Closing will take place remotely via the exchange of
documents and signatures or at such locations and at such times as will be mutually agreed upon orally or in writing by the Company and
such purchasers of additional Notes. The Schedule of Purchasers will be updated to reflect the additional Notes purchased at each Subsequent
Closing and the parties purchasing such additional Notes.

 

    	 	4	 

     

    

 

4.
Conversion. Each Note will be convertible into Conversion Shares pursuant to this Section 4.

 

4.1
Automatic Conversion. The principal balance and unpaid accrued interest on each Note will automatically convert into Conversion
Shares upon the initial closing of the Next Equity Financing. The number of Conversion Shares the Company issues upon such conversion
will equal the quotient (rounded down to the nearest whole share) obtained by dividing (x) the outstanding principal balance and unpaid
accrued interest under each converting Note on the date of conversion by (y) the applicable Conversion Price. At least five (5) days
prior to the closing of the Next Equity Financing, the Company will notify the holder of each Note in writing of the terms of the Equity
Securities that are expected to be issued in such financing. The issuance of Conversion Shares pursuant to the conversion of each Note
will be on, and subject to, the same terms and conditions applicable to the Equity Securities issued in the Next Equity Financing.

 

4.2
Optional Conversions.

 

(a)
Optional Conversion Upon Equity Financing. Upon a sale (or series of related sales) by the Company of its Equity Securities in
one or more offerings relying on Section 4(a)(2) of the Securities Act or Regulation D thereunder for exemption from the registration
requirements of Section 5 of the Securities Act that does not meet the investment commitment and/or gross cash proceeds criteria to be
considered a Next Equity Financing, the principal balance and unpaid accrued interest on all Notes will convert into Conversion Shares
upon the election of all of the Requisite Noteholders. The number of Conversion Shares the Company issues upon such conversion will equal
the quotient (rounded down to the nearest whole share) obtained by dividing (x) the outstanding principal balance and unpaid accrued
interest under each converting Note on the date of conversion by (y) the applicable Conversion Price. The issuance of Conversion Shares
pursuant to a conversion of each Note under this Section 4.2(a) will be on, and subject to, the same terms and conditions applicable
to the Equity Securities issued in the equity financing.

 

(b)
Other Optional Conversion. At any time on or after the Maturity Date, at the election of all of the Requisite Noteholders, all
Notes will convert into that number of Conversion Shares equal to the quotient (rounded down to the nearest whole share) obtained by
dividing (x) the outstanding principal balance and unpaid accrued interest of such Note on the date of such conversion by (y) the applicable
Conversion Price.

 

4.3
Mechanics of Conversion.

 

(a)
Financing Agreements. Each Purchaser acknowledges that the conversion of the Notes into Conversion Shares pursuant to Section
4.1 may require such Purchaser’s execution of certain agreements relating to the purchase and sale of the Conversion Shares, as
well as registration rights, rights of first refusal and co-sale, rights of first offer and voting rights, if any, relating to such securities
(collectively, the “Financing Agreements”). Each Purchaser agrees to execute all of the Financing Agreements in connection
with a Next Equity Financing.

 

(b)
Certificates. As promptly as practicable after the conversion of each Note and the issuance of the Conversion Shares, the Company
(at its expense) will issue and deliver to the holder thereof a certificate or certificates evidencing the Conversion Shares (if certificated),
or if the Conversion Shares are not certificated, will deliver a true and correct copy of the Company’s share register reflecting
the Conversion Shares held by such holder. The Company will not be required to issue or deliver the Conversion Shares until the holder
of such Note has surrendered the Note to the Company (or provided an instrument of cancellation or affidavit of loss). The conversion
of the Notes pursuant to Section 4.1 shall be contingent upon the closing of the Next Equity Financing.

 

    	 	5	 

     

    

 

5.
Pari Passu. The Notes shall be treated, in all respects, as pari passu in accordance with their relative then outstanding
principal balances. Accordingly, all payments and all permitted prepayments by the Company on the Notes will be made pro rata based on
their relative then outstanding principal balances.

 

6.
Incurrence of Additional Indebtedness. Without the prior consent of the Requisite Noteholders, the Company shall not issue, or
cause any subsidiary of the Company to issue, any indebtedness or debt security, other than the Notes issued, or to be issued, hereunder,
trade accounts payable and/or letters of credit, performance bonds or other similar credit support incurred in the ordinary course of
business, or amend, renew, increase or otherwise alter in any material respect the terms of any indebtedness previously approved or required
to be approved by the Requisite Noteholders, other than the incurrence of debt solely to fund the repayment of the Notes.

 

7.
Most Favored Terms. If at any time while any Notes issued hereunder are outstanding the Company issues any additional debt that
is convertible into the Company’s equity securities and such additional debt has a lower conversion price, a higher interest rate,
an earlier maturity date or is secured by collateral of the Company, then the terms of the Notes issued hereunder will be modified to
incorporate any such more favorable terms.

 

8.
Representations and Warranties of the Company. In connection with the transactions contemplated by this Agreement, the Company
hereby represents and warrants to the Purchasers as follows:

 

8.1
Due Organization; Qualification and Good Standing. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted.
The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify or
to be in good standing would have a material adverse effect on the Company.

 

8.2
Authorization and Enforceability. Except for the authorization and issuance of the Conversion Shares, all corporate action has
been taken on the part of the Company and its officers, directors and stockholders necessary for the authorization, execution and delivery
of this Agreement and the Notes. Except as may be limited by applicable bankruptcy, insolvency, reorganization or similar laws relating
to or affecting the enforcement of creditors’ rights, the Company has taken all corporate action required to make all of the obligations
of the Company reflected in the provisions of this Agreement and the Notes valid and enforceable in accordance with their terms.

 

8.3
Litigation. There are no material actions, suits, investigations, or proceedings pending or, to the knowledge of the Company,
threatened in writing against Company or any of its subsidiaries which, if adversely determined, would have a material adverse effect
on the ability of the Company to pay and/or perform its obligations hereunder and/or under the Notes.

 

8.4
Financial Statements. The financial statements of Company as of and for the eleven months ending November 30, 2018, shall be provided
to the Purchasers as soon as possible once they are prepared if not provided by the date hereof, and fairly present in all material respects
the financial condition and results of operations of the Company as the date thereof and reflect all known liabilities of the Company,
absolute or contingent, and have been prepared consistently with prior financial statements of the Company.

 

8.5
No Material Adverse Change. Except for the deterioration in the Company’s cash balance, there has been no material adverse
change in the Company’s business or financial condition as shown in the Company’s financial statements referred to in Section
8.4 through the date of this Agreement.

 

8.6
Title. The Company has good title to all its assets, free of all liens, encumbrances and restrictions except those disclosed on
the financial statements.

 

8.7
No Default. No event has occurred which to the knowledge of the Company would (or with notice or the lapse of time, or both, would)
constitute a breach, default or violation of any law, regulation, order or agreement applicable to the Company or any of its assets.

 

    	 	6	 

     

    

 

9.
Representations and Warranties of the Purchasers. In connection with the transactions contemplated by this Agreement, each Purchaser,
severally and not jointly, hereby represents and warrants to the Company as follows:

 

9.1
Authorization. Each Purchaser has full power and authority (and, if such Purchaser is an individual, the capacity) to enter into
this Agreement and to perform all obligations required to be performed by it hereunder. This Agreement, when executed and delivered by
each Purchaser, will constitute such Purchaser’s valid and legally binding obligation, enforceable in accordance with its terms,
except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general
application affecting enforcement of creditors’ rights generally, and (b) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies.

 

9.2
Purchase Entirely for Own Account. Each Purchaser acknowledges that this Agreement is made with such Purchaser in reliance upon
such Purchaser’s representation to the Company, which such Purchaser confirms by executing this Agreement, that the Notes, the
Conversion Shares, and any Common Stock issuable upon conversion of the Conversion Shares (collectively, the “Securities”)
will be acquired for investment for such Purchaser’s own account, not as a nominee or agent (unless otherwise specified on such
Purchaser’s signature page hereto), and not with a view to the resale or distribution of any part thereof, and that such Purchaser
has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement,
each Purchaser further represents that such Purchaser does not have any contract, undertaking, agreement or arrangement with any person
to sell, transfer or grant participations to such person or to any third person, with respect to the Securities. If other than an individual,
each Purchaser also represents it has not been organized solely for the purpose of acquiring the Securities.

 

9.3
Disclosure of Information; Non-Reliance. Each Purchaser acknowledges that it has received all the information it considers necessary
or appropriate to enable it to make an informed decision concerning an investment in the Securities. Each Purchaser further represents
that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering
of the Securities. Each Purchaser confirms that the Company has not given any guarantee or representation as to the potential success,
return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Securities. In
deciding to purchase the Securities, each Purchaser is not relying on the advice or recommendations of the Company and such Purchaser
has made its own independent decision that the investment in the Securities is suitable and appropriate for such Purchaser. Each Purchaser
understands that no federal or state agency has passed upon the merits or risks of an investment in the Securities or made any finding
or determination concerning the fairness or advisability of this investment.

 

9.4
Investment Experience. Each Purchaser is an investor in securities of companies in the development stage and acknowledges that
it is able to fend for itself, can bear the economic risk of its investment and has such knowledge and experience in financial or business
matters that it is capable of evaluating the merits and risks of the investment in the Securities.

 

9.5
Accredited Investor. Each Purchaser is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated
under the Securities Act. Each Purchaser agrees to furnish any additional information requested by the Company to assure compliance with
applicable U.S. federal and state securities laws in connection with the purchase and sale of the Securities.

 

    	 	7	 

     

    

 

9.6
Restricted Securities. Each Purchaser understands that the Securities have not been, and will not be, registered under the Securities
Act or any state securities laws, by reason of specific exemptions under the provisions thereof which depend upon, among other things,
the bona fide nature of the investment intent and the accuracy of each Purchaser’s representations as expressed herein. Each Purchaser
understands that the Securities are “restricted securities” under U.S. federal and applicable state securities laws and that,
pursuant to these laws, such Purchaser must hold the Securities indefinitely unless they are registered with the Securities and Exchange
Commission (“SEC”) and registered or qualified by state authorities, or an exemption from such registration and qualification
requirements is available. Each Purchaser acknowledges that the Company has no obligation to register or qualify the Securities for resale
and further acknowledges that, if an exemption from registration or qualification is available, it may be conditioned on various requirements
including, but not limited to, the time and manner of sale, the holding period for the Securities, and on requirements relating to the
Company which are outside of such Purchaser’s control, and which the Company is under no obligation, and may not be able, to satisfy.

 

9.7
No Public Market. Each Purchaser understands that no public market now exists for the Securities and that the Company has made
no assurances that a public market will ever exist for the Securities.

 

9.8
No General Solicitation. Each Purchaser, and its officers, directors, employees, agents, stockholders or partners have not either
directly or indirectly, including through a broker or finder solicited offers for or offered or sold the Securities by means of any form
of general solicitation or general advertising within the meaning of Rule 502 of Regulation D under the Securities Act or in any manner
involving a public offering within the meaning of Section 4(a)(2) of the Securities Act. Each Purchaser acknowledges that neither the
Company nor any other person offered to sell the Securities to it by means of any form of general solicitation or advertising within
the meaning of Rule 502 of Regulation D under the Securities Act or in any manner involving a public offering within the meaning of Section
4(a)(2) of the Securities Act.

 

9.9
Residence. If the Purchaser is an individual, such Purchaser resides in the state or province identified in the address shown
on such Purchaser’s signature page hereto. If the Purchaser is a partnership, corporation, limited liability company or other entity,
such Purchaser’s principal place of business is located in the state or province identified in the address shown on such Purchaser’s
signature page hereto.

 

9.10
Foreign Investors. If a Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code
of 1986, as amended), such Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction
in connection with any invitation to subscribe for the Securities or any use of this Agreement, including (a) the legal requirements
within its jurisdiction for the purchase of the Securities; (b) any foreign exchange restrictions applicable to such purchase; (c) any
governmental or other consents that may need to be obtained; and (d) the income tax and other tax consequences, if any, that may be relevant
to the purchase, holding, conversion, redemption, sale, or transfer of the Securities. Each such Purchaser’s subscription and payment
for and continued beneficial ownership of the Securities will not violate any applicable securities or other laws of such Purchaser’s
jurisdiction. Each such Purchaser acknowledges that the Company has taken no action in foreign jurisdictions with respect to the Securities.

 

10.
Rights and Remedies.

 

10.1
Rights and Remedies.

 

(a)
Upon the occurrence and during the continuance of an Event of Default, Collateral Agent may, and at the written direction of each of
the Requisite Noteholders shall, without notice or demand, do any or all of the following: (i) deliver notice of the Event of Default
to Company, or (ii) by notice to Company declare all Notes immediately due and payable (but if an Event of Default occurs all Notes shall
be immediately due and payable without any action by Collateral Agent or the Purchasers).

 

    	 	8	 

     

    

 

(b)
Without limiting the rights of Collateral Agent and the Purchasers set forth in Section 10.1(a) above, upon the occurrence and during
the continuance of an Event of Default, Collateral Agent shall have the right, without notice or demand, to foreclose upon and/or sell
or otherwise liquidate, the Collateral.

 

(c)
Without limiting the rights of Collateral Agent and the Purchasers set forth in Sections 10.1(a) and (b) above, upon the occurrence and
during the continuance of an Event of Default, Collateral Agent shall have the right, without notice or demand, to do any or all of the
following:

 

(i)
make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the
Collateral;

 

(ii)
maintain, prepare for sale, and/or advertise for sale, the Collateral. Collateral Agent is hereby granted a non-exclusive, royalty-free
license or other right to use, without charge, Company’s labels, patents, copyrights, rights of use of any name, trade secrets,
trade names, trademarks, service marks, and advertising matter, or any similar property as it pertains to the Collateral, in completing
production of, advertising for sale, and selling any Collateral (except to the extent that the grant of a license or other right to use
would constitute a violation of any applicable law, regulation, permit, order or decree of any governmental authority);

 

(iii)
appoint a receiver to seize, manage and realize any of the Collateral, and such receiver shall have any right and authority as any competent
court will grant or authorize in accordance with any applicable law; and

 

(iv)
subject to clauses 10.1(a) and (b), exercise all rights and remedies available to Collateral Agent and each Purchaser under this Agreement
or the Notes or at law or equity, including all remedies provided under the UCC (including disposal of the Collateral pursuant to the
terms thereof).

 

10.2
Power of Attorney. Company hereby irrevocably appoints Collateral Agent as its lawful attorney-in-fact, exercisable upon the occurrence
and during the continuance of an Event of Default, to: (a) pay, contest or settle any lien, charge, encumbrance, security interest, and
adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same;
and (b) transfer the Collateral into the name of Collateral Agent or a third party as the UCC or any applicable law permits. Company
hereby appoints Collateral Agent as its lawful attorney-in-fact to sign Company’s name on any documents necessary to perfect or
continue the perfection of Collateral Agent’s security interest in the Collateral regardless of whether an Event of Default has
occurred until all Notes have been satisfied in full. Collateral Agent’s foregoing appointment as Company’s attorney in fact,
and all of Collateral Agent’s rights and powers, coupled with an interest, are irrevocable until all Notes have been fully repaid
and performed.

 

    	 	9	 

     

    

 

10.3
Application of Payments and Proceeds. Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence
and during the continuance of an Event of Default, (a) Company irrevocably waives the right to direct the application of any and all
payments at any time or times thereafter received by Collateral Agent from or on behalf of Company of all or any part of the Notes, and,
as between Company on the one hand and Collateral Agent and Purchasers on the other, Collateral Agent shall have the continuing and exclusive
right to apply and to reapply any and all payments received against the Notes in such manner as Collateral Agent may deem advisable notwithstanding
any previous application by Collateral Agent, and (b) the proceeds of any sale of, or other realization upon all or any part of the Collateral
shall be applied: first, to the Purchasers’ expenses (pro rata in proportion to their respective expenses, including expenses related
to enforcement rights, including attorney fees); second, to accrued and unpaid interest on the Notes (including any interest which, but
for the provisions of the United States Bankruptcy Code, would have accrued on such amounts) pro rata in proportion to the aggregate
interest owed on the Notes; and third, to the principal amount of the Notes outstanding, pro rata in proportion to the aggregate principal
amount of the Notes. Any balance of the proceeds upon sale of the Collateral remaining thereafter shall be delivered to Company or to
whoever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct. In carrying out the foregoing,
(x) amounts received shall be applied in the numerical order provided until exhausted prior to the application to the next succeeding
category. Collateral Agent, or if applicable, each Purchaser, shall promptly remit to the other Purchasers such sums as may be necessary
to ensure the ratable repayment of each Purchaser’s Note(s) and the ratable distribution of interest, fees and reimbursements paid
or made by Company. Notwithstanding the foregoing, a Purchaser receiving a payment shall not be responsible for determining whether the
other Purchasers also received their required payment on such date; provided, however, if it is later determined that a Purchaser received
more than its ratable share of payments made on any date or dates, then such Purchaser shall remit to Collateral Agent or other Purchasers
such sums as may be necessary to ensure the ratable payment of the amount available for payments, as instructed by Collateral Agent.
If any payment or distribution of any kind or character, whether in cash, properties or securities, shall be received by a Purchaser
in excess of its ratable share, then the portion of such payment or distribution in excess of such Purchaser’s ratable share shall
be received by such Purchaser in trust for and shall be promptly paid over to the Collateral Agent for application to the payments of
amounts due on the other Purchasers’ are herein provided. To the extent any payment for the account of Company is required to be
returned as a voidable transfer or otherwise, the Purchasers shall contribute to one another as is necessary to ensure that such return
of payment is on a pro rata basis, in reverse order received. Any balance of amounts owed to the Purchasers to the extent not satisfied
in full after application of the proceeds from the disposition of the Collateral shall remain an obligation of the Company until satisfied
in full.

 

10.4
Liability for Collateral. So long as Collateral Agent and the Purchasers comply with reasonable practices regarding the safekeeping
of the Collateral under the control of Collateral Agent and the Purchasers, Collateral Agent and the Purchasers shall not be liable or
responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of
the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Company bears all risk of loss, damage
or destruction of the Collateral.

 

10.5
No Waiver; Remedies Cumulative. Failure by Collateral Agent or any Purchaser, at any time or times, to require strict performance
by Company of any provision of this Agreement or any Note shall not waive, affect, or diminish any right of Collateral Agent or any Purchaser
thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by
Collateral Agent and the Requisite Noteholders and then is only effective for the specific instance and purpose for which it is given.
The rights and remedies of Collateral Agent and the Purchasers under this Agreement and the Notes are cumulative. Collateral Agent and
the Purchasers have all rights and remedies provided under any applicable law, by law, or in equity. The exercise by Collateral Agent
or any Purchaser of one right or remedy is not an election, and Collateral Agent’s or any Purchaser’s waiver of any Event
of Default is not a continuing waiver. Collateral Agent’s or any Purchaser’s delay in exercising any remedy is not a waiver,
election, or acquiescence.

 

10.6
Demand Waiver. Company waives, to the fullest extent permitted by law, demand, notice of default or dishonor, notice of payment
and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents,
instruments, chattel paper, and guarantees held by Collateral Agent or any Purchaser on which Company is liable.

 

    	 	10	 

     

    

 

11.
Miscellaneous.

 

11.1
Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement will inure to the benefit
of, and be binding upon, the respective successors and assigns of the parties; provided, however, that the Company may not assign its
obligations under this Agreement without the written consent of the Requisite Noteholders. This Agreement is for the sole benefit of
the parties hereto and their respective successors and permitted assigns, and nothing herein, express or implied, is intended to or will
confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement.

 

11.2
Choice of Law; Choice of Forum. This Agreement and the Notes, and all matters arising out of or relating to this Agreement, whether
sounding in contract, tort, or statute will be governed by and construed in accordance with the internal laws of the State of Delaware,
without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application
of the laws of any jurisdiction other than those of the State of Delaware. Each party irrevocably and unconditionally agrees that it
will not commence any action, litigation, or proceeding of any kind whatsoever against any other party in any way arising from or relating
to this Agreement or the Notes in any forum other than the U.S. Federal Court or the courts of the State of Texas sitting in Bexar County,
Texas, and any appellate court from any thereof. Each party irrevocably and unconditionally submits to the exclusive jurisdiction of
such courts and agrees to bring any such action, litigation, or proceeding only in such courts. Each party agrees that a final judgment
in any such action, litigation, or proceeding is conclusive and may be enforced in other jurisdictions by suit on the judgment or in
any other manner provided by law.

 

11.3
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together
will be deemed to be one and the same agreement. Counterparts may be delivered via facsimile, email (including PDF or any electronic
signature, including www.docusign.com) or other transmission method, and any counterpart so delivered will be deemed to have been duly
and validly delivered and be valid and effective for all purposes.

 

11.4
Titles and Subtitles. The titles and subtitles used in this Agreement are included for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

11.5
Notices. All notices and other communications given or made pursuant hereto will be in writing and will be deemed effectively
given: (a) upon personal delivery to the party to be notified; (b) when sent by email or confirmed facsimile; (c) five (5) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one (1) day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications will
be sent to the respective parties at the addresses shown on the signature pages hereto (or to such email address, facsimile number or
other address as subsequently modified by written notice given in accordance with this Section 11.5).

 

11.6
No Finder’s Fee. Each party represents that it neither is nor will be obligated to pay any finder’s fee, broker’s
fee or commission in connection with the transactions contemplated by this Agreement. Each Purchaser agrees to indemnify and to hold
the Company harmless from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising
out of the transactions contemplated by this Agreement (and the costs and expenses of defending against such liability or asserted liability)
for which each Purchaser or any of its officers, employees or representatives is responsible. The Company agrees to indemnify and hold
each Purchaser harmless from any liability for any commission or compensation in the nature of a finder’s or broker’s fee
arising out of the transactions contemplated by this Agreement (and the costs and expenses of defending against such liability or asserted
liability) for which the Company or any of its officers, employees or representatives is responsible.

 

    	 	11	 

     

    

 

11.7
Expenses. Each party will pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery and performance
of this Agreement.

 

11.8
Attorneys’ Fees. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the
prevailing party will be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief
to which such party may be entitled.

 

11.9
Entire Agreement; Amendments and Waivers. This Agreement, the Notes and the other documents delivered pursuant hereto constitute
the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof. Any term of this
Agreement or the Notes may be amended and the observance of any term of this Agreement or the Notes may be waived (either generally or
in a particular instance and either retroactively or prospectively) with the written consent of the Company and each of the Requisite
Noteholders. Any waiver or amendment effected in accordance with this Section 11.9 will be binding upon each party to this Agreement
and each holder of a Note purchased under this Agreement then outstanding and each future holder of all such Notes.

 

11.10
Effect of Amendment or Waiver. Each Purchaser acknowledges and agrees that by the operation of Section 11.9 hereof, the Requisite
Noteholders will have the right and power to diminish or eliminate all rights of such Purchaser under this Agreement and each Note issued
to such Purchaser.

 

11.11
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provisions will
be excluded from this Agreement and the balance of the Agreement will be interpreted as if such provisions were so excluded and this
Agreement will be enforceable in accordance with its terms.

 

11.12
Responsibility for Documentary Stamp Taxes. While the Company does not believe that any documentary taxes are owed in connection
with the execution and delivery of the Notes hereunder, including the Florida Documentary Stamp Tax, because the Notes are being executed
and delivered in Texas, should it ever be determined that such taxes should have been paid, then the Company agrees that it shall be
responsible for all such documentary taxes, together with any interest and penalties thereon, due to any taxing authority, including
the State of Florida, by reason of the execution and delivery of the Notes hereunder.

 

11.13
Transfer Restrictions.

 

(a)
Limitations on Disposition. Without in any way limiting the representations and warranties set forth in this Agreement, each Purchaser
agrees not to make any disposition of all or any portion of the Securities unless and until the transferee has agreed in writing for
the benefit of the Company to make the representations and warranties set out in Section 9 and:

 

(i)
there is then in effect a registration statement under the Securities Act covering such proposed disposition, and such disposition is
made in connection with such registration statement; or

 

(ii)
such Purchaser has (A) notified the Company of the proposed disposition; (B) furnished the Company with a detailed statement of the circumstances
surrounding the proposed disposition; and (C) if requested by the Company, furnished the Company with an opinion of counsel reasonably
satisfactory to the Company that such disposition will not require registration under the Securities Act.

 

    	 	12	 

     

    

 

Each
Purchaser agrees that it will not make any disposition of any of the Securities to the Company’s competitors, as determined in
good faith by the Company.

 

(b)
Legends. Each Purchaser understands and acknowledges that the Securities may bear the following legend:

 

THIS
INSTRUMENT AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR UPON RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
REGISTRATION IS NOT REQUIRED UNDER THE ACT.

 

11.14
Exculpation among Purchasers. Each Purchaser acknowledges that it is not relying upon any person, firm, corporation or stockholder,
other than the Company and its officers and directors in their capacities as such, in making its investment or decision to invest in
the Company. Each Purchaser agrees that no other Purchaser, nor the controlling persons, officers, directors, partners, agents, stockholders
or employees of any other Purchaser, will be liable for any action heretofore or hereafter taken or not taken by any of them in connection
with the purchase and sale of the Securities.

 

11.15
Acknowledgment. For the avoidance of doubt, it is acknowledged that each Purchaser will be entitled to the benefit of all adjustments
in the number of shares of the Company’s capital stock as a result of any splits, recapitalizations, combinations or other similar
transactions affecting the Company’s capital stock underlying the Conversion Shares that occur prior to the conversion of the Notes.

 

11.16
Further Assurances. From time to time, the parties will execute and deliver such additional documents and will provide such additional
information as may reasonably be required to carry out the terms of this Agreement and the Notes and any agreements executed in connection
herewith or therewith.

 

11.17
Waiver of Jury Trial. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING
OUT OF THIS AGREEMENT, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING
OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT
LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.
THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH
PARTY HERETO HEREBY FURTHER REPRESENTS AND WARRANTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

[SIGNATURE
PAGES FOLLOW]

 

    	 	13	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth above.

 

	 	BIOAFFINITY
    TECHNOLOGIES, INC.
	 	 	 
	 	By:
    	 
	              	 	Maria
    Zannes
	 	 	President
    and Chief Executive Officer

 

	 	Address:
    	22211
    W. Interstate
	 	 	Suite
    1206
	 	 	San
    Antonio, TX 78257
	        	 	 
	 	Email
    Address: mz@bioaffinitytech.com

 

    	 	14	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth above. 

 

	 	If
    an individual:
	 	 
	 	Printed
    Name: 	 

 

	 	Address:
	 	 
	 	Email
    Address:
	 	 
	 	If
    an entity:
	 	 
	 	 
	 	PARTY
    NAME	 

 

	 	By:
    	 
	 	Name:
    	 
	 	Title:
    	 

 

	 	Address:	 
	 	 	 
	 	Email
    Address:	 

  

    	 

    	 

    

 

AMENDMENT
NO. 1 TO SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT

 

This
AMENDMENT NO. 1 TO SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT (this “Amendment”), dated as of February 5,
2020 (the “Amendment Effective Date”), is by and among bioAffinity Technologies, Inc., a Delaware corporation
(“bioAffinity”), and The Harvey Sandler Revocable Trust (the “Trust”).

 

RECITALS

 

A.
  bioAffinity entered into that certain Secured Convertible Note Purchase Agreement,
dated December 21, 2018 (the “Agreement”) with each of the persons and entities named on the Schedule of Purchasers
attached thereto (each individually a “Purchaser”).

 

B.
  The Trust is both a Purchaser under the Agreement and the sole “Requisite Noteholder,” as such term is defined in the Agreement,
for purposes of approving amendments to the Agreement.

 

C.
  bioAffinity and the Trust have agreed to enter into this Amendment to amend and modify the Agreement to establish a cap of $0.945/share
on the amount of the Conversion Price (as such term is defined in Section 1.3 of the Agreement), all in accordance with Section 11.9
of the Agreement.

 

NOW,
THEREFORE, in consideration of the premises and the respective representations, warranties, covenants and agreements set forth in this
Amendment, and intending to be legally bound, the parties hereto agree as follows:

 

ARTICLE
1 

AMENDMENT

 

1.1
  Amendment to Section 1.3 of the Agreement. The Agreement is hereby amended by amending and restating Section 1.3 of the Agreement
to read in full as follows:

 

“1.3
“Conversion Price” means:

 

(a)
with respect to a conversion pursuant to Section 4.1 or Section 4.2(a), the lesser of (1) the product of (x) 100% less the Discount and
(y) the lowest per share purchase price of the Equity Securities issued in the Next Equity Financing, or (2) $0.945;

 

(b)
with respect to a conversion pursuant to Section 4.2(b), ninety-four and one-half cents ($0.945); provided, however, that if at any time
while a Note is outstanding, the Company issues capital stock for less than ninety-four and one-half cents ($0.945) per share (on a common
stock equivalent basis), then the Conversion Price of all outstanding Notes for any conversions pursuant to Section 4.2(b) will be automatically
reset to such lower price.

 

    	 

    	 

    

 

ARTICLE
2

MISCELLANEOUS

 

2.1
 No Other Amendments; Reservation of Rights; No Waiver. Other than as otherwise expressly provided
herein, this Amendment shall not be deemed to operate as an amendment or waiver of, or to prejudice, any right, power, privilege or remedy
of any party under the Agreement, nor shall the entering into of this Amendment preclude any party under the Agreement from refusing
to enter into any further amendments with respect to the Agreement. Other than as otherwise expressly provided herein, this Amendment
shall not constitute a waiver of compliance with any covenant or other provision in the Agreement or of the occurrence or continuance
of any present or future default.

 

2.2
 Ratification and Confirmation. Except as expressly set forth in this Amendment, the terms,
provisions and conditions of the Agreement are hereby ratified and confirmed and shall remain unchanged and in full force and effect
without interruption or impairment of any kind.

 

2.3
 Governing Law. This Amendment shall be construed, performed and enforced in accordance
with, and governed by, the laws of the State of Delaware (without giving effect to the principles of conflicts of law thereof).

 

2.4
 Electronic Delivery; Counterparts. This Amendment may be executed in one or more
counterparts, all of which shall constitute one and the same instrument. Any such counterpart, to the extent delivered by means of a
facsimile machine or by .pdf, .tif, .gif, .peg or similar attachment to electronic mail (any such delivery, an “Electronic
Delivery”) shall be treated in all manner and respects as an original executed counterpart and shall be considered to
have the same binding legal effect as if it were the original signed version thereof delivered in person.

 

2.5
 Amendment. This Amendment may not be amended or modified except in the manner specified for
an amendment of or modification to the Agreement in Section 11.9 of the Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, bioAffinity and the Trust have caused this Amendment to be executed as of the Amendment Effective Date.

 

	 	bioAffinity
    Technologies, Inc.
	 	 	 
	 	By:
    	/s/
    Maria Zannes 
	 	 	Maria
    Zannes
	 	 	President
    and Chief Executive Officer
	 	 	 
	 	The
    Harvey Sandler Revocable Trust,
	 	as
    a Purchaser and as the sole Requisite Noteholder
	 	 	 
	 	By:
    	/s/
    Gary Rubin 
	 	 	Gary
    Rubin
	 	 	Co-Trustee

 

    	 

    	 

    

 

 

AMENDMENT
NO. 2 TO SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT

 

This
AMENDMENT NO. 2 TO SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT (this “Amendment”), dated as of April 27, 2020
(the “Amendment Effective Date”), is by and among bioAffinity Technologies, Inc., a Delaware corporation(“bioAffinity”),
and The Harvey Sandler Revocable Trust (the “Trust”).

 

RECITALS

 

A.
  bioAffinity entered into that certain Secured Convertible Note Purchase Agreement, dated December 21, 2018, as amended by Amendment No.
1 to Secured Convertible Note Purchase Agreement dated February 5, 2020 (as amended, the “Agreement’) with
each of the persons and entities named on the Schedule of Purchasers attached thereto (each individually a “Purchaser”).

 

B.
  The Trust is both a Purchaser under the Agreement and the sole “Requisite Noteholder,” as such term is defined in the Agreement,
for purposes of approving amendments to the Agreement.

 

C.
  bioAffinity and the Trust have agreed to enter into this Amendment to extend the Maturity Date of the Notes issued under the Agreement
from June 30, 2020 to December 31, 2020, in accordance with Section 11.9 of the Agreement.

 

NOW,
THEREFORE, in consideration of the premises and the respective representations, warranties, covenants and agreements set forth in this
Amendment, and intending to be legally bound, the parties hereto agree as follows:

 

ARTICLE
I 

AMENDMENT

 

1.1  Amendment
to Section 1.12 of the Agreement. The Agreement is hereby amended by amending and restating Section 1.12 of the Agreement to read in
full as follows:

 

“1.12
“Maturity Date” means, with respect to each Note issued under this Agreement, December 31, 2020.”

 

ARTICLE
II

MISCELLANEOUS

 

2.1
No Other Amendments; Reservation of Rights; No Waiver. Other than as otherwise expressly provided herein, this Amendment shall not be
deemed to operate as an amendment or waiver of, or to prejudice, any right, power, privilege or remedy of any party under the Agreement,
nor shall the entering into of this Amendment preclude any party under the Agreement from refusing to enter into any further amendments
with respect to the Agreement. Other than as otherwise expressly provided herein, this Amendment shall not constitute a waiver of compliance
with any covenant or other provision in the Agreement or of the occurrence or continuance of any present or future default.

 

2.2
Ratification and Confirmation. Except as expressly set forth in this Amendment, the terms, provisions and conditions of the Agreement
are hereby ratified and confirmed and shall remain unchanged and in full force and effect without interruption or impairment of any kind.

 

2.3
Governing Law. This Amendment shall be construed, performed and enforced in accordance with, and governed by, the laws of the State of
Delaware (without giving effect to the principles of conflicts of law thereof).

 

2.4
Electronic Delivery; Counterparts. This Amendment may be executed in one or more counterparts, all of which shall constitute one and
the same instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .peg or similar
attachment to electronic mail (any such delivery, an “Electronic Delivery”) shall be treated in all manner
and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the original
signed version thereof delivered in person.

 

2.5
Amendment. This Amendment may not be amended or modified except in the manner specified for an amendment of or modification to the Agreement
in Section 11.9 of the Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, bioAffinity and the Trust have caused this Amendment to be executed as of the Amendment Effective Date.

 

	 	bioAffinity
    Technologies, Inc.
	 	 	 
	 	By:
    	/s/
    Maria Zannes 
	 	 	Maria
Zannes
	 	 	President
and Chief Executive Officer
	 	 	 
	 	The
    Harvey Sandler Revocable Trust,
	 	as
    a Purchaser and as the sole Requisite Noteholder
	 	 	 
	 	By:
    	/s/
    Gary Rubin 
	 	 	Gary
Rubin
	 	 	Co-Trustee

 

    	 

    	 

    

 

AMENDMENT
NO. 3 TO SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT

 

This
AMENDMENT NO. 3 TO SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT (this “Amendment”), dated as of July 27, 2020
(the “Amendment Effective Date”), is by and among bioAffinity Technologies, Inc., a Delaware corporation (“bioAffinity”),
and The Harvey Sandler Revocable Trust (the “Trust”).

 

RECITALS

 

A.
  bioAffinity entered into that certain Secured Convertible Note Purchase Agreement, dated December 21, 2018, as amended by Amendment No.
1 to Secured Convertible Note Purchase Agreement dated February 5, 2020, and Amendment No. 2 to Secured Convertible Note Purchase Agreement
dated April 27, 2020 (as amended, the “Agreement”) with each of the persons and entities named on the Schedule
of Purchasers attached thereto (each individually a “Purchaser”).

 

B.
  The Trust is both a Purchaser under the Agreement and the sole “Requisite Noteholder,” as such term is defined in the Agreement,
for purposes of approving amendments to the Agreement.

 

C.
  bioAffinity and the Trust have agreed to enter into this Amendment to increase the aggregate principal amount of the Notes that may be
issued by the Company pursuant to the Agreement from $5,000,000.00 to $5,024,000.00, in accordance with Section 11.9 of the Agreement.

 

NOW,
THEREFORE, in consideration of the premises and the respective representations, warranties, covenants and agreements set forth in this
Amendment, and intending to be legally bound, the parties hereto agree as follows:

 

ARTICLE
1 

AMENDMENT

 

1.1
Amendment to Section 3.2 of the Agreement. The Agreement is hereby amended by amending Section 3.2 of the Agreement by replacing
the number $5,000,000.00 at the end of the first sentence with the number $5,024,000.00.

 

ARTICLE
2

MISCELLANEOUS

 

2.1
  No Other Amendments; Reservation of Rights; No Waiver. Other than as otherwise expressly provided herein, this Amendment shall not
be deemed to operate as an amendment or waiver of, or to prejudice, any right, power, privilege or remedy of any party under the Agreement,
nor shall the entering into of this Amendment preclude any party under the Agreement from refusing to enter into any further amendments
with respect to the Agreement. Other than as otherwise expressly provided herein, this Amendment shall not constitute a waiver of compliance
with any covenant or other provision in the Agreement or of the occurrence or continuance of any present or future default.

 

2.2
  Ratification and Confirmation. Except as expressly set forth in this Amendment, the terms, provisions and conditions of the Agreement
are hereby ratified and confirmed and shall remain unchanged and in full force and effect without interruption or impairment of any kind.

 

2.3
  Governing Law. This Amendment shall be construed, performed and enforced in accordance with, and governed by, the laws of the State
of Delaware (without giving effect to the principles of conflicts of law thereof).

 

2.4
  Electronic Delivery; Counterparts. This Amendment may be executed in one or more counterparts, all of which shall constitute one
and the same instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .peg or
similar attachment to electronic mail (any such delivery, an “Electronic Delivery”) shall be treated in all
manner and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the
original signed version thereof delivered in person.

 

2.5
  Amendment. This Amendment may not be amended or modified except in the manner specified for an amendment of or modification to the
Agreement in Section 11.9 of the Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, bioAffinity and the Trust have caused this Amendment to be executed as of the Amendment Effective Date.

 

	 	bioAffinity
    Technologies, Inc.
	 	 	 
	 	By:
    	/s/
    Maria Zannes 
	 	 	Maria
Zannes
	 	 	President
and Chief Executive Officer
	 	 	 
	 	The
    Harvey Sandler Revocable Trust,
	 	as
    a Purchaser and as the sole Requisite Noteholder
	 	 	 
	 	By:
    	/s/
    Gary Rubin 
	 	 	Gary
Rubin
	 	 	Co-Trustee

 

    	 

    	 

    

 

AMENDMENT
NO. 4 TO SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT

 

This
AMENDMENT NO. 4 TO SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT (this “Amendment”), dated as of December 11,
2020 (the “Amendment Effective Date”), is by and among bioAffinity Technologies, Inc., a Delaware corporation
(“bioAffinity”), and The Harvey Sandler Revocable Trust (the “Trust”).

 

RECITALS

 

A.
  bioAffinity entered into that certain Secured Convertible Note Purchase Agreement, dated December 21, 2018, as amended by Amendment No.
1 to Secured Convertible Note Purchase Agreement dated February 5, 2020, Amendment No. 2 to Secured Convertible Note Purchase Agreement
dated April 27, 2020, and Amendment No. 3 to Secured Convertible Note Purchase Agreement dated July 27, 2020 (as amended, the “Agreement”)
with each of the persons and entities named on the Schedule of Purchasers attached thereto (each individually a “Purchaser”).

 

B.
  The Trust is both a Purchaser under the Agreement and the sole “Requisite Noteholder,” as such term is defined in the Agreement,
for purposes of approving amendments to the Agreement.

 

C.
  bioAffinity and the Trust have agreed to enter into this Amendment to extend the Maturity Date of the Notes issued under the Agreement
from December 31, 2020 to December 31, 2021, in accordance with Section 11.9 of the Agreement.

 

NOW,
THEREFORE, in consideration of the premises and the respective representations, warranties, covenants and agreements set forth in this
Amendment, and intending to be legally bound, the parties hereto agree as follows:

 

AMENDMENT

 

Amendment
to Section 1.12 of the Agreement. The Agreement is hereby amended by amending and restating Section 1.12 of the Agreement to read
in full as follows:

 

“1.12
“Maturity Date” means, with respect to each Note issued under this Agreement, December 31, 2021.”

 

MISCELLANEOUS

 

No
Other Amendments; Reservation of Rights; No Waiver. Other than as otherwise expressly provided herein, this Amendment shall not
be deemed to operate as an amendment or waiver of, or to prejudice, any right, power, privilege or remedy of any party under
the Agreement, nor shall the entering into of this Amendment preclude any party under the Agreement from refusing to enter
into any further amendments with respect to the Agreement. Other than as otherwise expressly provided herein, this Amendment shall
not constitute a waiver of compliance with any covenant or other provision in the Agreement or of the occurrence or continuance of
any present or future default.

 

Ratification
and Confirmation. Except as expressly set forth in this Amendment, the terms, provisions and conditions of the Agreement are hereby
ratified and confirmed and shall remain unchanged and in full force and effect without interruption or impairment of any kind.

 

Governing
Law. This Amendment shall be construed, performed and enforced in accordance with, and governed by, the laws of the State of Delaware
(without giving effect to the principles of conflicts of law thereof).

 

Electronic
Delivery; Counterparts. This Amendment may be executed in one or more counterparts, all of which shall constitute one and the same
instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .peg or similar attachment
to electronic mail (any such delivery, an “Electronic Delivery”) shall be treated in all manner and respects
as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the original signed version
thereof delivered in person.

 

Amendment.
This Amendment may not be amended or modified except in the manner specified for an amendment of or modification to the Agreement
in Section 11.9 of the Agreement.

 

[signature
page follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, bioAffinity and the Trust have caused this Amendment to be executed as of the Amendment Effective Date.

 

	 	bioAffinity
    Technologies, Inc.
	 	 	 
	 	By:
    	/s/
    Maria Zannes 
	 	 	Maria
Zannes
	 	 	President
and Chief Executive Officer
	 	 	 
	 	The
    Harvey Sandler Revocable Trust,
	 	as
    a Purchaser and as the sole Requisite Noteholder
	 	 	 
	 	By:
    	/s/
    Gary Rubin 
	 	 	Gary
Rubin
	 	 	Co-Trustee

 

    	 

    	 

    

 

AMENDMENT
NO. 5 TO SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT

 

This
AMENDMENT NO. 5 TO SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT (this “Amendment”), dated as of August 25, 2021
(the “Amendment Effective Date”), is by and among bioAffinity Technologies, Inc., a Delaware corporation (“bioAffinity”),
and The Harvey Sandler Revocable Trust (the “Trust”).

 

RECITALS

 

A.
  bioAffinity entered into that certain Secured Convertible Note Purchase Agreement, dated December 21, 2018, as amended by Amendment No.
1 to Secured Convertible Note Purchase Agreement dated February 5, 2020, and Amendment No. 2 to Secured Convertible Note Purchase Agreement
dated April 27, 2020, and that certain Amendment No. 3 to Secured Convertible Note Purchase Agreement dated July 27, 2020, and that certain
Amendment No. 4 to Secured Convertible Note Purchase Agreement dated December 11, 2020 (as amended, the “Agreement”)
with each of the persons and entities named on the Schedule of Purchasers attached thereto (each individually a “Purchaser”).

 

B.
  The Trust is both a Purchaser under the Agreement and the sole “Requisite Noteholder,” as such term is defined in the Agreement,
for purposes of approving amendments to the Agreement.

 

C.
bioAffinity and the Trust have agreed to enter into this Amendment in accordance with Section 11.9 of the Agreement to provide for (i)
the automatic conversion of the Notes issued under the Agreement in connection with an initial public offering by bioAffinity at a Conversion
Price of $0.60 per share (on a common stock equivalent basis); and (ii) to extend the Maturity Date of the Notes issued under the Agreement
from December 31, 2021 to May 31, 2022.

 

D.
  This Amendment is being entered into in reliance on and in consideration for bioAffinity issuing to each holder of a Note a corresponding
common stock purchase warrant (a “Warrant”) enabling such holder to purchase that number of shares of common
stock of bioAffinity equal to the quotient obtained by dividing the principal amount of each Note by 0.60 at a purchase price equal to
the offer price of the common stock in bioAffinity’s initial public offering or $0.75 per share if bioAffinity’s initial
public offering is not completed by the maturity date of the Notes, subject to the approval of an amendment to bioAffinity’s Articles
of Incorporation to increase the number of shares authorized for issuance thereunder by the board of directors and bioAffinity’s
stockholders.

 

NOW,
THEREFORE, in consideration of the premises and the respective representations, warranties, covenants and agreements set forth in this
Amendment, and intending to be legally bound, contingent on bioAffinity issuing one or more unsecured convertible promissory notes in
a principal amount of up to $3,500,000 as approved by bioAffinity’s board of directors on August 18, 2021, the parties hereto agree
as follows:

 

    	 

    	 

    

 

ARTICLE
1 

AMENDMENT

 

1.1
 Amendment to Section 1.3(a) of the Agreement. The Agreement is hereby amended by amending and restating Section 1.3(a) of the Agreement
in its entirety with the following language:

 

“(a)
with respect to a conversion pursuant to Section 4.1 not involving an IPO or Section 4.2(a), the product of (x) 100% less the Discount
and (y) the lowest per share purchase price of the Equity Securities issued in the Next Equity Financing, and with respect to a conversion
pursuant to Section 4.1 involving an IPO, sixty cents ($0.60) (on a common stock equivalent basis);”

 

1.2
Amendment to Section 1.11 of the Agreement. The Agreement is hereby amended by amending and restating Section 1.11 of the Agreement
in its entirety with the following language:

 

“Next
Equity Financing” means the next sale (or series of related sales) by bioAffinity of its Equity Securities following the date
of this Agreement, (a) in one or more offerings relying on Section 4(a)(2) of the Securities Act or Regulation D thereunder for exemption
from the registration requirements of Section 5 of the Securities Act, from which bioAffinity receives purchase commitments of not less
than $5 million and actual gross cash proceeds at an initial closing of not less than $3 million (not including the aggregate principal
amount of any Notes that convert into such Equity Securities); or (b) in an IPO.

 

1.3
Amendment to Section 1.12 of the Agreement. Section 1.12 of the Agreement is hereby amended by changing the Maturity Date of December
31, 2021, to May 31, 2022.

 

1.4
Amendment to Section 1 of the Agreement by Adding New Section 1.17. The Agreement is hereby amended by adding new Section 1.17 to
Section 1 of the Agreement as follows:

 

1.17
“IPO” means an initial offering of Common Stock pursuant to an effective registration statement filed under the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”) (other than a
registration (i) pursuant to a registration statement on Form S-8 (or other registration solely relating to an offering or sale to employees
or directors of bioAffinity pursuant to any employee stock plan or other employee benefit arrangement), (ii) pursuant to a registration
statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule
thereto), or (iii) in connection with any dividend or distribution reinvestment or similar plan).

 

ARTICLE
2

MISCELLANEOUS

 

2.1
No Other Amendments; Reservation of Rights; No Waiver. Other than as otherwise expressly provided herein, this Amendment shall not
be deemed to operate as an amendment or waiver of, or to prejudice, any right, power, privilege or remedy of any party under the Agreement,
nor shall the entering into of this Amendment preclude any party under the Agreement from refusing to enter into any further amendments
with respect to the Agreement. Other than as otherwise expressly provided herein, this Amendment shall not constitute a waiver of compliance
with any covenant or other provision in the Agreement or of the occurrence or continuance of any present or future default.

 

2.2
Ratification and Confirmation. Except as expressly set forth in this Amendment, the terms,
provisions and conditions of the Agreement are hereby ratified and confirmed and shall remain unchanged and in full force and effect
without interruption or impairment of any kind.

 

2.3
Governing Law. This Amendment shall be construed, performed and enforced in accordance with,
and governed by, the laws of the State of Delaware (without giving effect to the principles of conflicts of law thereof).

 

2.4
Electronic Delivery; Counterparts. This Amendment may be executed in one or more
counterparts, all of which shall constitute one and the same instrument. Any such counterpart, to the extent delivered by means of a
facsimile machine or by .pdf, .tif, .gif, .peg or similar attachment to electronic mail (any such delivery, an
“Electronic Delivery”) shall be treated in all manner and respects as an original executed counterpart and
shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in
person.

 

2.5
Amendment. This Amendment may not be amended or modified except in the manner specified for an amendment of or
modification to the Agreement in Section 11.9 of the Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, bioAffinity and the Trust have caused this Amendment to be executed as of the Amendment Effective Date.

 

	 	bioAffinity
    Technologies, Inc.
	 	 	 
	 	By:
    	/s/
    Maria Zannes 
	 	 	Maria
Zannes
	 	 	President
and Chief Executive Officer
	 	 	 
	 	The
    Harvey Sandler Revocable Trust,
	 	as
    a Purchaser and as the sole Requisite Noteholder
	 	 	 
	 	By:
    	/s/
    Gary Rubin 
	 	 	Gary
Rubin
	 	 	Co-Trustee

 

    	 

    	 

    

 

 AMENDMENT NO. 6 TO SECURED CONVERTIBLE NOTE
PURCHASE AGREEMENT 

   

 This AMENDMENT NO. 6 TO SECURED
CONVERTIBLE NOTE PURCHASE AGREEMENT (this “Amendment”), dated as of May 27, 2022 (the “Amendment
Effective Date”), is by and among bioAffinity Technologies, Inc., a Delaware corporation (“bioAffinity”),
and The Harvey Sandler Revocable Trust (the “Trust”). 

   

 RECITALS 

   

 A. bioAffinity entered into
that certain Secured Convertible Note Purchase Agreement, dated December 21, 2018, as amended by Amendment No. 1 to Secured Convertible
Note Purchase Agreement dated February 5, 2020, and Amendment No. 2 to Secured Convertible Note Purchase Agreement dated April 27, 2020,
and that certain Amendment No. 3 to Secured Convertible Note Purchase Agreement dated July 27, 2020, that certain Amendment No. 4 to
Secured Convertible Note Purchase Agreement dated December 11, 2020, and that certain Amendment No. 5 to Secured Convertible Note Purchase
Agreement dated August 25, 2021 (as amended, the “Agreement”) with each of the persons and entities named on
the Schedule of Purchasers attached thereto (each individually a “Purchaser”). 

   

 B. The Trust is both a Purchaser
under the Agreement and the sole “Requisite Noteholder,” as such term is defined in the Agreement, for purposes of approving
amendments to the Agreement. 

   

 C. bioAffinity and the Trust
have agreed to enter into this Amendment in accordance with Section 11.9 of the Agreement to extend the Maturity Date of the Notes issued
under the Agreement from May 31, 2022 to August 31, 2022. 

   

 D. In consideration of extending
the Maturity Date, the Purchaser shall receive interest on the Note at least through the date of June 30, 2022, or the date of conversion
of the Note in accordance with its terms, whichever is later in time. 

   

 NOW, THEREFORE, in consideration
of the premises and the respective representations, warranties, covenants and agreements set forth in this Amendment, and intending to
be legally bound, the parties hereto agree as follows: 

   

 ARTICLE 1  

 AMENDMENT 

   

 1.1 Amendment to Section
1.12 of the Agreement. Section 1.12 of the Agreement is hereby amended by changing the Maturity Date of May 31, 2022, to August 31,
2022. 

   

 ARTICLE 2 

 MISCELLANEOUS 

   

 2.1 No Other Amendments;
Reservation of Rights; No Waiver. Other than as otherwise expressly provided herein, this Amendment shall not be deemed to operate
as an amendment or waiver of, or to prejudice, any right, power, privilege or remedy of any party under the Agreement, nor shall the
entering into of this Amendment preclude any party under the Agreement from refusing to enter into any further amendments with respect
to the Agreement. Other than as otherwise expressly provided herein, this Amendment shall not constitute a waiver of compliance with
any covenant or other provision in the Agreement or of the occurrence or continuance of any present or future default. 

   

 2.2 Ratification and Confirmation.
Except as expressly set forth in this Amendment, the terms, provisions and conditions of the Agreement are hereby ratified and confirmed
and shall remain unchanged and in full force and effect without interruption or impairment of any kind. 

   

 2.3 Governing Law. This
Amendment shall be construed, performed and enforced in accordance with, and governed by, the laws of the State of Delaware (without
giving effect to the principles of conflicts of law thereof). 

   

 2.4 Electronic Delivery;
Counterparts. This Amendment may be executed in one or more counterparts, all of which shall constitute one and the same instrument.
Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .peg or similar attachment to electronic
mail (any such delivery, an “Electronic Delivery”) shall be treated in all manner and respects as an original
executed counterpart and shall be considered to have the same binding legal effect as if it were the original signed version thereof
delivered in person. 

   

 2.5 Amendment. This
Amendment may not be amended or modified except in the manner specified for an amendment of or modification to the Agreement in Section
11.9 of the Agreement. 

   

 [SIGNATURE PAGE FOLLOWS] 

 

    	 

    	 

    

 

 IN WITNESS WHEREOF, bioAffinity
and the Trust have caused this Amendment to be executed as of the Amendment Effective Date. 

 

	   	 bioAffinity Technologies, Inc. 
	   	   	   
	   	 By:  	 /s/ Maria Zannes  
	   	   	 Maria Zannes 
	   	   	 President and Chief Executive Officer 
	   	   	   
	   	 The Harvey Sandler Revocable Trust, 
	   	 as a Purchaser and as the sole Requisite Noteholder 
	   	   	   
	   	 By:  	 /s/ Gary Rubin  
	   	   	 Gary Rubin 
	   	   	 Co-Trustee 

 

    	 

    	 

    

 

 AMENDMENT
NO. 7 TO SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT 

   

 This
AMENDMENT NO. 7 TO SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT (this “Amendment”), dated as of July 20, 2022
(the “Amendment Effective Date”), is by and among bioAffinity Technologies, Inc., a Delaware corporation (“bioAffinity”),
and The Harvey Sandler Revocable Trust (the “Trust”). 

   

 RECITALS 

   

 A.
bioAffinity entered into that certain Secured Convertible Note Purchase Agreement, dated December 21, 2018, as amended by Amendment No.
1 to Secured Convertible Note Purchase Agreement dated February 5, 2020, and Amendment No. 2 to Secured Convertible Note Purchase Agreement
dated April 27, 2020, and that certain Amendment No. 3 to Secured Convertible Note Purchase Agreement dated July 27, 2020, that certain
Amendment No. 4 to Secured Convertible Note Purchase Agreement dated December 11, 2020, and that certain Amendment No. 5 to Secured Convertible
Note Purchase Agreement dated August 25, 2021, and that certain Amendment No. 6 to Secured Convertible Note Purchase Agreement dated
May 31, 2022 (as amended, the “Agreement”) with each of the persons and entities named on the Schedule of Purchasers
attached thereto (each individually a “Purchaser”). 

   

 B.
The Trust is both a Purchaser under the Agreement and the sole “Requisite Noteholder,” as such term is defined in the Agreement,
for purposes of approving amendments to the Agreement. 

   

 C.
bioAffinity and the Trust have agreed to enter into this Amendment in accordance with Section 11.9 of the Agreement to extend the Maturity
Date of the Notes issued under the Agreement from August 31, 2022 to October 31, 2022. 

   

 D.
This Amendment is being entered into in reliance on and in consideration for bioAffinity issuing to each holder of a Note a corresponding
common stock purchase warrant (a “Warrant”) enabling such holder to purchase that number of shares of common
stock of bioAffinity equal to the quotient obtained by dividing the principal amount of each Note by 10.5 at a purchase price equal to
$5.25 per share. 

   

 NOW,
THEREFORE, in consideration of the premises and the respective representations, warranties, covenants and agreements set forth in this
Amendment, and intending to be legally bound, the parties hereto agree as follows: 

   

 ARTICLE
1 

 AMENDMENT 

   

 1.1
Amendment to Section 1.12 of the Agreement. Section 1.12 of the Agreement is hereby amended by changing the Maturity Date of August
31, 2022, to October 31, 2022. 

   

 ARTICLE
2 

 MISCELLANEOUS 

   

 2.1
No Other Amendments; Reservation of Rights; No Waiver. Other than as otherwise expressly provided herein, this Amendment shall not
be deemed to operate as an amendment or waiver of, or to prejudice, any right, power, privilege or remedy of any party under the Agreement,
nor shall the entering into of this Amendment preclude any party under the Agreement from refusing to enter into any further amendments
with respect to the Agreement. Other than as otherwise expressly provided herein, this Amendment shall not constitute a waiver of compliance
with any covenant or other provision in the Agreement or of the occurrence or continuance of any present or future default. 

   

 2.2
Ratification and Confirmation. Except as expressly set forth in this Amendment, the terms, provisions and conditions of the Agreement
are hereby ratified and confirmed and shall remain unchanged and in full force and effect without interruption or impairment of any kind. 

   

 2.3
Governing Law. This Amendment shall be construed, performed and enforced in accordance with, and governed by, the laws of the State
of Delaware (without giving effect to the principles of conflicts of law thereof). 

   

 2.4
Electronic Delivery; Counterparts. This Amendment may be executed in one or more counterparts, all of which shall constitute one
and the same instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .peg or
similar attachment to electronic mail (any such delivery, an “Electronic Delivery”) shall be treated in all
manner and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the
original signed version thereof delivered in person. 

   

 2.5
Amendment. This Amendment may not be amended or modified except in the manner specified for an amendment of or modification to the
Agreement in Section 11.9 of the Agreement. 

   

 [SIGNATURE
PAGE FOLLOWS] 

 

    	 

    	 

    

 

 IN
WITNESS WHEREOF, bioAffinity and the Trust have caused this Amendment to be executed as of the Amendment Effective Date. 

 

	   	 bioAffinity
    Technologies, Inc. 
	   	   	   
	   	 By:
     	 /s/
    Maria Zannes  
	   	   	 Maria
    Zannes 
	   	   	 President
    and Chief Executive Officer 
	   	   	   
	   	 The
    Harvey Sandler Revocable Trust, 
	   	 as
    a Purchaser and as the sole Requisite Noteholder 
	   	   	   
	   	 By:
     	 /s/
    Gary Rubin  
	   	   	 Gary
    Rubin 
	   	   	 Co-Trustee

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]