Document:

EX-10.31

 Exhibit 10.31 

WAIVER AND AMENDMENT TO 

STOCKHOLDERS AGREEMENT, LIMITED LIABILITY COMPANY AGREEMENT AND OPTION TO PURCHASE 

This Waiver and Amendment (this “Waiver and Amendment”) to (i) that certain Stockholders Agreement by and among Change
Healthcare Inc. (f/k/a HCIT Holdings, Inc.) (“Change Healthcare Inc.”), Change Healthcare LLC, McKesson Corporation (“McK”) and the Sponsors, Other Investors and Managers named therein, dated as of March 1,
2017 (the “Stockholders Agreement”), (ii) that certain Third Amended and Restated Limited Liability Company Agreement of Change Healthcare LLC, dated as of March 1, 2017 (the “LLCA”) and (iii) that certain
Option to Enter into a Purchase Agreement by and among the Connect Parties named therein, the Company Parties named therein, the Sponsors named therein and the Echo Shareholders named therein, dated as of February 28, 2017 (the “Option
to Purchase”), is entered into as of May 30, 2019 by and among Change Healthcare Inc., Change Healthcare LLC, McK, Change Healthcare Solutions, LLC and the requisite holders of Echo Shares (as defined in the Stockholders Agreement) as
provided in Section 7.7(b) of the Stockholders Agreement (each a “Party” and collectively the “Parties”). 

WHEREAS, each of the Parties desires to waive or amend the provisions of the Stockholders Agreement, LLCA and Option to Purchase as set forth
herein. 
 WAIVER AND AMENDMENT 

NOW THEREFORE, in consideration of the mutual agreements and covenants set forth below, the parties hereto agree as follows: 

A.    Amendment of the Stockholders Agreement. The Stockholders Agreement is hereby amended as follows: 

(1)    Section 2.4(b) of the Stockholders Agreement is hereby amended and restated in its entirety as follows: 

Class X Stock. Following a Qualified IPO, and prior to the MCK Trigger Date, in the event Echo breaches the terms
of, or otherwise fails to take any action then required to be taken pursuant to the terms of, the Agreement and Plan of Merger, between Echo and MCK dated December 20, 2016, as amended, replaced or supplemented from time to time (the
“Merger Agreement,” and/or the merger contemplated by the Merger Agreement and/or the LLC Agreement, the “Merger”), including for the avoidance of doubt, the failure to obtain any necessary approval of the Board of
Directors or Stockholders of Echo required in connection with the Merger, then following the delivery to Echo by MCK of a written notice of such breach or failure, Echo, the Sponsors and the Stockholders shall take all Necessary Action to promptly
issue to MCK (or one of its designated Affiliates) one (1) share of Class X Stock for the legal minimum consideration for such share which, when issued in accordance with the terms hereof, shall be duly authorized and validly issued, fully
paid and non-assessable, and have the rights set forth in the Articles. 

 (2)    Section 3.1(b) of the Stockholders Agreement is hereby amended
and restated in its entirety as follows: 
 (b)    Post-IPO Board of
Directors. Effective immediately prior to a Qualified IPO and in connection with the consummation of a Qualified IPO, the Stockholders and Echo shall take all Necessary Action to cause the Board of Directors to be comprised of such directors as
Majority Blackstone Investors shall designate; provided, that (i) such Board of Directors shall meet any and all applicable Independence Requirements and the other rules and regulations of the SEC and any applicable stock exchange and
(ii) such designees shall only be appointed to the Board of Directors to serve for terms of no more than one (1) year. Following such Qualified IPO and prior to consummation of a Qualified MCK Exit, for so long as Stockholders (together
with their Permitted Transferees and Affiliates) collectively continue to hold forty percent (40%) or more of the aggregate number of shares of Common Stock entitled to vote generally in the election of directors as of the record date for such
meeting, the Majority Blackstone Investors shall be entitled to nominate to the Board of Directors a number of directors equal to a majority of the total members of the Board of Directors. Following a Qualified MCK Exit, for so long as Blackstone
(together with its Permitted Transferees and Affiliates) continues to hold fifty percent (50%) or more of the aggregate number of shares of Common Stock issued to Blackstone on the date hereof (as appropriately adjusted for any stock split, stock
dividend, combination, recapitalization or the like), the Majority Blackstone Investors shall be entitled to nominate to the Board of Directors a number of directors equal to a majority of the total members of the Board of Directors minus one
director (the “Post-MCK Exit Level”). Notwithstanding anything otherwise to the contrary herein, at all times following a Qualified IPO, for so long as Blackstone (together with its Permitted
Transferees and Affiliates) continues to hold five percent (5%) or more of the aggregate number of shares of Common Stock entitled to vote generally in the election of directors as of the record date for such meeting, the Majority Blackstone
Investors shall be entitled to nominate not fewer than two directors to the Board of Directors; provided, that following a Qualified MCK Exit, the Majority Blackstone Investors shall in no event be entitled to nominate a number of directors
that would result in a number of nominees in excess of the Post-MCK Exit Level. 

(3)    Section 7.9(ii) of the Stockholders Agreement is hereby amended and restated in its entirety as follows: 

(ii)    if to H&F, to: 

c/o Hellman & Friedman LLC 

415 Mission Street 
 Suite 5700

 San Francisco, California 94105 

Attention:     Allen R. Thorpe 

                     Arrie R. Park

 Facsimile:    [fax number] 

 with a copy (which shall not constitute notice) to: 

Simpson Thacher & Bartlett LLP 

2475 Hanover Street 
 Palo Alto,
California 94304 
 Attention:     Atif Azher 

Facsimile:    [fax number] 

(4)    The Stockholders Agreement is hereby amended by inserting a new Section 7.17 as follows: 

Section 7.17 Certain Recipients of Awards. For the avoidance of doubt, and notwithstanding anything to the contrary in this Agreement
or otherwise, the Stockholders hereby agree that (i) each Person who first receives an Award (as defined in the HCIT Holdings, Inc. Amended and Restated 2009 Equity Incentive Plan) after March 1, 2017 (a “Post-Closing
Awardee”) (x) is not, and shall at no time be, a Stockholder under this Agreement and (y) has, and shall have, no rights or obligations of any kind whatsoever under or with respect to this Agreement, and (ii) this
Section 7.17 shall have no effect on the status under this Agreement of any Person who held Echo Shares as of March 1, 2017 or who received an Award (including, but not limited to, Awards comprising unvested restricted shares of Common
Stock) in connection with the closing of the transactions contemplated by the Contribution Agreement. Notwithstanding the foregoing clause (i), a Post-Closing Awardee may be joined to this Agreement pursuant to an agreement that (A) expressly
refers to this Section 7.17, (B) states that the Post-Closing Awardee is being joined to this Agreement notwithstanding Section 7.17 and (C) is signed by all the parties hereto that would be
required to amend this Section 7.17. 
 B.    Amendment of the LLCA. The LLCA is hereby
amended as follows: 
 (1)    The following definitions in the LLCA are hereby amended and restated in their entirety as
follows: 
 “Adjustment Event” means, without duplication, (i) the filing by the Company of any amended U.S.
federal income tax return, (ii) a “determination” as defined in Code Section 1313(a) and (iii) any other event (including the execution of IRS Form 870-AD) that finally and
conclusively establishes the amount of any liability of any Member or former Member (or their respective current and former Affiliates) for U.S. federal income tax in respect of (x) any item of income, gain, loss or deduction of the Company
(each, a “Company Item”) for any taxable period, (y) any item of income, gain, loss or deduction of such Member attributable to the treatment as taxable of any issuance, repurchase, redemption or distribution by the Company to
Echo described in Section 3.03(c) in connection with any Approved Plan or a redemption or repurchase of Echo Shares pursuant to the terms of the Echo Shareholders Agreement (each, an “Echo Benefit Plan Item”), or (z) any
item of income, gain, loss or deduction of such Member attributable to the availability or unavailability of any interest deduction to such Member under Section 163(j)(4)(B) of the Code (a “Carryforward Interest Item”) excluding, for
the avoidance of doubt, any event establishing the liability of the Company for an “imputed underpayment” under Section 6225 of the Partnership Tax Audit Rules for which an election under Section 6226 of the Partnership Tax Audit
Rules is not made. 

 “Adjustment Tax Year Amount” means, for any Adjustment Event, any Member
and any Tax Year to which such Adjustment Event relates, an amount, which may be positive or negative, determined by multiplying (i) the Applicable Tax Rate (as determined for such Tax Year) by (ii) (A) the sum of (x) the net amount
of Company Items allocable to such Member (y) the net amount of Echo Benefit Plan Items recognized by such Member and (z) the net amount of any Carryforward Interest Items recognized by such Member, for such Tax Year after giving effect to
such Adjustment Event (including any correlative adjustments to Company Items), minus (B) the sum of (x) the net amount of Company Items allocable to such Member, (y) the net amount of Echo Benefit Plan Items recognized by such Member
and (z) the net amount of any Carryforward Interest Items, for such Tax Year before giving effect to such Adjustment Event (but, for the avoidance of doubt, after giving effect to any prior Adjustment Event). 

“Annual Tax Distribution Amount” means with respect to a Member for a Tax Year, an amount equal to the product of
(a) the excess of (x) the aggregate amount of net taxable income and gain allocated to such Member with respect to the Units pursuant to Section 8.01(c) for such Tax Year over (y) the amount of any deduction available to such
Member for such Tax Year as a result of the application of Section 163(j)(4)(B) to business interest incurred by the Company in a prior Tax Year and (b) the Applicable Tax Rate. 

“Estimated Tax Distribution Amount” means, with respect to a Member for each Estimated Tax Distribution Period of a Tax Year,
an amount equal to (a) the product of (i) the excess of (x) the estimated aggregate amount of taxable income and gain allocated to such Member with respect to such Member’s Units pursuant to Section 8.01(c) for such Tax Year
through the end of such Estimated Tax Distribution Period over (y) the estimated amount of any deduction available to such Member for such Tax Year through the end of such Estimated Tax Distribution Period as a result of the application of
Section 163(j)(4)(B) to business interest incurred by the Company in a prior Tax Year, in each case as determined by the Board prior to the date of distribution pursuant to Section 8.02(a)(i) with respect to such Estimated Tax Distribution
Period, and (ii) the Applicable Tax Rate less (b) the sum of the Estimated Tax Distribution Amount(s) previously calculated in respect of the previous Estimated Tax Distribution Period(s) with respect to such Tax Year. 

(2)    Section 8.01(b)(i) of the LLCA is hereby amended by adding the following parenthetical to the end of the proviso
thereof: “(it being understood for the avoidance of doubt that any allocation of Depreciation in respect of the MCK IPCo Owned Intellectual Property to Echo pursuant to this proviso shall be treated as having been made pursuant to paragraph
3(b) of that certain Amended and Restated Letter Agreement Relating to Agreement of Contribution and Sale dated as of September 28, 2018 by and among MCK, the MCK Members, Echo, the Company and Change Healthcare Holdings, LLC)”. 

 (3)    Section 11.04(d)(vi) of the LLCA is hereby amended and restated
in its entirety, with effect from and after the date hereof, as follows: 
 “(vi) (A) from May 30, 2019 (the
“Amendment Start Date”) until the date on which the MCK Exit Window terminates or expires, if any such date occurs prior to the date that the right of the MCK Members to approve Reserved Matters terminates pursuant to
Section 5.05(b) (such termination or expiration date, the “Amendment End Date”), and in each case (A) except as expressly contemplated in this Agreement (but including pursuant to an Approved Echo
Plan) or (B) except as expressly approved by the compensation committee of the Company or Echo, which such approval includes the approval of an employee or designee of the MCK Member or its Affiliates, as evidenced in the minutes of the
applicable meeting or in the unanimous written consent, (1) any modification, waiver, or amendment of the terms of any Echo Shares or other Equity Securities of Echo or its Subsidiaries that were outstanding as of the Amendment Start Date
(“Grandfathered Echo Securities”), or (2) other than pursuant to the terms of Grandfathered Echo Securities, any issuance, or authorization of issuance, grant or other award of any Echo Shares or other Equity Securities of Echo
or its Subsidiaries, or any amendment to, modification of, or waiver of the terms of any issuance, grant or other award of any Echo Shares or other Equity Securities of Echo or its Subsidiaries; or 

(B) prior to the Amendment Start Date and on or after the Amendment End Date, any issuance, or authorization of issuance, of any Echo Shares
or other Equity Securities of Echo or its Subsidiaries, except as expressly contemplated in this Agreement and excluding the issuance of any Equity Securities of Echo or its Subsidiaries pursuant to awards approved by the Board under any Approved
Echo Plan;” 
 C.    Waiver and Agreement in respect of the Option to Purchase. Each of McK, Change
Healthcare Inc., Change Healthcare LLC and Change Solutions hereby agrees and consents as required under the Stockholders Agreement and LLCA (including Section 5.05 thereof) as follows: 

(1)    For the purposes of this Waiver and Amendment, “eRx Cash” means cash and cash equivalents of eRx Network
Holdings, Inc, and its subsidiaries determined in accordance with generally accepted accounting principles, in effect from time to time, minus (i) deposits in transit, cash overdrafts, outstanding checks, and negative bank balances, minus
(ii) restricted cash. 
 (2)    That the Purchase Price under the Option to Purchase will be increased by an amount
equal to eRx Cash as of 12:01am (New York time) on the day of Closing (as defined in the Option to Purchase). 

(3)    That notwithstanding the restrictive covenants contained in Section 8(a) of the Option to Purchase or any
other agreements among the parties, the Connect Parties will be permitted, following the earlier of (i) the date of the Echo Option Trigger (as defined in the Option to Purchase) or (ii) the expiration or termination of the MCK Exit Window
(as defined in the LLCA), to distribute any eRx Cash from time to time prior to the Business Day prior to the Closing (as defined in the Option to Purchase) to the Echo Shareholders, so long as (A) such distribution is made pro rata among the
Echo Shareholders and (B) if such distribution is made following the expiration or termination of the MCK Exit Window but prior to the date of the Echo Option Trigger, any such eRx Cash distributed, in the determination of the board of
directors of eRx, is not otherwise reasonably necessary to operate the eRx business in the ordinary course or invest in the eRx business to maintain its competitiveness. 

 (4)    That the Echo Shareholders and eRx Network Holdings, Inc, and its
subsidiaries are express third party beneficiaries with respect to this Section C and may enforce the rights hereunder as if party hereto. 

D.    Authority. Each party hereto represents and warrants that it has all requisite corporate or limited liability
company, as applicable, power and authority to execute and deliver this Amendment and to perform its obligations hereunder; and the execution, delivery and performance of this Amendment has been duly authorized by all necessary corporate or limited
liability company, as applicable, action. 
 E.    Miscellaneous. 

a.    Counterparts. This Waiver and Amendment may be executed in two or more counterparts (including by facsimile
or other electronic means), each of which shall be deemed to constitute an original, but all of which together shall be deemed to constitute one and the same instrument. 

b.    Headings. Headings are for reference purposes only and do not limit or otherwise affect any of the substance
of this Waiver and Amendment. 
 c.    Continued Effectiveness. Except as expressly amended, modified or
supplemented in this Waiver and Amendment, the terms of the Stockholders Agreement and the LLCA remain unchanged, and, as amended by this Waiver and Amendment, shall remain in full force and effect, and each is hereby confirmed and ratified. For
avoidance of doubt, nothing herein shall be deemed to modify or impair the rights of the Members (as defined in the LLCA) pursuant to the LLCA, including, without limitation, the approval rights of the Members (as members of the IPO Committee) with
respect to the final pricing, size and other material terms of a Qualified IPO pursuant to Section 5.05(a)(xxvi) of the LLCA. 

d.    CHOICE OF LAW. THIS WAIVER AND AMENDMENT WILL BE GOVERNED BY, AND ENFORCED, CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICT OF LAWS OF SUCH STATE THAT WOULD PROVIDE FOR THE APPLICATION OF THE LAWS OF
ANY OTHER JURISDICTION. 
 e.    Amendments. This Waiver and Amendment may not be amended except by an
instrument in writing and signed by each of the Parties hereto. 
 [Signatures Follow] 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Waiver and Amendment to be
duly executed and delivered in its name and on its behalf, all as of the day and year first written above. 
  

			
	 BLACKSTONE CAPITAL PARTNERS VI L.P.

		
	By:	 	 Blackstone Management Associates VI L.L.C.,
 its
general partner

		
		 	By: BMA VI L.L.C., its sole member
		
	By:	 	/s/ Neil P. Simpkins
		 	 Name: Neil P. Simpkins
 Title:
  Senior Managing Director

  

			
	BLACKSTONE FAMILY INVESTMENT PARTNERSHIP VI L.P.
		
	By:	 	 BCP VI Side-By-Side GP L.L.C.,

its general partner

		
	By:	 	/s/ Neil P. Simpkins
		 	 Name: Neil P. Simpkins
 Title:
  Senior Managing Director

  

			
	BLACKSTONE FAMILY INVESTMENT PARTNERSHIP VI – ESC L.P.
		
	By:	 	 BCP VI Side-By-Side GP L.L.C.,

its general partner

		
	By:	 	/s/ Neil P. Simpkins
		 	 Name: Neil P. Simpkins
 Title:
  Senior Managing Director

  

			
	BLACKSTONE EAGLE PRINCIPAL TRANSACTION PARTNERS L.P.
		
	By:	 	 Blackstone Management Associates VI L.L.C.,
 its
general partner

		
		 	By: BMA VI L.L.C., its sole member
		
	By:	 	/s/ Neil P. Simpkins
		 	 Name: Neil P. Simpkins
 Title:
  Senior Managing Director

 [Signature Page to Waiver and Amendment] 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Waiver and Amendment to be
duly executed and delivered in its name and on its behalf, all as of the day and year first written above. 
  

			
	 CHANGE HEALTHCARE INC.

		
	By:	 	/s/ Loretta A. Cecil
		 	 Name: Loretta A. Cecil
 Title:
  Executive Vice President, General Counsel

  

			
	 CHANGE HEALTHCARE LLC

		
	By:	 	/s/ Loretta A. Cecil
		 	 Name: Loretta A. Cecil
 Title:
  Executive Vice President, General Counsel

 [Signature Page to Waiver and Amendment] 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Waiver and Amendment to be
duly executed and delivered in its name and on its behalf, all as of the day and year first written above. 
  

			
	 McKESSON CORPORATION

		
	By:	 	/s/ Britt J. Vitalone
		 	 Name: Britt J. Vitalone
 Title:
  Chief Financial Officer

  

			
	 PF2 IP LLC

		
	By:	 	/s/ Michele Lau
		 	 Name:
 Title:   

  

			
	 PF2 PST SERVICES INC.

		
	By:	 	/s/ Michele Lau
		 	 Name:
 Title:

 [Signature Page to Waiver and Amendment]Exhibit 10.1

 

NEITHER THIS WARRANT NOR THE SECURITIES FOR WHICH THIS WARRANT IS EXERCISABLE HAVE BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE, IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED
OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS, AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL
BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

COMMON STOCK PURCHASE WARRANT

 

AMESITE
INC.

 

	Warrant Shares: 1,479,078	Initial Exercise Date: June 11, 2019

 

 

THIS COMMON STOCK PURCHASE
WARRANT (this “Warrant”) certifies that, for value received,_______________________ (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after June 11, 2019 (the “Initial Exercise Date”) and on or prior to the close of business on the Termination
Date (as defined below) but not thereafter, to subscribe for and purchase from Amesite Inc., a Delaware corporation (the “Company”),
up to 1,479,078 shares (subject to adjustment hereunder, the “Warrant Shares”) of the Company’s common
stock, par value $0.0001 per share (“Common Stock”).

 

Section 1. [Intentionally
Omitted].

 

Section 2. Exercise;
Termination Date.

 

a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or
agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing
on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto as Annex A;
and, within three (3) Business Days of the date said Notice of Exercise is delivered to the Company, the Company shall have received
payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United
States bank or, if available, pursuant to the cashless exercise procedure specified in Section 2(c) below. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the
Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the
Holder shall surrender this Warrant to the Company for cancellation within three (3) Business Days of the date the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise Form within four (4) Business Days of receipt of such notice. In the event of any dispute or discrepancy, the records
of the Holder shall be controlling and determinative in the absence of manifest error. The Holder and any assignee, by acceptance
of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion
of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than
the amount stated on the face hereof.

 

     

     

    

 

b) Exercise
Price. The exercise price (the “Exercise Price”) of this Warrant shall be $1.50 per Warrant Share, subject
to adjustment hereunder.

 

c) Cashless
Exercise. If at any time after the six-month anniversary of the Initial Exercise Date, there is no effective registration statement
registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant may also
be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled
to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = the VWAP on the trading
day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,”
as set forth in the applicable Notice of Exercise;

 

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

 

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

 

For purposes of this Section 2(c),
“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if
the Common Stock is then listed or quoted on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq
Global Select Market, the New York Stock Exchange, the daily volume weighted average price of the Common Stock for such date (or
the nearest preceding date) on the trading market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P.
(based on a trading day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is quoted
on the OTCQB or OTCQX, 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 in the “Pink Sheets” published by OTC Markets, Inc. (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 Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company

 

    2

     

    

 

d) Mechanics
of Exercise.

 

i. Delivery
of Certificates Upon Exercise. Certificates for the Warrant Shares purchased or exercised hereunder shall be transmitted by
the Company’s transfer agent to the Holder by crediting the account of the Holder’s broker with the Depository Trust
Company through its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the resale of the Warrant Shares by the Holder
or (B) the Warrant Shares are eligible for resale without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise
by physical delivery to the address specified by the Holder in the Notice of Exercise within three (3) Business Days from the delivery
to the Company of the Notice of Exercise Form, surrender of this Warrant (if required), and payment of the aggregate Exercise Price
(unless cashless exercise is utilize) as set forth above (the “Warrant Share Delivery Date”). This Warrant shall
be deemed to have been exercised on the date the Exercise Price is received by the Company (or notice of cashless exercise is received).
The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall
be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised by payment
to the Company of the Exercise Price and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(v)
prior to the issuance of such shares, have been paid.

 

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

 

iii. Rescission
Rights. If the Company fails to cause the Company’s transfer agent to transmit to the Holder a certificate or the certificates
representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then, the Holder will have
the right to rescind such exercise.

 

iv. No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

    3

     

    

 

v. Charges,
Taxes and Expenses. Issuance of certificates for 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 certificate, all of which taxes and expenses shall
be paid by the Company, and such certificates 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 certificates for Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
duly executed by the Holder, and such other documentation as the Company may require regarding the investor status of the assignee,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

 

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

 

e) Termination
Date. This Warrant shall be exercisable from the Initial Exercise Date until June 11, 2024.

 

Section 3. Certain
Adjustments.

 

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

 

    4

     

    

 

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

 

    5

     

    

 

c) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may
be.

 

d) Notice
to Holder.

 

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

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email
to the Holder at its last facsimile number of email address as it shall appear upon the Warrant Register of the Company, at least
twenty (20) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date
on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. The Holder is entitled to exercise this Warrant during the period commencing on the date of such notice to the
effective date of the event triggering such notice.

 

    6

     

    

 

Section 4. Transfer
of Warrant.

 

a) Transferability.
Subject to compliance with any applicable securities laws and the reasonable conditions and documentation required by the Company,
this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment
of this Warrant substantially in the form attached hereto as Annex B, duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly
assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

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

 

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

 

    7

     

    

 

Section 5. Piggy-Back
Registration Rights.

 

(a) If,
at any time on or after the Closing, the Company proposes to file any Registration Statement under the Securities Act (a “Registration
Statement”) with respect to any offering of equity securities, or securities or other obligations exercisable or exchangeable
for, or convertible into, equity securities, by the Company for its own account or for shareholders of the Company for their account
(or by the Company and by shareholders of the Company), other than a Registration Statement in connection with a merger or acquisition,
then the Company shall (x) give written notice of such proposed filing to the Holder as soon as practicable but in no event less
than ten (10) days before the anticipated filing date of the Registration Statement, which notice shall describe the amount and
type of securities to be included in such Registration Statement, the intended method(s) of distribution, and the name of the proposed
managing underwriter or underwriters, if any, of the offering, and (y) offer to the Holder in such notice the opportunity to register
the sale of such number of Securities as such Holder may request in writing within five (5) days following receipt of such notice
(a “Piggy-Back Registration”). The Company shall cause the shares of Common Stock underlying the Warrant Shares
(the “Registrable Securities”) to be included in such registration and shall cause the managing underwriter
or underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back
Registration on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition
of such Registrable Securities in accordance with the intended method(s) of distribution thereof. A Holder proposing to distribute
its securities through a Piggy-Back Registration that involves an underwriter or underwriters shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such Piggy-Back Registration. Notwithstanding anything
to the contrary in this Section 5(a), the Company shall not be required to register such Registrable Securities pursuant
to this Section 5(a) that are eligible for resale pursuant to Rule 144 promulgated under the Securities Act or that are
the subject of a then effective Registration Statement.

 

(b) Any
Holder may elect to withdraw its request for inclusion of Registrable Securities in any Piggy-Back Registration by giving written
notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement. The Company (whether
on its own determination or as the result of a withdrawal by persons making a demand pursuant to written contractual obligations)
may withdraw a Registration Statement at any time prior to the effectiveness of such Registration Statement. Notwithstanding any
such withdrawal, the Company shall pay all expenses incurred by the Holder in connection with such Piggy-Back Registration (including
but not limited to any legal fees). 

 

(c) The
Company shall notify the Holder at any time when a prospectus relating to its Registrable Securities is required to be delivered
under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included
in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then
existing. At the request of Holder, the Company shall also prepare, file and furnish to Holder a reasonable number of copies of
a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of the
Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing.
The Holder shall not offer or sell any Registrable Securities covered by the Registration Statement after receipt of such notification
until the receipt of such supplement or amendment.

 

(d) The
Company may request Holder to furnish the Company such information with respect to such Holder and such Holder’s proposed
distribution of the Registrable Securities pursuant to the Registration Statement as the Company may from time to time reasonably
request in writing or as shall be required by law or by the Commission in connection therewith, and such Holders shall furnish
the Company with such information.

 

    8

     

    

 

(e) All
fees and expenses incident to the performance of or compliance with this Section 5 by the Company shall be borne by the
Company whether or not any Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses
of the Company’s counsel and independent registered public accountants) (A) with respect to filings made with the Securities
and Exchange Commission, (B) with respect to filings required to be made with any trading market on which the Common Stock or other
Securities are then listed for trading, (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to
by the Company in writing (including, without limitation, fees and disbursements of counsel for the Company in connection with
Blue Sky qualifications or exemptions of the Registrable Securities), and (D) with respect to any filing that may be required to
be made by any broker through which Holder intends to make sales of Securities with FINRA, (ii) printing expenses, (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance,
if the Company so desires such insurance, and (vi) fees and expenses of all other persons or entities retained by the Company in
connection with the actions contemplated by this Section 5. 

 

(f) The
Company and its successors and assigns shall indemnify and hold harmless Holder, the officers, directors, members, partners, agents
and employees (and any other individuals or entities with a functionally equivalent role of a person holding such titles, notwithstanding
a lack of such title or any other title) of each of them, each individual or entity who controls Holder (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act of 1934, as amended (the “Exchange Act”))
and the officers, directors, members, stockholders, partners, agents and employees (and any other individuals or entities with
a functionally equivalent role of a person holding such titles, notwithstanding a lack of such title or any other title) of each
such controlling individual or entity (each, an “Indemnified Party”), to the fullest extent permitted by applicable
law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’
fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating to (1) any untrue or alleged
untrue statement of a material fact contained in a Registration Statement, any related prospectus or any form of prospectus or
in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any such
prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (2) any violation
or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation
thereunder, in connection with the performance of its obligations under this Section 5, except to the extent, but only to
the extent, that such untrue statements or omissions are based upon information regarding Holder furnished to the Company by such
party for use therein. The Company shall notify Holder promptly of the institution, threat or assertion of any proceeding arising
from or in connection with the transactions contemplated by this Section 5 of which the Company is aware. If the indemnification
hereunder is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless for any Losses, then the
Company shall contribute to the amount paid or payable by such Indemnified Party, in such proportion as is appropriate to reflect
the relative fault of the Company and Indemnified Party in connection with the actions, statements or omissions that resulted in
such Losses as well as any other relevant equitable considerations. The relative fault of the Company and Indemnified Party shall
be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement
of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied
by, the Company or the Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall
be deemed to include any reasonable attorneys’ or other fees or expenses incurred by such party in connection with any proceeding
to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for herein was available
to such party in accordance with its terms. It is agreed that it would not be just and equitable if contribution pursuant to this
Section 6(f) were determined by pro rata allocation or by any other method of allocation that does not take into account
the equitable considerations referred to in the immediately preceding sentence. Notwithstanding the provisions of this Section
5(f), Holder shall not be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds
actually received by such party from the sale of all of their Registrable Securities pursuant to such Registration Statement or
related prospectus exceeds the amount of any damages that such party has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission.

 

    9

     

    

 

Section 6. Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s affiliates, and
any other Persons acting as a group together with the Holder or any of the Holder’s affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes
of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its affiliates and Attribution
Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination
is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its affiliates or Attribution Parties and (ii)
exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other of the Company’s securities convertible or exercisable into shares of Common Stock) 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 6, beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder,
it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with
Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.
To the extent that the limitation contained in this Section 6 applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any affiliates and Attribution Parties) and of which portion
of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall
be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each
case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 6,
in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common
Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may
be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent
setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall
within one trading day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any
case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder or its affiliates or Attribution Parties since the date as of
which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be
4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The
Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section
6, provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the
Holder and the provisions of this Section 6 shall continue to apply. Any increase in the Beneficial Ownership Limitation
will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 6 to correct
this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation
herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations
contained in this paragraph shall apply to a successor holder of this Warrant.

 

Section 7. Miscellaneous.

 

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

 

    10

     

    

 

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

 

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

 

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

 

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

 

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

 

e) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined
by applying the laws of the State of Delaware, without regard to its conflicts of laws provisions.

 

f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant will have restrictions upon resale imposed
by state and federal securities laws unless (i) such Warrant Shares are registered; (ii) the Holder utilizes cashless exercise
after holding the Warrant for the applicable holding period required to satisfy Rule 144; or (iii) the resale of the Warrant Shares
satisfies another exemption under the Securities Act.

 

    11

     

    

 

g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding the fact that all rights
hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

h) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder or the Company shall be as follows:

 

If to the Holder:

 

[__]

 

If to the Company:

 

Amesite Inc.

205 East Washington
Street

Suite B

Ann Arbor, MI
48104

 

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

 

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

 

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

 

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

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    12

     

    

 

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

 

	 	AMESITE
    INC.
	 	 	 
	 	By	 
	 	Name:

        Title:
	 

 

    13

     

    

 

ANNEX
A

 

NOTICE
OF EXERCISE

 

To:AMESITE
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

 

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

 

☐     lawful money of
the United States; or

 

☐     the cancellation of such
number of Warrant Shares as is necessary, in accordance with the formula set forth in Section 2(c) of the Warrant, to exercise
the same with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth
in Section 2(c) of the Warrant.

 

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

_______________________________

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Rule 501(a) of Regulation D,
promulgated under the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity:                                                                                                                                                         

Signature
of Authorized Signatory of Investing Entity:                                                                                                     

Name
of Authorized Signatory:                                                                                                                                               

Title
of Authorized Signatory:                                                                                                                                                 

Date:
                                                                                                                                                                                                 

 

    14

     

    

 

ANNEX
B

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the Warrant.)

 

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

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

 

 

_______________________________________________________________

 

 

	 	Dated:
______________, _______

 

 

Holder’s
Signature:_____________________________

 

Holder’s
Address:_____________________________

 

          _____________________________

 

Signature
Guaranteed: ___________________________________________

 

 

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

 

 

15

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