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  Exhibit 4.1

 

CERTIFICATE OF DESIGNATIONS

 

OF

 

ENDRA
LIFE SCIENCES INC.

 

SERIES B CONVERTIBLE PREFERRED STOCK

 

THE
UNDERSIGNED, the President and Chief Executive Officer of ENDRA
Life Sciences Inc., a Delaware corporation (hereinafter called the
“Corporation”),
DOES HEREBY CERTIFY that the following resolution has been duly
adopted by the Board of Directors of the Corporation on December
15, 2019:

 

RESOLVED, that pursuant to the authority
expressly granted to and vested in the Board of Directors of the
Corporation (the “Board of
Directors”) by the provisions of Article
FOURTH of the
Certificate of Incorporation of the Corporation and Section 151(g)
of the General Corporation Law of the State of Delaware (the
“DGCL”), the
Board of Directors hereby creates and designates a series of
preferred stock, par value $0.0001 per share, of the Corporation
and authorizes the issuance thereof, and hereby fixes the
designation and amount thereof and the powers, preferences, and
relative rights thereof as follows:

 

1.

Designation;
Number of Shares.

 

The
designation of said series of the Preferred Stock shall be
“Series B Convertible Preferred Stock” (the
“Series B
Preferred Stock”). The number of authorized shares of
Series B Preferred Stock shall be 1,000.

 

2.

Dividend
Rights.

 

The
holders of Series B Preferred Stock shall be entitled to receive
as, when, and if declared by the Board of Directors, out of funds
legally available therefor, dividends at an annual rate equal to
6.0% of the Original Series B Issue Price per share for each of the
then outstanding shares of Series B Preferred Stock, calculated on
the basis of a 360-day year consisting of twelve 30-day months,
compounding annually. Such dividends shall begin to accrue and
shall accumulate (to the extent not otherwise declared and paid as
set forth above) on each share of Series B Preferred Stock, from
the date of issuance of such share of Series B Preferred Stock (the
“Original
Issue Date”), whether or not declared. So long as any
shares of Series B Preferred Stock are outstanding, no dividends
shall be paid or declared and set apart for payment upon the Junior
Securities by the Corporation.

 

3.

Liquidation
Rights.

 

(a) In
the event of any liquidation, dissolution, or winding up of the
Corporation, either voluntary or involuntary (a “Liquidation
Event”), or any Sale of the Corporation the holders of
Series B Preferred Stock shall be entitled to receive together with
the holders of the Corporation’s Series A Convertible
Preferred Stock, par value $0.0001 per share (“Series A Preferred
Stock”) on a pari passu basis, prior and in preference
to any distribution of any of the assets of the Corporation to the
holders of the Corporation’s common stock, par value $0.0001
per share (“Common Stock”)
or any other series of the Corporation’s preferred stock that
is junior to the Series B Preferred Stock (collectively, the
“Junior
Securities”), the greater of (i) an amount per share
equal to $1,000 for each outstanding share of Series B Preferred
Stock (the “Original Series B Issue
Price”), plus an amount equal to all accrued but
unpaid dividends thereon, and (ii) such amount per share as would
have been payable had all Shares of Series B Preferred Stock been
converted into Common Stock pursuant to Section 5(a) hereof immediately prior to such
Liquidation Event or Sale of the Corporation; provided, however,
that the Series B Preferred Stock must be tendered for cancellation
in connection with a payment pursuant to a Sale of the Corporation.
If upon the occurrence of such event, the assets and funds thus
distributed among the holders of the Series A Preferred Stock and
the Series B Preferred Stock shall be insufficient to permit the
payment to such holders of the full aforesaid preferential amounts,
then the entire assets and funds of the Corporation legally
available for distribution shall be distributed ratably among the
holders of the Series A Preferred Stock and Series B Preferred
Stock in proportion to the preferential amount each such holder is
otherwise entitled to receive.

 

 

1

 

 

(b) Upon the completion
of the distribution required by subparagraph (a) of this Section
3 and any other distribution that may
be required with respect to any other series of preferred stock
that may from time to time come into existence, the remaining
assets of the Corporation available for distribution to
stockholders shall be distributed among the holders of Junior
Securities.

 

(c) For purposes of
this Section 3, “Sale of the
Corporation” means

 

(i) a transaction or
series of related transactions with one or more non-affiliates,
pursuant to which such non-affiliate(s) acquires capital stock of
the Corporation or the surviving entity possessing the voting power
to elect a majority of the board of directors or managers or a
majority of the outstanding capital stock of the Corporation or
other equity interests in the surviving entity (whether by merger,
consolidation, sale or transfer of the Corporation’s
outstanding capital stock or otherwise); or

 

(ii) the
sale, lease or other disposition (including exclusive license) of
all or substantially all of the Corporation’s assets or any
other transaction resulting in all or substantially all of the
Corporation’s assets being converted into securities of any
other entity or cash; provided, however, that the sale by the
Corporation of capital stock for the purpose of financing its
business shall not be deemed to be a Sale of the
Corporation.

 

provided,
however, that any transaction or series of related transactions
described in this Section 3(c) will not constitute a Sale of the
Corporation if immediately prior to such Sale of the Corporation,
holders of a majority of the outstanding shares of Series B
Preferred Stock shall have waived such Sale of the
Corporation.

 

4.

Voting
Rights.

 

The
holders of shares of Series B Preferred Stock shall vote with
holders of the Common Stock, and with any other shares of preferred
stock that vote with the Common Stock, with each holder of Series B
Preferred Stock being entitled to a number of votes equal to the
number of shares of Common Stock to which such holder would be
entitled upon the conversion of its Series B Preferred Stock after
giving full effect to the Beneficial Ownership Limitation subject
to, and in accordance with, Section 5. Fractional votes, however,
shall not be permitted and any fractional voting rights resulting
from the above with respect to any holder of Series B Preferred
Stock shall be rounded upward to the nearest whole number unless
such rounding would result in the Beneficial Ownership Limitation
being surpassed, in which case, fractional votes shall be rounded
downwards to the nearest whole number. Notwithstanding the
foregoing, the holders of shares of Series B Preferred Stock shall
vote as a single class upon any action that would adversely alter,
change or otherwise affect the powers, preferences or special
rights of such holders and the affirmative vote of the holders of a
majority of the voting power of Series B Preferred Stock shall be
required for the approval of any such action.

 

5.

Conversion Rights.

 

The
holders of the Series B Preferred Stock shall have conversion
rights as follows (the “Conversion
Rights”):

 

(a) Optional. Each share of Series B
Preferred Stock shall be convertible, at the option of the holder
thereof, at any time. The number of shares of Common Stock to which
a holder of Series B Preferred Stock shall be entitled upon
conversion shall be the product obtained by multiplying the
Conversion Rate of the Series B Preferred Stock (determined as
provided in Subsection 5(c) below) by
the number of shares of Series B Preferred Stock being converted
(with any fractional shares being rounded up to the nearest whole
share).  Such conversion
shall be deemed to have been made immediately prior to the close of
business on the date of the surrender of the certificate or
certificates representing the shares of Series B Preferred Stock to
be converted in accordance with the procedures described in
Subsection 5(d) below (the
“Conversion
Date”).

 

 

2

 

 

(b) Automatic.

 

(i) If at any time (x)
the simple average of the Daily VWAP for ten (10) consecutive
Trading Days is greater than $1.98 and (y) there is an effective
registration statement registering under the Securities Act the
resale of the shares of Common Stock issuable upon conversion of
the Series B Preferred Stock to be converted pursuant to this
Subsection 5(b), the Corporation shall
have the right to deliver a written notice to all holders of Series
B Preferred Stock (an “Automatic Conversion
Notice” and the date such notice is delivered to such
holders, the “Automatic Conversion Notice
Date”) to cause each holder to convert all or part of
such holder’s Series B Preferred Stock (in accordance with
the procedures described in the second sentence of Subsection 5(a)
above and Subsection 5(d) below) pursuant to this Subsection
5(b), it being agreed that the
“Conversion
Date” for purposes of Subsection 5(b) shall be deemed
to occur on the third Trading Day following the Automatic
Conversion Notice Date.

 

(ii) The
dollar amount set forth in Subsection 5(b)(i) above shall be
subject to adjustment in the same manner as the Conversion Price
pursuant to Subsections 5(f)(i) and
5(f)(ii) below.

 

(iii) “Trading
Day” means a day on which the principal Trading Market
is open for trading, or if the Common Stock is not listed or quoted
on any Trading Market, “Trading Day” means a
“Business Day”.

 

(iv) “Trading
Market” means
any of the following markets or exchanges on which the Common Stock
is listed or quoted for trading on the date in question: the NYSE
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).

 

(v) “Closing Price”
means, for any date, the closing price for the Common Stock
published by the principal Trading Market.

 

(vi) “Daily VWAP”
means for each Trading Day, the per share volume-weighted average
price of the Common Stock as displayed under the heading
“Bloomberg VWAP” on Bloomberg page “NDRA
<equity> AQR” (or its equivalent successor if such page
is not available) in respect of the period from the scheduled open
of trading until the scheduled close of trading of the primary
trading session on such Trading Day (or if such volume-weighted
average price is unavailable, the market value of one share of the
Common Stock on such Trading Day determined, using a
volume-weighted average method, by a nationally recognized
independent investment banking firm retained for this purpose by
the Company). The “Daily VWAP” will be determined
without regard to after-hours trading or any other trading outside
of the regular trading session trading hours.

 

(c) Conversion Rate. Subject to the
provisions of this Section 5, the
conversion rate in effect at any time with respect to a share of
Series B Preferred Stock (the “Conversion
Rate”) shall be the quotient obtained by dividing the
Original Series B Issue Price, plus an amount equal to all accrued
but unpaid dividends thereon, by the Conversion Price. The
“Conversion
Price” shall initially be $0.99 and shall be subject
to adjustments as set forth in this Section 5.

 

(d)  Mechanics of Conversion. Before any
holder of Series B Preferred Stock shall be entitled to receive
certificates representing the shares of Common Stock into which
shares of Series B Preferred Stock are converted in accordance with
Subsection 5(a) or 5(b) above, such holder shall surrender the
certificate or certificates for such shares of Series B Preferred
Stock duly endorsed at (or in the case of any lost, mislaid, stolen
or destroyed certificate(s) for such shares, deliver an affidavit
as to the loss of such certificate(s), in such form as the
Corporation may reasonably require) the office of the Corporation
or of any transfer agent for the Series B Preferred Stock, and
shall give written notice to the Corporation at such office of the
name or names in which such holder wishes the certificate or
certificates for shares of Common Stock to be issued, if different
from the name shown on the books and records of the Corporation.
Said conversion notice shall also contain such representations as
may reasonably be required by the Corporation to the effect that
the shares to be received upon conversion are not being acquired
and will not be transferred in any way that might violate the then
applicable securities laws. The Corporation shall, as soon as
practicable thereafter and in no event later than three (3)
business days after the delivery of said certificates, issue and
deliver at such office to such holder of Series B Preferred Stock,
or to the nominee or nominees of such holder as provided in such
notice, a certificate or certificates for the number of shares of
Common Stock to which such holder shall be entitled as aforesaid.
The person or persons entitled to receive the shares of Common
Stock issuable upon a conversion pursuant to Section 5(a) or 5(b)
shall be treated for all purposes as the record holder or holders
of such shares of Common Stock as of the Conversion Date. For the
avoidance of doubt, accumulated and unpaid dividends on shares of
Series B Preferred Stock shall not be required to be paid upon
conversion and upon such conversion any and all rights to such
accumulated and unpaid dividends shall be cancelled and forfeited.
All certificates issued upon the exercise or occurrence of the
conversion shall contain a legend governing restrictions upon such
shares imposed by law or agreement of the holder or his or its
predecessors.

 

 

3

 

 

(e) Conversion Limitation. The Corporation
shall not effect any conversion of shares of Series B Preferred
Stock held by a holder of Series B Preferred Stock (a
“Holder”), and
a Holder shall not have the right to convert any shares of Series B
Preferred Stock, pursuant to this Section 5 or otherwise, to the extent that after
giving effect to such issuance after conversion, the Holder
(together with the Holder’s Affiliates (as defined below),
and any other persons acting as a group together with the Holder or
any of the Holder’s Affiliates), would beneficially own in
excess of the Beneficial Ownership Limitation (as defined below).
For purposes of the foregoing sentence, the number of shares of
Common Stock beneficially owned by the Holder and its Affiliates
shall include the number of shares of Common Stock issuable upon
conversion of such Holder or any of its Affiliate’s shares of
Series B Preferred Stock up to the Beneficial Ownership Limitation,
but shall exclude the number of shares of Common Stock which would
be issuable upon (i) conversion of the remaining shares of Series B
Preferred Stock beneficially owned by the Holder or any of its
Affiliates and (ii) exercise or conversion of the unexercised or
nonconverted portion of any other securities of the Corporation
(including, without limitation, any other common stock equivalents)
subject to a limitation on conversion or exercise analogous to the
limitation contained herein beneficially owned by the Holder or any
of its Affiliates. Except as set forth in the preceding sentence,
for purposes of this Section 5(e), beneficial ownership shall be
calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934 (the “Exchange Act”)
and the rules and regulations promulgated thereunder. To the extent
that the limitation contained in this Section 5(e) applies, the determination of the extent
to which a Holder’s shares of Series B Preferred Stock (in
relation to other securities owned by the Holder together with any
Affiliates) are convertible shall be in the sole discretion of the
Holder, and the submission of a notice of conversion shall be
deemed to be the Holder’s determination of whether such
Holder’s shares of Series B Preferred Stock are convertible
(in relation to other securities owned by the Holder together with
any Affiliates), in each case subject to the Beneficial Ownership
Limitation, and the Corporation 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 5(e), in determining the
number of outstanding shares of Common Stock, Holder may rely on
the number of outstanding shares of Common Stock as reflected in
(A) the Corporation’s most recent periodic or annual report
filed with the U.S. Securities and Exchange Commission (the
“SEC”), as the
case may be, (B) a more recent public announcement by the
Corporation or (C) a more recent written notice by the Corporation
or the Corporation’s transfer agent setting forth the number
of shares of Common Stock 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
Corporation, including shares of Series B Preferred Stock, by the
Holder or its Affiliates since the date as of which such number of
outstanding shares of Common Stock was reported. The
“Beneficial Ownership
Limitation” shall be 9.99% of the number of shares of
the Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock issuable upon conversion of the
shares of Series B Preferred Stock being converted. The Holder,
upon not less than 61 days’ prior notice to the Corporation,
may decrease the Beneficial Ownership Limitation provisions of this
Section 5(e). Any such decrease will
not be effective until the 61st day after such notice is delivered
to the Corporation. The limitations contained in this paragraph
shall apply to a successor holder of this Warrant.
“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 of 1933.

 

(f) Conversion Price Adjustments of Preferred
Stock for Splits and Combinations. The Conversion Price and
the Automatic Conversion Price of the Series B Preferred Stock
shall be subject to adjustment from time to time as
follows:

 

(i) In the event
the Corporation should at any time or from time to time after the
Original Issue Date fix a record date for the effectuation of a
split or subdivision of the outstanding shares of Common Stock or
the determination of holders of Common Stock entitled to receive a
dividend or other distribution payable in additional shares of
Common Stock or common stock equivalents without payment of any
consideration by such holder for the additional shares of Common
Stock or common stock equivalents (including the additional shares
of Common Stock issuable upon conversion or exercise thereof),
then, as of such record date (or the date of such dividend
distribution, split or subdivision if no record date is fixed), the
Conversion Price and the Automatic Conversion Price of the Series B
Preferred Stock shall be appropriately decreased so that the number
of shares of Common Stock issuable on conversion of each share of
such series shall be increased in proportion to such increase of
the aggregate of shares of Common Stock outstanding and those
issuable with respect to such common stock
equivalents.

 

(ii) If the number of shares of
Common Stock outstanding at any time after the Original Issue Date
is decreased by a combination of the outstanding shares of Common
Stock, then, following the record date of such combination, the
Conversion Price and the Automatic Conversion Price for the Series
B Preferred Stock shall be appropriately increased so that the
number of shares of Common Stock issuable on conversion of each
share of such series shall be decreased in proportion to such
decrease in outstanding shares.

 

 

4

 

 

(g) Other Distributions. In the event the
Corporation shall declare a distribution payable in securities of
other persons, evidences of indebtedness issued by the Corporation
or other persons, assets (excluding cash dividends) or options or
rights, then, in each such case for the purpose of this subsection
5(g), the holders of the Series B
Preferred Stock shall be entitled to a proportionate share of any
such distribution as though they were the holders of the number of
shares of Common Stock of the Corporation into which their shares
of Series B Preferred Stock are convertible as of the record date
fixed for the determination of the holders of Common Stock of the
Corporation entitled to receive such distribution.

 

(h) Recapitalizations and Mergers. If at
any time or from time to time there shall be a recapitalization of
the Common Stock (other than a subdivision, common stock dividend,
combination or sale of assets transaction provided for elsewhere in
this Section 5 or Section 3) or, subject to Section 3, merger in which
the Corporation is not the surviving corporation (a
“Transaction”),
provision shall be made so that the holders of the Series B
Preferred Stock or the other shares into which such shares are
converted shall thereafter be entitled to receive upon conversion
of the Series B Preferred Stock or the other shares into which such
shares are converted the number of shares of stock or other
securities or property of the Corporation or otherwise, to which a
holder of Common Stock deliverable upon conversion would have been
entitled in connection with such Transaction. In any such case,
appropriate adjustment shall be made in the application of the
provisions of this Section 5 with
respect to the rights of the holders of the Series B Preferred
Stock after the Transaction to the end that the provisions of this
Section 5 (including adjustment of the
Conversion Price then in effect and the number of shares
purchasable upon conversion of the Series B Preferred Stock) shall
be applicable after that event as nearly equivalent as may be
practicable.

 

(i) No Impairment. The Corporation shall
not, by amendment of its Certificate of Incorporation or Bylaws 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 to be observed or performed
hereunder by the Corporation, but shall at all times in good faith
assist in the carrying out of all the provisions of this Section
5 and in the taking of all such action
as may be necessary or appropriate in order to protect the
Conversion Rights of the holders of the Series B Preferred Stock
against impairment.

 

(j) Certificate Regarding Adjustments. Upon
the occurrence of each adjustment or readjustment of the Conversion
Price pursuant to this Section 5, the
Corporation at its expense shall promptly compute such adjustment
or readjustment in accordance with the terms hereof and prepare and
furnish to each holder of Series B Preferred Stock a certificate
setting forth such adjustment or readjustment and showing in detail
the facts upon which such adjustment or readjustment is based. The
Corporation shall, upon the written request at any time of any
holder of Series B Preferred Stock, furnish or cause to be
furnished to such holder a like certificate setting forth (i) such
adjustments and readjustments, (ii) the Conversion Price and the
Conversion Rate at that time in effect, and (iii) the number of
shares of Common Stock and the amount, if any, of other property
that at that time would be received upon the conversion of Series B
Preferred Stock.

 

(k) Notices of Record Date. In the event of
any taking by the Corporation of a record of the holders of any
class of securities other than Series B Preferred Stock for the
purpose of determining the holders thereof who are entitled to
receive any dividend or other distribution, any common stock
equivalents or any right to subscribe for, purchase, or otherwise
acquire any shares of stock of any class or any other securities or
property, or to receive any other right other than to vote or to
receive notice of a meeting (which shall be given to the holders of
Series B Preferred Stock in accordance with applicable law), the
Corporation shall mail to each holder of Series B Preferred Stock,
at least twenty (20) and, in any event, no more than sixty (60)
days before the date specified therein, a notice specifying the
date on which any such record is to be taken for the purpose of
such dividend, distribution, or rights, and the amount and
character of such dividend, distribution, or rights.

 

(l) Reservation of Stock Issuable Upon
Conversion. The Corporation shall at all times reserve and
keep available out of its authorized but unissued shares of Common
Stock solely for the purpose of effecting the conversion of the
shares of the Series B Preferred Stock such number of its shares of
Common Stock as shall from time to time be sufficient to effect the
conversion of all outstanding shares of the Series B Preferred
Stock; and if at any time the number of authorized but unissued
shares of Common Stock shall be insufficient to effect the
conversion of all then outstanding shares of the Series B Preferred
Stock, the Corporation shall take such corporate action as may, in
the opinion of its counsel, be necessary to increase its authorized
but unissued shares of Common Stock to such number of shares as
shall be sufficient for such purpose.

 

6.

Notices.

 

Without
limiting the manner by which notice otherwise may be given
effectively to stockholders, any notice to the holders of Series B
Preferred Stock given by the Corporation under any provision of the
DGCL, the Certificate of Incorporation, or the bylaws may be given
in writing directed to the stockholder’s mailing address (or
by electronic transmission directed to the stockholder’s
electronic mail address, as applicable) as it appears on the
records of the Corporation and shall be given (1) if mailed, when
the notice is deposited in the U.S. mail, postage prepaid, (2) if
delivered by courier service, the earlier of when the notice is
received or left at such stockholder’s address or (3) if
given by electronic mail, when directed to such stockholder’s
electronic mail address unless the stockholder has notified the
Corporation in writing or by electronic transmission of an
objection to receiving notice by electronic mail or the giving of
notice by electronic transmission is otherwise prohibited by the
DGCL.

 

7.

Waiver.

 

Any of
the rights, powers, preferences and other terms of the Series B
Preferred Stock set forth herein, including without limitation, any
notice requirements may be waived (or shortened in the case of the
time period for notices) on behalf of all holders of Series B
Preferred Stock by the affirmative written consent or vote of the
holders of at least a majority in voting power of the shares of
Series B Preferred Stock then outstanding.

 

 

 

[Remainder of page intentionally left blank]

 

 

5

 

 

IN
WITNESS WHEREOF, the Corporation has caused this Certificate of
Designations to be made under the seal of the Corporation and
signed and attested by its duly authorized officer on December 23,
2019.

 

ENDRA
LIFE SCIENCES INC.

 

By:     
/s/
FrancoisMichelon                                                                

Name:
Francois Michelon

Title:
President and Chief Executive Officer

 

 

 

 

 

6Blueprint

  Exhibit
4.2

 

THIS WARRANT AND THE UNDERLYING
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES
ACT”) OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES. THE SECURITIES MAY NOT BE
SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, TRANSFERRED OR
ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR
THE SECURITIES UNDER APPLICABLE SECURITIES LAWS OR UNLESS OFFERED,
SOLD, PLEDGED, HYPOTHECATED OR TRANSFERRED PURSUANT TO AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS. THE
COMPANY SHALL BE ENTITLED TO REQUIRE AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
TO THE EXTENT THAT AN OPINION IS REQUIRED PURSUANT TO THE AGREEMENT
UNDER WHICH THE SECURITIES WERE ISSUED.

 

ENDRA LIFE SCIENCES
INC.

 

COMMON STOCK WARRANT

 

  December 23,
2019

 

Void After December 23, 2024

 

THIS CERTIFIES
THAT, for value received and
subject to the terms and conditions set forth below, [__________],
or assigns (the “Holder”),
is entitled to subscribe for and purchase at the Exercise Price
(defined below) from ENDRA Life Sciences Inc., a Delaware
corporation (the “Company”),
[________]1 fully-paid and non-assessable shares
of Company Common Stock. This Warrant is being issued
pursuant to that certain Securities Purchase Agreement, by and
between the Company and Holder and the other Buyers party thereto
(the “Buyers”),
dated as of December 19, 2019 (the “Agreement”).

 

1. DEFINITIONS.
As used herein, the following terms
shall have the following respective meanings:

 

(a) “Closing
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 the NASDAQ Capital Market or any other
national securities exchange, the closing price per share of the
Common Stock for such date (or the nearest preceding date) on the
primary eligible market or exchange on which the Common Stock is
then listed or quoted; (b) if prices for the Common Stock are then
quoted on the OTC Bulletin Board or any tier of the OTC Markets,
the closing bid price per share of the Common Stock for such date
(or the nearest preceding date) so quoted; or (c) if prices for the
Common Stock are then reported in the “Pink Sheets”
published by the National Quotation Bureau Incorporated (or a
similar organization or agency succeeding to its functions of
reporting prices), the most recent closing bid price per share of
the Common Stock so reported.

 

(b) “Common
Stock” shall mean Company’s Common Stock, par
value $0.0001 per share.

 

(c) “Daily
VWAP” means for each trading day, the per share
volume-weighted average price of the Common Stock as displayed
under the heading “Bloomberg VWAP” on Bloomberg page
“NDRA <equity> AQR” (or its equivalent successor
if such page is not available) in respect of the period from the
scheduled open of trading until the scheduled close of trading of
the primary trading session on such trading day (or if such
volume-weighted average price is unavailable, the market value of
one share of the Common Stock on such trading day determined, using
a volume-weighted average method, by a nationally recognized
independent investment banking firm retained for this purpose by
the Company). The “Daily VWAP” will be determined
without regard to after-hours trading or any other trading outside
of the regular trading session trading hours.

 

(d) “Exercise
Period” shall mean the period commencing the date of
issuance and ending five years after the date of issuance on
December 23, 2024, unless sooner terminated as provided
below.

 

(e) “Exercise
Price” shall mean
$0.99.

 

(f) “Sale
of the Company” shall
mean (i) a transaction or series of related transactions
with one or more non-affiliates, pursuant to which such
non-affiliate(s) acquires capital stock of the Company or the
surviving entity possessing the voting power to elect a majority of
the board of directors or a majority of the outstanding capital
stock of the Company or the surviving entity (whether by merger,
consolidation, sale or transfer of the Company’s outstanding
capital stock or otherwise); or (ii) the sale, lease or other
disposition (including exclusive license) of all or substantially
all of the Company’s assets or any other transaction
resulting in all or substantially all of the Company’s assets
being converted into securities of any other entity or cash;
provided, however, that the sale by the Company of capital stock
for the purpose of financing its business shall not be deemed to be
a Sale of the Company.

 

(g) “Warrant
Shares” shall mean the
shares of the Company’s Common Stock issuable upon exercise
of this Warrant, subject to adjustment pursuant to the terms
herein, including but not limited to adjustment pursuant to
Section 5
below.

 

________________________________________

1
Insert number equal to 120% of the initial number of shares of
Common Stock issuable upon the conversion of the shares of
Preferred Stock, or the number of shares of Common Stock, sold to
the Holder pursuant to the
Agreement. 

 

 

1

 

 

2. EXERCISE
OF WARRANT.

 

(a) Method
of Exercise. The rights
represented by this Warrant may be exercised in whole or in part at
any time during the Exercise Period, by delivery of the following
to the Company:

 

(i) An
executed Notice of Exercise in the form attached
hereto;

 

(ii) This
Warrant; and

 

(iii) Payment
of the then applicable Exercise Price per share multiplied by the
number of Warrant Shares being purchased upon exercise of the
Warrant (such amount, the “Aggregate
Exercise Price”) made in
the form of cash, or by certified check, bank draft or money order
payable in lawful money of the United States of America or in the
form of a Cashless Exercise to the extent permitted in Section 2(c)
below.

 

(b) Mandatory
Exercise. If, during the
Exercise Period, (x) the simple average of the Daily VWAP for ten
(10) consecutive trading days is greater than $1.98 and (y) there
is an effective registration statement registering under the
Securities Act the resale of the Warrant Shares, then following
receipt of notice thereof from the Company the Holder shall have
thirty (30) days to exercise the Warrant (the
“Mandatory
Exercise Period”). After
the 30-day Mandatory Exercise Period terminates, any unexercised
portion of the Warrant will be forfeited, and the Holder shall lose
any and all rights to such unexercised Warrant. The
dollar amount set forth in this Section 2(b)
shall be subject to adjustment in the
same manner as the Exercise Price pursuant to Section 5
below.

 

(c) Cashless
Exercise. If
at any time during the term of this Warrant there is no effective
registration statement registering under the Securities Act, or no
current prospectus available for, the issuance or resale of the
Warrant Shares by the registered holder, the Holder may exercise
this Warrant only by means of a “cashless” or
“net-issue” exercise (a “Cashless
Exercise”) by delivering to the
Company (i) the Notice of Exercise and (ii) the original Warrant,
pursuant to which the Holder shall surrender the right to receive
upon exercise of this Warrant, a number of Warrant Shares having a
value (as determined below) equal to the Aggregate Exercise Price,
in which case, the number of Warrant Shares to be issued to the
Holder upon such exercise shall be calculated using the following
formula:

 

X = Y * (A -
B)

A

 

with:              

X
=              

the
number of Warrant Shares to be issued to the Holder

 

Y = 

the
number of Warrant Shares with respect to which the Warrant is being
exercised

 

A = 

the
fair value per share of Common Stock on the date of exercise of
this Warrant

 
B =

the
then-current Exercise Price of the Warrant

 

Solely for the purposes of this paragraph,
“fair
value” per share of
Common Stock shall mean the average Closing Price (as defined
below) per share of Common Stock for the twenty (20) trading days
immediately preceding the date on which the Notice of Exercise is
deemed to have been sent to the Company. If the Common Stock is not
publicly traded as set forth above, the “fair value”
per share of Common Stock shall be reasonably and in good faith
determined by the Board of Directors of the Company as of the date
which the Notice of Exercise is deemed to have been sent to the
Company.

 

For purposes of Rule 144 promulgated under the
Securities Act, it is intended, understood and acknowledged that
the Warrant Shares issued in a cashless exercise transaction shall
be deemed to have been acquired by the Holder, and the holding
period for such shares shall be deemed to have commenced, on the
Effective Date of this Warrant. 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 Warrant
Shares.

 

 

2

 

 

(d) Partial
Exercise. If this Warrant is
exercised in part only, the Company shall, upon surrender of this
Warrant, execute and deliver, within 10 days of the date of
exercise, a new Warrant evidencing the rights of the Holder, or
such other person as shall be designated in the Notice of Exercise,
to purchase the balance of the Warrant Shares purchasable
hereunder. If the Holder exercises this Warrant or attempts to
exercise this Warrant before the Company shall have delivered to
the Holder a new Warrant as contemplated above, then the Holder
shall be deemed to have validly exercised this Warrant pursuant to
this Section 2
without having complied with the
requirements of Section 2(a)(ii)
or 2(b)(ii),
as applicable. In no event shall this Warrant be exercised for a
fractional Warrant Share, and the Company shall not distribute a
Warrant exercisable for a fractional Warrant Share. Fractional
Warrant Shares shall be treated as provided in Section 7
hereof.

 

(e) Effect
of Exercise. Upon the exercise
of the rights represented by this Warrant, shares of Common Stock
shall be issued for the Warrant Shares so purchased, and shall be
registered in the name of the Holder or persons affiliated with the
Holder, if the Holder so designates, on or before the third
(3rd) business
day after the rights represented by this Warrant shall have been so
exercised and shall be issued in certificate form and delivered to
the Holder, if so requested. The person in whose name any Warrant
Shares are to be issued upon exercise of this Warrant shall be
deemed to have become the holder of record of such shares on the
date on which this Warrant was surrendered and payment of the
Exercise Price was made, irrespective of the date of issuance of
the shares of Common Stock, except that, if the date of such
surrender and payment 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 close of business on the next
succeeding date on which the stock transfer books are
open.

 

(f) Holder’s
Exercise Limitations. The Company shall not effect any
exercise of this Warrant, and 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,
the Holder (together with the Holder’s Affiliates (as defined
below), and any other persons acting as a group together with the
Holder or any of the Holder’s Affiliates), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined
below).  For purposes of the foregoing sentence, the number of
shares of Common Stock beneficially owned by the Holder and its
Affiliates shall include the number of shares of Common Stock
issuable upon exercise of this Warrant with respect to which such
determination is being made, but shall exclude the number of shares
of Common Stock which would be issuable upon (i) exercise of the
remaining, nonexercised portion of this Warrant beneficially owned
by the Holder or any of its Affiliates and (ii) exercise or
conversion of the unexercised or nonconverted portion of any other
securities of the Company (including, without limitation, any other
common stock equivalents) subject to a limitation on conversion or
exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates.  Except as set
forth in the preceding sentence, for purposes of this Section 2(e), beneficial
ownership shall be calculated in accordance with Section 13(d) of
the Securities Exchange Act of 1934 (the “Exchange
Act”) and the rules and regulations promulgated thereunder.
To the extent that the limitation contained in this Section 2(e) applies, the
determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any
Affiliates) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission
of a notice of exercise shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any
Affiliates) and of which portion of this Warrant is exercisable, in
each case subject to the Beneficial Ownership Limitation, and the
Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining
the number of outstanding shares of Common Stock, 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 U.S. Securities and Exchange Commission (the
“SEC”), 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.  In any case,
the number of outstanding shares of Common Stock shall be
determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder or
its Affiliates since the date as of which such number of
outstanding shares of Common Stock was reported. The
“Beneficial Ownership Limitation” shall be 9.99% 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 not less than 61
days’ prior notice to the Company, may decrease the
Beneficial Ownership Limitation provisions of this Section 2(e). Any such decrease
will not be effective until the 61st day after such notice is
delivered to the Company. The provisions of this paragraph shall be
construed and implemented in a manner otherwise than in strict
conformity with the terms of this Section 2(e) to correct this
paragraph 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.
“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.

 

3. COVENANTS
OF THE COMPANY.

 

(a) Covenants
as to Warrant Shares. If at any
time the number of authorized but unissued shares of Company Stock
shall not be sufficient to permit exercise of this Warrant, the
Company will take such corporate action as may, in the opinion of
its counsel, be necessary to increase its authorized but unissued
shares of Company Stock (or other securities as provided herein) to
such number of shares as shall be sufficient for such
purposes.

 

(b) No
Impairment. Except and to the
extent as waived or consented to by the Holder or otherwise in
accordance with Section 2
hereof, the Company will not, by
amendment of its Certificate of Incorporation (as such may be
amended from time to time), or through any means, avoid or seek to
avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Company, but will at all
times in good faith assist in the carrying out of all the
provisions of this Warrant and in the taking of all such action as
may be necessary or appropriate in order to protect the exercise
rights of the Holder against impairment.

 

(c) Notices
of Record Date. In the event of
any taking by the Company of a record of the holders of any class
of securities for the purpose of determining the holders thereof
who are entitled to receive any dividend (other than a cash
dividend which is the same as cash dividends paid in previous
quarters) or other distribution, the Company shall mail to the
Holder, at least ten (10) days prior to the date specified
herein, a notice specifying the date on which any such record is to
be taken for the purpose of such dividend or
distribution.

 

 

3

 

 

4. REPRESENTATIONS
OF HOLDER.

 

(a) Acquisition
of Warrant for Personal Account. The Holder represents and warrants that it is
acquiring the Warrant and the Warrant Shares solely for its account
for investment and not with a present view toward the public
distribution of said Warrant or Warrant Shares or any part thereof
and has no intention of selling or distributing said Warrant or
Warrant Shares or any arrangement or understanding with any other
persons regarding the sale or distribution of said Warrant, except
as would not result in a violation of the Securities Act. The
Holder will not, directly or indirectly, offer, sell, pledge,
transfer or otherwise dispose of (or solicit any offers to buy,
purchase or otherwise acquire or take a pledge of) the Warrant
except in accordance with the Securities Act and will not, directly
or indirectly, offer, sell, pledge, transfer or otherwise dispose
of (or solicit any offers to buy, purchase or otherwise acquire or
take a pledge of) the Warrant Shares except in accordance with the
provisions of the Securities Act.

 

(b) Securities
Are Not Registered.

 

(i) The
Holder understands that the offer and sale of the Warrant or the
Warrant Shares have not been registered under the Securities Act on
the basis that no distribution or public offering of the stock of
the Company is to be effected. The Holder realizes that the basis
for the exemption may not be present if, notwithstanding its
representations, the Holder has a present intention of acquiring
the securities for a fixed or determinable period in the future,
selling (in connection with a distribution or otherwise), granting
any participation in, or otherwise distributing the securities. The
Holder has no such present intention.

 

(ii) The
Holder recognizes that the Warrant and the Warrant Shares may have
to be held indefinitely unless they are subsequently registered
under the Securities Act or an exemption from such registration is
available. Except as provided in a separate registration rights
agreement between the Holder and the Company, the Holder recognizes
that the Company has no obligation to register the Warrant or the
Warrant Shares, or to comply with any exemption from such
registration.

 

(iii) The
Holder is aware that neither the Warrant nor the Warrant Shares may
be sold pursuant to Rule 144 adopted under the Securities Act
unless certain conditions are met, including, among other things,
the existence of a public market for the shares, the availability
of certain current public information about the Company, the resale
following the required holding period under Rule 144 and the number
of shares being sold during any three-month period not exceeding
specified limitations. Holder is aware that any such sale made in
reliance on Rule 144, if Rule 144 is available, may be made only in
accordance with the terms of Rule 144.

 

(c) Disposition
of Warrant and Warrant Shares.
The Holder understands and agrees that all certificates evidencing
the Warrant Shares to be issued to the Holder may bear a legend in
substantially the following form:

 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933 OR ANY APPLICABLE STATE SECURITIES LAWS. THEY MAY NOT BE
SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A
REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES
UNDER SUCH ACT OR APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A OF SUCH
ACT.

 

5. CHANGES
IN OUTSTANDING SHARES. In the
event of changes in the outstanding Common Stock by reason of stock
dividends, split-ups, recapitalizations, reclassifications,
combinations or exchanges of shares, separations, reorganizations,
liquidations, or the like, the number and class of shares available
under the Warrant in the aggregate and the Exercise Price shall be
correspondingly adjusted to give the Holder of the Warrant, on
exercise for the same aggregate Exercise Price, the total number,
class, and kind of shares as the Holder would have owned had the
Warrant been exercised prior to the event and had the Holder
continued to hold such shares until after the event requiring
adjustment. The form of this Warrant need not be changed because of
any adjustment in the number, class, and kind of shares subject to
this Warrant. The Company shall promptly provide a certificate from
an authorized officer notifying the Holder in writing of any
adjustment in the Exercise Price and/or the total number, class,
and kind of shares issuable upon exercise of this Warrant, which
certificate shall specify the Exercise Price and number, class and
kind of shares under this Warrant after giving effect to such
adjustment.

 

 

4

 

 

6. SALE
OF THE COMPANY. In the event of
a Sale of the Company, then the Company shall ensure that lawful
and adequate provision shall be made whereby the Holder shall
thereafter have the right to purchase and receive upon the basis
and upon the terms and conditions herein specified and in lieu of
the Warrant Shares immediately theretofore issuable upon exercise
of this Warrant, such shares of stock, securities or assets
(including cash) as would have been issuable or payable with
respect to or in exchange for a number of Warrant Shares equal to
the number of Warrant Shares immediately theretofore issuable upon
exercise of this Warrant, had such Sale of the Company not taken
place, and in any such case appropriate provision shall be made
with respect to the rights and interests of the Holder to the end
that the provisions hereof (including, without limitation,
provision for adjustment of the Exercise Price) shall thereafter be
applicable, as nearly equivalent as may be practicable in relation
to any share of stock, securities or assets (including cash)
thereafter deliverable upon the exercise thereof. The Company shall
not affect any Sale of the Company unless prior to or
simultaneously with the consummation thereof the successor entity
(if other than the Company) resulting from such Sale of the
Company, or the entity purchasing or otherwise acquiring such
assets or other appropriate corporation or entity shall assume the
obligation to deliver to the Holder, at the last address of the
Holder appearing on the books of the Company, such shares of stock,
securities or assets (including cash) as, in accordance with the
foregoing provisions, the Holder may be entitled to purchase, and
the other obligations under this Warrant. The provisions of
this Section 6
shall similarly apply to successive
Sales of the Company.

 

7. FRACTIONAL
SHARES, ADJUSTMENT OF EXERCISE PRICE. No fractional shares shall be issued upon the
exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Warrant Shares (including fractions) issuable
upon exercise of this Warrant may be aggregated for purposes of
determining whether the exercise would result in the issuance of
any fractional share. If, after aggregation, the exercise would
result in the issuance of a fractional share, the Company shall, in
lieu of issuance of any fractional share, round up or down, as
applicable, to the nearest whole number the number of Warrant
Shares to be issued the Holder upon exercise of this Warrant. No
adjustment in the Exercise Price shall be required unless such
adjustment would require an increase or decrease of at least
$0.0001; provided, however, that any adjustments which by reason of
this Section 7
are not required to be made shall be
carried forward and taken into account in any subsequent
adjustment. All calculations under this Section 7
shall be made to the $0.0001 or to the
nearest 1/100th of a share, as the case may be.

 

8. NO
STOCKHOLDER RIGHTS. This
Warrant in and of itself shall not entitle the Holder to any voting
rights or, except as otherwise set forth herein, other rights as a
stockholder of the Company.

 

9. RESERVATION
OF SHARES. The Company shall at all times reserve and keep
available out of its authorized but unissued shares Common Stock,
solely for the purpose of effecting the conversion of the Note, no
less than 100% of the maximum number of shares issuable on
conversion of the Warrant.

 

10. TRANSFER
OF WARRANT. Subject to
applicable laws and compliance with Section 4(c)
hereof, this Warrant and all rights
hereunder are transferable, by the Holder in person or by duly
authorized attorney, upon delivery of this Warrant and the form of
assignment attached hereto to any transferee designated by
Holder.

 

11. LOST,
STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or
destroyed, the Company may, on such terms as to indemnity or
otherwise as it may reasonably impose (which shall, in the case of
a mutilated Warrant, include the surrender thereof), issue a new
Warrant of like denomination and tenor as the Warrant so lost,
stolen, mutilated or destroyed. Any such new Warrant shall
constitute an original contractual obligation of the Company,
whether or not the allegedly lost, stolen, mutilated or destroyed
Warrant shall be at any time enforceable by
anyone.

 

12. MODIFICATIONS
AND WAIVER. Provisions of this Warrant may be
amended, modified, or a provision or requirement hereof waived only
(a) with the written consent of the Company and the Holder or, (b)
if this Warrant and each other Warrant issued pursuant to the
Agreement then outstanding (collectively with this Warrant, the
“Warrants”) is
similarly amended, modified or waived, with the written consent of
the Company and the holders of a majority of the total number of
such outstanding Warrants (determined by reference to the number of
Warrant Shares acquirable upon the exercise thereof). If this
Warrant (along with the Other Warrants then outstanding) is amended
pursuant to clause (b) of this Section 12, such amendment shall be
binding on the Holder and each holder of each other Warrant whether
or not the Holder or such holder of such other Warrant consents
thereto.

 

13. NOTICES,
ETC. All notices required or
permitted hereunder shall be in writing and shall be deemed
effectively given as specified in the
Agreement.

 

 

5

 

 

14. ACCEPTANCE.
Receipt of this Warrant by the Holder
shall constitute acceptance of and agreement to all of the terms
and conditions contained herein.

 

15. GOVERNING
LAW. This Warrant shall be
construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and
performance of this Warrant shall be governed by, the internal laws
of the State of New York, without giving effect to any choice of
law or conflict of law provision or rule (whether of the State of
New York or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the State
of New York. The Company hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in
The City of New York, Borough of Manhattan, for the adjudication of
any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or
proceeding is brought in an inconvenient forum or that the venue of
such suit, action or proceeding is improper. Nothing contained
herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. In the event that any
provision of this Warrant is invalid or unenforceable under any
applicable statute or rule of law, then such provision shall be
deemed inoperative to the extent that it may conflict therewith and
shall be deemed modified to conform with such statute or rule of
law. Any such provision which may prove invalid or unenforceable
under any law shall not affect the validity or enforceability of
any other provision of this Warrant. Nothing contained herein shall
be deemed or operate to preclude the Holder from bringing suit or
taking other legal action against the Company in any other
jurisdiction to collect on the Company’s obligations to the
Holder, to realize on any collateral or any other security for such
obligations, or to enforce a judgment or other court ruling in
favor of the Holder. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO, AND AGREES NOT TO REQUEST,
A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION
CONTEMPLATED HEREBY.

 

16. DESCRIPTIVE
HEADINGS. The descriptive
headings of the several paragraphs of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant. The
language in this Warrant shall be construed as to its fair meaning
without regard to which party drafted this
Warrant.

 

17. SEVERABILITY.
The invalidity or unenforceability of
any provision of this Warrant in any jurisdiction shall not affect
the validity or enforceability of such provision in any other
jurisdiction, or affect any other provision of this Warrant, which
shall remain in full force and effect.

 

18. ENTIRE
AGREEMENT. This Warrant, the
Registration Rights Agreement and the Securities Purchase Agreement
between the Holder and the Company dated December 5, 2019
constitute the entire agreement between the parties pertaining to
the subject matter contained in it and supersede all prior and
contemporaneous agreements, representations, and undertakings of
the parties, whether oral or written, with respect to such subject
matter.

 

 

 

[Signature Page Follows]

 

 

6

 

 

IN WITNESS
WHEREOF, the Company has caused
this Warrant to be executed by its duly authorized officer as of
December 23, 2019.

 

 

ENDRA LIFE SCIENCES INC.

 

By:                                                                 

Name:
David Wells

Title:
Chief Financial Officer

 

Address for
Notice:

 

ENDRA
Life Sciences Inc.

3600
Green Court, Suite 350

Ann
Arbor, MI 48105

Attention:
Chief Executive Officer

 

 

 

 

7

 

 

NOTICE OF EXERCISE

 

TO:
ENDRA LIFE SCIENCES
INC.

 

(1) The undersigned hereby
irrevocably elects to exercise this Warrant and to purchase
thereunder, ___________________ full shares of ENDRA Life
Sciences Inc. Common Stock issuable
upon exercise of the Warrant and delivery of:

 

●

$_________
(in cash as provided for in the foregoing Warrant) and any
applicable taxes payable by the undersigned pursuant to such
Warrant; and

 

●

__________ shares of Common Stock (pursuant to a
Cashless Exercise in accordance with Section 2(b)
of the Warrant) (check here if the
undersigned desires to deliver an unspecified number of shares
equal the number sufficient to effect a Cashless Exercise
[___]).

 

 (2) Please issue a
certificate or certificates representing said shares of Common
Stock in the name of the undersigned or in such other name as is
specified below:

 

 

(Name)

 

 

(Address)

 

(3) If the shares issuable upon
this exercise of the Warrant are not all of the Warrant Shares
which the Holder is entitled to acquire upon the exercise of the
Warrant, the undersigned requests that a new Warrant evidencing the
rights not so exercised be issued in the name of and delivered
to:

 

(Name)

 

 

(Address and social security or federal employer identification
number (if applicable))

 

 

(4) The undersigned represents
that (i) the aforesaid shares of Company Stock are being
acquired for the account of the undersigned for investment and not
with a view to, or for resale in connection with, the distribution
thereof and that the undersigned has no present intention of
distributing or reselling such shares in violation of the
Securities Act of 1933, as amended (the “Securities
Act”); (ii) the
undersigned is aware of the Company’s business affairs and
financial condition and has acquired sufficient information about
the Company to reach an informed and knowledgeable decision
regarding its investment in the Company; (iii) the undersigned
is experienced in making investments of this type and has such
knowledge and background in financial and business matters that the
undersigned is capable of evaluating the merits and risks of this
investment and protecting the undersigned’s own interests;
(iv) the undersigned understands that the shares of Company
Stock issuable upon exercise of this Warrant have not been
registered under the Securities Act, by reason of a specific
exemption from the registration provisions of the Securities Act,
which exemption depends upon, among other things, the bona fide
nature of the investment intent as expressed herein, and, because
such securities have not been registered under the Securities Act,
they must be held indefinitely unless subsequently registered under
the Securities Act or an exemption from such registration is
available; (v) the undersigned is aware that the aforesaid
shares of Company Stock may not be sold pursuant to Rule 144
adopted under the Securities Act unless certain conditions are met
and until the undersigned has held the shares for the time period
prescribed by Rule 144, that among the conditions for use of Rule
144 is the availability of current information to the public about
the Company; and (vi) the undersigned agrees not to make any
disposition of all or any part of the aforesaid shares of Company
Stock unless and until there is then in effect a registration
statement under the Securities Act covering such proposed
disposition and such disposition is made in accordance with said
registration statement, or the undersigned has furnished the
Company with an opinion of counsel, reasonably satisfactory to the
Company, to the effect that such disposition is not required to be
registered pursuant to the Securities Act or any applicable state
securities laws; provided, that no opinion shall be required for any
disposition made or to be made in accordance with the provisions of
Rule 144.

 

	
Date:
_______________________

	
Signature:
_______________________

	
 

	
Print
Name:  _______________________

 

 

 

8

 

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, subject to compliance with
Section
4(c) hereof, execute this form
and supply required information. Do not use this form to purchase
shares.)

 

FOR VALUE RECEIVED, the
foregoing Warrant and all rights evidenced thereby are hereby
assigned to:

 

 

 

(Name)

 

 

(Address)

 

Dated: ________________, 20___

 

 

	
Holder’s Name:

	
_______________________ 

	
 

	
 

	
Holder’s Signature:

	
_______________________ 

	
 

	
 

	
Holder’s Address:

	
_______________________ 

	
 

	
_______________________ 

	
 

	
_______________________ 

 

 

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

 

 

 

 

9

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