Document:

Exhibit 10.27

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITIES EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER 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.
THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT EDISON NATION, INC.

 

	Warrant
    Shares: 50,000	 	Issue
    Date: December 4, 2019

 

THIS
COMMON STOCK PURCHASE WARRANT (the "Warrant") certifies that, for value received, 32 Entertainment LLC or its
assigns (the " Holder") is entitled, at any time or from time to time from the date hereof (the "Commencement Date"),
and at or before 5:00 p.m., Eastern time, December 4, 2024 (the "Termination Date") but not thereafter, to subscribe
for and purchase from Edison Nation, Inc., a Nevada corporation (the "Company"), up to 50,000 shares (as subject to
adjustment hereunder, the "Warrant Shares") of Common Stock. The purchase price of one share of Common Stock under this
Warrant shall be equal to the Exercise Price, as defined in Section l(b).

 

Section
1. Exercise.

 

		a)	Exercise
                                         of Warrant. Exercise of the purchase rights represented by this Warrant may be made,
                                         in whole or in part, at any time or times on or after the Issue Date and on or before
                                         the Termination Date by delivery to the Company of a duly executed facsimile copy or
                                         PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the
                                         form annexed hereto ("Notice of Exercise"). Within the earlier of (i) two (2)
                                         Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period
                                         (as defined in Section l(d)(i) herein) following the date of exercise as aforesaid,
                                         the Holder shall deliver the aggregate Exercise Price for the shares specified in the
                                         applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States
                                         bank unless the cashless exercise procedure specified in Section 1(c) below is specified
                                         in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required,
                                         nor shall any medallion guarantee (or other type of guarantee or notarization) of any
                                         Notice of Exercise be required. Notwithstanding anything herein to the contrary, the
                                         Holder shall not be required to physically surrender this Warrant to the Company until
                                         the Holder has purchased all of the Warrant Shares available hereunder and the Warrant
                                         has been exercised in full, in which case, the Holder shall surrender this Warrant to
                                         the Company for cancellation within two (2) Trading Days of the date on which the final
                                         Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting
                                         in purchases of a portion of the total number of Warrant Shares available hereunder shall
                                         have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
                                         in an amount equal to the applicable number of Warrant Shares purchased. The Holder and
                                         the Company shall maintain records showing the number of Warrant Shares purchased and
                                         the date of such purchases. The Company shall deliver any objection to any Notice of
                                         Exercise within one (1) Business Day of receipt of such notice.

 

     

     

    

 

		b)	Exercise
                                         Price. The exercise price per share of the Common Stock under this Warrant shall
                                         be $1.50, subject to adjustment hereunder (the "Exercise Price").

 

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

 

	 	 	(A) = as applicable: (i) the VWAP on the
    Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both
    executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered
    pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in
    Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of
    the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z)
    the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the
    Holder's execution of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular trading
    hours" on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close
    of "regular trading hours" on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the
    applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both
    executed and delivered pursuant to Section 2(a) hereof after the close of "regular trading hours" on such Trading
    Day;
	 	 	 
	 	 	(B) = the Exercise Price of this Warrant, as adjusted hereunder; and
	 	 	 
	 	 	(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.
	 	 	 
	 	 	If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this Section l(c).

 

     

     

    

 

	 	 	"Bid Price" means, for any
    date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or
    quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the
    Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from
    9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume
    weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c)
    if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
    reported in the "Pink Sheets" published by OTC Markets Group, 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 Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the
    Company, the fees and expenses of which shall be paid by the Company.
	 	 	 
	 	 	"VWAP" means, for any date, the price
    determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading
    Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the
    Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from
    9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is quoted for trading on the OTCQB
    or OTCQX, as applicable, and if the OTCQB or OTCQX is not a Trading Market, the  volume weighted average price of the
    Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not
    then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the "Pink
    Sheets" published by OTC Markets Group, 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 Purchasers of
    a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of
    which shall be paid by the Company.
	 	 	 
	 	 	Notwithstanding anything herein to the contrary,
    on the Termination Date, this Warrant shall be exercised via cashless exercise pursuant to this Section l(c), with the approval
    of the Holder. Warrant may be exercised, at the sole discretion of the warrant holder.
	 	 	 

     

     

    

 

		d)	Mechanics
                                         of Exercise.
	 	 	 
	 	i.	Delivery of Warrant Shares Upon Exercise.
    The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting
    the account of the Holder's or its designee's balance account with The Depository Trust Company through its Deposit or Withdrawal
    at Custodian system ("DWAC") if the Company is then a participant in such system and either (A) there is an effective
    registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B)
    the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144
    (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate, registered in the Company's share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled
    pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest
    of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery
    of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period
    after the delivery to the Company of the Notice of Exercise (such date, the "Warrant Share Delivery Date"). Upon
    delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record
    of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant
    Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received
    within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period
    following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares
    subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated
    damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common
    Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth
    Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until
    such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is
    a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, "Standard
    Settlement Period" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary
    Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.
	 	 	 

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

 

     

     

    

 

		iii.	Rescission
                                         Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder
                                         the Warrant Shares pursuant to Section l(d)(i) by the Warrant Share Delivery Date, then
                                         the Holder will have the right to rescind such exercise.

 

		iv.	Compensation
                                         for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition
                                         to any other rights available to the Holder, if the Company fails to cause the Transfer
                                         Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
                                         of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery
                                         Date, and if after such date the Holder is required by its broker to purchase (in an
                                         open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases,
                                         shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant
                                         Shares which the Holder anticipated receiving upon such exercise (a "Buy-In"),
                                         then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x)
                                         the Holder's total purchase price (including brokerage commissions, if any) for the shares
                                         of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number
                                         of Warrant Shares that the Company was required to deliver to the Holder in connection
                                         with the exercise at issue times (2) the price at which the sell order giving rise to
                                         such purchase obligation was executed, and (B) at the option of the Holder, either reinstate
                                         the portion of the Warrant and equivalent number of Warrant Shares for which such exercise
                                         was not honored (in which case such exercise shall be deemed rescinded) or deliver to
                                         the Holder the number of shares of Common Stock that would have been issued had the Company
                                         timely complied with its exercise and delivery obligations hereunder. For example, if
                                         the Holder purchases Common Stock having a total purchase price of $11,000 to cover a
                                         Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate
                                         sale price giving rise to such purchase obligation of $10,000, under clause (A) of the
                                         immediately preceding sentence the Company shall be required to pay the Holder $1,000.
                                         The Holder shall provide the Company written notice indicating the amounts payable to
                                         the Holder in respect of the Buy-In and, upon request of the Company, evidence of the
                                         amount of such loss. Nothing herein shall limit a Holder's right to pursue any other
                                         remedies available to it hereunder, at law or in equity including, without limitation,
                                         a decree of specific performance and/or injunctive relief with respect to the Company's
                                         failure to timely deliver shares of Common Stock upon exercise of the Warrant as required
                                         pursuant to the terms hereof.

 

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

 

		vi.	Charges,
                                         Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder
                                         for any issue or transfer tax or other incidental expense in respect of the issuance
                                         of such Warrant Shares, all of which taxes and expenses shall be paid by the Company,
                                         and such Warrant Shares shall be issued in the name of the Holder or in such name or
                                         names as may be directed by the Holder; provided, however, that in the event that Warrant
                                         Shares are to be issued in a name other than the name of the Holder, this Warrant when
                                         surrendered for exercise shall be accompanied by the Assignment Form attached hereto
                                         duly executed by the Holder and the Company may require, as a condition thereto, the
                                         payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.
                                         The Company shall pay all Transfer Agent fees required for same-day processing of any
                                         Notice of Exercise and all fees to the Depository Trust Company (or another established
                                         clearing corporation performing similar functions) required for same-day electronic delivery
                                         of the Warrant Shares.

 

     

     

    

 

 

 

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

  

		e.	Holder' s Exercise Limitations.

 

		The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
                                                 right to exercise any portion of this Warrant, pursuant to Section 1 or otherwise, to the extent that after giving effect to
                                                 such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder's
                                                 Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates (such Persons,
                                                 "Attribution Parties")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
                                                 below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its
                                                 Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant
                                                 with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be
                                                 issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of
                                                 its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any
                                                 other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation
                                                 on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
                                                 Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 1(e),
                                                 beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
                                                 promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such
                                                 calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
                                                 required to be filed in accordance therewith. To the extent that the limitation contained in this Section l(e) applies, the
                                                 determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any
                                                 Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of
                                                 the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder's determination of whether this
                                                 Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
                                                 Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation,
                                                 and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a
                                                 determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the
                                                 Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section l(e), in determining the
                                                 number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as
                                                 reflected in (A) the Company's most recent periodic or annual report filed with the Commission, as the case may be, (B) a
                                                 more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent
                                                 setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company
                                                 shall within one (1) 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% of the number of shares of the Common Stock outstanding
                                                 immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder,
                                                 upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e),
                                                 provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock
                                                 outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by
                                                 the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership
                                                 Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this
                                                 paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
                                                 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial
                                                 Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to
                                                 such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

	Section 2.	Certain Adjustments.x

 

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

 

		b) Subsequent Equity Sales. If the Company or any Subsidiary thereof, as applicable,
                                                at any time while this Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to
                                                reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition)
                                                any Common Stock or Common Stock Equivalents, at an effective price per share less than the Exercise Price then in effect
                                                (such lower price, the "Base Share Price" and such issuances collectively, a "Dilutive Issuance") (it
                                                being understood and agreed that if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time,
                                                whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or
                                                otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to
                                                receive shares of Common Stock at an effective price per share that is less than the Exercise Price, such issuance shall be
                                                deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance at such effective price), then
                                                simultaneously with the consummation (or, if earlier, the announcement) of each Dilutive Issuance the Exercise Price shall be
                                                reduced and only reduced to equal the Base Share Price. Notwithstanding the foregoing, no adjustments shall be made, paid or
                                                issued under this Section 2(b) in respect of an Exempt Issuance. The Company shall notify the Holder, in writing, no later
                                                than the Trading Day following the issuance or deemed issuance of any Common Stock or Common Stock Equivalents subject to
                                                this Section 2(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion
                                                price and other pricing terms (such notice, the "Dilutive Issuance Notice"). For purposes of clarification, whether
                                                or not the Company provides a Dilutive Issuance Notice pursuant to this Section 2(b), upon the occurrence of any Dilutive
                                                Issuance, the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of whether
                                                the Holder accurately refers to the Base Share Price in the Notice of Exercise. If the Company enters into a Variable Rate
                                                Transaction, despite the prohibition thereon in the Purchase Agreement, the Company shall be deemed to have issued Common
                                                Stock or Common Stock Equivalents at the lowest possible conversion or exercise price at which such securities may be
                                                converted or exercised.

 

     

     

    

 

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

 

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

  

     

     

    

 

		e) Fundamental
                                         Transaction. If, at any time while this Warrant is outstanding, (i) the Company,
                                         directly or indirectly, in one or more related transactions effects any merger or consolidation
                                         of the Company with or into another Person, (ii) the Company, 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, or
                                         (v) the Company, directly or indirectly, in one or more related transactions consummates
                                         a stock or share purchase agreement or other business combination (including, without
                                         limitation, a reorganization, recapitalization, spin-off 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 (without
                                         regard to any limitation in Section 2(e) on the exercise of this Warrant), the number
                                         of shares of Common Stock of the successor or acquiring corporation or of the Company,
                                         if it is the surviving corporation, and any additional consideration (the "Alternate
                                         Consideration") receivable as a result of such Fundamental Transaction by a holder
                                         of the number of shares of Common Stock for which this Warrant is exercisable immediately
                                         prior to such Fundamental Transaction (without regard to any limitation in Section l(e)
                                         on the exercise of this Warrant). For purposes of any such exercise, the determination
                                         of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration
                                         based on the amount of Alternate Consideration issuable in respect of one share of Common
                                         Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price
                                         among the Alternate Consideration in a reasonable manner reflecting the relative
                                         value of any different components of the Alternate Consideration. If holders
                                         of Common Stock are given any choice as to the securities, cash or property to be received
                                         in a Fundamental Transaction, then the Holder shall be given the same choice as to the
                                         Alternate Consideration it receives upon any exercise of this Warrant following such
                                         Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a
                                         Fundamental Transaction, the Company or any Successor Entity (as defined below) shall,
                                         at the Holder's option, exercisable at any time concurrently with, or within 30 days
                                         after, the consummation of the Fundamental Transaction (or, if later, the date of the
                                         public announcement of the applicable Fundamental Transaction), purchase this Warrant
                                         from the Holder by paying to the Holder an amount of cash equal to the Black Scholes
                                         Value of the remaining unexercised portion of this Warrant on the date of the consummation
                                         of such Fundamental Transaction. "Black Scholes Value" means the value of this
                                         Warrant based on the Black and Scholes Option Pricing Model obtained from the "OV"
                                         function on Bloomberg, L.P. ("Bloomberg") determined as of the day of consummation
                                         of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free
                                         interest rate corresponding to the U.S. Treasury rate for a period equal to the time
                                         between the date of the public announcement of the applicable Fundamental Transaction
                                         and the Termination Date, (B) an expected volatility equal to the greater of 100% and
                                         the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading
                                         Day immediately following the public announcement of the applicable Fundamental Transaction,
                                         (C) the underlying price per share used in such calculation shall be the greater of (i)
                                         the sum of the price per share being offered in cash, if any, plus the value of any non-cash
                                         consideration, if any, being offered in such Fundamental Transaction and (ii) the greater
                                         of (x) the last VWAP immediately prior to the public announcement of such Fundamental
                                         Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental
                                         Transaction and (D) a remaining option time equal to the time between the date of the
                                         public announcement of the applicable Fundamental Transaction and the Termination Date.
                                         The payment of the Black Scholes Value will be made by wire transfer of immediately available
                                         funds within five Business Days of the Holder's election (or, if later, on the effective
                                         date of the Fundamental Transaction). The Company shall cause any successor entity in
                                         a Fundamental Transaction in which the Company is not the survivor (the "Successor
                                         Entity") to assume in writing all of the obligations of the Company under this Warrant
                                         and the other Transaction Documents in accordance with the provisions of this Section
                                         2(e) pursuant to written agreements in form and substance reasonably satisfactory to
                                         the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental
                                         Transaction and shall, at the option of the Holder, deliver to the Holder in exchange
                                         for this Warrant a security of the Successor Entity evidenced by a written instrument
                                         substantially similar in form and substance to this Warrant which is exercisable for
                                         a corresponding number of shares of capital stock of such Successor Entity (or its parent
                                         entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise
                                         of this Warrant (without regard to any limitations on the exercise of this Warrant) prior
                                         to such Fundamental Transaction, and with an exercise price which applies the exercise
                                         price hereunder to such shares of capital stock (but taking into account the relative
                                         value of the shares of Common Stock pursuant to such Fundamental Transaction and the
                                         value of such shares of capital stock, such number of shares of capital stock and such
                                         exercise price being for the purpose of protecting the economic value of this Warrant
                                         immediately prior to the consummation of such Fundamental Transaction), and which is
                                         reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any
                                         such Fundamental Transaction, the Successor Entity shall 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.

 

     

     

    

 

 

		e)	Calculations.
                                         All calculations under this Section 2 shall be made to the nearest cent or the nearest
                                         l /100th of a share, as the case may be. For purposes of this Section 2, the number of
                                         shares of Common Stock deemed to be issued and outstanding as of a given date shall be
                                         the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued
                                         and outstanding.

 

			g) Notice to Holder.

 

			i. Adjustment
                                         to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision
                                         of this Section 2, the Company shall promptly deliver to the Holder by facsimile or email
                                         a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
                                         to the number of Warrant Shares and setting forth a brief statement of the facts requiring
                                         such adjustment.

 

			ii.
                                         Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend
                                         (or any other distribution in whatever form) on the Common Stock, (B) the Company shall
                                         declare a special nonrecurring cash dividend on or a redemption of the Common Stock,
                                         (C) the Company shall authorize the granting to all holders of the Common Stock rights
                                         or warrants to subscribe for or purchase any shares of capital stock of any class or
                                         of any rights, (D) the approval of any stockholders of the Company shall be required
                                         in connection with any reclassification of the Common Stock, any consolidation or merger
                                         to which the Company is a party, any sale or transfer of all or substantially all of
                                         the assets of the Company, or any compulsory share exchange whereby the Common Stock
                                         is converted into other securities, cash or property, or (E) the Company shall authorize
                                         the voluntary or involuntary dissolution, liquidation or winding up of the affairs of
                                         the Company, then, in each case, the Company shall cause to be delivered by facsimile
                                         or email to the Holder at its last facsimile number or email address as it shall appear
                                         upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
                                         record or effective date hereinafter specified, a notice stating (x) the date on which
                                         a record is to be taken for the purpose of such dividend, distribution, redemption, rights
                                         or warrants, or if a record is not to be taken, the date as of which the holders of the
                                         Common Stock of record to be entitled to such dividend, distributions, redemption, rights
                                         or warrants are to be determined or (y) the date on which such reclassification, consolidation,
                                         merger, sale, transfer or share exchange is expected to become effective or close, and
                                         the date as of which it is expected that holders of the Common Stock of record shall
                                         be entitled to exchange their shares of the Common Stock for securities, cash or other
                                         property deliverable upon such reclassification, consolidation, merger, sale, transfer
                                         or share exchange; provided that the failure to deliver such notice or any defect therein
                                         or in the delivery thereof shall not affect the validity of the corporate action required
                                         to be specified in such notice. To the extent that any notice provided in this Warrant
                                         constitutes, or contains, material, non-public information regarding the Company or any
                                         of the Subsidiaries, the Company shall simultaneously file such notice with the Commission
                                         pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise
                                         this Warrant during the period commencing on the date of such notice to the effective
                                         date of the event triggering such notice except as may otherwise be expressly set forth
                                         herein.

 

    

     

    

 

Section
3. Transfer of Warrant.

 

		a)	Transferability.
                                         Subject to compliance with any applicable securities laws and the conditions set forth
                                         in Section 2(d) hereof and to the provisions of Section 1.1 of the Purchase Agreement,
                                         this Warrant and all rights hereunder (including, without limitation, any registration
                                         rights) are transferable, in whole or in part, upon surrender of this Warrant at the
                                         principal office of the Company or its designated agent, together with a written assignment
                                         of this Warrant substantially in the form attached hereto duly executed by the Holder
                                         or its agent or attorney and funds sufficient to pay any transfer taxes payable upon
                                         the making of such transfer. Upon such surrender and, if required, such payment, the
                                         Company shall execute and deliver a new Warrant or Warrants in the name of the assignee
                                         or assignees, as applicable, and in the denomination or denominations specified in such
                                         instrument of assignment, and shall issue to the assignor a new Warrant evidencing the
                                         portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
                                         Notwithstanding anything herein to the contrary, the Holder shall not be required to
                                         physically surrender this Warrant to the Company unless the Holder has assigned this
                                         Warrant in full, in which case, the Holder shall surrender this Warrant to the Company
                                         within three (3) Trading Days of the date on which the Holder delivers an assignment
                                         form to the Company assigning this Warrant in full. The Warrant, if properly assigned
                                         in accordance herewith, may be exercised by a new holder for the purchase of Warrant
                                         Shares without having a new Warrant issued.

 

		b)	New Warrants. 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 3(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.

 

    

     

    

 

		d)	Transfer
                                         Restrictions. If , at the time of the surrender of this Warrant in connection with
                                         any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered
                                         pursuant to an effective registration statement under the Securities Act and under applicable
                                         state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale
                                         restrictions or current public information requirements pursuant to Rule 144, the Company
                                         may require, as a condition of allowing such transfer, that the Holder or transferee of
                                         this Warrant, as the case may be, comply with the provisions of this the Purchase Agreement.

 

		e)	Representation
                                         by the Holder. The Holder, by the acceptance hereof, represents and warrants that
                                         it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant
                                         Shares issuable upon such exercise, for its own account and not with a view to or for
                                         distributing or reselling such Warrant Shares or any part thereof in violation of the
                                         Securities Act or any applicable state securities law, except pursuant to sales registered
                                         or exempted under the Securities Act.

 

Section
4. Miscellaneous.

 

		a)	No
                                         Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to
                                         any voting rights, dividends or other rights as a stockholder of the Company prior to
                                         the exercise.

 

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

 

    

     

    

 

		d)	Authorized
                                         Shares.

 

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

 

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

 

			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)	Jurisdiction.
                                         All questions concerning the construction, validity, enforcement and interpretation of
                                         this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.

 

		f)	Restrictions.
                                         The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant,
                                         if not registered and the Holder does not utilize cashless exercise, will have restrictions
                                         upon resale imposed by state and federal securities laws.

 

    

     

    

 

 

g)  Non
waiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision
of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to
cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

h)  Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Purchase Agreement.

 

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

 

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

 

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

 

1)
   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)

 

     

     

    

 

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

 

	 	EDISON NATION, INC.
	 	 
	 	By:	/s/ Chris Ferguson                 
	 	Name:  	Chris Ferguson
	 	Title:	Chief Executive Officer

 

 

    

     

    

 

[PURCHASER SIGNATURE PAGE TO EDISON NATION INC.]

 

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

 

	Name of Purchaser : 32 Entertainment LLC	 
	 	 
	Signature of Authorized Signatory of Purchaser:	/s/ Robert Wolf 
	 	 
	Name of Authorized Signatory: Robert Wolf	 
	 	 
	Title of Authorized Signatory: Founder	 
	 	 
	Email Address of Authorized Signatory: rwolf@32advisors.com	 
	 	 
	Facsimile Number of Authorized Signatory: N/A	 
	 	 
	Address for Notice to Purchaser: 9 Westerleigh Rd, Purchase, NY 10577	 
	 	 

  

Warrant Shares: 50,000

 

EIN Number: 27-0936017

 

    

     

    

 

NOTICE
OF EXERCISE

 

To: Edison Nation, Inc.

 

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

 

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

 

[] in lawful money of the United States;
                                         or

 

[
] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
subsection l (c), to exercise this Warrant with respect to the maximum number of Warrant shares purchasable pursuant to the
cashless exercise procedure set forth in subsection 1(c).

 

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

 

                                                    

 

 

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

 

                                                      

 

                                                       

 

                                                          

 

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

 

 

	 	[SIGNATURE OF HOLDER]	 
	 	 	 
	 	Name of Investing Entity:	 	 
	 	 	 
	 	Signature of Authorized Signatory of Investing Entity:	 
	 	 	 
	 	Name of Authorized Signatory:	 
	 	 	 
	 	Title of Authorized Signatory:	 
	 	 	 
	 	 	 

 

Date:Exhibit 10.28

 

REGISTRATION RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this "Agreement") is made and entered into as of December 4th 2019,
between Edison Nation Inc., a Nevada corporation (the "Company"), and 32 Entertainment LLC signatory
hereto (the "Purchaser").

 

This
Agreement is made pursuant to the Securities Purchase Agreement, dated as of the date hereof, between the Company and Purchaser
(the "Purchase Agreement").

 

The Company and each Purchaser hereby
agrees as follows:

 

		1.	Definitions.

 

Capitalized
terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms
in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:

 

"Advice"
shall have the meaning set forth in Section 6(d).

 

"Effectiveness
Date" means, with respect to the Initial Registration Statement required to be filed hereunder, the date that is 90 calendar
days following the earlier of (i) the Filing Date and (ii) the date on which the Initial Registration Statement is filed with
the Commission (and, in the event of a "full review" by the Commission, the date that is 180 calendar days following
the earlier of (i) the Filing Date and (ii) the date on which the Initial Registration Statement is filed with the Commission)
and with respect to any additional Registration Statements which may be required pursuant to Section 2(c) or Section 3(c), the
90th calendar day following the date on which an additional Registration Statement is required to be filed hereunder; provided,
however, that, in the event the Company is notified by the Commission that one or more of the above Registration Statements
will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date as to such Registration Statement
shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise
required above, provided, further, if such Effectiveness Date falls on a day that is not a Trading Day, then the Effectiveness
Date shall be the next succeeding Trading Day.

 

"Effectiveness Period"
shall have the meaning set forth in Section 2(a).

 

"Event"
shall have the meaning set forth in Section 2(d).

 

"Event Date"
shall have the meaning set forth in Section 2(d).

 

     

     

    

 

"Filing
Date" means, with respect to the Initial Registration Statement required hereunder, the 30th calendar day following the
date hereof and, with respect to any additional Registration Statements which may be required pursuant to Section 2(c) or Section
3(c), the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration Statement
related to the Registrable Securities.

 

"Holder"
or "Holders" means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

"Indemnified
Party" shall have the meaning set forth in Section 5(c).

 

"Indemnifying Party" shall have the
meaning set forth in Section 5(c).

 

"Initial Registration
Statement" means the initial Registration Statement filed pursuant to this Agreement.

 

"Losses" shall have the
meaning set forth in Section 5(a).

 

"Plan of Distribution"
shall have the meaning set forth in Section 2(a).

 

"Prospectus"
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus.

 

"Registrable
Securities" means, as of any date of determination, (a) all shares of Common Stock then issued and issuable upon conversion
in full of the Preferred Stock (assuming on such date that the Preferred Stock are converted in full without regard to any conversion
limitations therein), (b) all Warrant Shares then issued and issuable upon exercise of the Warrants (assuming on such date the
Warrants are exercised in full without regard to any exercise limitations therein), (c) any additional shares of Common Stock
issued and issuable in connection with any anti-dilution provisions in the Preferred Stock or the Warrants (without giving effect
to any limitations on conversion set forth in the Certificate of Designation or any limitations on exercise set forth in the Warrants)
and (d) any securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization or similar
event with respect to the foregoing; provided, however, that any such Registrable Securities shall cease to be Registrable
Securities (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement
hereunder with respect thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable Securities
is declared effective by the Commission under the Securities Act and such Registrable Securities have been disposed of by the
Holder in accordance with such effective Registration Statement, (b) such Registrable Securities have been previously sold in
accordance with Rule 144, or (c) such securities become eligible for resale without volume or manner-of-sale restrictions and
without current public information pursuant to Rule 144 as set forth in a written opinion letter to such effect, addressed, delivered
and acceptable to the Transfer Agent and the affected Holders (assuming that such securities and any securities issuable upon
exercise, conversion or exchange of which, or as a dividend upon which, such securities were issued or are issuable, were at no
time held by any Affiliate of the Company), as reasonably determined by the Company, upon the advice of counsel to the Company.

 

    2 

     

    

 

"Registration
Statement" means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional
registration statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments and supplements
to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in any such registration statement.

 

"Rule
415" means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

"Rule
424" means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

"Selling
Stockholder Questionnaire" shall have the meaning set forth in Section 3(a).

 

"SEC
Guidance" means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements
or requests of the Commission staff and (ii) the Securities Act.

 

		2.	Shelf Registration.

 

(a)       On
or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale
of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall be on Form S-1 and shall contain
substantially the "Plan of Distribution" attached hereto as Annex A provided, however, that no
Holder shall be required to be named as an "underwriter" without such Holder's express prior written consent. Subject
to the terms of this Agreement, the Company shall use its best efforts to cause a Registration Statement filed under this Agreement
(including, without limitation, under Section 3(c)) to be declared effective under the Securities Act as promptly as possible
after the filing thereof, but in any event no later than the applicable Effectiveness Date, and shall use its best efforts to
keep such Registration Statement continuously effective under the Securities Act until the date that all Registrable Securities
covered by such Registration Statement (i) have been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume
or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current
public information requirement under Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter
to such effect, addressed and acceptable to the Transfer Agent and the affected Holders (the "Effectiveness Period").
The Company shall telephonically request effectiveness of a Registration Statement as of 5:00 p.m. (New York City time) on a Trading
Day. The Company shall immediately notify the Holders via facsimile or by e-mail of the effectiveness of a Registration Statement
on the same Trading Day that the Company telephonically confirms effectiveness with the Commission, which shall be two days prior
to the effectiveness of such Registration Statement. The Company shall, by 9:30 a.m. (New York City time) on the second Trading
Day after the effective date of such Registration Statement, file a final Prospectus with the Commission as required by Rule 424.
Failure to so notify the Holder within one (1) Trading Day of such notification of effectiveness or failure to file a final Prospectus
as fore said shall be deemed an Event under Section 2(d).

 

(b)       Notwithstanding
the registration obligations set forth in Section 2(a), if the Commission informs the Company that all of the Registrable Securities
cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration
statement, the Company agrees to promptly inform each of the Holders thereof and use its commercially reasonable efforts to file
amendments to the Initial Registration Statement as required by the Commission, covering the maximum number of Registrable Securities
permitted to be registered by the Commission, on Form S-3 or such other form available to register for resale the Registrable
Securities as a secondary offering, subject to the provisions of Section 2(e); with respect to filing on Form S-3 or other appropriate
form, and subject to the provisions of Section 2(d) with respect to the payment of liquidated damages; provided, however,
that, prior to filing such amendment, the Company shall be obligated to use diligent efforts to advocate with the Commission for
the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation, Compliance
and Disclosure Interpretation 612.09.

 

    3 

     

    

 

(c)       Notwithstanding
any other provision of this Agreement and subject to the payment of liquidated damages pursuant to Section 2(d), if the Commission
or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular
Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the
Commission for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by
a Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement
will be reduced as follows:

 

		a.	First, the Company shall reduce Registrable Securities represented by Warrant
Shares (applied, in the case that some Warrant Shares may be registered, to the Holders on a pro rata basis based on the total
number of unregistered Warrant Shares held by such Holders); and
	 	 	 

		b.	Second, the Company shall reduce Registrable Securities represented by Conversion
Shares (applied, in the case that some Conversion Shares may be registered, to the Holders on a pro rata basis based on the total
number of unregistered Conversion Shares held by such Holders).

 

In the event of a cutback
hereunder, the Company shall give the Holder at least five (5) Trading Days prior written notice along with the calculations as
to such Holder's allotment.

 

(d)       If:
(i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial Registration
Statement without affording the Holders the opportunity to review and comment on the same as required by Section 3(a) herein,
the Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to file with the Commission a request
for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant to the Securities
Act, within five Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the Commission
that such Registration Statement will not be "reviewed" or will not be subject to further review, or (iii) prior to
the effective date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond in writing
to comments made by the Commission in respect of such Registration Statement within twenty (20) calendar days after the receipt
of comments by or notice from the Commission that such amendment is required in order for such Registration Statement to be declared
effective, or (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared effective
by the Commission by the Effectiveness Date of the Initial Registration Statement, or (v) after the effective date of a Registration
Statement, such Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities
included in such Registration Statement, or the Holders are otherwise not permitted to utilize the Prospectus therein to resell
such Registrable Securities, for more than three (3) consecutive Trading Days or more than an aggregate of ten (10) calendar days
(which need not be consecutive calendar days) during any 12-month period (any such failure or breach being referred to as an "Event",
and for purposes of clauses (i) and (iv), the date on which such Event occurs, and for purpose of clause (ii) the date on which
such five (5) Trading Day period is exceeded, and for purpose of clause (iii) the date which such twenty (20) calendar day period
is exceeded, and for purpose of clause (v) the date on which such three (3) Trading Day or ten (10) calendar day period, as applicable,
is exceeded being referred to as "Event Date"), then, in addition to any other rights the Holders may have hereunder
or under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event
shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to Holder an amount in cash,
as partial liquidated damages and not as a penalty, equal to the product of 1.0% multiplied by the aggregate Subscription Amount
paid by such Holder pursuant to the Purchase Agreement. If the Company fails to pay any partial liquidated damages pursuant to
this Section in full within seven days after the date payable, the Company will pay interest thereon at a rate of 18% per annum
(or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the date such
partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated
damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the cure of an
Event.

 

(e)       If
Form S-1 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i) register
the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities
on Form S-1 as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration Statement
then in effect until such time as a Registration Statement on Form S-1 covering the Registrable Securities has been declared effective
by the Commission.

 

(f)       Notwithstanding anything to the contrary contained herein, in no event shall the Company be permitted to name any Holder or
affiliate of a Holder as any Underwriter without the prior written consent of such Holder.

 

		3.	Registration
                                         Procedures.

 

In connection
with the Company's registration obligations hereunder, the Company shall:

 

(a)       Not
less than five (5) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day
prior to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be
incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to Holder copies of all such
documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference)
will be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent registered
public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to
Holder, to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file a
Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Holders of a majority of
the Registrable Securities shall reasonably object in good faith, provided that the Company is notified of such objection in
writing no later than four (4) Trading Days after the Holders have been so furnished copies of a Registration Statement or
one (1) Trading Day after the Holders have been so furnished copies of any related Prospectus or amendments or supplements
thereto. Holder agrees to furnish to the Company a completed questionnaire in the form attached to this Agreement as Annex
C (a "Selling Stockholder Questionnaire") on a date that is not less than two (2) Trading Days prior to
the Filing Date or by the end of the fourth (4th) Trading Day following the date on which such Holder receives
draft materials in accordance with this Section.

 

    4 

     

    

 

 

(b)              
(i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as
to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional
Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities, (ii) cause
the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement),
and, as so supplemented or amended, to be filed pursuant to Rule 424, (iii) respond as promptly as reasonably possible to any comments
received from the Commission with respect to a Registration Statement or any amendment thereto and provide as promptly as reasonably
possible to the Holders true and complete copies of all correspondence from and to the Commission relating to a Registration Statement
(provided that, the Company shall excise any information contained therein which would constitute material non-public information
regarding the Company or any of its Subsidiaries), and (iv) comply in all material respects with the applicable provisions of the
Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement
during the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition by
the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.

 

(c)               If
during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of
Common Stock then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but
in any case prior to the applicable Filing Date, an additional Registration Statement covering the resale by the Holders of
not less than the number of such Registrable Securities.

 

    7

     

    

 

(d)              
Notify the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof,
be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly
as reasonably possible (and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested
by any such Person) confirm such notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus
or any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed, (B) when the Commission
notifies the Company whether there will be a "review" of such Registration Statement and whenever the Commission comments
in writing on such Registration Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when
the same has become effective, (ii) of any request by the Commission or any other federal or state governmental authority for
amendments or supplements to a Registration Statement or Prospectus or for additional information, (iii) of the issuance by the
Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration
Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose, (iv) of the
receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such
purpose, (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration
Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration
Statement, Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be,
it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and (vi) of
the occurrence or existence of any pending corporate development with respect to the Company that the Company believes may be
material and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued availability
of a Registration Statement or Prospectus; provided, however, that in no event shall any such notice contain any
information which would constitute material, non-public information regarding the Company or any of its Subsidiaries.

 

(e)                Use
its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending the effectiveness
of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable
Securities for sale in any jurisdiction, at the earliest practicable moment.

 

    8

     

    

 

(f)               
Furnish to Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto,
including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the
extent requested by such Person, and all exhibits to the extent requested by such Person (including those previously furnished
or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that any such item which
is available on the EDGAR system (or successor thereto) need not be furnished in physical form.

 

(g)              
Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or
supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered
by such Prospectus and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

(h)              
Prior to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify
or cooperate with the selling Holders in connection with the registration or qualification (or exemption from the Registration
or qualification) of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions
within the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption
therefrom) effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable
the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that, the
Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject
the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of
process in any such jurisdiction.

 

(i)                
If requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free,
to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be
in such denominations and registered in such names as any such Holder may request.

 

    9

     

    

 

(j)                 Upon
the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances taking
into account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the
premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a
Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated
therein by reference, and file any other required document so that, as thereafter delivered, neither a Registration Statement
nor such Prospectus will contain 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, in light of the circumstances under which they were made, not
misleading. If the Company notifies the Holders in accordance with clauses (iii) through (vi) of Section 3(d) above to
suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall
suspend use of such Prospectus. The Company will use its best efforts to ensure that the use of the Prospectus may be resumed
as promptly as is practicable. The Company shall be entitled to exercise its right under this Section 3(j) to suspend the
availability of a Registration Statement and Prospectus, subject to the payment of partial liquidated damages otherwise
required pursuant to Section 2(d), for a period not to exceed 60 calendar days (which need not be consecutive days) in any
12-month period.

 

(k)               Otherwise
use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission under the Securities
Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including
any supplement or amendment thereof, with the Commission pursuant to Rule 424 under the Securities Act, promptly inform the Holders
in writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and,
as a result thereof, the Holders are required to deliver a Prospectus in connection with any disposition of Registrable Securities
and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder.

 

(1)               The
Company shall use its best efforts to maintain eligibility for use of Form S-1 (or any successor form thereto) for the registration
of the resale of Registrable Securities.

 

(m)               The
Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common
Stock beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and
dispositive control over the shares. During any periods that the Company is unable to meet its obligations hereunder with
respect to the registration of the Registrable Securities solely because any Holder fails to furnish such information within
three Trading Days of the Company’s request, any liquidated damages that are accruing at such time as to such Holder only
shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended as to such Holder
only, until such information is delivered to the Company and an amendment to the Registration Statement is filed to
incorporate Holder's information, provided that such filing is made within two (2) days of receipt of such information from
Holder.

 

    10

     

    

 

4.                 
Registration Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by
the Company shall be borne by the Company whether or not any Registrable 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 Commission, (B) with respect to filings required to be made with any Trading Market
on which the Common Stock is then listed for trading, and (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), (ii) printing expenses (including, without
limitation, expenses of printing certificates for Registrable Securities), (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 retained by the Company in connection with the consummation of the transactions
contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection
with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses
of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder. In no
event shall the Company be responsible for any broker or similar commissions of any Holder or, except to the extent provided for
in the Transaction Documents, any legal fees or other costs of the Holders.

 

5.                 
Indemnification.

 

(a)        Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless Holder,
the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities as principal
as a result of a pledge or any failure to perform under a margin call of Common Stock), investment advisors and employees (and
any other Persons 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 Person who controls any such Holder (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees (and
any other Persons 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 Person, 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 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 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 Agreement, except to the extent, but only to the extent, that (i) such untrue statements or omissions
are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein,
or to the extent that such information relates to such Holder or such Holder's proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such
Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this
purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by such Holder
of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus
is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated
in Section 6(d). The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising
from or in connection with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of such indemnified person and shall survive
the transfer of any Registrable Securities by any of the Holders in accordance with Section 6(h).

 

    11

    

 

 

(b)       Indemnification
by Holder. Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents
and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of
the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted
by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: any untrue or
alleged untrue statement of a material fact contained in any Registration Statement, any 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 Prospectus or supplement thereto,
in light of the circumstances under which they were made). In no event shall the liability of a selling Holder be greater in amount
than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this
Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue statement or omission)
received by such Holder upon the sale of the Registrable Securities included in the Registration Statement giving rise to such
indemnification obligation.

 

    12

     

    

 

(c)       Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder
(an "Indemnified Party"), such Indemnified Party shall promptly notify the Person from whom indemnity is sought
(the "Indemnifying Party") in writing, and the Indemnifying Party shall have the right to assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and
expenses incurred in connection with defense thereof; provided, that, the failure of any Indemnified Party to give such notice
shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the
extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal
or further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party.

 

An Indemnified
Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense
of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named
parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same
counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies
the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying
Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more than one separate
counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any
such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying
Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect
of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding.

 

    13

     

    

 

Subject
to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and
expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not
inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written
notice thereof to the Indemnifying Party; provided, that, the Indemnified Party shall promptly reimburse the Indemnifying
Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is finally
determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) not to be
entitled to indemnification hereunder.

 

(d)       Contribution.
If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified
Party harmless for any Losses, then each Indemnifying Party 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 Indemnifying Party 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 such Indemnifying Party 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, such Indemnifying Party or 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, subject to the limitations
set forth in this Agreement, 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
in this Section was available to such party in accordance with its terms.

 

The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) 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 paragraph. In no event shall the contribution obligation of a Holder of Registrable Securities
be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim
relating to this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving
rise to such contribution obligation.

 

The
indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties
may have to the Indemnified Parties.

 

    14

     

    

 

	 	6.	Miscellaneous.

 

(a)      
Remedies. In the event of a breach by the Company of their respective obligations under this Agreement, Holder,
as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery
of damages, shall be entitled to specific performance of its rights under this Agreement. Each of the Company and Holder agrees
that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of
such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

 

(b)      
No Piggyback on Registrations; Prohibition on Filing Other Registration Statements. Neither the Company nor any
of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in any
Registration Statements other than the Registrable Securities. The Company shall not file any other registration statements until
all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the Commission, provided
that this Section 6(b) shall not prohibit the Company from filing amendments to registration statements filed prior to the date
of this Agreement.

 

(c)        
[RESERVED]

 

(d)       Discontinued
Disposition. By its acquisition of Registrable Securities, Holder agrees that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith
discontinue disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the
 "Advice") by the Company that the use of the applicable Prospectus (as it may have been supplemented or
amended) may be resumed. The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as
promptly as is practicable. The Company agrees and acknowledges that any periods during which the Holder is required to
discontinue the disposition of the Registrable Securities hereunder shall be subject to the provisions of Section 2(d).

 

(e)       
Piggy-Back Registrations. If, at any time during the Effectiveness Period, there is not an effective Registration
Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a
registration statement relating to an offering for its own account or the account of others under the Securities Act of any of
its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents
relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities
issuable in connection with the Company's stock option or other employee benefit plans, then the Company shall deliver to Holder
a written notice of such determination and, if within fifteen days after the date of the delivery of such notice, any such Holder
shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities
such Holder requests to be registered; provided, however, that, following the date on which no Warrants remain outstanding,
the Company shall not be required to register any Registrable Securities pursuant to this Section 6(e) that are eligible for resale
pursuant to Rule 144 (without volume restrictions or current public information requirements) promulgated by the Commission pursuant
to the Securities Act or that are the subject of a then effective Registration Statement that is available for resales or other
dispositions by such Holder.

 

    15

     

    

 

(f)      
Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the
same shall be in writing and signed by the Company and the Holders of 50.1% or more of the then outstanding Registrable Securities
(for purposes of clarification, this includes any Registrable Securities issuable upon exercise or conversion of any Security),
provided that, if any amendment, modification or waiver disproportionately and adversely impacts a Holder (or group of Holders),
the consent of such disproportionately impacted Holder (or group of Holders) shall be required. If a Registration Statement does
not register all of the Registrable Securities pursuant to a waiver or amendment done in compliance with the previous sentence,
then the number of Registrable Securities to be registered for Holder shall be reduced pro rata among all Holders and Holder shall
have the right to designate which of its Registrable Securities shall be omitted from such Registration Statement. Notwithstanding
the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the
rights of a Holder or some Holders and that does not directly or indirectly affect the rights of other Holders may be given only
by such Holder or Holders of all of the Registrable Securities to which such waiver or consent relates; provided, however,
that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of
the first sentence of this Section 6(f). No consideration shall be offered or paid to any Person to amend or consent to a waiver
or modification of any provision of this Agreement unless the same consideration also is offered to all of the parties to this
Agreement.

 

(g)      
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be delivered as set forth in the Purchase Agreement.

 

(h)      
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties and shall inure to the benefit of Holder. The Company may not assign (except by merger) its rights
or obligations hereunder without the prior written consent of all of the Holders of the then outstanding Registrable Securities.
Holder may assign their respective rights hereunder in the manner and to the Persons as permitted under Section 5.7 of the Purchase
Agreement.

 

(i)        
No Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof,
nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect
to its securities, that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts
with the provisions hereof. Except as set forth on Schedule 6(i), neither the Company nor any of its Subsidiaries has previously
entered into any agreement granting any registration rights with respect to any of its securities to any Person that have not
been satisfied in full.

 

    16

     

    

 

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

 

(k)       
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be determined in accordance with the provisions of the Purchase Agreement.

 

(1)       Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

(m)     
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions
set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially
the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to
be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

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

 

(o)      
Independent Nature of Holders' Obligations and Rights. The obligations of Holder hereunder are several and not joint
with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations
of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no
action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association,
a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert
or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters,
and the Company acknowledges that the Holders are not acting in concert or as a group, and the Company shall not assert any such
claim, with respect to such obligations or transactions. Holder shall be entitled to protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as
an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company
contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the convenience
of the Company and not because it was required or requested to do so by any Holder. It is expressly understood and agreed that
each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and the Holders
collectively and not between and among Holders.

 

 

(Signature
Pages Follow)

 

    17

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	EDISON NATION INC.
	 	 
	 	By:	/s/ Chris Ferguson        
	 	 	Name: Chris Ferguson
	 	 	Title: Chief Executive Officer

 

 

[SIGNATURE PAGE OF HOLDERS FOLLOWS]

 

 

    

     

    

 

[SIGNATURE PAGE OF HOLDERS TO EDISON NATION
INC RRA]

 

 

	Name of Holder:	 32 Entertainment LLC	 

 

	Signature of Authorized Signatory of Holder:	/s/ Robert Wolf 	 

 

	Name of Authorized Signatory:	 Robert Wolf	 

 

	Title of Authorized Signatory:	 Founder	 

 

 

[SIGNATURE PAGES CONTINUE]

 

    

     

    

 

Annex A

 

Plan of Distribution

 

Selling
Stockholder (the "Selling Stockholder") of the securities and any of their pledgees, assignees and successors-in-interest
may, from time to time, sell any or all of their securities covered hereby on OTCQB or the principal Trading Market or any other
stock exchange, market or trading facility on which the securities are traded or in private transactions. These sales may be at
fixed or negotiated prices. A Selling Stockholder may use any one or more of the following methods when selling securities:

 

		·	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
	 	 	 

		·	block trades in which the broker-dealer will attempt to sell the securities as agent but may
position and resell a portion of the block as principal to facilitate the transaction;
	 	 	 

		·	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;
	 	 	 

		·	an exchange distribution in accordance with the rules of the applicable exchange;
	 	 	 

		·	privately negotiated transactions;

 

		·	settlement of short sales;
	 	 	 

		·	in transactions through broker-dealers that agree with the Selling Stockholders to sell a specified
number of such securities at a stipulated price per security;
	 	 	 

		·	through the writing or settlement of options or other hedging transactions,
whether through an options exchange or otherwise;
	 	 	 

		·	a combination of any such methods of sale; or
	 	 	 

		·	any other method permitted pursuant to applicable law.

 

The
Selling Stockholder may also sell securities under Rule 144 or any other exemption from registration under the Securities Act
of 1933, as amended (the "Securities Act"), if available, rather than under this prospectus.

 

    

     

    

 

Broker-dealers
engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of
securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in
the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and
in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2440.

 

In
connection with the sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions
with broker-dealers or other financial institutions, which may in turn engage in short sales of the securities in the course
of hedging the positions they assume. The Selling Stockholders may also sell securities short and deliver these securities to
close out their short positions, or loan or pledge the securities to broker-dealers that in turn may sell these
securities. The Selling Stockholders may also enter into option or other transactions with broker-dealers or other
financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other
financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial
institution may resell pursuant to this -prospectus (as supplemented or amended to reflect such transaction).

 

The
Selling Stockholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be "underwriters"
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement
or understanding, directly or indirectly, with any person to distribute the securities.

 

The
Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The
Company has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities
under the Securities Act.

 

We
agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling
Stockholders without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without
the requirement for the Company to be in compliance with the current public information under Rule 144 under the Securities Act
or any other rule of similar effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under
the Securities Act or any other rule of similar effect. The resale securities will be sold only through registered or licensed
brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale securities covered
hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the
registration or qualification requirement is available and is complied with.

 

Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may
not simultaneously engage in market making activities with respect to the common stock for the applicable restricted period,
as defined in Regulation M, prior to the commencement of the distribution. In addition, the Selling Stockholders will be
subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which
may limit the timing of purchases and sales of the common stock by the Selling Stockholders or any other person. We will make
copies of this prospectus available to the Selling Stockholders and have informed them of the need to deliver a copy of this
prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities
Act).

 

    2

     

    

 

Annex C

EDISON NATION, INC.

 

Selling Stockholder Notice
and Questionnaire

 

The
undersigned beneficial owner of common stock (the "Registrable Securities") of Edison Nation, Inc., a
Nevada corporation (the "Company"),understands that the Company has filed or intends to file with the
Securities and Exchange Commission (the "Commission") a registration statement (the "Registration
Statement") for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the
 "Securities Act"), of the Registrable Securities, in accordance with the terms of the Registration Rights
Agreement (the "Registration Rights Agreement") to which this document is annexed. A copy of the Registration
Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not
otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement.

 

Certain
legal consequences arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly,
holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences
of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The
undersigned beneficial owner (the "Selling Stockholder") of Registrable Securities hereby elects to include
the Registrable Securities owned by it in the Registration Statement.

 

The undersigned hereby provides the
following information to the Company and represents and warrants that such information is accurate:

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