Document:

NEITHER
THIS WARRANT NOR ANY OF THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION. BY ACQUIRING THIS WARRANT, HOLDER REPRESENTS THAT HOLDER
WILL NOT SELL OR OTHERWISE DISPOSE OF THIS WARRANT OR THE SECURITIES FOR WHICH IT MAY BE EXERCISED WITHOUT REGISTRATION OR COMPLIANCE
WITH AN EXEMPTION FROM REGISTRATION UNDER THE AFORESAID ACTS AND THE RULES AND REGULATIONS THEREUNDER.

 

WARRANT
TO PURCHASE COMMON STOCK

 

Number
of Shares of Common Stock: 42,674

Date
of Issuance: August 12, 2016 (“Issuance Date”)

 

This
Certifies That, for value received, James L.
Davis (including any permitted and registered assigns, the “Holder”), is entitled to purchase from Cachet Financial
Solutions, Inc., a Delaware corporation (the “Company”), up to 42,674 shares of Common Stock (the “Warrant
Shares”) at the Exercise Price then in effect. This Warrant to Purchase Common Stock (this “Warrant”)
is issued by the Company pursuant to that certain Securities Purchase Agreement executed on the Issuance Date by and among the
Company, Holder and other parties thereto, if any (the “Purchase Agreement”).

 

Capitalized
terms used in this Warrant shall have the meanings set forth in the Purchase Agreement unless otherwise defined in the body of
this Warrant or in Section 13 below. For purposes of this Warrant, the term “Exercise Price” shall mean the
lower of (i) $5.55 per share and (ii) 80% of the Company’s per share price in the next underwritten public offering
(which for the avoidance of doubt, shall not be adjusted for stock splits, reverse stock splits and recapitalizations occurring
before the next public offering), subject to adjustment as provided herein, and the term “Exercise Period”
shall mean the period commencing on the Issuance Date and ending on 5:00 p.m. New York time on the five-year anniversary thereof.

 

    	 		 

    	 		 

    

 

1.
EXERCISE OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised
in whole or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached hereto
as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. The Holder
shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the
Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original
Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. On or before the
third Trading Day (the “Warrant Share Delivery Date”) following the date on which the Company shall have received
the Exercise Notice, and upon receipt by the Company of (i) payment to the Company of an amount equal to the applicable Exercise
Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise
Price” and together with the Exercise Notice, the “Exercise Delivery Documents”) in cash or by wire
transfer of immediately available funds or (ii) notification from the Holder that this Warrant is being exercised pursuant to
a Cashless Exercise, as defined below, the Company shall (or direct its transfer agent to) issue and dispatch by overnight courier
to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name
of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise.
Upon delivery of the Exercise Delivery Documents, 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 certificates evidencing such Warrant Shares. If this Warrant is submitted in connection with any exercise pursuant to Section
1(c) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant
Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than three Business
Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section 6) representing the right to purchase
the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares
with respect to which this Warrant is exercised.

 

(b)
No Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes
of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise
would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder
otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then-current fair market
value of a Warrant Share by such fraction.

 

(c)
Cashless Exercise. The Holder may, in its sole discretion, at any time prior to the effective date of a registration statement
filed by the Company or any Subsidiary under the Securities Act covering the Warrant Shares, exercise this Warrant in whole or
in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment
of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares of
Common Stock determined according to the following formula (a “Cashless Exercise”):

 

Net
Number = (A x B) - (A x C)

B

 

	 	For
    purposes of the foregoing formula:
	 	 	 
	 	A
    =	the
    total number of shares with respect to which this Warrant is then being exercised.
	 	 	 
	 	B
    = 	the
    Weighted Average Price of the shares of Common Stock for the five consecutive Trading Days ending on the date immediately
    preceding the date of the Exercise Notice.
	 	 	 
	 	C
    = 	the
    Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.
	 	 	 
	 	(d)	[Reserved.]

 

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2.
ADJUSTMENTS. The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

 

(a)
Subdivision or Combination of Common Stock. If the Company at any time on or after the Issuance Date subdivides (by any
stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into
a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced
and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Issuance Date combines
(by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller
number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the
number of Warrant Shares will be proportionately decreased. Any adjustment under this Section shall become effective at the close
of business on the date the subdivision or combination becomes effective.

 

(b)
Distribution of Assets. 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 or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant,
then, in each such case:

 

(i)
any Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders
of shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such
record date, to a price determined by multiplying such Exercise Price by a fraction (i) the numerator of which shall be the Closing
Sale Price of the shares of Common Stock on the Trading Day immediately preceding such record date minus the value of the Distribution
(as determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the
denominator of which shall be the Closing Sale Price of the shares of Common Stock on the Trading Day immediately preceding such
record date; and

 

(ii)
the number of Warrant Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable
immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock
entitled to receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding clause
(i); provided, however, that in the event that the Distribution is of shares of common stock of a company (other than the Company)
whose common stock is traded on a national securities exchange or a national automated quotation system (“Other Shares
of Common Stock”), then the Holder may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of
an increase in the number of Warrant Shares, the terms of which shall be identical to those of this Warrant, except that such
warrant shall be exercisable into the number of shares of Other Shares of Common Stock that would have been payable to the Holder
pursuant to the Distribution had the Holder exercised this Warrant immediately prior to such record date and with an aggregate
exercise price equal to the product of the amount by which the exercise price of this Warrant was decreased with respect to the
Distribution pursuant to the terms of the immediately preceding clause (i) and the number of Warrant Shares calculated in accordance
with the first part of this clause (ii).

 

    	 	3	 

    	 		 

    

 

3.
FUNDAMENTAL TRANSACTIONS. If, at any time while this Warrant is outstanding, (i) the Company effects any merger of the
Company with or into another entity and the Company is not the surviving entity (such surviving entity, the “Successor
Entity”), (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related
transactions, (iii) any tender offer or exchange offer (whether by the Company or by another individual or entity, and approved
by the Company) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares of Common
Stock for other securities, cash or property and the holders of at least 50% of the Common Stock accept such offer, or (iv) the
Company effects any reclassification 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 (other than as a result of a subdivision or combination
of shares of Common Stock covered by Section 2(a) above) (in any such case, a “Fundamental Transaction”), then,
upon any subsequent exercise of this Warrant, the Holder shall have the right to receive the number of shares of Common Stock
of the Successor Entity or of the Company and any additional consideration (the “Alternate Consideration”)
receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a holder
of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event (disregarding any
limitation on exercise contained herein solely for the purpose of such determination). 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. To the extent necessary to effectuate the
foregoing provisions, any Successor Entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent
with the foregoing provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration.

 

4.
NON-CIRCUMVENTION. The Company covenants and agrees that it will not, by amendment of its certificate of incorporation,
bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, 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, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required
to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the
par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect,
(ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, for so long as this Warrant
is outstanding, have authorized and reserved, free from preemptive rights, a sufficient number of shares of Common Stock to provide
for the exercise of the rights represented by this Warrant (without regard to any limitations on exercise).

 

    	 	4	 

    	 		 

    

 

5.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of itself,
shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing contained
in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this
Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company.

 

6.
REISSUANCE.

 

(a)
Lost, Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms
as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

(b)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new
Warrant which is the same as the Issuance Date.

 

7.
TRANSFER.

 

(a)
Notice of Transfer. The Holder agrees to give written notice to the Company before transferring this Warrant or transferring
any Warrant Shares of such Holder’s intention to do so, describing briefly the manner of any proposed transfer. Promptly
upon receiving such written notice, the Company shall present copies thereof to the Company’s counsel. If the proposed transfer
may be effected without registration or qualification (under any federal or state securities laws), the Company, as promptly as
practicable, shall notify the Holder thereof, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of
Warrant Shares received upon the previous exercise of this Warrant, all in accordance with the terms of the notice delivered by
the Holder to the Company; provided, however, that an appropriate legend may be endorsed on this Warrant or the certificates for
such Warrant Shares respecting restrictions upon transfer thereof necessary or advisable in the opinion of counsel and satisfactory
to the Company to prevent further transfers which would be in violation of Section 5 of the Securities Act and applicable state
securities laws; and provided further that the prospective transferee or purchaser shall execute the Assignment of Warrant attached
hereto as Exhibit B and such other documents and make such representations, warranties, and agreements as may be required
solely to comply with the exemptions relied upon by the Company for the transfer or disposition of the Warrant or Warrant Shares.

 

(b)
If the proposed transfer or disposition of this Warrant or such Warrant Shares described in the written notice given pursuant
to this Section 7 may not be effected without registration or qualification of this Warrant or such Warrant Shares, the Holder
will limit its activities in respect to such transfer or disposition as are permitted by law.

 

(c)
Any transferee of all or a portion of this Warrant shall succeed to the rights and benefits of the initial Holder of this Warrant
under Sections 4.1 and 4.3 (subject, however, to the limitations set forth in Section 4.2), 4.4 and 4.5 of the Purchase Agreement
(registration rights, expenses, and indemnity).

 

    	 	5	 

    	 		 

    

 

8.
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall
be given in accordance with the notice provisions contained in the Purchase Agreement. The Company shall provide the Holder with
prompt written notice (i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, the calculation
of such adjustment and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with
respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of
any stock or other securities directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock
or other property, pro rata to the holders of shares of Common Stock or (C) for determining rights to vote with respect to any
Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public
prior to or in conjunction with such notice being provided to the Holder.

 

9.
AMENDMENT AND WAIVER. The terms of this Warrant may be amended or waived (either generally or in a particular instance
and either retroactively or prospectively) only with the written consent of the Company and the Holder. In addition, the restrictions
set forth in Section 1(d) can be waived, as to a particular original purchaser of Common Stock and its affiliates, pursuant to
a writing signed and delivered by the Company and such original Purchaser prior to the execution and delivery of this Warrant.

 

10.
GOVERNING LAW. This Warrant and all rights, obligations and liabilities hereunder shall be governed by, and construed in
accordance with, the internal laws of the State of Minnesota, without giving effect to the conflicts-of-law principles thereof.

 

11.
DISPUTE RESOLUTION. A dispute as to the determination of the Exercise Price, the Closing Sale Price, or the arithmetic
calculation of the Warrant Shares, the Company or the Holder (as the case may be) shall submit the disputed determinations or
arithmetic calculations via facsimile (a) within two Business Days after receipt of the applicable notice giving rise to such
dispute to the Company or the Holder, as the case may be, or (b) if no notice gave rise to such dispute, at any time after the
Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to agree upon such determination
or calculation of the Exercise Price, Closing Sale Price or the Warrant Shares within three Business Days of such disputed determination
or arithmetic calculation being submitted to the Company or the Holder, as the case may be, then the Company shall, within two
Business Days thereafter submit via facsimile (x) the disputed determination of the Exercise Price or Closing Sale Price to an
independent, reputable investment bank selected by the Company and approved by the Holder or (y) the disputed arithmetic calculation
of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at its expense the investment
bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder
of the results no later than ten Business Days from the time it receives the disputed determinations or calculations. Such investment
bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent
manifest error.

 

    	 	6	 

    	 		 

    

 

12.
ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and
conditions contained herein.

 

13.
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)
“Bloomberg” means Bloomberg Financial Markets.

 

(b)
“Closing Sale Price” means, for any security as of any date, (i) the last closing trade price for such security
on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and
does not designate the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported
by Bloomberg, or (ii) if the foregoing does not apply, the last trade price of such security in the over-the-counter market for
such security as reported by Bloomberg, or (iii) if no last trade price is reported for such security by Bloomberg, the average
of the bid and ask prices of any market makers for such security as reported by the OTC Markets. If the Closing Sale Price cannot
be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such
date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately
adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation
period.

 

(c)
“Common Stock” means the Company common stock, par value $0.0001 per share, and any other class of securities
into which such securities may hereafter be reclassified or changed.

 

(d)
“Common Stock Equivalents” means any securities of the Company that would entitle the holder thereof to acquire
at any time Common Stock, including without limitation any debt, preferred stock, rights, options, warrants or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
Common Stock.

 

(e)
“Exempt Issuance” means the issuance of (i) shares of Common Stock or options to employees, officers, directors
or consultants of the Company pursuant to any stock or option plan duly adopted by a majority of the non-employee members of the
Board of Directors of the Company or a majority of the members of a committee of non-employee directors established for such purpose
(for the avoidance of doubt, including the Company’s 2014 Associate Stock Purchase Plan intended to qualify under Section
422 of the Internal Revenue Code of 1986), (ii) any securities upon the exercise or conversion of any securities issued pursuant
to the Purchase Agreement, (iii) any Common Stock upon the exercise or conversion of securities that are issued and outstanding
as of the date of the Purchase Agreement, (iv) securities issued pursuant to acquisitions or strategic transactions approved by
a majority of the disinterested directors of the Company, (v) shares of Common Stock issued in connection with regularly scheduled
dividend payments on the Series C Preferred Stock, and (vi) shares of Common Stock issued pursuant to any loan or leasing arrangement,
real property leasing arrangement, or debt financing from a bank approved by the Board of Directors of the Company.

 

(f)
“Principal Market” means the primary national securities exchange on which the Common Stock is then traded.

 

    	 	7	 

    	 		 

    

 

(g)
“Trading Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Principal Market,
(ii) if the Common Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading
occurs on any over-the-counter markets, or (iii) if trading does not occur on the over-the-counter markets, any Business Day.

 

*
* * * * * *

 

In
Witness Whereof, the Company has caused this
Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set forth above.

 

	 	CACHET
    FINANCIAL SOLUTIONS, INC.
	 	 
	 	/s/
    Bryan Meier
	 	Bryan
    Meier
	 	Executive
    Vice President & Chief Financial Officer

 

    	 	8	 

    	 		 

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

(To
be executed by the registered holder to exercise this Warrant to Purchase Common Stock)

 

The
Undersigned holder hereby exercises the right
to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of Cachet Financial Solutions, Inc.,
a Delaware corporation (the “Company”), evidenced by the attached copy of the Warrant to Purchase Common Stock (the
“Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in
the Warrant.

 

	1.	Form
of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as (check one):

 

[  ]   a
cash exercise with respect to _________________ Warrant Shares; and/or

 

[  ]   a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

	2.	Payment
of Exercise Price. In the event that the holder has elected a cash exercise with respect to some or all of the Warrant Shares
to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company
in accordance with the terms of the Warrant.
	 	 
	3.	Delivery
of Warrant Shares. The Company shall deliver to the holder __________________ Warrant Shares in accordance with the terms
of the Warrant.

 

	Date:
    ___________________	 	 
	 	 	 
	 	 
	 	(Print
    Name of Registered Holder) 
	 	 	 
	 	By:
    	 
	 	Name:
    	 
	 	Title:
    	 

 

    	 		 

    	 		 

    

 

EXHIBIT
B

 

ASSIGNMENT
OF WARRANT

 

(To
be signed only upon authorized transfer of the Warrant)

 

For
Value Received, the undersigned hereby sells,
assigns, and transfers unto ____________________ the right to purchase _______________ shares of common stock of Cachet Financial
Solutions, Inc., to which the within Warrant to Purchase Common Stock relates and appoints ____________________, as attorney-in-fact,
to transfer said right on the books of Cachet Financial Solutions, Inc. with full power of substitution and re-substitution in
the premises. By accepting such transfer, the transferee has agreed to be bound in all respects by the terms and conditions of
the within Warrant.

 

	Dated:
    ___________________	 
	 	 
	 	 
	 	(Signature)
    *
	 	 
	 	 
	 	(Name)
    
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Social
    Security or Tax Identification No.) 

 

*
The signature on this Assignment of Warrant must correspond to the name as written upon the face of the Warrant to Purchase Common
Stock in every particular without alteration or enlargement or any change whatsoever. When signing on behalf of a corporation,
partnership, trust or other entity, please indicate your position(s) and title(s) with such entity.Exhibit 10.13

 

AMENDED AND RESTATED

UNSECURED PROMISSORY NOTE

 

$600,000.00

 

New York, New York

Original Issue Date: February 12, 2015

 

FOR VALUE RECEIVED, ALLIANCE
MMA, INC., a Delaware corporation with an address of 590 MADISON AVENUE, 21ST FLOOR, NEW YORK, NEW YORK 10022 (“Borrower”),
unconditionally promises to pay to the order of IVY EQUITY INVESTORS, LLC., a Delaware limited liability company with an address
of 2 EAST 55TH STREET, SUITE 1111, NEW YORK, NEW YORK 10022 (“Lender”), in the manner and at the place hereinafter
provided, the principal amount of Six Hundred Thousand and No/100ths Dollars ($600,000.00) or such lesser amount that may be outstanding
based upon advances made to and other payments made on behalf of Borrower by Lender incident to the Borrower’s contemplated
IPO on the earlier of January 1, 2017, or the closing of the IPO (the “Maturity Date”). Borrower also promises
to pay to Lender, together with the principal amount referenced above simple interest on the outstanding principal balance of this
Note at the rate of six percent (6%) per annum compounded annually, pro-rated for the number of days that the Note is outstanding
until the Maturity Date on the basis of a 365-day year (the “Interest”). Lender and Borrower contemplate that
Lender will make several advances to or other payments on behalf of Borrower to facilitate the IPO and the related Target Company
Transactions, and that this Note will reflect the aggregate amount of such advances and payments. Lender will maintain a schedule
of advances and payments which shall be attached to this Note as Schedule A and which may be amended from time to time to
reflect advances and payments made. This Note amends and restates in its entirety that certain 6% Unsecured Promissory Note
with an initial principal amount of up to $500,000 due on the Maturity Date (the “Original Note”).

 

1.          Payments.
All payments of principal and Interest in respect of this Note shall be made in lawful money of the United States of America in
same day funds at the office of Lender set forth above or at such other place as Lender may direct. If any payment on this Note
is stated to be due on a day that is not a Business Day, such payment shall instead be made on the next Business Day.

 

2.          Prepayments
of Interest and Principal. The Borrower shall have the right at any time and from time to time to prepay the principal amount
and any Interest then due in whole or in part, without premium or penalty. All payments shall be applied first to accrued interest
and then to the then outstanding principal amount.

 

3.          Representations
and Warranties. Borrower hereby represents and warrants to Lender that:

 

(a)   this
Note constitutes the duly authorized, legally valid and binding obligation of Borrower, enforceable against Borrower in accordance
with its terms;

 

    	 	1	 

     

    

 

(b)   all
consents and grants of approval required to have been granted by any Person in connection with the execution, delivery and performance
of this Note have been granted;

 

(c)   the
execution, delivery and performance by Borrower of this Note does not and will not (i) violate or conflict with any law, governmental
rule or regulation, court order or agreement to which it is subject or by which its properties are bound or (ii) result in
the creation of any Lien or other encumbrance with respect to the property of Borrower; and

 

(d)   there
is no action, suit, proceeding or governmental investigation pending or, to the knowledge of Borrower, threatened against Borrower
or any of its assets which, if adversely determined, would have a material adverse effect on the properties, assets, condition
(financial or otherwise) or prospects of Borrower, taken as a whole, or the ability of Borrower to comply with its obligations
hereunder.

 

4.          Events of Default.
The occurrence of any of the following events shall constitute an “Event of Default”:

 

(a)   failure
of Borrower to pay the principal and Interest, if any, when due under this Note and such failure is not cured within three (3)
Business Days of receipt of written notice of such failure to pay; or

 

(b)   any
representation or warranty made by Borrower to Lender in connection with this Note shall prove to have been false in any material
respect when made; or

 

(c)   (i) a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of Borrower in an involuntary case
under Title 11 of the United States Code entitled “Bankruptcy” (as now and hereinafter in effect, or any successor
thereto, the “Bankruptcy Code”) or any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state
law; or (ii) an involuntary case shall be commenced against Borrower under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment
of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over Borrower or over all or
a substantial part of its property shall have been entered; or the involuntary appointment of an interim receiver, trustee or other
custodian of Borrower for all or a substantial part of its property shall have occurred; or a warrant of attachment, execution
or similar process shall have been issued against any substantial part of the property of Borrower, and, in the case of any event
described in this clause (ii), such event shall have continued for thirty (30) days unless dismissed, bonded or discharged; or

 

    	 	2	 

     

    

 

(d)   an
order for relief shall be entered with respect to Borrower, or Borrower shall commence a voluntary case under the Bankruptcy Code
or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an order
for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall
consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its
property; or Borrower shall make an assignment for the benefit of creditors; or Borrower shall be unable or fail, or shall admit
in writing its inability, to pay its debts as such debts become due.

 

5.          Remedies.
Upon the occurrence and during the continuance of any Event of Default Lender may, by written notice to Borrower, declare the principal
amount of this Note together with the Interest, if any, to be due and payable, and the principal amount of this Note together with
such Interest, if any, shall thereupon immediately become due and payable without presentment, further notice, protest or other
requirements of any kind (all of which are hereby expressly waived by Borrower). Upon the occurrence and during the continuance
of any Event of Default, interest shall accrue at the rate of twelve percent (12%) per annum (the “Default Rate”).

 

6.          Definitions.
The following terms used in this Note shall have the following meanings (and any of such terms may, unless the context otherwise
requires, be used in the singular or the plural depending on the reference):

 

“Business
Day” means any day other than a Saturday, Sunday or legal holiday under the laws of the State of New York or any other
day on which banking institutions located in such state are authorized or required by law or other governmental action to close.

 

“Event
of Default” means any of the events set forth in Section 4.

 

“IPO”
means an underwritten public offering of shares of Common Stock or other equity interests which generates cash proceeds sufficient
to close on the Target Company Transactions pursuant to which the Common Stock or other equity interests will be listed or quoted
on a Trading Market.

 

“Liens”
means a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Person”
means any individual, partnership, limited liability company, joint venture, firm, corporation, association, bank, trust or other
enterprise, whether or not a legal entity, or any government or political subdivision or any agency, department or instrumentality
thereof.

 

“Target Company”
means one of approximately fifteen companies primarily engaged in the business of promoting and conducting mixed martial arts or
“MMA” events throughout the United States or providing services related to such events.

 

“Target
Company Transactions” means the acquisition by Borrower of the Target Companies that will occur substantially contemporaneously
with the consummation of the IPO.

 

    	 	3	 

     

    

 

“Trading
Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the American Stock Exchange, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange or the OTC Bulletin Board.

 

7.          Miscellaneous.

 

(a)   All
notices and other communications provided for hereunder shall be in writing (including faxes) and mailed (certified by the US Postal
service), telecopied, or delivered as follows: if to Borrower, at its address specified opposite its signature below; and if to
Lender, at the address set forth above; or in each case at such other address as shall be designated by Lender or Borrower, with
a copy to Borrower’s counsel as follows:

 

Robert Mazzeo

MazzeoSong P.C.

444 Madison Avenue, Fourth Floor

New York, NY 10022

 

All such notices
and communications shall, when mailed (as set forth above), faxed or sent by overnight courier, be effective when deposited in
the mails, delivered to the overnight courier, as the case may be, or sent by fax. Electronic mail may be used to distribute routine
communications.

 

(b)   No
failure or delay on the part of Lender or any other holder of this Note to exercise any right, power or privilege under this Note
and no course of dealing between Borrower and Lender shall impair such right, power or privilege or operate as a waiver of any
default or an acquiescence therein, nor shall any single or partial exercise of any such right, power or privilege preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies expressly provided
in this Note are cumulative to, and not exclusive of, any rights or remedies that Lender would otherwise have. No notice to or
demand on Borrower in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances
or constitute a waiver of the right of Lender to any other or further action in any circumstances without notice or demand.

 

(c)   THIS
NOTE AND THE RIGHTS AND OBLIGATIONS OF BORROWER AND LENDER HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

 

(d)        ALL
JUDICIAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS NOTE SHALL BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION
IN THE STATE OF NEW YORK, CITY OF NEW YORK, BOROUGH OF MANHATTAN, AND BY EXECUTION AND DELIVERY OF THIS NOTE BORROWER ACCEPTS FOR
ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS
AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION
WITH THIS NOTE. Borrower hereby agrees that service of all process in any such proceeding in any such court may be made by registered
or certified mail, return receipt requested, to Borrower at its address set forth below its signature hereto, with a copy to Borrower’s
counsel as set forth above, such service being hereby acknowledged by Borrower to be sufficient for personal jurisdiction in any
action against Borrower in any such court and to be otherwise effective and binding service in every respect. Nothing herein shall
affect the right to serve process in any other manner permitted by law or shall limit the right of Lender to bring proceedings
against Borrower in the courts of any other jurisdiction.

 

    	 	4	 

     

    

 

(e)          BORROWER
AND, BY ITS ACCEPTANCE OF THIS NOTE, LENDER AND ANY SUBSEQUENT HOLDER OF THIS NOTE, HEREBY IRREVOCABLY AGREE TO WAIVE THEIR RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE OR ANY DEALINGS BETWEEN THEM RELATING
TO THE SUBJECT MATTER OF THIS NOTE AND THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. The scope of this waiver is
intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of
this transaction, including without limitation contract claims, tort claims, breach of duty claims and all other common law and
statutory claims. Borrower and, by their acceptance of this Note, Lender and any subsequent holder of this Note, each (i) acknowledges
that this waiver is a material inducement to enter into a business relationship, that the other parties have already relied on
this waiver in entering into this relationship, and that each party will continue to rely on this waiver in their related future
dealings and (ii) further warrants and represents that it has reviewed this waiver with its legal counsel and that it knowingly
and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT
IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS
OR MODIFICATIONS OF THIS NOTE. In the event of litigation, this provision may be filed as a written consent to a trial by the court.

 

(f)          Borrower
hereby waives the benefit of any statute or rule of law or judicial decision which would otherwise require that the provisions
of this Note be construed or interpreted most strongly against the party responsible for the drafting thereof.

 

(g)          Borrower
waives presentment for payment, demand, notice of demand, notice of non-payment or dishonor, protest of this Note, and all other
notices in connection with the delivery, acceptance, performance, default or enforcement of payment of this Note.

 

[Signature Page Follows]

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, Borrower
has executed and delivered this Note as of the day and year and at the place first above written.

 

	 	ALLIANCE MMA, INC.
	 	 	 
	 	By:	/s/ Paul K. Danner, III
	 	 	Paul K. Danner, III
	 	 	CEO
	 	 
	 	Address for Notices:
	 	Alliance MMA, Inc.
	 	590 Madison Avenue, 21st Floor
	 	New York, New York 10022
	 	Attention: Paul K. Danner, III, CEO
	 	Phone:  (212) 739-7825
	 	Facsimile:  (212) 658-9291

 

    	 	6	 

     

    

 

SCHEDULE A

TO

AMENDED AND RESTATED

UNSECURED PROMISSORY NOTE

 

	Interest	 	6	%	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Advance Date	 	Amount	 	 	Accrued Interest	 	 	Amount Repaid or

 Credited	 	 	Through 6/15/16	 
	2/12/15	 	 	 	 	 	 	 	 	 	$	(5,289.14	)	 	 	 	 
	2/27/15	 	$	62,500.00	 	 	$	3,154.11	 	 	 	 	 	 	$	4,869.86	 
	3/15/15	 	$	9,210.86	 	 	$	440.61	 	 	 	 	 	 	$	693.46	 
	4/1/15	 	$	2,000.00	 	 	$	90.08	 	 	 	 	 	 	$	144.99	 
	4/15/15	 	$	12,500.00	 	 	$	534.25	 	 	 	 	 	 	$	877.40	 
	4/20/15	 	$	2,000.00	 	 	$	83.84	 	 	 	 	 	 	$	138.74	 
	4/30/15	 	$	2,000.00	 	 	$	80.55	 	 	 	 	 	 	$	135.45	 
	5/15/15	 	$	14,500.00	 	 	$	548.22	 	 	 	 	 	 	$	946.27	 
	6/1/15	 	$	2,000.00	 	 	$	70.03	 	 	 	 	 	 	$	124.93	 
	6/15/15	 	$	14,500.00	 	 	$	474.33	 	 	 	 	 	 	$	872.38	 
	7/15/15	 	$	12,500.00	 	 	$	347.26	 	 	 	 	 	 	$	690.41	 
	7/18/15	 	$	18,200.05	 	 	$	496.64	 	 	 	 	 	 	$	996.27	 
	7/21/15	 	$	10,000.00	 	 	$	267.95	 	 	 	 	 	 	$	542.47	 
	8/15/15	 	$	12,500.00	 	 	$	283.56	 	 	 	 	 	 	$	626.71	 
	8/20/15	 	$	3,000.00	 	 	$	65.59	 	 	 	 	 	 	$	147.95	 
	9/5/15	 	$	3,000.00	 	 	$	57.70	 	 	 	 	 	 	$	140.05	 
	9/15/15	 	$	12,500.00	 	 	$	219.86	 	 	 	 	 	 	$	563.01	 
	9/30/15	 	$	3,000.00	 	 	$	45.37	 	 	 	 	 	 	$	127.73	 
	10/5/15	 	$	3,000.00	 	 	$	42.90	 	 	 	 	 	 	$	125.26	 
	10/15/15	 	$	12,500.00	 	 	$	158.22	 	 	 	 	 	 	$	501.37	 
	10/20/15	 	$	3,000.00	 	 	$	35.51	 	 	 	 	 	 	$	117.86	 
	11/5/15	 	$	3,000.00	 	 	$	27.62	 	 	 	 	 	 	$	109.97	 
	11/15/15	 	$	12,500.00	 	 	$	94.52	 	 	 	 	 	 	$	437.67	 
	11/20/15	 	$	14,699.00	 	 	$	99.07	 	 	 	 	 	 	$	502.58	 
	11/30/15	 	$	50,000.00	 	 	$	254.79	 	 	 	 	 	 	$	1,627.40	 
	12/4/15	 	$	3,000.00	 	 	$	13.32	 	 	 	 	 	 	$	95.67	 
	12/14/15	 	$	4,000.00	 	 	$	11.18	 	 	 	 	 	 	$	120.99	 
	12/15/15	 	$	39,840.00	 	 	$	104.78	 	 	 	 	 	 	$	1,198.47	 
	12/17/15	 	$	9,000.00	 	 	$	20.71	 	 	 	 	 	 	$	267.78	 
	12/21/15	 	$	3,000.00	 	 	$	4.93	 	 	 	 	 	 	$	87.29	 
	 	 	$	353,449.91	 	 	$	8,127.48	 	 	 	 	 	 	$	17,830.41	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1/1/16	 	$	12,701.30	 	 	 	 	 	 	 	 	 	 	$	346.59	 
	2/1/16	 	$	12,500.00	 	 	 	 	 	 	 	 	 	 	$	277.40	 
	3/1/16	 	$	97,000.00	 	 	 	 	 	 	 	 	 	 	$	1,690.19	 
	3/31/16	 	$	25,000.00	 	 	 	 	 	 	 	 	 	 	$	312.33	 
	6/15/16	 	$	70,000.00	 	 	 	 	 	 	 	 	 	 	$	-	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	$	570,651.21	 	 	 	 	 	 	 	 	 	 	$	20,456.91	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total P&I	 	$	591,108.12	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	7

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