Document:

Exhibit 10.11

 

 

Highly Confidential

 

December 14, 2016

 

Akoustis Technologies, Inc.

9805 Northcross Center Court

Suite H

Huntersville, NC 28078

 

		Attn:	Mr. Jeffrey Shealy

President & Chief Executive Officer

 

ENGAGEMENT AGREEMENT PROVIDING FOR

INVESTMENT BANKING SERVICES

 

Dear Mr. Shealy:

 

This letter agreement (this “Agreement”)
is to confirm the engagement by Akoustis Technologies, Inc. and its subsidiaries and affiliates (the “Company”
or “you”) of Joseph Gunnar & Co., LLC (“Joseph Gunnar”) as its non-exclusive financial advisor
and placement agent in connection with an institutional equity capital raise(s) (“each a Transaction” and each
an “Offering”).

 

The Offering will raise
a minimum of gross proceeds of five hundred thousand dollars ($500,000) (the “Minimum Offering Amount”) and a maximum
of gross proceeds of ten million dollars ($10,000,000) (the “Maximum Offering Amount”) through the sale of shares of
common stock, par value $0.001 per share, of the Company (the “Common Stock”), at the Purchase Price of $5.00 per share
(the “Offering Price”). The minimum subscription is twenty- five thousand dollars ($25,000) or five thousand shares
(5,000), provided, however, that subscriptions in lesser amounts may be accepted by the Company in its sole discretion.

 

Placement of the Securities
by the Joseph Gunnar will be made on a reasonable best efforts basis. The Company agrees and acknowledges that Joseph Gunnar is
not acting as an underwriter with respect to the Offering and the Company shall determine the purchasers in the Offering in its
sole discretion. The Shares will be offered by the Company to potential subscribers, which may include related parties of the Joseph
Gunnar or the Company, commencing on December 12, 2016 through January 9, 2017 (the “Initial Offering Period”), which
date may be extended by the Company in its sole discretion (this additional period, if any, and the Initial Offering Period shall
be referred to as the “Offering Period”). The date on which the Offering is terminated shall be referred to as the
“Termination Date”. The closing of the Offering may be held up to ten days after the Termination Date.

 

	30 Broad Street, 11th Floor • New York, NY 10004	Securities Brokerage • Investment Banking
	Tel: 212.440.9600 • 888.248.6627 • Fax: 212.440.9634	Member FINRA • SIPC

 

     

     

    

 

Highly Confidential

 

Accordingly, the parties hereto agree as
follows:

 

Section
1.          Engagement of Joseph Gunnar. Joseph Gunnar’s services
under this Agreement will, to the extent requested and appropriate, consist of:

 

(a)          advising
you concerning the negotiations, structure, price and other terms and conditions of a Transaction;

 

(b)          identifying
and introducing potential investors and credit enhancement providers to the Company in respect of a Transaction. “Introduced
Investors” shall mean a list of investors, where the Offering was made known to each listed investor.

 

(c)          assisting
with due diligence performed by Investors in respect of a Transaction; and

 

(d)          taking
such actions on your behalf as may be appropriate in Joseph Gunnar’s reasonable judgment with your prior consent.

 

Any and all work product
created by Joseph Gunnar, including but not limited to teasers, presentations, confidential information memoranda, operating and
valuation models, and target investor lists shall not be distributed to any third party without the Company receiving express written
consent of Joseph Gunnar prior to such distribution.

 

The Company acknowledges
that Joseph Gunnar and its affiliates are in the business of providing investment banking services (of all types contemplated by
this agreement) to others. Nothing herein contained shall be construed to limit or restrict Joseph Gunnar or its affiliates in
conducting such business with respect to others or in rendering such advice to others.

 

Section
2.          Compensation. As consideration for Joseph Gunnar’s agreement
to perform the services described in this Agreement, the Company agrees to pay Joseph Gunnar the following fees on the closing
date of each Transaction (“Transaction Fees”):

 

A.   Cash
Success Fees:

 

i.            For
gross proceeds of less than $3,000,000 from Joseph Gunnar Introduced: 8.0% of the gross proceeds paid or payable for equity
or equity-linked securities issued by the Company, or

 

ii.         
In the event Joseph Gunnar places $3,000,000 or more with Joseph Gunnar Introduced Investors: 10.0% of the entire gross
proceeds paid or payable for equity or equity-linked securities issued by the Company,

 

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B.   Warrant
Success Fees:

 

i.            10.0%
of the gross proceeds paid or payable for equity or equity-linked securities issued by the Company to Joseph Gunnar Introduced
Investors;

 

The Warrant Success Fee
warrants shall have a term of five-years, and contain cashless exercise provisions and piggyback registration rights, providing
Joseph Gunnar with the right to purchase one share of the Company’s common stock per warrant with an exercise price of $5.00.
At Joseph Gunnar’s option and upon Joseph Gunnar’s written instructions to the Company, the Company shall issue all
or a portion of any warrants due to Joseph Gunnar under this Agreement directly to specified Joseph Gunnar employees. The warrants
and the shares issuable upon exercise of the warrants may constitute restricted shares and may contain restrictive legends indicating
such restrictions; provided, however, that the warrants and shares issuable shall contain piggyback registration rights requiring
their inclusion with any registration statement filed by the Company. In the event no registration statement is filed, the Company’s
counsel shall be responsible for drafting and executing the Rule 144 comfort letter (and any other required paperwork as required
by the transfer agent), at the Company’s expense, providing for the sale of such underlying shares.

 

It is agreed and understood
that Joseph Gunnar will, at closing, be compensated directly from closing escrow via wire transfer. You agree that, once paid,
the fees or any part thereof payable hereunder will not be refundable, absent a finding of fraud or willful misconduct in relation
to this Agreement by Joseph Gunnar by a court or tribunal or competent jurisdiction, and such fees shall not be subject to reduction
by way of setoff or counterclaim absent a finding of fraud or willful misconduct in relation to this Agreement by Joseph Gunnar
by a court or tribunal or competent jurisdiction.

 

The Company agrees that
it shall not enter into any agreement with a Joseph Gunnar Introduced Investor that (i) does not require Joseph Gunnar to be paid
its Transaction Fees in full on the closing date of the initial Transaction and any subsequent Transactions in strict accordance
with provision contained in this Agreement and (ii) materially conflicts with the provisions of this Agreement. The Company may,
in its sole discretion, accept or reject, in whole or in part, any prospective investment in the Transaction or allot to any prospective
subscriber less than the number of securities such subscriber wishes to purchase.

 

Section
3.          Expenses; Payments. Whether or not any Transaction is consummated
or this Agreement is terminated or expires, the Company agrees, upon request, but no less frequently than monthly, to reimburse
Joseph Gunnar promptly for all reasonable and documented out-of-pocket costs and expenses (including, without limitation, the reasonable
fees, disbursements and other charges of counsel) incurred in connection with the preparation of documents or other matters relating
to the Transaction, provided that Joseph Gunnar shall seek prior written approval from the Company for all expenses in aggregate
in excess of $10,000. 

 

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Highly Confidential 

 

All
fees and expenses payable under this agreement are payable in U.S. dollars in immediately available funds. All fees, expenses and
other payments under this agreement shall be paid without giving effect to any withholding or deduction of any tax or similar governmental
assessment.

 

Section
4.          Information. You agree that you will not and will cause your
affiliates not to disclose this Agreement, the contents hereof or the activities of Joseph Gunnar pursuant hereto, directly or
indirectly, to any person without the prior written approval of Joseph Gunnar, except that the Company may disclose this Agreement
and the contents hereof (i) to its directors, officers, members, direct or indirect equity holders, counsel and professional advisors,
in each case on a “need-to-know” basis (in which case the Company will (x) inform any such persons of the confidentiality
obligations contained herein and (y) remain responsible for any breaches of any such obligations by any such persons) and (ii)
other than to the extent covered by the preceding clause (i), as required by applicable law or regulation or compulsory legal,
judicial, administrative or regulatory process (in which case the Company will inform any such persons of the confidentiality obligations
contained herein). The obligations of the Company pursuant to this paragraph shall survive any expiration or termination of this
agreement or Joseph Gunnar’s engagement hereunder. Notwithstanding anything to the contrary contained in this Agreement,
the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons, without limitation
of any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement and all materials of any kind
(including opinions or other tax analyses) that are provided to the Company relating to such tax treatment and structure.

 

In connection with
Joseph Gunnar’s engagement, the Company will actively assist Joseph Gunnar in achieving a placement of the Transaction that
is reasonably satisfactory to the Company in the Company’s sole discretion. Such assistance shall include (a) furnishing
to, or causing to be furnished to, Joseph Gunnar such information concerning the Company that Joseph Gunnar and the Company may
reasonably deem necessary or appropriate to complete such distribution (including, but not limited to, financial projections) (the
“Information”); (b) making reasonably available your officers, directors, employees, accountants, counsel and
other representatives (collectively, the “Representatives”); (c) using commercially reasonable efforts to ensure
that the distribution efforts of Joseph Gunnar benefit materially from your existing investor relationships and your existing banking
relationships (without jeopardizing the anticipated financial benefits of identifying new investors); and (d) otherwise reasonably
assisting Joseph Gunnar in its distribution efforts, including by making presentations regarding the business and affairs of the
Company and its subsidiaries, as appropriate, at one or more one-on-one meetings of prospective Investors that have agreed to mutually
acceptable confidentiality arrangements. In performing its services hereunder, Joseph Gunnar shall be entitled to rely upon and
shall not be responsible for the accuracy or completeness of information supplied to it by the Company or any of its Representatives
and shall not be responsible for conducting any appraisal of assets or liabilities.

 

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Highly Confidential

 

The Company represents
and warrants to Joseph Gunnar that all Information relating to the Company or which the Company provides in writing (collectively,
the “Materials”) will be materially complete and correct. The Company further represents and warrants that any
projections provided by it to Joseph Gunnar will have been prepared in good faith and will be based upon assumptions, which, in
light of the circumstances under which they are made, are reasonable. The Company recognizes and confirms that Joseph Gunnar (i)
will use and rely primarily on the Materials and on information available from generally recognized public sources in performing
the services contemplated by this Agreement without having independently verified the same; (ii) is authorized to transmit to any
prospective investor the Materials and other legal documentation supplied to Joseph Gunnar for transmission to parties that have
entered into a customary form of confidentiality agreement (including a “click-through” on a secure website) by or
on behalf of the Company; (iii) does not assume responsibility for the accuracy or completeness of the Materials and such other
information; (iv) will not make an appraisal of the Company; and (v) retains the right to continue to perform due diligence during
the course of its engagement hereunder to the extent that it is reasonably necessary for it to perform the services contemplated
hereby (it being understood that Joseph Gunnar will not be authorized to act as an initial purchaser or underwriter but will merely
be acting as a placement agent without underwriter liability under the Securities Act of 1933).

 

In connection with Joseph
Gunnar's engagement, for all Transactions reasonably satisfactory to the Company  (in the sole discretion of the Company),
it is understood and agreed that Joseph Gunnar will manage and control all aspects of the placement of any Transaction in consultation
with you, including decisions as to the selection of prospective Investors, when commitments will be accepted and the final allocations
of the commitments among the Investors (which shall be done solely with the Company’s approval). It is understood that no
Investor investing in any Transaction will receive compensation from you in order to obtain its commitment, except as contemplated
herein, including upfront fees paid to all Investors to ensure a successful placement of any Transaction, or as otherwise directed
by Joseph Gunnar.

 

Section
5.          Public Announcements. The Company acknowledges that Joseph
Gunnar may, at its option and expense and after the Closing Date or the consummation of any Transaction, place announcements and
advertisements describing Joseph Gunnar’s role in such transaction and such other information as is publicly disclosed (which
may include the reproduction of the Company’s logo and a hyperlink to the Company’s website on Joseph Gunnar’s
website). Furthermore, if requested by Joseph Gunnar, the Company shall include a mutually acceptable reference to Joseph Gunnar
in any press release or other public announcement made by the Company regarding the matters described in this agreement.

 

Section
6.          Indemnity. Since Joseph Gunnar will be acting on behalf of
the Company in connection with this engagement, the Company and Joseph Gunnar agree to the indemnity provisions and other matters
set forth in Annex B, which is incorporated by reference into this agreement and is an integral part hereof. The obligations
of the Company pursuant to Annex B shall survive any expiration or termination of this agreement or Joseph Gunnar’s
engagement hereunder.

 

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Highly Confidential

 

Section
7.          Term and Termination. Unless otherwise agreed to in writing
by the parties hereto, this Agreement shall terminate upon the first to occur of: (i) the six (6) month anniversary of the date
hereof; (ii) the Final Closing; or (iii) an Early Termination as defined in the Section 7 below (the “Term”). Joseph
Gunnar’s engagement hereunder may be terminated by either Joseph Gunnar or the Company at any time upon thirty (30) days’
prior written notice thereof to the other Party. Upon any termination of this Agreement, the obligations of the parties hereunder
shall terminate, except for their obligations under Section 4 (with respect to confidentiality), this Section 7, any outstanding
obligations under Section 2 and Sections 3, 4, 6, 8-13. If within the three (3) months following the termination of this Agreement
by the Company , the Company or any of its subsidiaries or affiliates consummates any Transaction with a Joseph Gunnar Introduced
Investor as included on Annex A as amended from time to time in writing, including email, Joseph Gunnar shall be entitled to payment
in full of the applicable fees and the benefit of the other provisions described in Section 2 of this Agreement with respect to
such transaction or transactions. If within the six (6) months following the termination of this Agreement by the Company if the
Company or any of its subsidiaries or affiliates consummates any Transaction with a Joseph Gunnar Introduced Investor who actually
participates in the Transaction, as included on Annex A, contemplated by this Agreement, Joseph Gunnar shall be entitled to payment
in full of the applicable fees and the benefit of the other provisions described in Section 2 of this Agreement with respect to
such transaction or transactions. The three (3) and six (6) month periods referred to in the preceding two sentences shall collectively
be referred to as the “Tail Period” in this Agreement. Joseph Gunnar will provide the Company with a completed
Annex A for Joseph Gunnar within five (5) days of the Final Closing. Joseph Gunnar agrees and acknowledges that the Company will
have final approval on Annex A submitted by Joseph Gunnar. 

 

Section
8.          Late Payment Fee. Any
amounts due Joseph Gunnar pursuant to this Agreement that are not paid on the due date specified herein shall accrue interest thereon
at the rate of 1.5% per month, compounded monthly until paid in-full. 

 

Section
9.          Non-Circumvention. During the term of this Agreement and for
the Tail Period, unless otherwise authorized by Joseph Gunnar in a specific written consent, the Company will not, and Company
will cause each of its affiliates and representatives not to initiate, maintain contact to discuss or attempt to enter into or
enter into (i) a Transaction with any Joseph Gunnar Introduced Investor without the active ongoing involvement of Joseph Gunnar
and (ii) any other transaction not contemplated in this Agreement with a Joseph Gunnar Introduced Investor without first entering
into a compensation agreement with Joseph Gunnar in respect of any such transactions. 

 

Section
10.         Required Notices and Disclosures. The Company shall provide written
notice and disclosure to Joseph Gunnar during the term of this Agreement and for the Tail Period with respect to any of the following
events as follows:

 

(a)          within
three (3) days of the receipt of a term sheet or commitment letter by the Company from a party with respect to any Transaction
or from any Joseph Gunnar Introduced Investor with respect to any other transaction not contemplated under this Agreement. Such
notice will include a copy of such term sheet or commitment letter; and

 

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(b)          no
less than five (5) days prior to the expected receipt of funds by the Company or the closing of any transaction with a Joseph Gunnar
Introduced Investor so that Joseph Gunnar can prepare and deliver an invoice for payment to the Company. Such notice will include
the amount and expected date of receipt of funds to be received on account of a transaction.

 

All notices to Joseph
Gunnar hereunder shall be in writing (including facsimile transmission) and shall be sent to:

 

Eric Lord

Joseph Gunnar & Co., LLC

30 Broad Street, 11th Fl

New York, NY 10004

elord@jgunnar.com

 

Section
11.          Acknowledgements. The Company acknowledges that Joseph Gunnar
and its affiliates are involved in a wide range of banking, investment banking, private banking, private equity, asset management
and other investment and financial businesses and services, both for its own account and for the accounts of clients and customers.
Joseph Gunnar and its affiliates provide a full range of securities services, including securities trading and brokerage activities.
Joseph Gunnar and its affiliates may acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and
other securities and financial instruments (including bank loans and other obligations) of the Company and any other company that
may be involved in the transactions and other matters contemplated by this Agreement, as well as provide investment banking and
other financial services to such companies. Joseph Gunnar and its affiliates may have interests, or be engaged in a broad range
of transactions involving interests, that differ from those of the Company. The Company acknowledges and agrees that Joseph Gunnar
has no obligation to disclose such interests or transactions (or information relating thereto) to the Company.

 

The Company expressly
acknowledges and agrees that Joseph Gunnar’s obligations hereunder are on a reasonable best efforts basis only and that the
execution of this Agreement does not constitute a commitment by Joseph Gunnar and its affiliates to purchase any portion of any
Transaction and does not ensure the successful placement of any Transaction or any portion thereof or the success of Joseph Gunnar
or its affiliates with respect to securing any other financing on behalf of the Company.

 

The Company further
acknowledges and agrees that Joseph Gunnar has been retained solely to provide the services set forth in this Agreement and that
no fiduciary or agency relationship between the Company and Joseph Gunnar has been created in respect of Joseph Gunnar’s
engagement hereunder, regardless of whether Joseph Gunnar has advised or is advising the Company on other matters. In connection
with this engagement, Joseph Gunnar is acting as an independent contractor, with obligations owing solely to the Company and not
in any other capacity.

 

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The Company understands
that Joseph Gunnar is not undertaking to provide any legal, accounting or tax advice in connection with this agreement. Joseph
Gunnar shall not be responsible for the underlying business decision of the Company to effect the transactions contemplated by
this Agreement or for the advice or services provided by any of the Company’s other advisors or contractors.

 

Section
12.         Miscellaneous. This Agreement shall be binding upon and inure to
the benefit of the Company, Joseph Gunnar and their respective successors. Except as contemplated by Annex B, this agreement
is not intended to confer rights upon any persons not a party hereto (including security holders, employees or creditors of the
Company). This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements, both written
and oral, with respect to the subject matter hereof, and no modification of this Agreement or waiver of the terms and conditions
contained herein shall be binding upon the parties hereto unless approved in writing by each party. If any term, provision, covenant
or restriction herein (including Annex B) is held by a court of competent jurisdiction to be invalid, void or unenforceable
or against public policy, the remainder of the terms, provisions and restrictions contained herein shall remain in full force and
effect and shall in no way be modified or invalidated.

 

This Agreement may
be executed in counterparts, each of which will be deemed to be an original, but all of which taken together will constitute one
and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by electronic
“.pdf” transmission shall be effective as delivery of a manually signed counterpart.

 

Section
13.         Governing Law; Waiver of Jury Trial. All aspects of the relationship
created by this agreement or the engagement hereunder, any other agreements relating to the engagement hereunder and all claims
or causes of action (whether in contract, tort or otherwise) that may be based upon, arise out of or relate to this agreement or
the engagement hereunder shall be governed by and construed in accordance with the laws of the State of New York, applicable to
contracts made and to be performed therein and, in connection therewith. The parties consent to the exclusive jurisdiction of the
courts located in New York County, New York, in connection with any claim or dispute relating to this Agreement or any services
or advice provided hereunder. The prevailing party in any such litigation shall be entitled to recover its attorney’s fees
and costs. Notwithstanding the foregoing, solely for purposes of enforcing the Company’s obligations under Annex B, the Company
consents to personal jurisdiction, service and venue in any court proceeding in which any claim or cause of action relating to
or arising out of this agreement or the engagement hereunder is brought by or against any Indemnified Person. Joseph Gunnar AND
THE COMPANY EACH HEREBY AGREES TO WAIVE ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM, COUNTER CLAIM OR ACTION ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR THE ENGAGEMENT HEREUNDER.

 

(the rest of page intentionally blank
– signature page follows)

 

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Highly Confidential

 

We are delighted to
accept this engagement and look forward to working with you on this assignment. Please confirm your agreement with the foregoing
by signing and returning to us the enclosed copy of this agreement.

 

	 	Very truly yours,
	 	 
	 	Joseph Gunnar & Co., LLC
	 	 
	 	By:	/s/ Eric Lord
	 	 
	 	Name:  Eric Lord
	 	 	 
	 	
        Title: Head of Investment Banking/Underwritings

 

Accepted and agreed to as of the date first
written above:

 

akoustis
technologies, inc.

 

	By:	/s/ Jeffery B. Shealy	 
	 	 	 
	Name:	Jeffrey Shealy	 
	 	 	 
	Title:	President & Chief Executive Officer	 

 

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ANNEX A – Joseph Gunnar Introduced
Investors

 

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ANNEX
B

 

In further consideration of the agreements
contained in the Agreement of which this Annex B is a part, the Company agrees to indemnify and hold harmless Joseph Gunnar, its
affiliates, the respective members, directors, officers, partners, agents and employees of Joseph Gunnar, and any person controlling
Joseph Gunnar or any of its affiliates (collectively, “Indemnified Persons”) from and against, and the Company agrees
that no Indemnified Person shall have any liability to the Company or its owners, parents, affiliates, security holders or creditors
for, any losses, claims, damages or liabilities (including actions or proceedings in respect thereof) (collectively, “Liabilities”)
(A) related to or arising out of (i) the Company’s actions or failures to act (including statements or omissions made or
information provided by the Company or its agents) in connection with the Transaction or (ii) actions or failures to act by an
Indemnified Person with the Company’s consent or in reliance on the Company’s actions or failures to act in connection
with the Transaction or (B) otherwise related to or arising out of the Agreement, Joseph Gunnar’s performance thereof or
any other services Joseph Gunnar is asked to provide to the Company (in each case, including related activities prior to the date
hereof), except that this clause (B) shall not apply to any Liabilities to the extent that they are finally determined by a court
of competent jurisdiction to have resulted primarily from the gross negligence, fraud or willful misconduct of such Indemnified
Person.

 

If such indemnification is for any reason
not available or insufficient to hold an Indemnified Person harmless, the Company agrees to contribute to the Liabilities involved
in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and by Joseph Gunnar,
on the other hand, in respect of the Agreement or, if such allocation is determined by a court of competent jurisdiction to be
unavailable, in such proportion as is appropriate to reflect other equitable considerations such as the relative fault of the Company
on the one hand and of Joseph Gunnar on the other hand; provided, however, that, to the extent permitted by applicable law, the
Indemnified Persons shall not be responsible for expenses and Liabilities which in the aggregate are in excess of the amount of
all fees actually received by Joseph Gunnar from the Company pursuant to the Agreement. Relative benefits to the Company, on the
one hand, and Joseph Gunnar, on the other hand, in respect of the Agreement shall be deemed to be in the same proportion as (i)
the total value received or proposed to be received by the Indemnifying Parties in connection with any financing contemplated by
the Agreement, bears to (ii) all fees actually received by or committed to Joseph Gunnar in connection with the Agreement.

 

The Company will not permit any settlement
or compromise to include, or consent to the entry of any judgment that includes, a statement as to, or an admission of, fault,
culpability or a failure to act by or on behalf of an Indemnified Person, without such Indemnified Person’s prior written
consent, which shall not be unreasonably delayed, conditioned or withheld. If any Indemnified Person becomes involved in any capacity
in any action, claim, suit, investigation or proceeding, actual or threatened, brought by or against any person, including stockholders
of the Company, in connection with or as a result of the engagement or any matter referred to in the engagement the Company also
agrees to reimburse such Indemnified Persons for their reasonable and documented out-of-pocket expenses (including, without limitation,
reasonable legal fees and other costs and expenses incurred in connection with investigating, preparing for and responding to third
party subpoenas or enforcing the engagement) as such expenses are incurred. The Company’s obligations pursuant to this Annex
B shall inure to the benefit of any successors, assigns, heirs and personal representatives of each Indemnified Person and are
in addition to any rights that each Indemnified Person may have at common law or otherwise.

 

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ANNEX C

 

BAD ACTOR DISQUALIFICATION QUESTIONNAIRE

 

Instructions: On September 23, 2013, the Commission issued
a rule disqualifying securities offerings involving certain “felons and other ‘bad actors’” from reliance
on Rule 506 of Regulation D promulgated under the 1933 Act went into effect. The new rule triggers disclosure of bad actors and
bad acts that occurred on or prior to September 23, 2013, and provides that bad actors/bad acts occurring after September 23, 2013
cause the disqualification from reliance on Rule 506. In order to confirm that the Company remains eligible to rely on Rule 506
and to comply with the related disclosure requirements, each director, executive officer, general partner or managing member of
the company, or beneficial owner of 20% or more of the company’s outstanding voting equity securities, is required to complete
and execute this Bad Actor Disqualification Questionnaire (this “Questionnaire”).

 

If you are a person described in clauses (a) or (b) above,
you need to complete this Questionnaire. Please answer “Yes” or “No” with respect to each of the items
set forth below. If you answer “Yes” to any of the following, please provide a detailed written description of all
relevant facts and circumstances relating the applicable event, conviction, order, proceeding or action.

 

	(1)	Have you been convicted, within the prior ten years, of any felony or misdemeanor: (A) in connection with the purchase or sale of any security; (B) involving the making of any false filing with the SEC; or (C) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities?	 ̈ Yes   ̈ No
	 	 	 
	(2)	Are you subject to any order, judgment or decree of any court of competent jurisdiction, entered within the prior five years, that restrains or enjoins you from engaging or continuing to engage in any conduct or practice: (A) in connection with the purchase or sale of any security; (B) involving the making of any false filing with the SEC; or (C) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities?	 ̈ Yes   ̈ No

 

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	(3)	Are you subject to a final order of a U.S. state securities commission (or an agency or officer of a U.S. state performing like functions); a U.S. state authority that supervises or examines banks, savings associations, or credit unions; a U.S. state insurance commission (or an agency or officer of a state performing like functions); an appropriate U.S. federal banking agency; the U.S. Commodity Futures Trading Commission (the “CFTC”); or the U.S. National Credit Union Administration that: (A) bars you from: (1) association with an entity regulated by such commission, authority, agency, or officer; (2) engaging in the business of securities, insurance or banking; or (3) engaging in savings association or credit union activities; or (B) constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct entered within the last ten years?	 ̈ Yes   ̈ No
	 	 	 
	(4)	Are you subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or section 203(e) or (f) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), that (A) suspends or revokes your registration as a broker, dealer, municipal securities dealer or investment adviser; (B) places limitations on your activities, functions or operations; or (C) bars you from being associated with any entity or from participating in the offering of any penny stock?	 ̈ Yes   ̈ No
	 	 	 
	(5)	Are you subject to any order of the SEC entered within the last five years that orders you to cease and desist from committing or causing a violation or future violation of: (A) any scienter-based anti-fraud provision of the federal securities laws, including without limitation section 17(a)(1) of the 1933 Act, section 10(b) of the Exchange Act, and 17 CFR 240.10b-5, section 15(c)(1) of the Exchange Act and section 206(1) of the Advisers Act, or any other rule or regulation thereunder; or (B) Section 5 of the 1933?	 ̈ Yes   ̈ No
	 	 	 
	(6)	Are you suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade?	 ̈ Yes   ̈ No

 

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	(7)	Have you filed (as a registrant or issuer), or were you an underwriter or were you named as an underwriter in, any registration statement or Regulation A offering statement filed with the SEC that, within the prior five years, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or are you the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued?	 ̈ Yes   ̈ No
	 	 	 
	(8)	Are you subject to a United States Postal Service false representation order entered within the last five years, or are you subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Services to constitute a scheme or device for obtaining money or property through the mail by means of false representations?	 ̈ Yes   ̈ No
	 	 	 
	(9)	To the best of your knowledge, are you now the subject of any action, regulatory complaint, proceeding or other event that could result in a “yes” answer to any part of items 1-8 above?	 ̈ Yes   ̈ No

 

You hereby certify, represent and warrant that each of the
above statements is true and correct and agree to immediately notify the company if such information becomes inaccurate in any
respect. You further agree to immediately notify the company of any action, proceeding, investigation, event, action or development
that could result in a “Yes” answer to any of the statements set forth above. 

 

	By: 	 	 
	 	 	 
	Name:  	 	 
	 	 	 
	Date: 	 	 

 

    	 	14Exhibit 10.12

 

FORM OF AMENDED AND RESTATED BROKERS
WARRANT

 

AMENDED AND RESTATED WARRANT

 

NEITHER THE SECURITIES REPRESENTED HEREBY NOR
THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS
ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE
STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. UNLESS SOLD PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO
THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.

 

[_________], INC.

 

WARRANT 

 

	Warrant No. _____	Original Issue Date:	 
	 	 [_______][__], 2016	 

 

	 	Amendment Date:	 
	 	[_______][__], 2016	 

 

[_______], Inc., a Nevada
corporation (the “Company”), hereby certifies that, for value received, Northland Securities, Inc. or its registered
assigns (the “Holder”), is entitled to purchase from the Company up to a total of [_______] shares of Common
Stock (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”), at
any time and from time to time from and after the Amendment Date and through and including [__________], 2021 (the “Expiration
Date”). This Amended and Restated Warrant (the “Warrant”) amends and restates the warrant originally
issued to the Holder on [_______][__], 201[_] (the “Prior Warrant”). The Prior Warrant is superseded and replaced
by this Warrant in all respects, provided, however, that the Warrant Shares underlying this Warrant only include the portion
of the Prior Warrant not exercised prior to the Amendment Date. This Warrant shall be subject to the following terms and conditions:

 

    	Placement Agency Agreement (PIPE)	Attachment I

     

    

 

1.           Definitions.
As used in this Warrant, the following terms shall have the respective definitions set forth in this Section 1. Capitalized terms
that are used and not defined in this Warrant that are defined in the Agreement (as defined below) shall have the respective definitions
set forth in the Agreement.

 

“Brokers Warrants”
means warrants, including this Warrant, to purchase shares of Common Stock, which warrants were issued pursuant to the Agreement.

 

“Closing Price”
means, for any date of determination, the price determined by the first of the following clauses that applies: (i) if the Common
Stock is then listed or quoted on a Trading Market, the closing bid price per share of the Common Stock for such date (or the nearest
preceding date) on such market; (ii) if prices for the Common Stock are then quoted on the OTC Bulletin Board, the closing bid
price per share of the Common Stock for such date (or the nearest preceding date) so quoted; (iii) if prices for the Common Stock
are then reported in the OTC Markets, the most recent bid price per share of the Common Stock so reported; or (iv) in all other
cases, the fair market value of a share of Common Stock as determined by an independent qualified appraiser selected in good faith
and paid for by the Company.

 

“Common Stock”
means the common stock of the Company, par value $0.001 per share, and any securities into which such common stock may hereafter
be reclassified.

 

“Exercise Price” means
$1.60, subject to adjustment in accordance with Section 9.

 

“Agreement”
means the Placement Agency Agreement, dated [__________], 2016, to which the Company and the Holder are parties.

 

“Fundamental
Transaction” means any of the following: (i) the Company effects any merger or consolidation of the Company with or into
another person, (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 another person) is completed pursuant to which holders of Common
Stock are permitted to tender or exchange their shares for other securities, cash or property, 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.

 

“Original Issue
Date” means the Original Issue Date first set forth on the first page of this Warrant or its predecessor instrument.

 

“Amendment Date”
means the Amendment Date first set forth on the first page of this Warrant.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated [__________], 2016, to which the Company and the Holder
are parties.

 

“Trading Day”
means (i) a day on which the Common Stock is traded on a Trading Market (other than the OTC Bulletin Board), or (ii) if the Common
Stock is not listed on a Trading Market (other than the OTC Bulletin Board), a day on which the Common Stock is traded in the over-the-counter
market, as reported by the OTC Bulletin Board, or (iii) if the Common Stock is not quoted on any Trading Market, a day on which
the Common Stock is quoted in the over-the-counter market as reported by the OTC Markets (or any similar organization or agency
succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or quoted as
set forth in clauses (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day.

 

    	Placement Agency Agreement (PIPE)	Attachment I

     

    

 

“Trading Market”
means whichever of the New York Stock Exchange, NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ
Capital Market or the OTC Bulletin Board on which the Common Stock is listed or quoted for trading on the date in question.

 

2.           Registration
of Warrant. 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.

 

3.           Registration
of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender
of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company at its address specified
herein. Upon any such registration or transfer, a new Warrant to purchase Common Stock, in substantially the form of this Warrant
(any such new Warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be issued
to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued
to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such
transferee of all of the rights and obligations of a holder of a Warrant.

 

4.           Exercise and Duration of Warrants.

 

(a)           This Warrant
shall be exercisable by the registered Holder in whole at any time and in part from time to time from the Amendment Date through
and including the Expiration Date. At 5:30 p.m., Central time on the Expiration Date, the portion of this Warrant not exercised
prior thereto shall be and become void and of no value. The Company may not call or redeem any portion of this Warrant without
the prior written consent of the affected Holder.

 

(b)           Notwithstanding
anything to the contrary contained herein, the number of Warrant Shares that may be acquired by the Holder upon any exercise of
this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to insure that, following such exercise
(or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its affiliates (as defined
under Rule 144, “Affiliates”) and any other persons whose beneficial ownership of Common Stock would be aggregated
with the Holder’s for purposes of Section 13(d) of the Exchange Act, does not exceed 4.999% of the total number of issued
and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For
such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder. This provision shall not restrict the number of shares of Common Stock which a Holder may receive
or beneficially own in order to determine the amount of securities or other consideration that such Holder may receive in the event
of a Fundamental Transaction as contemplated in Section 9 of this Warrant. By written notice to the Company, the Holder may waive
the provisions of this Section 4(b) but any such waiver will not be effective until the 61st day after delivery of such notice,
nor will any such waiver effect any other Holder.

 

Notwithstanding anything
to the contrary contained herein, the number of Warrant Shares that may be acquired by the Holder upon any exercise of this Warrant
(or otherwise in respect hereof) shall be limited to the extent necessary to insure that, following such exercise (or other issuance),
the total number of shares of Common Stock then beneficially owned by such Holder and its Affiliates and any other persons whose
beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange
Act, does not exceed 9.999% of the total number of issued and outstanding shares of Common Stock (including for such purpose the
shares of Common Stock issuable upon such exercise). For such purposes, beneficial ownership shall be determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. This provision shall not restrict
the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities
or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9 of this
Warrant. This restriction may not be waived.

 

    	Placement Agency Agreement (PIPE)	Attachment I

     

    

 

5.           Delivery of
Warrant Shares. 

 

(a)           To effect exercises
hereunder, the Holder shall not be required to physically surrender this Warrant unless the aggregate Warrant Shares represented
by this Warrant are being exercised. Upon delivery of the Exercise Notice (in the form attached hereto) to the Company (with the
attached Warrant Shares Exercise Log) at its address for notice set forth herein and upon payment of the Exercise Price multiplied
by the number of Warrant Shares that the Holder intends to purchase hereunder, the Company shall promptly (but in no event later
than three Trading Days after the Date of Exercise (as defined herein)) issue and deliver to the Holder, a certificate for the
Warrant Shares issuable upon such exercise, which, unless otherwise required by applicable law, shall be free of restrictive legends.
The Company shall, upon request of the Holder and subsequent to the date on which a registration statement covering the resale
of the Warrant Shares has been declared effective by the Securities and Exchange Commission, use its reasonable best efforts to
deliver Warrant Shares hereunder electronically through the Depository Trust Corporation or another established clearing corporation
performing similar functions, if available, provided, that, the Company may, but will not be required to change its transfer agent
if its current transfer agent cannot deliver Warrant Shares electronically through the Depository Trust Corporation. A “Date
of Exercise” means the date on which the Holder shall have delivered to the Company: (i) the Exercise Notice (with the
Warrant Exercise Log attached to it), appropriately completed and duly signed and (ii) if such Holder is not utilizing the cashless
exercise provisions set forth in this Warrant, payment of the Exercise Price for the number of Warrant Shares so indicated by the
Holder to be purchased.

 

(b)           If by the third
Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the manner required
pursuant to Section 5(a), then the Holder will have the right to rescind such exercise.

 

(c)           If by the third
Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the manner required
pursuant to Section 5(a), and if after such third Trading Day and prior to the receipt of such Warrant Shares, the Holder purchases
(in an open market transaction or otherwise) 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 (1) pay
in cash to the Holder the amount 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 (A) the number of Warrant Shares that
the Company was required to deliver to the Holder in connection with the exercise at issue by (B) the closing bid price of the
Common Stock at the time of the obligation giving rise to such purchase obligation and (2) 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 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. The Holder shall provide the Company written notice indicating the amounts payable to the Holder
in respect of the Buy-In.

 

    	Placement Agency Agreement (PIPE)	Attachment I

     

    

 

(d)           The Company’s
obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional, irrespective
of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery
of any judgment against any person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination,
or any breach or alleged breach by the Holder or any other person of any obligation to the Company or any violation or alleged
violation of law by the Holder or any other person, and irrespective of any other circumstance which might otherwise limit such
obligation of the Company to the Holder in connection with the issuance of Warrant Shares. 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 certificates representing Warrant
Shares upon exercise of the Warrant as required pursuant to the terms hereof.

 

6.           Charges, Taxes
and Expenses. Issuance and delivery of Warrant Shares upon exercise of this Warrant shall be made without charge to the Holder
for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect of the issuance
of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company shall not
be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates for
Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall be responsible for all other tax liability
that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

 

7.           Replacement of
Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity
(which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances shall also comply
with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe.
If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant
to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

8.           Reservation of
Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized
but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise
of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this
entire Warrant, free from preemptive rights or any other contingent purchase rights of Persons other than the Holder (taking into
account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable
shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly
authorized, issued and fully paid and nonassessable.

 

9.           Certain Adjustments.
The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time
as set forth in this Section 9.

 

(a)           Stock Dividends
and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or
otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides outstanding
shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock into a smaller number
of shares, then in each such case the Exercise Price shall be adjusted to equal the product obtained by multiplying the then-current
Exercise Price by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before
such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event.
Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this
paragraph shall become effective immediately after the effective date of such subdivision or combination.

 

    	Placement Agency Agreement (PIPE)	Attachment I

     

    

 

(b)           Fundamental
Transactions. If, at any time while this Warrant is outstanding there is a Fundamental
Transaction, then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind
of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if
it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise
in full of this Warrant (the “Alternate Consideration”). 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. At the Holder’s option and request, any successor to
the Company or surviving entity in such Fundamental Transaction shall, either (1) issue to the Holder a new warrant substantially
in the form of this Warrant and consistent with the foregoing provisions and evidencing the Holder’s right to purchase the
Alternate Consideration for the aggregate Exercise Price upon exercise thereof, or (2) purchase the Warrant from the Holder for
a purchase price, payable in cash within five Trading Days after such request (or, if later, on the effective date of the Fundamental
Transaction), equal to the Black Scholes value of the remaining unexercised portion of this Warrant on the date of such request.
The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor
or surviving entity to comply with the provisions of this paragraph (b) and insuring that the Warrant (or any such replacement
security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. Notwithstanding
the foregoing, the Warrant holder will not be entitled to exchange these warrants for cash in any Fundamental Transaction that
is not approved by the Company’s board of directors or that occurs in a transaction or as a result of an event that was not
within the Company’s sole control.

 

(c)           Number of Warrant
Shares. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 9, the number of Warrant Shares that
may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the
aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise
Price in effect immediately prior to such adjustment.

 

(e)           Calculations. 
All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable.
The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account
of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

    	Placement Agency Agreement (PIPE)	Attachment I

     

    

 

(f)           Notice of Adjustments.
Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will promptly compute such adjustment
in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of
the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant
(as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment
is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s
Transfer Agent.

 

10.         Payment of Exercise
Price.  The Holder may pay the Exercise Price in one of the following manners:

 

(a)           Cash Exercise.
The Holder may deliver immediately available funds; or

 

(b)           Cashless Exercise.
Pursuant to a Company Exercise, or if an Exercise Notice is delivered at a time when a registration statement permitting the Holder
to resell the Warrant Shares is not then effective or the prospectus forming a part thereof is not then available to the Holder
for the resale of the Warrant Shares, then the Holder may notify the Company in an Exercise Notice of its election to utilize a
cashless exercise, in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the number
of Warrant Shares to be issued to the Holder.

 

Y = the number
of Warrant Shares with respect to which this Warrant is being exercised.

 

A = the average of the Closing Prices
for the five Trading Days immediately prior to (but not including) the Exercise Date.

 

B = the Exercise Price.

 

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

 

11.         No Fractional
Shares.  No fractional shares of Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of
any fractional shares which would, otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied
by the Closing Price of one Warrant Share on the date of exercise.

 

12.         Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective if provided pursuant to the Agreement. In case any time: (1) the Company
shall declare any cash dividend on its capital stock; (2) the Company shall pay any dividend payable in stock upon its capital
stock or make any distribution to the holders of its capital stock; (3) the Company shall offer for subscription pro rata to the
holders of its capital stock any additional shares of stock of any class or other rights; (4) there shall be any capital reorganization,
or reclassification of the capital stock of the Company, or consolidation or merger of the Company with, or sale of all or substantially
all of its assets to, another corporation; or (5) there shall be a voluntary or involuntary dissolution, liquidation or winding
up of the Company; then, in any one or more of said cases, the Company shall give prompt written notice to the Holder. Such notice
shall also specify the date as of which the holders of capital stock of record shall participate in such dividend, distribution
or subscription rights, or shall be entitled to exchange their capital stock for securities or other property deliverable upon
such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding up, or conversion or redemption,
as the case may be. Such written notice shall be given at least 20 days prior to the action in question and not less than 20 days
prior to the record date or the date on which the Company’s transfer books are closed in respect thereto.

 

    	Placement Agency Agreement (PIPE)	Attachment I

     

    

 

13.         Registration
Rights. The Holder shall be entitled to the registration rights set forth in the Registration Rights Agreement.

 

14.         Lock Up.
In accordance with FINRA Rule 5110(g), this Warrant shall not be sold during the Private Placement, or sold, transferred, assigned,
pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result
in the effective economic disposition of this Warrant or the Warrant Shares, by any person for a period of 180 days immediately
following the date of effectiveness or commencement of sales of the Private Placement, except as provided in paragraph (g)(2) of
FINRA Rule 5110.

 

16.         Miscellaneous.

 

(a)           This Warrant
shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject to the
preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any
legal or equitable right, remedy or cause of action under this Warrant.

 

(b)           This Warrant
may be amended from time to time with the prior written consent of holders of Brokers Warrants exercisable for a majority of the
shares of Common Stock then issuable upon exercise of Brokers Warrants then outstanding; provided, however, that the consent
of the Holder shall be required for any amendment of this Warrant that would (i) increase the Exercise Price or decrease the number
of Warrant Shares purchasable upon exercise of this Warrant, except that such consent shall not be required for any adjustment
to the Exercise Price or the number of Warrant Shares purchasable if made pursuant to the provisions of Section 9, (ii) alter the
Company’s obligation to issue Warrant Shares upon exercise of this Warrant (other than pursuant to adjustments otherwise
provided for in this Warrant, including the adjustments provided for in Section 9), (iii) change the Expiration Date of the Warrant
to an earlier date, (iv) waive the application of the adjustments provisions contained in Section 9 in connection with any events
to which such provisions apply or otherwise modify the adjustment provisions contained in Section 9 in a manner that would have
an adverse economic impact on the Holder, or (v) treat the Holder differently in an adverse way from any other holders of Brokers
Warrants.

 

(c)           All questions
concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced
in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.

 

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

 

(e)           In case any
one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

    	Placement Agency Agreement (PIPE)	Attachment I

     

    

 

(f)           Prior to exercise
of this Warrant, the Holder hereof shall not, by reason of by being a Holder, be entitled to any rights of a stockholder with respect
to the Warrant Shares.

 

[Remainder of page intentionally left
blank, signature page follows] 

 

    	Placement Agency Agreement (PIPE)	Attachment I

     

    

 

In witness whereof, the Company has caused this Warrant to be duly
executed by its authorized officer as of the date first indicated above. 

 

	 	AKOUSTIS TECHNOLOGIES, INC.
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    	Placement Agency Agreement (PIPE)	Attachment I

     

    

 

EXERCISE NOTICE

 

The undersigned Holder
hereby irrevocably elects to purchase ________shares of Common Stock pursuant to the attached Warrant. Capitalized terms used herein
and not otherwise defined have the respective meanings set forth in the Warrant.

  

(1) The undersigned Holder hereby exercises
its right to purchase ________ Warrant Shares pursuant to the Warrant.

 

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

  

		 ̈	           “Cash Exercise” under Section 10

 

		 ̈	           “Cashless Exercise” under Section 10

 

(3) If the Holder has elected a Cash Exercise,
the Holder shall pay the sum of $____________ to the Company in accordance with the terms of the Warrant.

 

(4) Pursuant to this Exercise Notice, the Company
shall deliver to the Holder ________ Warrant Shares in accordance with the terms of the Warrant.

  

	Dated ______________ __, _____	 	Name of Holder:
	 	 	 
	 	 	(Print)
	 	 	 	 
	 	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Title:	 

 

	 	 	(Signature must conform in all respects to name of holder as specified on the face
    of the Warrant)

 

    	Placement Agency Agreement (PIPE)	Attachment I

     

    

 

Warrant Shares Exercise Log

 

	Date	 	
        Number of Warrant

        Shares Available

        to be Exercised
	 	
        Number of Warrant

        Shares Exercised
	 	
        Number of Warrant

        Shares Remaining

        to be Exercised

	 	 	 	 	 	 	 

 

    	Placement Agency Agreement (PIPE)	Attachment I

     

    

 

FORM OF ASSIGNMENT

 

[To be completed and signed
only upon transfer of Warrant]

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto ______ the right represented by the attached Warrant to purchase ______ shares
of Common Stock to which such Warrant relates and appoints ____________ attorney to transfer said right on the books of the Company
with full power of substitution in the premises.

 

	Dated: __________ __, _______	 
	 	 
	 	 
	 	 
	 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)
	 	 
	 	Address of Transferee
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

Attest: 

__________________________________

 

    	Placement Agency Agreement (PIPE)	Attachment I

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