Document:

Exhibit 10.21

 

Dated 24 April 2020

 

Between

 

MDxHealth SA

 

and

 

MVM V LP

 

MVM GP (No.5) LP

 

SUBSCRIPTION AGREEMENT

 

relating to new ordinary shares of MDxHealth SA

 

    

    

    

 

SUBSCRIPTION AGREEMENT

 

Between:

 

		(1)	MDxHealth SA, a limited liability company organised and existing under the laws of Belgium, having its registered office at
CAP Business Center, Zone Industrielle des Hauts-Sarts, Rue d’Abhooz 31, 4040 Herstal, Belgium, registered with the Register of
Legal Entities Liège (division Liège) under enterprise number 0479.292.440,

 

hereinafter referred to as the “Issuer”;

 

And: 

 

		(2)	MVM V LP, a limited partnership registered in England and Wales (LP019472), with registered address at 30 St George Street,
London W1S 2FH, United Kingdom,

 

		(3)	MVM GP (No.5) LP, a limited partnership registered in Scotland (SL032976), with registered address at
50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, United Kingdom,

 

The parties referred to sub (2) and
(3) are hereinafter jointly referred to as the “Subscribers” and individually as a “Subscriber”;

 

The parties referred to sub (1), (2)
and (3) are hereinafter jointly referred to as the “Parties” and individually as a “Party”.

 

WHEREAS:

 

		(A)	The Issuer is a commercial-stage molecular diagnostics company. The Issuer’s shares are listed on the regulated market of Euronext
Brussels. At the date of this Agreement, the Issuer’s share capital is represented by 70,528,525 outstanding shares.

 

		(B)	In order to support the Issuer’s strategy to grow the business, the Issuer intends to increase its capital in the aggregate
amount of EUR 12,738,632.94 by means of a capital increase within the framework of the authorised capital by issuing new ordinary shares
to the Subscribers.

 

		(C)	The Subscribers are prepared to subscribe to such capital increase of the Issuer by a contribution in cash under the terms and conditions
set out in this subscription agreement (the “Agreement”), within the limits of the Issuer’s remaining authorised
capital as available at the date of this Agreement and without the shareholding resulting from its subscription reaching 30% of the Issuer’s
capital.

 

		(D)	The new ordinary shares to be issued by the Issuer to the Subscribers will only be admitted to trading after submission and approval
of a listing prospectus, as further set out below in this Agreement.

 

		(E)	The Subscribers recognise that the further development and growth of the Issuer’s business may require the Issuer to raise additional
financing in the future, whether through additional equity offerings or otherwise.

 

		(F)	On 30 July 2019, the Issuer and an affiliated entity of the Subscribers have entered into a non-disclosure agreement with a view to
enable the assessment of the Issuer’s business.

 

		(G)	The board of directors of the Issuer has duly considered the transaction set out in this Agreement in accordance with its fiduciary
duties and has unanimously approved this Agreement on 23 April 2020.

 

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THE PARTIES HEREBY AGREE AS FOLLOWS:

 

		1	Interpretation

 

		1.1	The original version of this Agreement has been drafted in English. Should this Agreement be translated
into any other language, the English version shall prevail among the Parties to the fullest extent permitted by Belgian law, provided,
however, that whenever translations of certain words or expressions are contained in the original English version of this Agreement, such
translations shall be conclusive in determining the Belgian legal concept(s) to which the Parties intended to refer.

 

		1.2	Capitalised words used in this Agreement or in its recitals have the meaning ascribed to them in this
Agreement.

 

		1.3	When using the expressions “shall use its best efforts” or “shall use its best endeavours”
(or any similar expression or any derivation thereof) in this Agreement, the Parties intend to refer to the Belgian legal concept of “middelenverbintenis”
/ “obligation de moyen”.

 

		1.4	When using the words “shall cause” or “shall procure that” (or any similar expression
or any derivation thereof), the Parties intend to refer to the Belgian law concept of “sterkmaking” / “porte-fort”.

 

		1.5	The words “include”, “includes”, including” and all forms and derivations
thereof shall mean including but not limited to.

 

		2	Capital Increase

 

		2.1	Subject to the terms and conditions set out in this Agreement, the Issuer shall proceed to increase the
Issuer’s capital by a unanimous vote of the Board of Directors within the framework of the authorised capital (“toegestane
kapitaal”/“capital autorisé”), on the basis of a special board report in accordance with article 7:198
juncto articles 7:179, 7:191 and 7:193 of the Belgian Code of Companies and Associations (a draft of which is attached as Annex
1).

 

		2.2	The board of directors of the Issuer shall realise this by way of a capital increase in cash in an aggregate
amount of EUR 12,738,632.94, against issuance of 20,162,924 new ordinary shares (the “New Shares”), with cancellation
of the preferential subscription rights of the existing shareholders for the benefit of the Subscribers (the “Capital Increase”).

 

		2.3	The Capital Increase shall take place on:

 

		(i)	15 May 2020, or

 

		(ii)	if the conditions precedent set forth in Clause 4.1 have not been satisfied or otherwise waived by the
Subscribers by the date referred to in paragraph (i), then on the date that is fifteen Business Days (as defined below) after the earliest
date that all of the conditions precedent set out in Clause 4.1 are either satisfied or waived by the Subscribers.

 

The day on which the Capital Increase
shall take place in accordance with this Clause 2.3 shall be referred to as the “Closing Date”. For the purpose of
this Agreement, “Business Day” shall mean any calendar day, other than a Saturday or a Sunday, on which banks are generally
open for business in Belgium and the United Kingdom.

 

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		2.4	The subscription price per New Share (the “Subscription Price”) shall be equal to EUR
0.631785.

 

		2.5	All New Shares shall be of the same type and shall enjoy identical rights as the existing ordinary shares
in the Issuer and shall fully share in the profits of the Issuer’s current financial year which started on 1 January 2020 and any
dividends or other distributions declared on or after the date of this Agreement.

 

		2.6	The New Shares shall be initially in the registered form on the Closing Date until the Issuer shall have
obtained the admission to trading on the regulated market of Euronext Brussels in accordance with Article 6.6 (the “Admission
to Trading”); from the moment after the New Shares have obtained Admission to Trading, they can be converted, at the request
of the Subscribers, into dematerialised form.

 

		2.7	Following the subscription for the New Shares, the Subscribers shall make such filings and notifications
of their respective holding of shares in the Issuer, as shall be required by applicable law, including (but not limited to) the applicable
Belgian shareholder transparency rules.

 

		3	Subscription commitment

 

On and subject to the terms and conditions
set out in this Agreement (including the conditions precedent set out in Clause 4), the Subscribers undertake to the Issuer to subscribe
at the Subscription Price for 20,162,924 New Shares on the Closing Date, in the proportions set out in the table below and to fully pay
for such New Shares by depositing an aggregate amount of EUR 12,738,632.94 on the blocked bank account in the Issuer’s name as referred
to in article 7:195 of the Belgian Code of Companies and Associations (the “Blocked Account”) at the latest on the
Closing Date prior to the execution of the notarial deed in respect of the Capital Increase. The Issuer shall notify the details of the
aforementioned Blocked Account to the Subscribers at the latest three Business Days prior to the contemplated Closing Date.

 

	Subscriber	 	Number of shares	 	 	Subscription amount
	MVM V LP	 	 	19,755,592	 	 	EUR 12,481,286.69
	MVM GP (No.5) LP	 	 	407,332	 	 	EUR 257,346.25

 

		4	Conditions precedent

 

		4.1	The obligations of the Subscribers set out in Clause 3 are subject to the satisfaction of each of the
following conditions precedent:

 

		(i)	each of respectively Biovest NV and Valiance Holdings Limited, Valiance Life Sciences Growth Investment
Fund SICAV-SIF and TopMDx Ltd. having unconditionally and irrevocably undertaken in writing to vote, or having unconditionally and irrevocably
voted by correspondence, in favour of the appointment of Eric Bednarski as a new director of the Issuer at the general shareholders’
meeting referred to in Clause 6.1;

 

		(ii)	the annual accounts of the Issuer for financial year ending 31 December 2019 being drawn up by the board
of directors must be in a form without material deviations from the unaudited financial results announced by the Issuer in its press release
of 26 February 2020;

 

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		(iii)	on or before the Closing Date, the Subscribers having received an irrevocable payment instruction from
the Issuer in a form reasonably satisfactory to it, authorising and instructing the financial institution where the Blocked Account is
held to deduct from the funds in the Blocked Account immediately after the effective realisation of the Capital Increase and the resulting
issue of the New Shares on the Closing Date, and prior to any other payment from the Blocked Account, the aggregate amount equal to the
fees and expenses of the Subscribers pursuant to Clause 6.5 of this Agreement and to pay such aggregate amount to any account designated
by the Subscribers;

 

		(iv)	each of the representations or warranties made by the Issuer as set out in Clause 7.1 being true or accurate
as of the date of this Agreement and as of the Closing Date;

 

		(v)	each of the representations or warranties made by the Issuer as set out in Clause 7.2 being true
or accurate in all material respects as of the date of this Agreement;

 

		(vi)	the Issuer having complied with all of its obligations under this Agreement that have to be complied with
on or prior to the Closing Date; and

 

		(vii)	on or before the Closing Date no event has occurred resulting in the destruction of the Issuer’s
molecular diagnostics laboratory facility located in Irvine, California (the “Facility”) or an unplanned discontinuation
of the operation of the Facility; for these purposes, an “event” means (a) any outbreak or escalation of hostilities, act
of terrorism, the declaration by the United States or the state of California of a national emergency or war or other calamity or crisis;
or (b) accidents, fires, explosions, plagues or epidemics, or (c) natural disasters such as but not limited to storm, cyclone, hurricane,
earthquake, landslide, flood, drought etc., or (d) any event of a similar nature.

 

		4.2	The Issuer shall use its best efforts to ensure the due satisfaction of the conditions precedent that
are set out in Clause 4.1 as soon as possible.

 

		4.3	The Subscribers may at any time waive in whole or in part any of the conditions precedent set out in Clause
4.1 by written notice to the Issuer, provided, however, that the Subscribers must confirm in writing to the Issuer (with e-mail to the
Issuer’s CEO being sufficient) no later than Sunday, 26 April 2020, at 6:00 p.m. Brussels time, whether the condition precedent
in paragraph (ii) of Clause 4.1 is waived or satisfied, and that in the absence of such confirmation in writing to the Issuer by that
time the condition precedent in in paragraph (ii) of Clause 4.1 shall be irrevocable and definitively deemed satisfied.

 

		5	Closing

 

On the Closing Date, the realisation
of the Capital Increase, the subscription for the New Shares by the Subscribers and the issuance of the New Shares will be recorded in
a notarial deed in accordance with article 7:186 of the Belgian Code of Companies and Associations.

 

		6	Issuer’s undertakings

 

		6.1	The Issuer shall, subject to the provisions of Clause 8.3, include the appointment, subject to the occurrence
of the Capital Increase, of Eric Bednarski as a new director of the Issuer as a proposed resolution on the agenda of a general shareholders’
meeting of the Issuer scheduled to be held within 40 calendar days as from 28 May 2020.

 

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		6.2	With effect as from the date of this Agreement and for as long as the Subscribers jointly own 5% of the
shares in the Issuer, Subscribers shall have the right to have a non-voting board observer (the “Observer”) at the
board of directors of the Issuer. The Observer shall initially be Eric Bednarski and thereafter, as from the appointment of Eric Bednarski
as a director, Kyle Dempsey.

 

As long as the Subscribers have the right
to have an Observer at the board of directors as aforementioned, the Observer can be replaced at the request of the Subscribers.

 

The Subscribers agree that, upon written
request of the Issuer, it will promptly replace the individual serving as Observer if the Observer has been in material breach of the
confidentiality, discretion or no-trade commitments referred to above, or if the Observer has a management role or senior position within
a significant competitor of the Issuer.

 

The Observer shall have access to the
same level of information as a director (including in relation to information that is discussed at the level of the committees of the
board of directors), and is entitled to attend meetings of the board of directors of the Issuer.

 

The Subscribers shall procure that the
Observer will, prior to receiving any information to be provided to the Observer pursuant to this Agreement, enter into confidentiality,
discretion and no-trade commitments in form and substance satisfactory to the Issuer. The Subscribers shall further procure that the Observer
shall upon request of the Issuer’s board of directors, in case of a conflict of interest (in the sense of Art. 7:96 of the Belgian
Code of Companies and Associations) in respect of any topic discussed on a meeting of any board of directors, leave the meeting for the
period during which such topic is discussed.

 

		6.3	Subject to the provisions of Clause 8.3, the Issuer’s Board of Directors shall use best efforts
to cause the proposal set out in Clause 6.1 to be approved at the Issuer’s general shareholders’ meeting referred to in Clause
6.1 (including by supporting and defending the relevant proposal and recommending that the Issuer’s shareholders approve the relevant
proposal). If the proposal set out in Clause 6.1 were not to be adopted at the Issuer’s general shareholders’ meeting referred
to in Clause 6.1, the board of directors of the Issuer shall convene, subject to the provisions of Clause 8.3, as soon as reasonably practicable
thereafter a special shareholders’ meeting with as agenda the same or a similar proposal to appoint a Subscribers’ representative
as a director of the Issuer.

 

The Subscribers acknowledge that the representative
that is to be appointed as director pursuant to Clause 6.1 is required to act as any other member of the Issuer’s board of directors
with regard to discretion and confidentiality.

 

		6.4	As soon as practicable after the appointment of Eric Bednarski as a director in accordance with Clause
6.1, the Issuer’s Board of Directors shall appoint Eric Bednarski as a member of the Issuer’s Nomination and Remuneration
Committee and make any other required changes to the committee to ensure compliance with Belgian law.

 

		6.5	In consideration of the Subscribers’ commitment of time and personnel and the Subscribers having
incurred the expense of instructing advisers in connection with the Subscribers’ contemplated investment in the Capital Increase,
the Issuer agrees to pay to the Subscribers on the Closing Date reasonable fees and all expenses of the Subscribers’ legal counsel,
as well as any other expense incurred by the Subscribers in relation to the preparation of the Capital Increase, with a maximum of ninety
thousand US dollars (USD 90,000) (exclusive of any applicable VAT or sales taxes, but inclusive of other costs and charges) as properly
substantiated by appropriate documentation.

 

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		6.6	The Issuer undertakes to (i) apply to Euronext Brussels for the Admission to Trading of the New Shares,
as soon as practicable after the Closing Date and in any event within 90 days after the Closing Date and (ii) prepare as soon as reasonably
possible after the date of this Agreement, and submit as soon as practicable after the Closing Date to the FSMA for timely approval, a
listing prospectus prepared in respect of the New Shares in accordance with Article 3(3) of Regulation (EU) 2017/1129 of the European
Parliament and of the Council.

 

		6.7	The Issuer undertakes that, during the Term (as defined in Clause 8) of this Agreement, neither the board
of directors, nor any of its subsidiaries (for which the Issuer procures the result), nor the competent corporate bodies of its subsidiaries
(for which the Issuer procures the result), shall:

 

		(i)	decide on any issuance of shares, subscription rights or convertible bonds in the framework of the authorized
capital, other than (x) for the purpose of the Capital Increase, (y) in connection with the grant of subscription rights or stock options
to employees, consultants, directors or other members of the personnel of the Issuer and/or its subsidiaries, or otherwise in the ordinary
course of business and consistent with past practice, or (z) pursuant to the exercise or conversion of outstanding securities or rights
issued by the Issuer prior to the date of this Agreement;

 

		(ii)	enter into any loan agreement, credit facility, bond issuance or any other form of bank debt financing
arrangement in excess of EUR 2,000,000 in the aggregate (other than payment holidays or deferred payment arrangements with suppliers or
customers, or similar working capital arrangements);

 

		(iii)	make any initial or further approach or offer to, entertain any approach or offer from, or enter into
or continue discussions or negotiations with, or enter into any agreement with, any other person with a view to the sale or issuance of
any shares of the Issuer;

 

		(iv)	decide on or propose any merger split, transfer or contribution of a branch of activity or universality,
any sale or other form of transfer of a substantial part of the business or assets of the Issuer or any of its subsidiaries; and

 

		(v)	take any initiatives for any share buy-back;

 

except in each case with the prior written
approval of the Subscribers, which approval shall not be unreasonably withheld or delayed.

 

Nothing in this Agreement shall restrict
the Issuer after the Term to do any transaction or operation, whether as referred to in paragraphs (i) to (v) or otherwise.

 

		6.8	The Issuer undertakes, as soon as practicable after the appointment of Eric Bednarski as a director in
accordance with Clause 6.1, to (i) add Eric Bednarski to the Issuer’s existing D&O insurance and (ii) procure that the Issuer’s
US subsidiary, MDxHealth, Inc., will enter into indemnification agreements directly with Eric Bednarski to indemnify him, to the greatest
extent permitted by law, for liabilities to the extent that they may arise from, or claims therefor which are based on, US-associated
activities of the US subsidiary or the Issuer, including any claims based on a theory of derivative liability in the right of the US subsidiary.

 

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		7	Representations and warranties

 

		7.1	The Issuer represents and warrants to the Subscribers on and as of the date of this Agreement and on and
as of the Closing Date (as if the representations and warranties had been repeated on that date) that:

 

		7.1.1	it is duly incorporated and validly existing and in good standing under the laws of Belgium, with full
power and authority to conduct its business and is not in violation of any of the provisions of its organisational documents;

 

		7.1.2	(a) it has 70,528,525 ordinary shares outstanding, (b) it has a maximum of 6,328,687 subscription rights
(inschrijvingsrechten) outstanding that give right to the acquisition of ordinary shares upon their exercise or conversion, and
(c) it entered into an “Agreement for the Provision of Several Convertible Loans”, dated 23 September 2019, with Kreos Capital
VI (UK) Limited (“Kreos”), which allows Kreos to subscribe for up to 741,177 ordinary shares (subject to the adjustments
provided for in such agreement), such that (subject to the foregoing provisions) its fully diluted share capital would be represented
by a maximum of 77,598,389 ordinary shares, not taking into account the New Shares to be issued pursuant to this Agreement;

 

		7.1.3	it has taken all necessary corporate and/or regulatory actions to authorise the execution and the performance
of its obligations under this Agreement and such execution and performance do not and will not conflict with or constitute a default or
breach under any provision of (i) any agreement or instrument to which it is a party, (ii) its organisational documents, or (iii) any
law, regulation or stock exchange rule;

 

		7.1.4	it has the full right, power and authority to execute and deliver this Agreement and to perform its obligations
under this Agreement and this Agreement constitutes a valid and legally binding agreement of the Issuer enforceable in accordance with
its terms;

 

		7.1.5	the New Shares, when issued and paid for in accordance with this Agreement, will be validly and duly issued
and fully paid shares of the only class of shares of the Issuer in accordance with the applicable provisions of the Issuer’s organisational
documents and Belgian law; and

 

		7.1.6	all necessary consents, authorisations, notification, actions or things required to be taken, fulfilled
or done under Belgian law for the carrying out by the Issuer of the actions contemplated by this Agreement or the compliance by the Issuer
with the terms of this Agreement will be in full force and effect (except in relation to the Admission to Trading of the New Shares).

 

		7.2	The Issuer represents and warrants to the Subscribers on and as of the date of this Agreement that:

 

		7.2.1	there has been no material change in the Issuer’s business since its 2018 Annual Report which would
be reasonably likely to have a Material Adverse Effect, save as previously publicly disclosed;

 

		7.2.2	the information that has been publicly disclosed by the Issuer contains (taken as a whole) all material
information reasonably necessary to enable investors to make an informed assessment of the risks involved in the investment in shares
of the Issuer, the assets and liabilities, financial position, profits and losses and prospects of the Issuer and its subsidiaries (taken
as a whole);

 

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		7.2.3	except for the existence of this Agreement, it does not have at the date of entry into this Agreement
any inside information (within the meaning of the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April
2014 on market abuse) concerning the Issuer that has not been publicly disclosed (irrespective of any legal basis to delay disclosure
to the public thereof);

 

		7.2.4	it has not received any form of formal and/or informal correspondence or other communication from the
Palmetto GBA Molecular Diagnostic Services (MolDx) Program, Medicare, other governmental authorities or their respective representatives
that the draft Local Coverage Determination (“LCD”) of SelectMDx may be materially to the detriment of the Issuer altered,
delayed or rejected, with the exception of alterations that were requested by the Issuer;

 

		7.2.5	it has not within the 24 months preceding the date of this Agreement received any notification from a
contracting party that such contracting party will amend or change the payment obligations of the Issuer’s existing material contracts
to the detriment of the Issuer, save for such amendments or changes that would not have a Material Adverse Effect;

 

		7.2.6	it has no knowledge of any ongoing litigation or of a threat of litigation, save for such litigation or
threatened litigation that would not have a Material Adverse Effect;

 

		7.2.7	it has not been informed of any investigations, audit findings, deficiencies or negative outcomes related
to laboratory investigations, regulatory certifications, accreditations or compliance matters from state organizations, federal organizations,
CMS, the Clinical Laboratory Improvements Amendments (“CLIA”) or the College of American Pathologists (“CAP”)
that, to its knowledge, remain open or ongoing, save for such investigations, audit findings, deficiencies or negative outcomes that would
not have a Material Adverse Effect;

 

		7.2.8	it has not been informed of any audits or investigations related to coverage, claim eligibility or payment
review of claims in relation to ConfirmMDx and/or SelectMDx that, to its knowledge, remain open or ongoing, save for such audits or investigations
that would not have a Material Adverse Effect;

 

		7.2.9	it has not been informed of any adverse future changes to its Centers for Medicare and Medicaid Services
(“CMS”) reimbursable amounts or to its contracted reimbursable amounts with commercial payers, except for any such changes
that would not have a Material Adverse Effect; and

 

		7.2.10	it has not been informed of any lawsuits or adversarial proceedings related to patents, freedom-to-operate,
validity of claims, inventorship, or infringement for SelectMDx and ConfirmMDx, and is not aware of any issued or pending patents that
would limit the Issuer’s freedom to operate in the preparation, processing or execution of the SelectMDx and ConfirmMDx tests. The
scope of the issued claims of each of the issued US patents (7,252,935 and 7,524,633 and 6,596,488) would prevent an unlicensed third
party from practicing the current commercial form of the ConfirmMDx test without infringing one or more claims thereof. The scope of the
issued claims of issued US patent (10,329,625) would prevent an unlicensed third party from practicing the current commercial form of
the SelectMDx test without infringing one or more claims thereof.

 

For the purposes of this Clause 7.2, “Material
Adverse Effect” means any material adverse effect on, or any development resulting in a material adverse effect on, the Issuer’s
future consolidated earnings and equity, provided, however, that the following shall not be considered as having a Material Adverse Effect:
(A) the outbreak or pandemic of the SARS-CoV-2 virus and/or Covid-19 or, (B) the actions taken by governments or other authorities to
counter the SARS-CoV-2 virus and/or Covid-19, and (C) the worsening of, respectively, this outbreak or pandemic, the consequences thereof
or the measures taken to counter them.

 

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		7.3	Each of the Subscribers represent and warrant to the Issuer on and as of the date of this Agreement and
on and as of the Closing Date (as if the representations and warranties had been repeated on that date) that:

 

		7.3.1	it has taken all necessary corporate and/or regulatory actions to authorise the execution and the performance
of its obligations under this Agreement and such execution and performance do not and will not conflict with or constitute a default or
breach under any provision of (i) any agreement or instrument to which it is a party or (ii) its organisational documents;

 

		7.3.2	it has the full right, power and authority to execute and deliver this Agreement and to perform its obligations
under this Agreement and this Agreement constitutes a valid and legally binding agreement of the Subscriber enforceable in accordance
with its terms; and

 

		7.3.3	except for the New Shares that it will subscribe for pursuant to this Agreement, it does not have at the
date of this Agreement any shares in the Issuer or other right to acquire such Shares.

 

		7.4	The representations and warranties in this Agreement shall continue in full force and effect despite any
completion of the arrangement for the issue and subscription of the New Shares under this Agreement.

 

		7.5	Notwithstanding the provisions of Clause 7.4, the Issuer shall have no liability to the Subscribers for
indemnification under a claim for breach of any of the representations and warranties made by the Issuer pursuant to Clauses 7.1 and 7.2,
unless a claim for indemnification is notified by the Subscribers in writing to the Issuer:

 

		7.5.1	prior to the expiry of the statute of limitations provided for by applicable law in relation to claims
based on a breach of the representations and warranties made by the Issuer pursuant to Clause 7.1; and

 

		7.5.2	within 18 months as from the Closing Date in relation to claims based on a breach of the representations
and warranties made by the Issuer pursuant to Clause 7.2.

 

		8	Term

 

		8.1	Without prejudice to Clauses 6.1 to 6.6 and Clauses 7.4 and 7.5 which shall (subject to what is stated
in such clauses) survive the termination of this Agreement, this Agreement is entered for a term (the “Term”) starting
on the date of this Agreement and ending on the earlier of:

 

		(i)	the Closing Date, and

 

		(ii)	in any event on 30 June 2020 if the Capital Increase has not occurred by that date.

 

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		8.2	The termination of this Agreement shall not affect any accrued rights or liabilities in respect of damages
for non-performance of obligations under this Agreement falling due for performance prior to such termination (including but not limited
to any recourse for failure of the Issuer to comply with Clause 6.6).

 

		8.3	It is expressly agreed and understood that:

 

		8.3.1	the Subscribers no longer have the right to an Observer if the Capital Increase has not occurred within
the Term;

 

		8.3.2	the Issuer has the right to remove the proposed appointment of Eric Bednarski as a new director of the
Issuer if the Capital Increase has not occurred by the date that the general shareholders’ meeting of the Issuer referred to in
Clause 6.1 is scheduled to be held; and

 

		8.3.3	the undertakings of the Issuer set out in Clauses 6.1 and 6.3 shall no longer apply if the Capital Increase
has not occurred prior to the expiry of the Term.

 

		9	Miscellaneous

 

		9.1	Disclosure

 

The Subscribers hereby consent to the
disclosure of this Agreement in (i) the press release which shall be issued by the Issuer upon the entry into this Agreement and (ii)
in the listing prospectus that will be published in the respect of the New Shares, provided in each case that the Issuer shall consult
in advance with the Subscribers on the wording of such disclosure.

 

		9.2	Confidentiality

 

		9.2.1	The existence, subject matter and content of this Agreement are confidential. Subject to Clause 9.1, each
Party is prohibited from disclosing all or any part of this Agreement, or even its existence, or any information received by such Party
from another Party in the framework of this Agreement, at any time.

 

		9.2.2	Clause 9.2.1 shall not prohibit disclosure or use of any information if and to the extent that:

 

		(i)	The disclosure or use is necessary in order to allow any Party to comply with any legal or regulatory
requirement to make any announcement or to provide information to any public authority provided, however, that such Party shall consult
with each other Party in respect of (a) the information that it intends to disclose in order to comply with such legal requirement and
(b) the manner in which such information will be disclosed;

 

		(ii)	The disclosure or use is required for the purpose of any judicial or arbitration proceedings arising out
of or in connection with this Agreement;

 

		(iii)	The disclosure is made to professional advisers of any Party on condition that such professional advisers
undertake to comply with the provisions of Clause 9.2.1 in respect of such information as if they were a party to this Agreement;

 

		(iv)	The information is or becomes publicly available (other than as a result of any breach by such Party of
this Agreement);

 

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		(v)	The information becomes available to the Party bound by this Clause 9.2 from a source which is not bound
by any obligation of confidentiality in relation to such information (as can be demonstrated by such Party’s written records and
other reasonable evidence); or

 

		(vi)	The other Parties have given prior written approval to the disclosure or use.

 

		9.2.3	The Parties shall take all necessary actions to ensure that no accidental or unauthorised disclosure of
the existence or occurrence of this Agreement occurs.

 

		9.3	Severability

 

		9.3.1	If any provision in this Agreement is held to be illegal, invalid or unenforceable, in whole or in part,
under any applicable law, then such provision or part of it shall be deemed not to form part of this Agreement, and the legality, validity
or enforceability of the remainder of this Agreement shall not be affected.

 

		9.3.2	In such case, each Party shall use its best efforts to immediately negotiate in good faith a valid replacement
provision that is as close as possible to the original intention of the Parties and has the same or as similar as possible economic effect.

 

		9.4	Assignment of rights and obligations

 

The Parties may not assign any of its
rights or transfer any of the obligations under this Agreement without the prior written consent of the other Party.

 

		9.5	Further assurance

 

Each of the Parties shall use reasonable
efforts to take all actions and do all things necessary, proper or advisable to consummate the transactions contemplated by this Agreement.

 

		9.6	Entire Agreement

 

This Agreement contains the entire agreement
between the parties with respect to its subject matter. It replaces and annuls all prior agreements, communications, offers, proposals
or correspondence, oral or written, exchanged or concluded between the parties relating to the same subject matter.

 

		9.7	Applicable law

 

This Agreement and any non-contractual
obligations arising out of or in connection with it shall be governed by and construed in accordance with Belgian law.

 

    11

    

    

 

		9.8	Jurisdiction

 

The Dutch speaking courts of Brussels
have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to
non-contractual obligations arising out of or in connection with this Agreement).

 

		9.9	Counterparts

 

This Agreement may be signed in counterparts,
in the number of originals stated hereinafter. When taken together, the counterparts signed by all parties shall constitute one and the
same instrument.

 

[NEXT PAGE IS SIGNATURE PAGE]

 

    12

    

    

 

Done on 24 April 2020, in three (3) originals. Each Party acknowledges
receipt of its own original.

 

MDxHealth SA:

 

	/s/ Koen Hoffman	 	/s/ Michael McGarrity
	
     

    Name: Koen Hoffman

     

    Title: Chair
	 	
     

    Name: Michael McGarrity

     

    Title: CEO

 

    13

    

    

 

MVM V LP, represented by its manager MVM Partners LLP:

 

	/s/ Neil Akhurst	 	/s/ Thomas Casdagli
	
     

    Name: Neil Akhurst

     

    Title: Member
	 	
     

    Name: Thomas Casdagli

     

    Title: Member

 

MVM GP (No. 5) LP, represented by its manager
MVM Partners LLP:

 

	/s/ Neil Akhurst	 	/s/ Thomas Casdagli
	
     

    Name: Neil Akhurst

     

    Title: Member
	 	
     

    Name: Thomas Casdagli

     

    Title: Member

 

    14Exhibit 4.1

 

1847
HOLDINGS LLC

 

WARRANT
FOR COMMON SHARES

 

	Warrant
    Shares: 250,000	Issue
    Date: October 8, 2021

 

THIS
WARRANT FOR COMMON SHARES (this “Warrant”) certifies that, for value received, Leonite Capital LLC or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business
on the five year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe
for and purchase from 1847 Holdings LLC, a Delaware limited liability company (the “Company”), up to Two Hundred Fifty
Thousand (250,000) Common Shares (as subject to adjustment hereunder, the “Warrant Shares”). The purchase price of
one Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

1. Definitions.

 

“Affiliate”
means, as to any Person, any other Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled by,
or is under common Control with, such Person. For the purposes of this definition, “Control” shall mean the power, directly
or indirectly, either to (i) vote 10% or more of the securities having ordinary voting power for the election of directors (or persons
performing similar functions) of a Person or (ii) direct or cause the direction of the management and policies of a Person, whether through
the ability to exercise voting power, by control or otherwise. The terms “Control”, “Controlled by”, and “under
common Control with” have the meanings correlative thereto.

 

“Alternate
Consideration” shall have the meaning set forth in Section 3(d).

 

“Attribution
Parties” shall have the meaning set forth in Section 2(e).

 

“Base
Exercise Price” shall have the meaning set forth in Section 3(e).

 

“Beneficial
Ownership Limitation” shall have the meaning set forth in Section 2(e).

 

“Black
Scholes Value” shall have the meaning set forth in Section 3(d).

 

“Bloomberg”
shall have the meaning set forth in Section 3(d).

 

“Business
Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in New York, New York are authorized
or obligated to close.

 

“Buy-In”
shall have the meaning set forth in Section 2(d)(iv).

 

“Commission”
means the United States Securities and Exchange Commission.

 

     

     

    

 

“Common
Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Share, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Share.

 

“Common
Shares” means the common shares of the Company.

 

“Company”
shall have the meaning set forth in the introduction.

 

“Covering
Shares” shall have the meaning set forth in Section 5(b).

 

“Dilutive
Issuance” shall have the meaning set forth in Section 3(e).

 

“Distribution”
shall have the meaning set forth in Section 3(c).

 

“DWAC”
shall have the meaning set forth in Section 2(d)(i).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Exempt
Issuance” means the issuance of (a) Common Shares or options to employees, officers or directors of the Company or consultants
to the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the board
of directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered
to the Company, provided, however, such issuance shall not exceed fifteen percent (15%) of the Common Shares issued and outstanding as
of the date hereof, (b) securities upon the exercise or exchange of or conversion of any securities exercisable or exchangeable for or
convertible into Common Shares issued and outstanding on the date of this Agreement, provided that such securities have not been amended
since the date of this Warrant to increase the number of such securities or to decrease the exercise price, exchange price or conversion
price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, (c) securities
issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company or securities
issued in financing transactions, the primary purpose of which is to finance acquisitions or strategic transactions approved by a majority
of the disinterested directors of the Company, provided that such securities are issued as “restricted securities” (as defined
in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith,
and provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries,
an operating company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include
a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business
is investing in securities, (d) Common Shares, options or convertible securities issued to in connection with the provision of goods
pursuant to transactions approved by a majority of the disinterested directors of the Company, and (e) Common Shares, options or convertible
securities issued in connection with sponsored research, collaboration, technology license, development, marketing or other similar agreements
or strategic partnerships approved a majority of the disinterested directors of the Company.

 

    2

     

    

 

“Exercise
Price” shall have the meaning set forth in Section 2(b).

 

“Fundamental
Transaction” shall have the meaning set forth in Section 3(d).

 

“Holder”
shall have the meaning set forth in the introduction.

 

“Initial
Exercise Date” shall have the meaning set forth in the introduction.

 

“Issue
Date” means the date of this Warrant.

 

“Legend
Removal Date” shall have the meaning set forth in Section 5(a)

 

“Notice
of Exercise” means the document set forth in Exhibit A annexed hereto.

 

“Purchase
Rights” shall have the meaning set forth in Section 3(b).

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Standard
Settlement Period” shall have the meaning set forth in Section 2(d)(i).

 

“Subsidiary”
means, as to any Person, any corporation, partnership, limited liability company or other entity of which more than fifty percent (50%)
of the outstanding capital stock or other ownership interests having ordinary voting power to elect a majority of the board of directors
or other managers of such corporation, partnership, limited liability company or other entity is at the time, directly or indirectly,
owned by such Person (irrespective of whether, at the time, capital stock or other ownership interests of any other class or classes
of such corporation or other entity shall have or might have voting power by reason of the happening of any contingency).

 

“Successor
Entity” shall have the meaning set forth in Section 3(d).

 

“Termination
Date” shall have the meaning set forth in the introduction.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the
date in question: the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange,
the NYSE American, the OTCQB, the OTCQX, or the OTC Pink Marketplace (or any successors to any of the foregoing).

 

“Transfer
Agent” means VStock Transfer, LLC, and any successor transfer agent of the Company.

 

“VWAP”
shall have the meaning set forth in Section 2(c).

 

“Warrant
Register of the Company” shall have the meaning set forth in Section 3(g)(ii).

 

“Warrant
Register” shall have the meaning set forth in Section 4(c).

 

“Warrant
Share Delivery Date” shall have the meaning set forth in Section 2(d)(i).

 

    3

     

    

 

“Warrant
Shares” shall have the meaning set forth in the introduction.

 

“Warrant”
shall have the meaning set forth in the introduction.

 

2. Exercise.

 

(a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on
or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company or the Transfer Agent (or such other
office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing
on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form of Exhibit
A annexed hereto. Within the earlier of (i) three (3) Trading Days, and (ii) the number of Trading Days comprising the Standard Settlement
Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate
Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United
States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.
No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization)
of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has
been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading
Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of
a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall
maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection
to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this
Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated
on the face hereof.

 

(b) Exercise
Price. The exercise price per share of the Common Share under this Warrant shall be $0.01, subject to adjustment hereunder
(the “Exercise Price”).

 

(c) Cashless
Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained
therein is not available for the issuance of, the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or
in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant
Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A)	=	the highest traded price of the Common Shares during the thirty (30) Trading Days prior to the date of the respective Exercise Notice.;
	 	 	 	 
	 	(B)	=	the Exercise Price of this Warrant, as adjusted hereunder; and
	 	 	 	 
	 	(X)	=	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

    4

     

    

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company
agrees not to take any position contrary to this Section 2(c).

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

(d) Mechanics
of Exercise.

 

(i) Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust
Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such
system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the
Warrant Shares by Holder, or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a
certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares
to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date
that is the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period
after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery
of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares
with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment
of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) three (3) Trading
Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the
Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery
Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject
to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing
to $20 per Trading Day on the fifth (5th) Trading Day after such liquidated damages begin to accrue) for each Trading Day
after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to
maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used
herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days,
on the Company’s primary Trading Market with respect to the Common Share as in effect on the date of delivery of the Notice of
Exercise.

 

    5

     

    

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date)
on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from
9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares
are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported in the “Pink
Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices),
the most recent bid price per share of the Common Shares so reported, or (d) in all other cases, the fair market value of a share
of Common Shares as determined by an independent appraiser selected in good faith by the Holder.

 

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

 

(iii) Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

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

 

    6

     

    

 

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

 

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

 

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

 

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

 

    7

     

    

 

3. Certain
Adjustments.

 

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

 

(b) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues
or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders
of any class of Common Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number
of shares of Common Share acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including
without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Share are
to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right
to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall
not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such
Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever,
as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

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

 

    8

     

    

 

(d) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any
sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series
of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another
Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other securities,
cash or property and has been accepted by the holders of 50% or more of the outstanding Common Shares, (iv) the Company, directly or
indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares
or any compulsory share exchange pursuant to which the Common Shares is effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions, consummates a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not
including any Common Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other
Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without
regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or
acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which
this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e)
on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of
Common Share 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 Share
are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given
the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.
Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined
below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the
Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value
of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. “Black
Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction
for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time
between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility
equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately
following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation
shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered
in such Fundamental Transaction, and (D) a remaining option time equal to the time between the date of the public announcement of the
applicable Fundamental Transaction and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of
immediately available funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental
Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the
“Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction
Documents in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably
satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at
the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Share acquirable and receivable upon exercise
of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value
of the shares of Common Share pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of
shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior
to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon
the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after
the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named
as the Company herein.

 

    9

     

    

 

(e) Anti-dilution
Adjustment. If at any time while this Warrant is outstanding, the Company sells or grants (or has sold or granted, as the case may
be) any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or has sold or issued, as the
case may be, or announces any sale, grant or any option to purchase or other disposition), any Common Share or other securities convertible
into, exercisable for or otherwise entitled any person or entity the right to acquire Common Shares at an effective price per share that
is lower than the then Exercise Price (such lower price, the “Base Exercise Price” and such issuances, collectively,
a “Dilutive Issuance”) (it being agreed that if the holder of the Common Share or other securities so issued shall
at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or
otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive
Common Shares at an effective price per share that is lower than the Exercise Price, such issuance shall be deemed to have occurred for
less than the Exercise Price on such date of the Dilutive Issuance), then the Exercise Price shall be reduced to a price equal the Base
Exercise Price, and the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price payable
hereunder, after taking into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such
adjustment. Such adjustment shall be made whenever such Common Share or other securities are issued, provided however, that no adjustment
will be made under this Section 3(e) in respect of an Exempt Issuance.

 

(f) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the
sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.

 

(g) Notice
to Holder.

 

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

 

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

 

    10

     

    

 

4. Transfer
of Warrant.

 

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

 

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

 

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

 

5. Legend
Removal.

 

(a) Certificates
evidencing this Warrant or the Warrant Shares shall not contain any restrictive, securities or other legend: (i) while a registration
statement covering the resale of such Warrant or Warrant Shares is effective under the Securities Act, (ii) following any sale of such
Warrant or Warrant Shares pursuant to Rule 144, (iii) if such Warrant or Warrant Shares are eligible for sale under Rule 144, without
the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such Warrant or
Warrant Shares and without volume or manner-of-sale restrictions, or (iv) if such legend is not required under applicable requirements
of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall
cause its counsel to issue a legal opinion to the Transfer Agent promptly after the events described in clauses (i)-(iv) in the immediately
preceding sentence if required by the Transfer Agent to effect the removal of the legend hereunder. The Company agrees that following
such time as such legend is no longer required under this Section 5, it will, no later than two days following the delivery by a Holder
to the Company or the Transfer Agent of a certificate representing Warrants or Warrant Shares issued with a restrictive legend (such
second Trading Day, the “Legend Removal Date”), deliver or cause to be delivered to such Holder a certificate representing
such Warrant or Warrant Shares that is free from all restrictive, securities and other legends. The Company may not make any notation
on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 5.

 

    11

     

    

 

(b) If
by the Legend Removal Date, the Company shall fail to cause to be issued and delivered to such Holder a certificate representing such
Warrant or Warrant Shares that is free from all restrictive and other legends, and if on or after such Trading Day the Holder purchases
(in an open market transaction or otherwise) Common Shares to deliver in satisfaction of a sale by the Holder of Common Shares that the
Holder anticipated receiving from the Company without any restrictive, securities and other legend (the “Covering Shares”),
then the Company shall, (1) within two Trading Days after the Holder’s request, pay cash to the Holder in an amount equal to the
excess (if any) of the Investor’s total purchase price (including brokerage commissions, if any) for the Covering Shares, over
the product of (A) the number of Covering Shares, times (B) the actual sale price at which the sell order giving rise to such purchase
obligation was executed (including brokerage commissions, if any) and (2) deliver to the Holder the Warrant or Warrant Shares that would
have been issued had the Company timely complied with its delivery obligations hereunder.

 

6. Miscellaneous.

 

(a) No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as
a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section
3.

 

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

 

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

 

(d) Authorized
Shares.

 

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

 

    12

     

    

 

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

 

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

 

Governing
Law. The internal laws of the State of Delaware (irrespective of its choice of law principles) shall govern the validity of this
Warrant, the construction of its terms, and the interpretation and enforcement of the rights and duties of the parties hereto.

 

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

 

(f) Non-Circumvention.
The Company covenants and agrees that it will not, by amendment of its certificate of formation, operating agreement 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 Common Shares 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 Common Shares upon the exercise of this Warrant

 

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

 

    13

     

    

 

(h) Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a
nationally recognized overnight courier (receipt requested); or (c) on the date sent by e-mail of a PDF document (with confirmation of
transmission), if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours
of the recipient. Such communications must be sent to the respective parties at the following addresses (or at such other address for
a party as shall be specified in a notice given in accordance with this Section 5(g)):

 

	If to the Company:	c/o 1847 Holdings LLC

590 Madison Avenue, 21st Floor

New York, NY 10022

Attn: Ellery W. Roberts

Email:
	 	 
	If to the Holder:	Leonite Capital LLC 

1 Hillcrest Center Drive, Suite 232

Spring Valley, NY 10977

Attention: Avi Geller

Tel:

E-mail:

 

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

 

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

 

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

 

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

 

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

 

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

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

 

    14

     

    

 

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

 

	 	1847
    HOLDINGS LLC
	 	 	 
	 	By:	/s/
    Ellery W. Roberts
	 	Name: 	Ellery
    W. Roberts
	 	Title:	Chief
    Executive Officer

 

Signature
Page to Warrant for Common Shares

 

     

     

    

 

EXHIBIT
A

 

NOTICE
OF EXERCISE

 

		To:	1847
HOLDINGS LLC

 

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

 

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

 

[
] in lawful money of the United States; or

 

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

 

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

 

_______________________________

 

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ______________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: ________________________________________________________

Name
of Authorized Signatory: __________________________________________________________________________

Title
of Authorized Signatory: ___________________________________________________________________________

Date:
______________________________________________________________________________________________

 

     

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

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

 

 

	 	 	 
	 	 	(Please Print)
	Address:	 	 
	 	 	 
	 	 	(Please Print)
	 	 	 
	Phone Number:	 	 
	 	 	 
	Email Address:	 	 
	 	 	 
	Dated: _______________ __, ______	 	 
	 	 	 
	Holder’s Signature: ____________________ __	 	 
	 	 	 
	Holder’s Address: _______________________

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