Document:

Exhibit 4.2

 

RENNOVA HEALTH, INC.

FORM OF WARRANT AGENCY AGREEMENT

 

WARRANT AGENCY AGREEMENT (this “Warrant
Agreement”) made as of December ___, 2015 (the “Issuance Date”), between Rennova Health, Inc., a Delaware corporation
(“Company”), and Computershare Inc., a Delaware corporation (“Computershare”), and its wholly -wned subsidiary,
Computershare Trust Company, N.A., a federally chartered trust company (together with Computershare, “Warrant Agent”).

 

WHEREAS, the Company is engaged in a public
offering (the “Offering”) of Common Stock and Warrants and, in connection therewith, has determined to issue and deliver
up to _______ Warrants (the “Warrants”) to the public investors, with each such Warrant evidencing the right of the
holder thereof to purchase one share of common stock, par value $.01 per share, of the Company’s Common Stock (the “Common
Stock”) for $_____, subject to adjustment as described herein; and

 

WHEREAS, the Company has filed with the
U.S. Securities and Exchange Commission (the “Commission”) a Registration Statement, No. 333-208157 on Form S-1 (as
the same may be amended from time to time, the “Registration Statement”) for the registration, under the Securities
Act of 1933, as amended (the “Securities Act”) of, among other securities, the Warrants and the Common Stock issuable
upon exercise of the Warrants (the “Warrant Shares”), and such Registration Statement was declared effective on December
___, 2015; and

 

WHEREAS, the Company desires the Warrant
Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange and exercise of the Warrants; and

 

WHEREAS, the Company desires to provide
for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants (each, a “Holder”);
and

 

WHEREAS, all acts and things have been done
and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf
of the Warrant Agent, as provided herein, the valid and binding obligations of the Company, and to authorize the execution and
delivery of this Warrant Agreement.

 

NOW, THEREFORE, in consideration of the
mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of Warrant Agent.
The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts
such appointment and agrees to perform the same in accordance with the express terms and conditions set forth in this Warrant Agreement
(and no duties or obligations shall be inferred or implied). The Warrant Agent shall not assume any obligations or relationship
of agency or trust with any of the Holders.

 

2. Warrants.

 

2.1. Form of Warrant. Each Warrant
shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which
are incorporated herein, and shall be signed by, or bear the facsimile signature of, the Chief Executive Officer, President, Chief
Financial Officer or Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s
seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity
in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had
not ceased to be such at the date of issuance. All of the Warrants shall initially be represented by one or more book-entry certificates
(each a “Book-Entry Warrant Certificate”).

 

    	 	 	 

     

    

 

2.2. Effect of Countersignature. Unless
and until countersigned by the Warrant Agent pursuant to this Warrant Agreement, a Warrant shall be invalid and of no effect and
may not be exercised by a Holder.

 

2.3. Registration.

 

2.3.1. Warrant Register. The Warrant
Agent shall maintain books (“Warrant Register”), for the registration of the original issuance and the registration
of any transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants
in the names of the respective Holders in such denominations and otherwise in accordance with instructions delivered to the Warrant
Agent by the Company. To the extent the Warrants are DTC eligible as of the Issuance Date, all of the Warrants shall be represented
by one or more Book-Entry Warrant Certificates deposited with The Depository Trust Company (the “Depository”) and registered
in the name of Cede & Co., a nominee of the Depository. Ownership of beneficial interests in the Book-Entry Warrant Certificates
shall be shown on, and the transfer of such ownership shall be effected through, records maintained (i) by the Depository or its
nominee for each Book-Entry Warrant Certificate; (ii) by institutions that have accounts with the Depository (such institution,
with respect to a Warrant in its account, a “Participant”); or (iii) directly on the book-entry records of the Warrant
Agent with respect only to owners of beneficial interests that represent such direct registration.

 

If the Warrants are not DTC Eligible as
of the Issuance Date or the Depository subsequently ceases to make its book-entry settlement system available for the Warrants,
the Company may instruct the Warrant Agent to make other arrangements for book-entry settlement within ten (10) Business Days after
the Depository ceases to make its book-entry settlement available. In the event that the Company does not make alternative arrangements
for book-entry settlement within ten (10) Business Days or the Warrants are not eligible for, or it is no longer necessary to have
the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions, upon receipt of instructions
from the Company, to the Depository to deliver to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the
Company shall instruct the Warrant Agent to deliver to the Holders definitive Warrant Certificates in physical form evidencing
such Warrants. Such definitive Warrant Certificates shall be in substantially the form annexed hereto as Exhibit A.

 

As used herein, the term “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized
or required by law or executive order to remain closed.

 

2.3.2. Beneficial Owner; Registered Holder.
Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the
person in whose name such Warrant shall be registered upon the Warrant Register (“registered holder”), as the absolute
owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the
Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for
all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Any person in
whose name ownership of a beneficial interest in the Warrants evidenced by a Book-Entry Warrant Certificate is recorded in the
records maintained by the Depository or its nominee shall be deemed the “beneficial owner” thereof; provided,
that all such beneficial interests shall be held through a Participant which shall be the registered holder of such Warrants. As
used herein, the term “Holder” refers only to a registered holder of the Warrants.

 

2.4. Uncertificated Warrants. Notwithstanding
the foregoing and anything else herein to the contrary, the Warrants may be issued in uncertificated form.

 

2.5. Opinion of Counsel. The Company
shall provide an opinion of counsel to the Warrant Agent prior to the issuance of the Warrants to set up a reserve of Warrants
and related Common Stock. The opinion shall state that all Warrants or Common Stock, as applicable, are:

 

a) registered under the Securities Act of
1933, as amended, or are exempt from such registration, and all appropriate state securities law filings have been made with respect
to the Warrants or shares; and

 

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b) validly issued, fully paid and non-assessable.

 

3. Terms and Exercise of Warrants.

 

3.1. Exercise Price. Each Warrant shall,
when countersigned by the Warrant Agent, entitle the Holder, subject to the provisions of such Warrant and of this Warrant Agreement,
to purchase from the Company the number of shares of Common Stock stated therein, at the price of $____ per whole share, subject
to the subsequent adjustments provided in Section 4 hereof. The term “Exercise Price” as used in this Warrant Agreement
refers to the price per share at which Common Stock may be purchased at the time a Warrant is exercised.

 

3.2. Duration of Warrants. A Warrant
may be exercised only during the period (“Exercise Period”) commencing on the Issuance Date and terminating at 5:00 P.M.,
New York City time on December ____, 2020 (“Expiration Date”). Each Warrant not exercised on or before the Expiration
Date shall become null and void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall
cease at the close of business on the Expiration Date.

 

3.3. Exercise of Warrants.

 

3.3.1. Exercise and Payment. A Holder
may exercise a Warrant by delivering, not later than 5:00 P.M., New York City time, on any Business Day during the Exercise
Period (the “Exercise Date”) to the Warrant Agent at its corporate actions department (i) the Warrant Certificate evidencing
the Warrants to be exercised, or, in the case of a Book-Entry Warrant Certificate, the Warrants to be exercised (the “Book-Entry
Warrants”) shown on the records of the Depository to an account of the Warrant Agent at the Depository designated for such
purpose in writing by the Warrant Agent to the Depository from time to time, (ii) an election to purchase the Warrant Shares underlying
the Warrants to be exercised (an “Election to Purchase”), properly completed and executed by the Holder on the reverse
of the Warrant Certificate or, in the case of a Book-Entry Warrant Certificate, properly delivered by the Participant in accordance
with the Depository’s procedures, and (iii) the Exercise Price for each Warrant to be exercised in lawful money of the United
States of America by certified or official bank check or by bank wire transfer in immediately available funds.

 

If any of (A) the Warrant Certificate or
the Book-Entry Warrants, (B) the Election to Purchase, or (C) the Exercise Price therefor, is received by the Warrant Agent after
5:00 P.M., New York City time, on the specified Exercise Date, the Warrants will be deemed to be received and exercised on
the Business Day next succeeding the specified Exercise Date. If the date specified as the Exercise Date is not a Business Day,
the Warrants will be deemed to be received and exercised on the next succeeding day that is a Business Day. If the Warrants are
received or deemed to be received after the Expiration Date, the exercise thereof will be null and void and any funds delivered
to the Warrant Agent will be returned to the Holder. In no event will interest accrue on funds deposited with the Warrant Agent
in respect of an exercise or attempted exercise of Warrants. The validity of any exercise of Warrants will be determined by the
Warrant Agent in its sole discretion and such determination will be final and binding upon the Holder and the Company. Neither
the Company nor the Warrant Agent shall have any obligation to inform a Holder of the invalidity of any exercise of any Warrants.

 

The Warrant Agent shall promptly deposit
all funds received by it in payment of the Exercise Price in the account of the Company maintained with the Warrant Agent for such
purpose and shall advise the Company via telephone at the end of each day on which funds for the exercise of the Warrants are received
of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephonic advice to the Company in writing.

 

3.3.2. Issuance of Certificates.
The Warrant Agent shall, within a reasonable time after request, advise the Company or the transfer agent and registrar in respect
of (a) the number of Warrant Shares issuable upon such exercise in accordance with the terms and conditions of this Warrant Agreement,
(b) the instructions of each Holder with respect to delivery of the Warrant Shares issuable upon such exercise, and the delivery
of definitive Warrant Certificates, as appropriate, evidencing the balance, if any, of the Warrants remaining after such exercise,
(c) in case of a Book-Entry Warrant Certificate, the notation that shall be made to the records maintained by the Depository, its
nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance, if any, of the Warrants
remaining after such exercise and (d) such other information as the Company or such transfer agent and registrar shall reasonably
require.

 

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The Company shall, by 5:00 P.M., New
York City time, on the third Business Day next succeeding the Exercise Date of any Warrant and the clearance of the funds in payment
of the aggregate Exercise Price, execute, issue and deliver to the Warrant Agent, the Warrant Shares to which such Holder is entitled,
in fully registered form, registered in such name or names as may be directed by such Holder. Upon receipt of such Warrant Shares,
the Warrant Agent shall, by 5:00 P.M., New York City time, on the third Business Day next succeeding such Exercise Date, transmit
such Warrant Shares to, or upon the order of, such Holder.

 

In lieu of delivering physical certificates
representing the Warrant Shares issuable upon exercise of any Warrants, provided the Company’s transfer agent is participating
in the Depository’s Fast Automated Securities Transfer program, the Company shall use its commercially reasonable efforts
to cause its transfer agent to electronically transmit the Warrant Shares issuable upon exercise to the Depository by crediting
the account of the Depository or of the Participant, as the case may be, through its Deposit Withdrawal Agent Commission system.
The time periods for delivery described in the immediately preceding paragraph shall apply to the electronic transmittals described
herein.

 

3.3.3. Valid Issuance. All Warrant
Shares issued upon the proper exercise of a Warrant in conformity with this Warrant Agreement shall be validly issued, fully paid
and nonassessable.

 

3.3.4. No Fractional Exercise. Warrants
may be exercised only in whole numbers of Warrant Shares. No fractional Warrant Shares are to be issued upon the exercise of a
Warrant, but rather the number of Warrant Shares to be issued shall be rounded up or down, as applicable, to the nearest whole
number. If fewer than all of the Warrants evidenced by a Warrant Certificate are exercised, a new Warrant Certificate for the number
of unexercised Warrants remaining shall be executed by the Company and countersigned by the Warrant Agent as provided in Section
2 of this Warrant Agreement, and delivered to the Holder at the address specified on the books of the Warrant Agent or as otherwise
specified by such Holder. If fewer than all of the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation
shall be made to the records maintained by the Depository, its nominee for each Book-Entry Warrant Certificate, or a Participant,
as appropriate, evidencing the balance of the Warrants remaining after such exercise.

 

3.3.5. No Transfer Taxes. Neither
the Company nor the Warrant Agent shall be required to pay any stamp or other tax or governmental charge required to be paid in
connection with any transfer involved in the issue of the Warrant Shares upon the exercise of Warrants; and in the event that any
such transfer is involved, neither the Company nor the Warrant Agent shall be required to issue or deliver any Warrant Shares until
such tax or other charge shall have been paid or it has been established to the Company’s and the Warrant Agent’s satisfaction
that no such tax or other charge is due.

  

3.3.6. Date of Issuance. Each person
or entity in whose name any such certificate for Warrant Shares is issued shall for all purposes be deemed to have become the holder
of record of such shares on the date on which the applicable Warrant was surrendered and payment of the Exercise Price was made,
irrespective of the date of delivery of any such certificate, except that, if the date of such surrender and payment is a date
when the stock transfer books of the Company are closed, such person or entity shall be deemed to have become the holder of record
of such shares at the close of business on the next succeeding date on which the stock transfer books are open.

 

3.3.7. Cashless Exercise Under Certain
Circumstances.

 

(i) The Company shall provide to the Holder
and the Warrant Agent prompt written notice of any time that the Company is unable to issue the Warrant Shares via DTC transfer
or otherwise (without restrictive legend), because (A) the Commission has issued a stop order with respect to the Registration
Statement, (B) the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily
or permanently, (C) the Company has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily
or permanently, or (D) otherwise (each a “Restrictive Legend Event”). To the extent that a Restrictive Legend Event
occurs after the Holder has exercised a Warrant in accordance with the terms of the Warrants but prior to the delivery of the Warrant
Shares, the Company shall, at the election of the Holder to be given within five (5) Business Days of receipt of notice of the
Restrictive Legend Event, either (A) rescind the previously submitted Election to Purchase and the Company shall return all consideration
paid by the Holder for such shares upon such rescission or (B) treat the attempted exercise as a cashless exercise as described
in the next paragraph and refund the cash portion of the Exercise Price to the Holder.

 

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(ii) If a Restrictive Legend Event has occurred
and no exemption from the registration requirements is available, the Warrants shall only be exercisable on a cashless basis. Notwithstanding
anything herein to the contrary, the Company shall not be required to make any cash payments or net cash settlement to the Holder
in lieu of issuance of the Warrant Shares. Upon a “cashless exercise,” the Holder shall be entitled to receive a certificate
(or book entry) for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A) =	the VWAP on the Business Day immediately preceding the date on which the Holder elects to exercise the Warrant by means of a “cashless exercise,” as set forth in the applicable Election to Purchase;
	 	(B) =	the Exercise Price of the Warrant, as it may have been adjusted hereunder; and
	 	(X) =	the number of Warrant Shares that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

  

Upon receipt of an Election to Purchase for
a cashless exercise, the Warrant Agent will promptly deliver a copy of the Election to Purchase to the Company to confirm the number
of Warrant Shares issuable in connection with the cashless exercise. The Company shall calculate and transmit to the Warrant Agent,
and the Warrant Agent shall have no obligation under this section to calculate, the number of Warrant Shares issuable in connection
with the cashless exercise.

 

“VWAP” means, for any date, the
price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on NYSE MKT,
the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select Market or the New York Stock Exchange (each, a “Trading
Market”), the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the
Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m.
(New York City time) to 4:00 p.m. (New York City time) on any day that the Trading Market on which the Common Stock is then
listed is open for trading), (b) the volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and
if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets, Inc. (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock
so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the
Company, the fees and expenses of which shall be paid by the Company.

 

3.3.8. Disputes. In the case of a
dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly
issue to the applicable Holders the number of Warrant Shares that are not disputed.

 

3.3.9. Cost Basis Information.

 

a) In the event of a cash exercise, the
Company hereby instructs the Warrant Agent to record cost basis for newly issued shares as follows: ______________________

 

b) In the event of a cashless exercise:
the Company shall provide cost basis for shares issued pursuant to a cashless exercise at the time the Company confirms the number
of Warrant Shares issuable in connection with the cashless exercise to the Warrant Agent pursuant to Section 3.3.7 hereof.

 

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4. Adjustments.

 

4.1. Adjustment upon Subdivision or Combination
of Common Stock. If the Company at any time after the Issuance Date subdivides (by any stock split, stock dividend, recapitalization,
reorganization, scheme, arrangement or otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise
Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be
proportionately increased. If the Company at any time after the Issuance Date combines (by any stock split, stock dividend, recapitalization,
reorganization, scheme, arrangement or otherwise) its outstanding shares of Common Stock into a smaller number of shares, the Exercise
Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be
proportionately decreased. Any adjustment under this Section 4.1 shall become effective at the close of business on the date the
subdivision or combination becomes effective. The Company shall promptly notify Warrant Agent of any such adjustment and give specific
instructions to Warrant Agent with respect to any adjustments to the Warrant Register.

 

4.2. Adjustment for Other Distributions.
In the event the Company shall fix a record date for the making of a dividend or distribution to all holders of Common Stock of
any evidences of indebtedness or assets or subscription rights or warrants (excluding those referred to in Section 4.1 or other
dividends paid out of retained earnings), then in each such case the Exercise Price shall be adjusted by multiplying the Exercise
Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution
by a fraction of which the denominator shall be the VWAP determined as of the record date mentioned above, and of which the numerator
shall be such VWAP on such record date less the then per share fair market value at such record date of the portion of such assets
or evidence of indebtedness so distributed applicable to one outstanding share of the Common Stock as determined by the Board of
Directors in good faith. In either case the adjustments shall be described in a statement provided to each Holder of the portion
of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common Stock. Such
adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned
above.

 

4.3. Reclassification, Consolidation, Purchase,
Combination, Sale or Conveyance. If, at any time while the Warrants are outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the
outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) with another person whereby such other person acquires more
than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other person or other
persons making or party to, or associated or affiliated with the other persons making or party to, such stock or share purchase
agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of
a Warrant, each 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, the same amount and kind of securities, cash or property,
if any, of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of
shares of Common Stock for which each Warrant is exercisable immediately prior to such Fundamental Transaction. For purposes of
any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration that such Holder receives upon any exercise of each Warrant following such Fundamental Transaction. The Company shall
cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”)
and for which stockholders received any equity securities of the Successor Entity, to assume in writing all of the obligations
of the Company under this Warrant Agreement in accordance with the provisions of this Section 4.3 pursuant to written agreements
and shall, upon the written request of such Holder, deliver to such Holder in exchange for the applicable Warrants created by this
Warrant Agreement a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to the Warrants which are exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent
entity), if any, plus any Alternate Consideration, receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which the Warrants are exercisable immediately prior to such Fundamental Transaction, and with an
exercise price which applies the Exercise Price hereunder to such shares of capital stock, if any, plus any Alternate Consideration
(but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value
of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting
the economic value of such Warrant immediately prior to the consummation of such Fundamental Transaction). 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 Agreement and the Warrants 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 Agreement and the Warrants with the same effect as if such Successor Entity had been
named as the Company herein and therein.

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The Company shall instruct the Warrant Agent
to mail, by first class mail, postage prepaid, to each Holder, written notice of the execution of any such amendment, supplement
to this Warrant Agreement and/or the Warrants or other agreement. Any such amendment, supplement or other agreement entered into
by the Successor Entity shall provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Section 4. The Warrant Agent shall be under no responsibility to determine the correctness of any provisions
contained in such amendment, supplement or other agreement relating either to the kind or amount of securities or other property
receivable upon exercise of the Warrants or with respect to the method employed and provided therein for any adjustments and shall
be entitled to rely upon the provisions contained in any such amendment, supplement or other agreement. The provisions of this
Section 4.3 shall similarly apply to successive reclassifications, changes, consolidations, mergers, sales and conveyances of the
kind described above.

 

4.4. Other Events. If any event occurs
of the type contemplated by the provisions of Section 4.1, 4.2 or 4.3 but not expressly provided for by such provisions (including,
without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features to all
holders of Common Stock for no consideration), then the Company’s Board of Directors will in good faith make an adjustment
in the Exercise Price and the number of Warrant Shares so as to protect the rights of each Holder.

 

4.5. Notices of Events or Changes in Warrant.
Upon every adjustment of the Exercise Price or the number of Warrant Shares, or of any other event specified in Section 4.1, 4.2,
4.3, or 4.4, the Company shall promptly give written notice thereof to the Warrant Agent, which notice shall include a reasonably
detailed description of such event, and shall state the Exercise Price resulting from such adjustment and the increase or decrease,
if any, in the number of Warrant Shares purchasable upon the exercise of a Warrant, setting forth in reasonable detail the method
of calculation and the facts upon which such calculation is based, and any other relevant instructions in connection therewith.
The Company further agrees that it will provide to the Warrant Agent with any new or amended Warrant exercise terms. The Warrant
Agent shall have no obligation under any Section 4 to determine whether an event set forth in Sections 4.1, 4.2, 4.3, or 4.4 has
occurred or are scheduled or contemplated to occur or to calculate any of the adjustments set forth in this Warrant Agreement.
Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3, or 4.4, then, in any such event, the Company shall give written
notice to each Holder, at the last address set forth for such Holder in the Warrant Register, of the record date or the effective
date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.6. No Fractional Shares. Notwithstanding
any provision contained in this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise
of Warrants. If, by reason of any adjustment made pursuant to this Section 4, a Holder would be entitled, upon the exercise of
such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up or down, as applicable,
to the nearest whole number the number of Warrant Shares to be issued to such Holder.

 

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4.7. Form of Warrant. The form of Warrant
annexed hereto as Exhibit A need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued
after such adjustment may state the same Exercise Price and the same number of shares as is stated in the Warrants initially issued
pursuant to this Warrant Agreement. However, the Company may at any time in its sole discretion make any change in the form of
Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued
or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

5. Transfer and Exchange of Warrants.

 

5.1. Registration of Transfer. The
Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender
of such Warrant for transfer, properly endorsed and accompanied by appropriate instructions for transfer. A party requesting transfer
of Warrants must provide any evidence of authority that may be required by the Warrant Agent, including but not limited to, a signature
guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer
Association. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old
Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the Company
from time to time upon request.

 

5.2. Procedure for Surrender of Warrants.
Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer reasonably acceptable
to Warrant Agent, duly executed by the Holder thereof, or by a duly authorized attorney, and thereupon the Warrant Agent shall
issue in exchange therefor one or more new Warrants as requested by the Holder of the Warrants so surrendered, representing an
equal aggregate number of Warrants; provided, however, that except as otherwise provided herein or in any Book-Entry Warrant Certificate,
each Book-Entry Warrant Certificate may be transferred only in whole and only to the Depository, to another nominee of the Depository,
to a successor depository, or to a nominee of a successor depository; provided further, however, that in the event that a Warrant
surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in
exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be
made and indicating whether the new Warrants must also bear a restrictive legend. Upon any such registration of transfer, the Company
shall execute, and the Warrant Agent shall countersign and deliver, in the name of the designated transferee a new Warrant Certificate
or Warrant Certificates of any authorized denomination evidencing in the aggregate a like number of unexercised Warrants.

 

5.3. Fractional Warrants. The Warrant
Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a Warrant Certificate
or a Book-Entry Warrant Certificate for a fraction of a Warrant.

 

5.4. Service Charges. A service charge
shall be made for any exchange or registration of transfer of Warrants, as negotiated between Company and Warrant Agent.

 

5.5. Warrant Execution and Countersignature.
The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Warrant Agreement, the
Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant
Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

  

6. Limitations on Exercise. Neither
the Warrant Agent nor the Company shall effect any exercise of any Warrant, and no Holder shall have the right to exercise any
portion of a Warrant, to the extent that after giving effect to the issuance of shares of Common Stock after exercise as set forth
on the applicable Election to Purchase, such Holder (together with such Holder’s Affiliates (as defined in Rule 405 under
the Securities Act), and any other persons acting as a group together with such Holder or any of such Holder’s Affiliates),
would beneficially own in excess of 4.99% of the Company’s Common Stock. For purposes of the foregoing sentence, the number
of shares of Common Stock beneficially owned by a Holder and its Affiliates shall include the number of shares of Common Stock
issuable upon exercise of the Warrant with respect to which such determination is being made, but shall exclude the number of shares
of Common Stock which would be issuable upon exercise of the remaining, nonexercised portion of any Warrant beneficially owned
by such Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 6, beneficial
ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) and the rules and regulations promulgated thereunder, it being acknowledged by each Holder that neither the Warrant
Agent nor the Company is representing to such Holder that such calculation is in compliance with Section 13(d) of the Exchange
Act and such Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the
limitation contained in this Section 6 applies, the determination of whether a Warrant is exercisable (in relation to other securities
owned by a Holder together with any Affiliates) and of which portion of a Warrant is exercisable shall be in the sole discretion
of a Holder, and the submission of an Election to Purchase shall be deemed to be such Holder’s determination of whether such
Warrant is exercisable (in relation to other securities owned by such Holder together with any Affiliates) and of which portion
of a Warrant is exercisable, and neither the Warrant Agent nor the Company shall have any obligation to verify or confirm the accuracy
of such determination and neither of them shall have any liability for any error made by such Holder. 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 6, in determining the number of outstanding shares of Common
Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent
periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or
(C) a more recent written notice by the Company or the Company’s transfer agent setting forth the number of shares of Common
Stock outstanding. The provisions of this Section 6 shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 6 to correct this subsection (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. Notwithstanding
anything in this Warrant Agreement to the contrary, the Warrant Agent shall not be responsible if any Holder exceeds the beneficial
ownership limitation or breaches any other term or provision in this Section 6.

 

    	 	8	 

     

    

 

7. Other Provisions Relating to Rights
of Holders of Warrants.

 

7.1. No Rights as Stockholder. Except
as otherwise specifically provided herein, a Holder, solely in its capacity as an owner of a Warrant, shall not be entitled to
vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained
in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the owner of a Warrant, any of the rights
of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization,
issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive
dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which it is then entitled
to receive upon the due exercise of a Warrant. For the avoidance of doubt, ownership of a Warrant does not entitle the Holder or
any beneficial owner thereof to any of the rights of a stockholder.

 

7.2. Lost, Stolen, Mutilated, or Destroyed
Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, absent notice to the Company or Warrant Agent that such
certificates have been acquired by a protected purchaser, the Company may, upon receipt by Warrant Agent of an open penalty surety
bond satisfactory to it and holding it and Company harmless, issue, in a form mutually agreed to by Warrant Agent and the Company,
a new Warrant of like denomination, tenor and date as the Warrant so lost, stolen, mutilated or destroyed, and countersigned by
the Warrant Agent. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the
allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. Warrant Agent may, at its option,
countersign replacement Warrants for mutilated certificates upon presentation thereof without such indemnity.

 

7.3. Reservation of Common Stock. The
Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that will
be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement.

 

    	 	9	 

     

    

 

8. Concerning the Warrant Agent and Other
Matters.

 

8.1. Concerning the Warrant Agent.
The Warrant Agent:

 

a) shall have no duties or obligations other
than those set forth herein and no duties or obligations shall be inferred or implied;

 

b) may rely on and shall be held harmless
and protected by the Company in acting upon any certificate, statement, instrument, opinion, notice, letter, facsimile transmission,
telegram or other document, or any security delivered to it, and believed by it to be genuine and to have been made or signed by
the proper party or parties;

 

c) may rely on and shall be held harmless
by the Company in acting upon written or oral instructions or statements from the Company with respect to any matter relating to
its acting as Warrant Agent;

 

d) may consult with counsel satisfactory
to it (including counsel for the Company) and shall be held harmless by the Company in relying on the advice or opinion of such
counsel in respect of any action taken, suffered or omitted by it hereunder in accordance with such advice or opinion of such counsel;

 

e) solely shall make the final determination
as to whether or not a Warrant received by Warrant Agent is duly, completely and correctly executed, and Warrant Agent shall be
held harmless by the Company in respect of any action taken, suffered or omitted by Warrant Agent hereunder in accordance with
its determination;

 

f) shall not be obligated to take any legal
or other action hereunder which might, in its judgment, subject or expose it to any expense or liability unless it shall have been
furnished with an indemnity satisfactory to it;

 

g) shall not be liable or responsible for
any failure of the Company to comply with any of the Company’s obligations relating to the Registration Statement or this
Warrant Agreement, including without limitation obligations under applicable regulation or law;

 

h) shall not be liable for or by reason
of any of the statements of fact or recitals contained in this Warrant Agreement or in the Warrant Certificates (except its countersignature
thereof) or be required to verify the same, and all such statements and recitals are and shall be deemed to have been made by the
Company only;

 

i) shall not have any duty or responsibility
in the case of the receipt of any written demand from any holder of Warrants with respect to any action or default by the Company,
including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any
proceedings at law or otherwise or to make any demand upon the Company;

 

j) may buy, sell or deal in any of the Warrants
or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested,
or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this
Warrant Agreement, and nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for
any other legal entity;

 

k) may execute and exercise any of the rights
or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorney or agents, and the Warrant
Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorney or agents or for
any loss to the Company resulting from any such act, default, neglect or misconduct, absent gross negligence, bad faith or wilful
misconduct (each as determined by a final judgment of a court of competent jurisdiction) in the selection and continued employment
thereof;

 

l) shall not be obligated to expend or risk
its own funds or to take any action that it believes is illegal or would expose or subject it to expense or liability or to a risk
of incurring expense or liability, unless it has been furnished with assurances of repayment or indemnity satisfactory to it;

 

    	 	10	 

     

    

 

m) shall not be accountable or under any
duty or responsibility for the use by the Company of any Warrants authenticated by the Warrant Agent and delivered by it to the
Company pursuant to this Warrant Agreement or for the application by the Company of the proceeds of the issue and sale, or exercise,
of the Warrants; and

 

n) may rely on and be fully authorized and
protected in acting or failing to act upon (a) any guaranty of signature by an “eligible guarantor institution” that
is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program”
or insurance program in addition to, or in substitution for, the foregoing; or (b) any law, act, regulation or any interpretation
of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed.

 

8.2. Payment of Taxes. The Company
will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect
of the issuance or delivery of Warrant Shares upon the exercise of Warrants, but neither the Company nor Warrant Agent shall be
obligated to pay any transfer taxes in respect of the Warrants or such Warrant Shares. The Warrant Agent shall not register any
transfer or issue or deliver any Warrant Certificate(s) or Warrant Shares unless or until the persons requesting the registration
or issuance shall have paid to the Warrant Agent for the account of the Company the amount of such tax, if any, or shall have established
to the reasonable satisfaction of the Company and the Warrant Agent that such tax, if any, has been paid.

 

8.3. Resignation, Consolidation, or Merger
of Warrant Agent.

 

8.3.1. Appointment of Successor Warrant
Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further
duties and liabilities hereunder after giving sixty (60) calendar days’ notice in writing to the Company. If the office of
the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30)
calendar days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the Holder (who
shall, with such notice, submit such Holder’s Warrants for inspection by the Company), then such Holder may apply to the
Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent, the expenses
of which shall be paid by the Company. Any successor Warrant Agent (but not including the initial Warrant Agent), whether appointed
by the Company or by such court, shall be an entity in good standing and organized and existing under the laws of any jurisdiction
in the United States, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination
by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights,
immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall,
in its discretion, execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent
all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent
the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

8.3.2. Notice of Successor Warrant Agent.
In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent
and the transfer agent for the Common Stock not later than thirty (30) days before the effective date of any such appointment.

 

8.3.3. Merger or Consolidation of Warrant
Agent. Any entity into which the Warrant Agent may be merged or with which it may be consolidated or any entity resulting from
any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Warrant
Agreement without any further act on the part of the Company or the Warrant Agent.

 

    	 	11	 

     

    

 

8.4. Fees and Expenses of Warrant Agent.

 

8.4.1. Remuneration. The Company
agrees to pay the Warrant Agent reasonable remuneration in an amount separately agreed to between Company and Warrant Agent for
its services as Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant
Agent may reasonably incur in the execution of its duties hereunder. One half of the total Warrant Agent fees (not including postage)
must be paid upon execution of this Warrant Agreement. The remaining half must be paid within fifteen (15) Business Days thereafter.
An invoice for any out-of-pocket and/or per item fees incurred will be rendered to and payable by the Company within fifteen (15)
Business Days of the date of said invoice. It is understood and agreed that all services to be performed by Warrant Agent shall
cease if full payment for its services has not been received in accordance with the above schedule, and said services will not
commence thereafter until all payment due has been received by Warrant Agent.

 

8.4.2. Further Assurances. The Company
agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further
and other acts, documents, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out
or performing of the provisions of this Warrant Agreement.

 

8.5. Liability of Warrant Agent.

 

8.5.1. Reliance on Company Statement.
Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem it necessary or desirable
that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or
matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and
established by a statement signed by the President, Chief Executive Officer or Chief Financial Officer of the Company and delivered
to the Warrant Agent. The Warrant Agent may rely upon, and be held harmless for such reliance upon, such statement for any action
taken or suffered by it pursuant to the provisions of this Warrant Agreement, and shall not be held liable in connection with any
delay in receiving such statement.

  

8.5.2. Indemnity. The Warrant Agent
shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith (each as determined by a final judgment
of a court of competent jurisdiction). The Company covenants and agrees to indemnify and to hold the Warrant Agent harmless against
any and all liabilities, costs, expenses (including reasonable fees of its legal counsel), losses, judgments, claims, or damages,
which may be paid, incurred or suffered by or to which it may become subject, arising from or out of, directly or indirectly, any
claims or liability resulting from its actions as Warrant Agent pursuant hereto; provided, that such covenant and agreement does
not extend to, and the Warrant Agent shall not be indemnified with respect to, such costs, expenses, losses and damages incurred
or suffered by the Warrant Agent as a result of, or arising out of, its gross negligence, bad faith, or willful misconduct (each
as determined by a final judgment of a court of competent jurisdiction).

 

8.5.3. Limitation of Liability. Notwithstanding
anything contained herein to the contrary, the Warrant Agent’s aggregate liability, if any, during the term of this Warrant
Agreement with respect to, arising from, or arising in connection with this Warrant Agreement, or from all services provided or
omitted to be provided under this Warrant Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not
exceed, the amounts paid or payable hereunder by the Company to Warrant Agent as fees and charges (not including reimbursable expenses)
during the twelve (12) months immediately preceding the event for which recovery from the Warrant Agent is being sought.

 

8.5.4. Disputes. In the event any
question or dispute arises with respect to the proper interpretation of this Warrant Agreement or the Warrant Agent’s duties
hereunder or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act and shall not be held liable
or responsible for refusing to act until the question or dispute has been judicially settled (and the Warrant Agent may, if it
deems it advisable, but shall not be obligated to, file a suit in interpleader or for a declaratory judgment for such purpose)
by final judgment rendered by a court of competent jurisdiction, binding on all parties interested in the matter which is no longer
subject to review or appeal, or settled by a written document in form and substance satisfactory to the Warrant Agent and executed
by the Company and each other interested party. In addition, the Warrant Agent may require for such purpose, but shall not be obligated
to require, the execution of such written settlement by all of the Holders of the Warrants and all other parties that may have
an interest in the settlement.

 

    	 	12	 

     

    

 

8.5.5. Exclusions. The Warrant Agent
shall have no responsibility with respect to the validity of this Warrant Agreement or with respect to the validity or execution
of any Warrant (except its countersignature hereof and thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it be responsible to make any adjustments
required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make
any representation or warranty as to the authorization or reservation of any Warrant Shares to be issued pursuant to this Warrant
Agreement or any Warrant or as to whether any Warrant Shares will, when issued, be validly issued and fully paid and nonassessable.

 

8.5.6. Instructions. From time to
time, the Company may provide the Warrant Agent with instructions concerning the services performed by the Warrant Agent hereunder.
In addition, at any time the Warrant Agent may apply to any officer of Company for instruction, and may consult with legal counsel
for the Warrant Agent or the Company with respect to any matter arising in connection with the services to be performed by the
Warrant Agent under this Warrant Agreement. Warrant Agent and its agents and subcontractors shall not be liable and shall be indemnified
by Company for any action taken, suffered or omitted to be taken by Warrant Agent in reliance upon any Company instructions or
upon the advice or opinion of such counsel. The Warrant Agent shall not be held to have notice of any change of authority of any
person, until receipt of written notice thereof from Company. Furthermore, the Warrant Agent shall not be required to take notice
or be deemed to have notice of any event or condition under this Warrant Agreement, including any event or condition that may require
action by the Warrant Agent, unless the Warrant Agent shall be specifically notified in writing of such event or condition by the
Company, and all notices or other instruments required by this Agreement to be delivered to the Warrant Agent must, in order to
be effective, be received by the Warrant Agent as specified in Section 9.2 hereof, and in the absence of such notice so delivered,
the Warrant Agent may conclusively assume no such event or condition exists.

 

8.6. Ambiguity or Uncertainty. In the
event the Warrant Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request
or other communication, paper or document received by the Warrant Agent hereunder, the Warrant Agent, may, in its sole discretion,
refrain from taking any action, and shall be fully protected and shall not be liable in any way to Company, any Holder, or any
other person or entity for refraining from taking such action, unless the Warrant Agent receives written instructions signed by
the Company which eliminates such ambiguity or uncertainty to the satisfaction of Warrant Agent.

 

8.7 Acceptance of Agency. The Warrant
Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform the same upon the terms and conditions
herein set forth and, among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently
account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of Warrant Shares through the exercise
of Warrants.

 

8.8 Bank Accounts. The Company acknowledges
that the bank accounts maintained by Computershare in connection with the services provided under this Agreement will be in its
name and that Computershare may receive investment earnings in connection with the investment at Computershare’s risk and
for its benefit of funds held in those accounts from time to time. Neither the Company nor Holders will receive interest on any
deposits.

 

8.9 Survival. The provisions of this
Section 8 shall survive the termination of this Warrant Agreement and the resignation, removal, or replacement of the Warrant Agent.

 

9. Miscellaneous Provisions.

 

9.1. Successors. All the covenants
and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the
benefit of their respective successors and assigns.

 

    	 	13	 

     

    

 

9.2. Notices. Any notice, statement
or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by a Holder to or on the Company shall
be delivered by hand or sent by registered or certified mail or overnight courier service, addressed (until another address is
filed in writing by the Company with the Warrant Agent), as follows:

 

Rennova Health, Inc.

400 South Australian Avenue, Suite 800

West Palm Beach, Florida 33401

Attn: Chief Executive Officer

 

with a copy in each case to:

 

Akerman LLP

One Southeast Third Avenue, 25th Floor

Miami, FL 33131

Attn: J. Thomas Cookson, Esq.

 

and:

 

Aegis Capital Corp.

810 Seventh Avenue, 11th Fl

New York, NY 10019

Attn: Compliance Department

 

and:

 

Zysman Aharoni Gayer and

Sullivan & Worcester LLP

1633 Broadway

New York, New York 10019

Attn: Oded Har-Even, Esq.

 

 

Any notice, statement or demand authorized
by this Warrant Agreement to be given or made by a Holder or by the Company to or on the Warrant Agent shall be delivered by hand
or sent by registered or certified mail or overnight courier service, addressed (until another address is filed in writing by the
Warrant Agent with the Company), as follows:

 

Computershare Trust Company, N.A.

250 Royall Street

Canton, Massachusetts 02021

Attn: Client Administration

 

Any notice, sent pursuant to this Warrant Agreement shall be
effective when sent.

 

9.3. Applicable Law. The validity,
interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed in all respects by the laws of
the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating
in any way to this Warrant Agreement shall be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be
exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

    	 	14	 

     

    

 

9.4. Persons Having Rights under this Warrant
Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from any of the provisions hereof is
intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the Holders
of the Warrants and, for purposes of Sections 3.3, 9.3 and 9.8, the Underwriter, any right, remedy, or claim under or by reason
of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Underwriters shall be deemed
to be an express third-party beneficiary of this Warrant Agreement with respect to Sections 3.3, 9.3 and 9.8 hereof. All covenants,
conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit
of the parties hereto (and the Underwriters with respect to the Sections 3.3, 9.3 and 9.8 hereof) and their successors and assigns
and of the Holders.

 

9.5. Examination of this Warrant Agreement.
A copy of this Warrant Agreement shall be available at all reasonable times, upon reasonable notice, at the office of the Warrant
Agent, for inspection by any Holder. The Warrant Agent may require any such Holder to submit his Warrant for inspection by it.

 

9.6. Counterparts. This Warrant Agreement
may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement
transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

 

9.7. Effect of Headings. The Section
headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof.

 

9.8. Amendments. This Warrant Agreement
may be amended by the parties hereto without the consent of any Holder for the purpose of curing any ambiguity, or of curing, correcting
or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or
questions arising under this Warrant Agreement as the parties may deem necessary or desirable and that the parties deem shall not
adversely affect the interest of the Holders. All other modifications or amendments, including any amendment to increase the Exercise
Price or shorten the Exercise Period, shall require the written consent of the Underwriter and the Holders of a majority of the
then outstanding Warrants. As a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall
deliver to the Warrant Agent a certificate from a duly authorized officer of the Company that states that the proposed amendment
is in compliance with the terms of this Section 9.8.

 

9.9. Severability. This Warrant Agreement
shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity
or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Warrant Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

  

9.10. Force Majeure. In the event either
party is unable to perform its obligations under the terms of this Warrant Agreement because of acts of God, strikes, failure of
carrier or utilities, equipment or transmission failure, damage that is reasonably beyond its control, terrorist acts, shortage
of supply, breakdowns or malfunctions, interruptions or malfunctions of computer facilities, or loss of data due to power failures
or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest, or any other
cause that is reasonably beyond its control, such party shall not be liable for damages to the other for any damages resulting
from such failure to perform or otherwise from such causes. Performance under this Warrant Agreement shall resume when the affected
party or parties are able to perform substantially that party’s duties.

 

9.11. Confidentiality. The Warrant
Agent and the Company agree that all books, records, information and data pertaining to the business of the other party, including
inter alia, personal, non-public information about the Holders, which are exchanged or received pursuant to the negotiation or
the carrying out of this Warrant Agreement, including the fees for services, shall remain confidential, and shall not be voluntarily
disclosed to any other person, except as may be required by law, including, without limitation, pursuant to subpoenas from state
or federal government authorities.

 

9.12. Consequential Damages. Notwithstanding
anything in this Warrant Agreement to the contrary, neither party to this Warrant Agreement shall be liable to the other party
for any consequential, indirect, special, punitive, or incidental damages under any provision of this Warrant Agreement or for
any consequential, indirect, punitive, special or incidental damages arising out of any act or failure to act hereunder even if
that party has been advised of or has foreseen the possibility or likelihood of such damages.

 

[Signature Page Follows]

 

    	 	15	 

     

    

  

IN WITNESS WHEREOF, this Warrant Agreement
has been duly executed by the parties hereto as of the day and year first above written.

 

	 	RENNOVA HEALTH, INC.
	 	 
	 	By: 	 
	 	Name: 
	 	Title: 

 

 

	 	COMPUTERSHARE INC.
	 	 
	 	By: 	 
	 	Name: 
	 	Title: 

 

	 	COMPUTERSHARE TRUST COMPANY, N.A.
	 	 
	 	By: 	 
	 	Name: 
	 	Title: 

 

 

    	 	16	 

     

    

    

Exhibit A

 

[FORM OF WARRANT CERTIFICATE]

 

EXERCISABLE ONLY IF COUNTERSIGNED BY THE
WARRANT

AGENT AS PROVIDED HEREIN.

 

Warrant Certificate Evidencing Warrants
to Purchase

Common Stock, par value of $0.01 per share, as described herein.

 

RENNOVA HEALTH, INC.

 

	No. ___________	CUSIP  

 

VOID AFTER 5:00 P.M., NEW YORK CITY
TIME,

ON _______ __, 2020

 

This certifies that ________________________
or registered assigns is the registered holder (the “Holder”) of _____________________ warrants to purchase certain
securities (each a “Warrant”). Each Warrant entitles the Holder, subject to the provisions contained herein
and in the Warrant Agreement (as defined below), to purchase from Rennova Health, Inc., a Delaware corporation (the “Company”),
one share (collectively, the “Warrant Shares”) of Common Stock, par value $0.01 per share, of the Company (“Common
Stock”), at the Exercise Price set forth below. The price per share at which each Warrant Share may be purchased at the
time each Warrant is exercised (the “Exercise Price”) is $____ initially, subject to adjustments as set forth
in the Warrant Agreement (as defined below).

 

This Warrant
Certificate is issued under and in accordance with the Warrant Agreement, dated as of [_____ _], 2015 (the “Warrant Agreement”),
between the Company and the Warrant Agent, and is subject to the terms and provisions contained in the Warrant Agreement, to all
of which terms and provisions the Holder of this Warrant Certificate and the beneficial owners of the Warrants represented by this
Warrant Certificate consent by acceptance hereof. Copies of the Warrant Agreement are on file and can be inspected at the below-mentioned
office of the Warrant Agent and at the office of the Company at 400 South Australian Avenue, Suite 800, West
Palm Beach, Florida 33401. Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Warrant
Agreement.

 

Subject to the terms of the Warrant Agreement,
each Warrant evidenced hereby may be exercised in whole but not in part at any time, as specified herein, on any Business Day (as
defined below) occurring during the period (the “Exercise Period”) commencing on the Issuance Date and terminating
at 5:00 P.M., New York City time, on December __, 2020 (the “Expiration Date”). Each Warrant remaining
unexercised after 5:00 P.M., New York City time, on the Expiration Date shall become null and void, and all rights of the
Holder of this Warrant Certificate evidencing such Warrant shall cease.

 

The Holder of the Warrants represented by
this Warrant Certificate may exercise any Warrant evidenced hereby by delivering, not later than 5:00 P.M., New York City
time, on any Business Day during the Exercise Period (the “Exercise Date”) to Computershare Inc. and its wholly-owned
subsidiary, Computershare Trust Company, N.A. (collectively, the “Warrant Agent”, which term includes any successor
warrant agent under the Warrant Agreement described below) at its corporate trust department at 250 Royall Street, Canton, Massachusetts
02021, (i) this Warrant Certificate or, in the case of a Book-Entry Warrant Certificate (as defined in the Warrant Agreement),
the Warrants to be exercised (the “Book-Entry Warrants”) as shown on the records of The Depository Trust Company
(the “Depository”) to an account of the Warrant Agent at the Depository designated for such purpose in writing
by the Warrant Agent to the Depository, (ii) an election to purchase (“Election to Purchase”), properly executed
by the Holder hereof on the reverse of this Warrant Certificate or properly executed by the institution in whose account the Warrant
is recorded on the records of the Depository (the “Participant”), and substantially in the form included on
the reverse of this Warrant Certificate and (iii) unless cashless exercise is permitted under the Warrant Agreement, the Exercise
Price for each Warrant to be exercised in lawful money of the United States of America by certified or official bank check or by
bank wire transfer in immediately available funds, in each case payable to the order of the Company.

  

    	 	17	 

     

    

 

As used herein, the term “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized
or required by law or executive order to remain closed.

 

Warrants may be exercised only in whole
numbers of Warrants. No fractional Warrant Shares are to be issued upon the exercise of this Warrant, but rather the number of
Warrant Shares to be issued shall be rounded up or down, as applicable, to the nearest whole number. If fewer than all of the Warrants
evidenced by this Warrant Certificate are exercised, a new Warrant Certificate for the number of Warrants remaining unexercised
shall be executed by the Company and countersigned by the Warrant Agent as provided in Section 2 of the Warrant Agreement, and
delivered to the Holder of this Warrant Certificate at the address specified on the books of the Warrant Agent or as otherwise
specified by such Holder.

 

The Company shall provide to the Holder
prompt written notice of any time that the Company is unable to issue the Warrant Shares via DTC transfer or otherwise (without
restrictive legend), because (A) the Commission has issued a stop order with respect to the Registration Statement, (B) the Commission
otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (C) the
Company has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, or (D) otherwise
(each a “Restrictive Legend Event”). To the extent that a Restrictive Legend Event occurs after the Holder has
exercised a Warrant in accordance with the terms of the Warrants but prior to the delivery of the Warrant Shares, the Company shall,
at the election of the Holder to be given within five (5) Business Days of receipt of notice of the Restrictive Legend Event, either
(A) rescind the previously submitted Election to Purchase and the Company shall return all consideration paid by the Holder for
such shares upon such rescission or (B) treat the attempted exercise as a cashless exercise as described in the next paragraph
and refund the cash portion of the exercise price to the Holder.

 

If a Restrictive Legend Event has occurred
and no exemption from the registration requirements is available, the Warrant shall only be exercisable on a cashless basis. Notwithstanding
anything herein to the contrary, the Company shall not be required to make any cash payments or net cash settlement to the Holder
in lieu of issuance of the Warrant Shares. Upon a “cashless exercise,” the Holder shall be entitled to receive a certificate
(or book entry) for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A) =	the VWAP on the Business Day immediately preceding the date on which the Holder elects to exercise the Warrant by means of a “cashless exercise,” as set forth in the applicable Election to Purchase;
	 	(B) =	the Exercise Price of the Warrant, as it may have been adjusted hereunder; and
	 	(X) =	the number of Warrant Shares that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

  

Upon receipt of an Election to Purchase
for a cashless exercise, the Warrant Agent will promptly deliver a copy of the Election to Purchase to the Company to confirm the
number of Warrant Shares issuable in connection with the cashless exercise. The Company shall calculate and transmit to the Warrant
Agent, and the Warrant Agent shall have no obligation under this section to calculate, the number of Warrant Shares issuable in
connection with the cashless exercise.

 

“VWAP” means, for any
date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted
on NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange
(each, a “Trading Market”), the daily volume weighted average price of the Common Stock for such date (or the
nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P.
(based on a trading day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time) on any day that the Trading
Market on which the Common Stock is then listed is open for trading), (b) the volume weighted average price of the Common Stock
for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for
trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published
by OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid
price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as
determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding
and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

    	 	18	 

     

    

 

The Exercise Price and the number of Warrant
Shares purchasable upon the exercise of each Warrant shall be subject to adjustment as provided pursuant to Section 4 of the Warrant
Agreement.

 

Upon due presentment for registration of
transfer or exchange of this Warrant Certificate at the stock transfer division of the Warrant Agent, the Company shall execute,
and the Warrant Agent shall countersign and deliver, as provided in Section 5 of the Warrant Agreement, in the name of the designated
transferee one or more new Warrant Certificates of any authorized denomination evidencing in the aggregate a like number of unexercised
Warrants, subject to the limitations provided in the Warrant Agreement.

 

Neither this Warrant Certificate nor the
Warrants evidenced hereby entitles the Holder to any of the rights of a stockholder of the Company, including, without limitation,
the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice
as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter.

 

The Warrant Agreement and this Warrant Certificate
may be amended as provided in the Warrant Agreement including, under certain circumstances described therein, without the consent
of the Holder of this Warrant Certificate or the Warrants evidenced thereby.

 

THIS WARRANT CERTIFICATE AND ALL RIGHTS
HEREUNDER AND UNDER THE WARRANT AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS FORMED AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICTS OF LAW PROVISIONS THEREOF TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION.

 

This Warrant Certificate shall not be entitled
to any benefit under the Warrant Agreement or be valid or obligatory for any purpose, and no Warrant evidenced hereby may be exercised,
unless this Warrant Certificate has been countersigned by the manual or facsimile signature of the Warrant Agent.

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.

 

	Dated as of ________ __, 2015	 	 	 
	 	 	 	 	 
	 	 	 	RENNOVA HEALTH, INC.
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

	COMPUTERSHARE INC., as Warrant Agent	 	COMPUTERSHARE TRUST COMPANY, N.A., as Warrant Agent
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 

    	 	19	 

     

    

 

[REVERSE]

 

Instructions for Exercise of Warrant

 

To exercise the Warrants evidenced hereby,
the Holder must, by 5:00 P.M., New York City time, on the specified Exercise Date, deliver to the Warrant Agent at its stock
transfer division, a certified or official bank check or a bank wire transfer in immediately available funds, in each case payable
to the Company, in an amount equal to the Exercise Price in full for the Warrants exercised. In addition, the Holder must provide
the information required below and deliver this Warrant Certificate to the Warrant Agent at the address set forth below and the
Book-Entry Warrants to the Warrant Agent in its account with the Depository designated for such purpose. The Warrant Certificate
and this Election to Purchase must be received by the Warrant Agent by 5:00 P.M., New York City time, on the specified Exercise
Date.

 

ELECTION TO PURCHASE

TO BE EXECUTED IF WARRANT HOLDER DESIRES

TO EXERCISE THE WARRANTS EVIDENCED HEREBY

 

The undersigned hereby irrevocably elects
to exercise, on __________, ____ (the “Exercise Date”), __________ Warrants, evidenced by this Warrant Certificate,
to purchase, __________ shares (the “Warrant Shares”) of Common Stock, par value of $0.01 per share (the “Common
Stock”) of Rennova Health, Inc., a Delaware corporation (the “Company”), and represents that on or
before the Exercise Date:

 

o such Holder has
tendered payment for such Warrant Shares by certified or official bank check payable to the order of the Company c/o Computershare
Trust Company, N.A., [ ], or by bank wire transfer in immediately available funds payable to the Company at Account No. [ ], in
each case in the amount of $_______ in accordance with the terms hereof, or

 

o [if permitted]
the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 3.3.7
of the Warrant Agreement, to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to
the cashless exercise procedure set forth in subsection 3.3.7.

 

The undersigned requests that said number of Warrant Shares
be in fully registered form, registered in such names and delivered, all as specified in accordance with the instructions set forth
below.

 

If said number of Warrant Shares is less
than all of the Warrant Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate evidencing the remaining
balance of the Warrants evidenced hereby be issued and delivered to the Holder of the Warrant Certificate unless otherwise specified
in the instructions below.

  

Dated: ________ __, ____

 

 

	 	Name	 	 
	 	 	(Please Print)	 

 

/   /   /   / - /   /   / - /   /   /   /   /

(Insert Social Security or Other Identifying Number
of Holder)

 

	 	Address	__________________________
	 	 	__________________________
	 	 	 
	 	Signature	__________________________

 

    	 	20	 

     

    

 

This Warrant may only be exercised by presentation
to the Warrant Agent at one of the following locations:

 

	 	By hand or mail at: 	Computershare Trust Company, N.A.
	 	 	250 Royall Street
	 	 	Canton, Massachusetts 02021
	 	 	Attn: Client Administration

 

The method of delivery of this Warrant Certificate is at the
option and risk of the exercising Holder and the delivery of this Warrant Certificate will be deemed to be made only when actually
received by the Warrant Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended.
In all cases, sufficient time should be allowed to ensure timely delivery.

 

(Instructions as to form and delivery of Warrant Shares and/or
Warrant Certificates)

 

	Name in which Warrant Shares are to be registered if other than in the name of the Holder of this Warrant Certificate:	 	
 

	 	 	 
	Address to which Warrant Shares are to be mailed if other than to the address of the Holder of this Warrant Certificate as shown on the books of the Warrant Agent:	 	
 

	 	 	(Street Address)
	 	 	 
	 	 	
 

	 	 	(City and State) (Zip Code)
	 	 	 
	Name in which Warrant Certificate evidencing unexercised Warrants, if any, is to be registered if other than in the name of the Holder of this Warrant Certificate:	 	
 

	 	 	 
	Address to which certificate representing unexercised Warrants, if any, is to be mailed if other than to the address of the Holder of this Warrant Certificate as shown on the books of the Warrant Agent:	 	
 

	 	 	(Street Address)
	 	 	 
	 	 	
 

	 	 	(City and State) (Zip Code)
	 	 	 
	 	 	Dated:
	 	 	 
	 	 	
 

	 	 	Signature
	 	 	 
	 	 	
        Signature must conform in all respects to the name of the
        Holder as specified on the face of this Warrant Certificate.  If Warrant Shares, or a Warrant Certificate evidencing
        unexercised Warrants, are to be issued in a name other than that of the Holder hereof or are to be delivered to an address other
        than the address of such Holder as shown on the books of the Warrant Agent, the above signature must be guaranteed by a an Eligible
        Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).

         

 

    	 	21	 

     

    

 

	SIGNATURE GUARANTEE	 	 
	 	 	 

 

	Name of Firm	 	 	 

 

	Address	 	 	 

 

	Area Code	 	 	 

	and Number	 	 	 

 

	Authorized Signature	 	 	 

 

	Name	 	 	 

 

	Title	 	 	 

 

	Dated:	 	     , 20__	 

 

    	 	22	 

     

    

 

ASSIGNMENT

 

(FORM OF ASSIGNMENT TO BE EXECUTED IF WARRANT
HOLDER

DESIRES TO TRANSFER WARRANTS EVIDENCED HEREBY)

 

FOR VALUE RECEIVED, ____________ HEREBY SELL(S), ASSIGN(S) AND
TRANSFER(S) UNTO

 

 

	
 

	 	 
	
 

	 	 
	
 

	 	 
	
 

	 	
 

	(Please print name and address

including zip code of assignee)	 	(Please insert social security or

other identifying number of assignee)

 

the rights represented by the within Warrant Certificate and
does hereby irrevocably constitute and appoint ____________ Attorney to transfer said Warrant Certificate on the books of the Warrant
Agent with full power of substitution in the premises.

 

	 	Dated:
	 	 
	 	 
	 	Signature
	 	 
	 	(Signature must conform in all respects to the name of the Holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by an Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).

 

	SIGNATURE GUARANTEE	 	 

 

	Name of Firm	 	 

 

	Address	 	 

 

	Area Code	 	 

	and Number	 	 

 

	Authorized Signature	 	 

 

	Name	 	 

 

	Title	 	 

 

	Dated:	 	     , 20__

 

    	 	23Exhibit 4.7 

 

RENNOVA HEALTH, INC. 

 

CERTIFICATE OF DESIGNATION OF PREFERENCES,

RIGHTS AND LIMITATIONS 

OF 

SERIES C CONVERTIBLE PREFERRED STOCK

 

PURSUANT TO SECTION 151 OF THE

DELAWARE GENERAL CORPORATION LAW

 

The undersigned, [ ], do hereby certify that:

 

1. They are the[ ], respectively, of Rennova Health, Inc., a
Delaware corporation (the “Corporation”).

 

2. The Corporation is authorized to issue 5,000,000 shares of
preferred stock, of which [ ] shares have been issued.

 

3. The following resolutions were duly adopted by the board
of directors of the Corporation (the “Board of Directors”):

 

WHEREAS, the certificate of incorporation of the
Corporation provides for a class of its authorized stock known as preferred stock, consisting of 5,000,000 shares, $.01  par
value per share, issuable from time to time in one or more series;

 

WHEREAS, the Board of Directors is authorized to fix the dividend
rights, dividend rate, voting rights, conversion rights, rights and terms of redemption and liquidation preferences of any wholly
unissued series of preferred stock and the number of shares constituting any series and the designation thereof, of any of them;
and

 

WHEREAS, it is the desire of the Board of Directors,
pursuant to its authority as aforesaid, to fix the rights, preferences, restrictions and other matters relating to a series
of the preferred stock, which shall consist of, except as otherwise set forth in the Underwriting Agreement (as defined herein), [ ]
shares of the preferred stock which the Corporation has the authority to issue, as follows:

 

NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors
does hereby provide for the issuance of a series of preferred stock for cash or exchange of other securities, rights or property
and does hereby fix and determine the rights, preferences, restrictions and other matters relating to such series of preferred
stock as follows:

 

TERMS OF PREFERRED STOCK 

 

Section 1. Definitions. For the purposes
hereof, the following terms shall have the following meanings:

 

“Affiliate” means any Person that, directly
or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such
terms are used in and construed under Rule 405 of the Securities Act.

 

“Alternate Consideration” shall have the
meaning set forth in Section 7(e).

 

“Beneficial Ownership Limitation” shall have
the meaning set forth in Section 6(d).

 

“Business Day” means any day except any Saturday,
any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State
of New York are authorized or required by law or other governmental action to close.

 

“Buy-In” shall have the meaning set forth
in Section 6(c)(iv).

 

“Closing” means the closing of the purchase
and sale of the Securities pursuant to Section [ ] of the Underwriting Agreement.

 

    	 	 	 

     

    

 

“Closing Date” shall have the
meaning in the Underwriting Agreement. 

 

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

 

“Common Stock” means the Corporation’s
common stock, par value $0.01 per share, and stock of any other class of securities into which such securities may hereafter be
reclassified or changed.

 

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

 

“Conversion Amount” means the sum of the
Stated Value at issue.

 

“Conversion Date” shall have the meaning
set forth in Section 6(a).

 

“Conversion Price” shall have the meaning
set forth in Section 6(b).

 

“Conversion Shares” means, collectively,
the shares of Common Stock issuable upon conversion of the shares of Preferred Stock in accordance with the terms hereof.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Fundamental Transaction” shall have the
meaning set forth in Section 7(e).

 

“GAAP” means United States generally accepted
accounting principles.

 

“Holder” shall have the meaning given such
term in Section 2.

 

“Junior Securities” means the Common Stock
and all other Common Stock Equivalents of the Corporation other than those securities which are explicitly senior or pari
passu to the Preferred Stock in dividend rights or liquidation preference.

 

“Liquidation” shall have the meaning set
forth in Section 5.

 

“New York Courts” shall have the meaning
set forth in Section 8(d).

 

“Notice of Conversion” shall have the meaning
set forth in Section 6(a).

 

“Original Issue Date” means the date of the
first issuance of any shares of the Preferred Stock regardless of the number of transfers of any particular shares of Preferred
Stock and regardless of the number of certificates which may be issued to evidence such Preferred Stock.

 

“Person” means an individual or corporation,
partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company,
government (or an agency or subdivision thereof) or other entity of any kind.

 

“Preferred Stock” shall have the meaning
set forth in Section 2.

 

“Securities” means the Shares, Preferred
Stock, the Warrants, the Warrant Shares and the Underlying Shares.

 

“Securities Act” means the Securities Act
of 1933, as amended, and the rules and regulations promulgated thereunder.

 

    	 	2	 

     

    

 

“Shares” means the shares of Common Stock
issued or issuable to each purchaser party to the Underwriting Agreement on the Closing Date.

 

“Share Delivery Date” shall have the meaning
set forth in Section 6(c).

 

“Stated Value” shall have the meaning set
forth in Section 2, as the same may be increased pursuant to Section 3.

 

“Subsidiary” means any subsidiary of
the Corporation as set forth on Schedule [ ] of the Underwriting Agreement and shall, where applicable, also
include any direct or indirect subsidiary of the Corporation formed or acquired after the date of the Underwriting
Agreement.

 

“Successor Entity” shall have the meaning
set forth in Section 7(e).

 

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

 

“Trading Market” means any of the following
markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE MKT, the Nasdaq
Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange (or any successors to any
of the foregoing).

 

“Transaction Documents” means this
Certificate of Designation, the Underwriting Agreement, the Warrants, all exhibits and schedules
thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated pursuant
to the Underwriting Agreement.

 

“Transfer Agent” means
[ ], and any successor transfer agent of the Corporation.

 

“Underlying Shares” means the shares of Common
Stock issued and issuable upon conversion of the Preferred Stock and upon exercise of the Warrants.

 

“Underwriting Agreement” means
that certain Underwriting Agreement by and between Aegis Capital Corp., as representative of the several underwriters named
therein, and Rennova Health, Inc.

 

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

 

“Warrants” means, collectively, the
Common Stock purchase warrants delivered to the Holder at the Closing in accordance with Section [ ] of the Underwriting
Agreement, which Warrants shall be exercisable immediately and have a term of exercise equal to five years from the date of
initial exercise, in the form of Exhibit C attached to the Underwriting Agreement.

 

“Warrant Shares” means the shares of Common
Stock issuable upon exercise of the Warrants.

 

Section 2. Designation, Amount and Par
Value. The series of preferred stock shall be designated as its Series   C Convertible Preferred Stock (the
“Preferred Stock”) and the number of shares so designated shall be up to $[ ] (which shall not be subject
to increase without the written consent of all of the holders of the Preferred Stock (each, a “Holder” and
collectively, the “Holders”)). Each share of Preferred Stock shall have a par value of $0.01 per share and
a stated value equal to $1,000, subject to increase set forth in Section 3 below (the “Stated
Value”).

 

Section 3. Dividends. Except for stock dividends
or distributions for which adjustments are to be made pursuant to Section 7, Holders shall be entitled to receive, and the
Corporation shall pay, dividends on shares of Preferred Stock equal (on an as-if-converted-to-Common-Stock basis) to and in the
same form as dividends actually paid on shares of the Common Stock when, as and if such dividends are paid on shares of the Common
Stock. No other dividends shall be paid on shares of Preferred Stock.

 

    	 	3	 

     

    

 

Section 4. Voting Rights. Except as otherwise
provided herein or as otherwise required by law, the Preferred Stock shall have no voting rights. However, as long as any shares
of Preferred Stock are outstanding, the Corporation shall not, without the affirmative vote of the Holders of a majority of the
then outstanding shares of the Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the
Preferred Stock or alter or amend this Certificate of Designation, (b) amend its certificate of incorporation or other charter
documents in any manner that materially adversely affects any rights of the Holders, (c) increase the number of authorized
shares of Preferred Stock, or (d) enter into any agreement with respect to any of the foregoing.

 

Section 5. Liquidation. Upon any liquidation,
dissolution or winding-up of the Corporation, whether voluntary or involuntary (a “Liquidation”), the Holders
shall (i) first be entitled to receive out of the assets, whether capital or surplus, of the Corporation an amount equal to
$0.01 for each share of Preferred Stock before any distribution or payment shall be made to the holders of any Junior Securities
and (ii) then be entitled to receive out of the assets, whether capital or surplus, of the Corporation the same amount that
a holder of Common Stock would receive if the Preferred Stock were fully converted (disregarding for such purposes any conversion
limitations hereunder) to Common Stock which amounts shall be paid pari passu with all holders of Common Stock. The
Corporation shall mail written notice of any such Liquidation, not less than 45 days prior to the payment date stated therein,
to each Holder.

 

Section 6. Conversion.

 

a) Conversions at Option of Holder. Each share of Preferred
Stock shall be convertible, at any time and from time to time from and after the Original Issue Date at the option of the Holder
thereof, into that number of shares of Common Stock (subject to the limitations set forth in Section 6(d)) determined by dividing
the Stated Value of such share of Preferred Stock by the Conversion Price. Holders shall effect conversions by providing the Corporation
with the form of conversion notice attached hereto as Annex A (a “Notice of Conversion”). Each Notice
of Conversion shall specify the number of shares of Preferred Stock to be converted, the number of shares of Preferred Stock owned
prior to the conversion at issue, the number of shares of Preferred Stock owned subsequent to the conversion at issue and the date
on which such conversion is to be effected, which date may not be prior to the date the applicable Holder delivers by facsimile
such Notice of Conversion to the Corporation (such date, the “Conversion Date”). If no Conversion Date is specified
in a Notice of Conversion, the Conversion Date shall be the date that such Notice of Conversion to the Corporation is deemed delivered
hereunder. No ink-original Notice of Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee
or notarization) of any Notice of Conversion form be required. The calculations and entries set forth in the Notice of Conversion
shall control in the absence of manifest or mathematical error. To effect conversions of shares of Preferred Stock, a Holder shall
not be required to surrender the certificate(s) representing the shares of Preferred Stock to the Corporation unless all of the
shares of Preferred Stock represented thereby are so converted, in which case such Holder shall deliver the certificate representing
such shares of Preferred Stock promptly following the Conversion Date at issue. Shares of Preferred Stock converted into Common
Stock or redeemed in accordance with the terms hereof shall be canceled and shall not be reissued.

 

b) Conversion Price. The conversion price for the Preferred
Stock shall equal $[ ], subject to adjustment herein (the “Conversion Price”).

 

c) Mechanics of Conversion

 

i. Delivery of Conversion Shares Upon Conversion. Not
later than three (3) Trading Days after each Conversion Date (the “Share Delivery Date”), the Corporation
shall deliver, or cause to be delivered, to the converting Holder (A) the number of Conversion Shares being acquired upon
the conversion of the Preferred Stock, which Conversion Shares shall be free of restrictive legends and trading restrictions and
(B) a bank check in the amount of accrued and unpaid dividends. The Corporation shall deliver the Conversion Shares electronically
through the Depository Trust Company or another established clearing corporation performing similar functions.

 

ii. Failure to Deliver Conversion Shares. If, in the
case of any Notice of Conversion, such Conversion Shares are not delivered to or as directed by the applicable Holder by the Share
Delivery Date, the Holder shall be entitled to elect by written notice to the Corporation at any time on or before its receipt
of such Conversion Shares, to rescind such Conversion, in which event the Corporation shall promptly return to the Holder any original
Preferred Stock certificate delivered to the Corporation and the Holder shall promptly return to the Corporation the Conversion
Shares issued to such Holder pursuant to the rescinded Conversion Notice.

 

    	 	4	 

     

    

 

iii. Obligation Absolute. The Corporation’s obligation
to issue and deliver the Conversion Shares upon conversion of Preferred Stock in accordance with the terms hereof are absolute
and unconditional, irrespective of any action or inaction by a Holder to enforce the same, any waiver or consent with respect to
any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim,
recoupment, limitation or termination, or any breach or alleged breach by such Holder or any other Person of any obligation to
the Corporation or any violation or alleged violation of law by such Holder or any other person, and irrespective of any other
circumstance which might otherwise limit such obligation of the Corporation to such Holder in connection with the issuance of such
Conversion Shares; provided, however, that such delivery shall not operate as a waiver by the Corporation of any
such action that the Corporation may have against such Holder. In the event a Holder shall elect to convert any or all of the Stated
Value of its Preferred Stock, the Corporation may not refuse conversion based on any claim that such Holder or anyone associated
or affiliated with such Holder has been engaged in any violation of law, agreement or for any other reason, unless an injunction
from a court, on notice to Holder, restraining and/or enjoining conversion of all or part of the Preferred Stock of such Holder
shall have been sought and obtained, and the Corporation posts a surety bond for the benefit of such Holder in the amount of 150%
of the Stated Value of Preferred Stock which is subject to the injunction, which bond shall remain in effect until the completion
of arbitration/litigation of the underlying dispute and the proceeds of which shall be payable to such Holder to the extent it
obtains judgment. In the absence of such injunction, the Corporation shall issue Conversion Shares and, if applicable, cash, upon
a properly noticed conversion. If the Corporation fails to deliver to a Holder such Conversion Shares pursuant to Section 6(c)(i)
on the second Trading Day after the Share Delivery Date applicable to such conversion, the Corporation shall pay to such Holder,
in cash, as liquidated damages and not as a penalty, for each $5,000 of Stated Value of Preferred Stock being converted, $25 per
Trading Day (increasing to $50 per Trading Day on the third Trading Day and increasing to $100 per Trading Day on the sixth Trading
Day after such damages begin to accrue) for each Trading Day after such second Trading Day after the Share Delivery Date until
such Conversion Shares are delivered or Holder rescinds such conversion. Nothing herein shall limit a Holder’s right to pursue
actual damages for the Corporation’s failure to deliver Conversion Shares within the period specified herein and such Holder
shall have the right to pursue all remedies available to it hereunder, at law or in equity including, without limitation, a decree
of specific performance and/or injunctive relief. The exercise of any such rights shall not prohibit a Holder from seeking to enforce
damages pursuant to any other Section hereof or under applicable law.

 

iv. Compensation for Buy-In on Failure to Timely Deliver
Conversion Shares Upon Conversion. In addition to any other rights available to the Holder, if the Corporation fails for any
reason to deliver to a Holder the applicable Conversion Shares by the Share Delivery Date pursuant to Section 6(c)(i), and
if after such Share Delivery Date such Holder is required by its brokerage firm to purchase (in an open market transaction or otherwise),
or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by such Holder
of the Conversion Shares which such Holder was entitled to receive upon the conversion relating to such Share Delivery Date (a
“Buy-In”), then the Corporation shall (A) pay in cash to such Holder (in addition to any other remedies
available to or elected by such Holder) the amount, if any, by which (x) such Holder’s total purchase price (including
any brokerage commissions) for the Common Stock so purchased exceeds (y) the product of (1) the aggregate number of shares
of Common Stock that such Holder was entitled to receive from the conversion at issue multiplied by (2) the actual sale price
at which the sell order giving rise to such purchase obligation was executed (including any brokerage commissions) and (B) at
the option of such Holder, either reissue (if surrendered) the shares of Preferred Stock equal to the number of shares of Preferred
Stock submitted for conversion (in which case, such conversion shall be deemed rescinded) or deliver to such Holder the number
of shares of Common Stock that would have been issued if the Corporation had timely complied with its delivery requirements under
Section 6(c)(i). For example, if a Holder purchases shares of Common Stock having a total purchase price of $11,000 to cover
a Buy-In with respect to an attempted conversion of shares of Preferred Stock with respect to which the actual sale price of the
Conversion Shares (including any brokerage commissions) giving rise to such purchase obligation was a total of $10,000 under clause
(A) of the immediately preceding sentence, the Corporation shall be required to pay such Holder $1,000. The Holder shall provide
the Corporation written notice indicating the amounts payable to such Holder in respect of the Buy-In and, upon request of the
Corporation, 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 Corporation’s failure to timely deliver Conversion Shares upon conversion of the shares of Preferred
Stock as required pursuant to the terms hereof.

 

    	 	5	 

     

    

 

v. Reservation of Shares Issuable Upon Conversion. The
Corporation covenants that it will at all times reserve and keep available out of its authorized and unissued shares of Common
Stock for the sole purpose of issuance upon conversion of the Preferred Stock as herein provided, free from preemptive rights or
any other actual contingent purchase rights of Persons other than the Holder (and the other holders of the Preferred Stock), not
less than such aggregate number of shares of the Common Stock as shall (subject to the terms and conditions set forth in the Underwriting
Agreement) be issuable (taking into account the adjustments and restrictions of Section 7) upon the conversion of the then
outstanding shares of Preferred Stock. The Corporation covenants that all shares of Common Stock that shall be so issuable shall,
upon issue, be duly authorized, validly issued, fully paid and nonassessable.

 

vi. Fractional Shares. No fractional shares or scrip
representing fractional shares shall be issued upon the conversion of the Preferred Stock. As to any fraction of a share which
the Holder would otherwise be entitled to purchase upon such conversion, the Corporation 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 Conversion Price or round up
to the next whole share.

 

vii. Transfer Taxes and Expenses. The issuance of Conversion
Shares on conversion of this Preferred Stock shall be made without charge to any Holder for any documentary stamp or similar taxes
that may be payable in respect of the issue or delivery of such Conversion Shares, provided that the Corporation shall not be required
to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such Conversion Shares
upon conversion in a name other than that of the Holders of such shares of Preferred Stock and the Corporation shall not be required
to issue or deliver such Conversion Shares unless or until the Person or Persons requesting the issuance thereof shall have paid
to the Corporation the amount of such tax or shall have established to the satisfaction of the Corporation that such tax has been
paid. The Corporation shall pay all Transfer Agent fees required for same-day processing of any Notice of Conversion and all fees
to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the Conversion Shares.

 

d) Beneficial Ownership Limitation. The Corporation
shall not effect any conversion of the Preferred Stock, and a Holder shall not have the right to convert any portion of the Preferred
Stock, to the extent that, after giving effect to the conversion set forth on the applicable Notice of Conversion, such Holder
(together with such Holder’s Affiliates, and any Persons acting as a group together with such Holder or any of such Holder’s
Affiliates (such Persons, “Attribution Parties”)) would beneficially own in excess of the Beneficial Ownership Limitation
(as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by such
Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon conversion
of the Preferred Stock with respect to which such determination is being made, but shall exclude the number of shares of Common
Stock which are issuable upon (i) conversion of the remaining, unconverted Stated Value of Preferred Stock beneficially owned
by such Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Corporation subject to a limitation on conversion or exercise analogous to the limitation
contained herein (including, without limitation, the Preferred Stock or the Warrants) beneficially owned by such Holder or any
of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 6(d),
beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. To the extent that the limitation contained in this Section 6(d) applies, the determination of whether
the Preferred Stock is convertible (in relation to other securities owned by such Holder together with any Affiliates and Attribution
Parties) and of how many shares of Preferred Stock are convertible shall be in the sole discretion of such Holder, and the submission
of a Notice of Conversion shall be deemed to be such Holder’s determination of whether the shares of Preferred Stock may
be converted (in relation to other securities owned by such Holder together with any Affiliates and Attribution Parties) and how
many shares of the Preferred Stock are convertible, in each case subject to the Beneficial Ownership Limitation. To ensure compliance
with this restriction, each Holder will be deemed to represent to the Corporation each time it delivers a Notice of Conversion
that such Notice of Conversion has not violated the restrictions set forth in this paragraph and the Corporation shall have no
obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated
above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. For purposes of this Section 6(d), in determining the number of outstanding shares of Common Stock, a Holder
may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (i) the Corporation’s
most recent periodic or annual report filed with the Commission, as the case may be, (ii) a more recent public announcement
by the Corporation or (iii) a more recent written notice by the Corporation or the Transfer Agent setting forth the number
of shares of Common Stock outstanding. Upon the written or oral request (which may be via email) of a Holder, the Corporation
shall within two Trading Days confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding. In
any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise
of securities of the Corporation, including the Preferred Stock, by such Holder or its Affiliates or Attribution Parties since
the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock issuable upon conversion of Preferred Stock held by the applicable Holder. A Holder, upon notice to the Corporation,
may increase or decrease the Beneficial Ownership Limitation provisions of this Section 6(d) applicable to its Preferred
Stock provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common Stock upon conversion of this Preferred Stock
held by the Holder and the provisions of this Section 6(d) shall continue to apply. Any such increase in the Beneficial Ownership
Limitation will not be effective until the 61st day after such notice is delivered to the Corporation and shall only apply to
such Holder and no other Holder. The provisions of this paragraph shall be construed and implemented in a manner otherwise than
in strict conformity with the terms of this Section 6(d) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation contained herein 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 Preferred Stock.

 

    	 	6	 

     

    

 

Section 7. Certain Adjustments.

 

a) Stock Dividends and Stock Splits. If the Corporation,
at any time while this Preferred Stock is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions
payable in shares of Common Stock on shares of Common Stock or any other Common Stock Equivalents (which, for avoidance of doubt,
shall not include any shares of Common Stock issued by the Corporation upon conversion of, or payment of a dividend on, this Preferred
Stock), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues, in the
event of a reclassification of shares of the Common Stock, any shares of capital stock of the Corporation, then the Conversion
Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding any treasury
shares of the Corporation) outstanding immediately before such event, and of which the denominator shall be the number of shares
of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section 7(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) RESERVED.

 

c) Subsequent Rights Offerings. In addition to any adjustments
pursuant to Section 7(a) above, if at any time the Corporation grants, issues or sells any Common Stock Equivalents or rights
to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock
(the “Purchase Rights”), then the Holder of will be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares
of Common Stock acquirable upon complete conversion of such Holder’s Preferred Stock (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a
record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which
the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided,
however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding
the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent
(or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right
to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the
Holder exceeding the Beneficial Ownership Limitation).

 

    	 	7	 

     

    

 

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

 

e) Fundamental Transaction. If, at any time while this
Preferred Stock is outstanding, (i) the Corporation, directly or indirectly, in one or more related transactions effects any
merger or consolidation of the Corporation with or into another Person, (ii) the Corporation, 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 Corporation or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Corporation, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Corporation, 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 whereby such other Person acquires more than 50% of the
outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or
party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other
business combination) (each a “Fundamental Transaction”), then, upon any subsequent conversion of this Preferred
Stock, the Holder shall have the right to receive, for each Conversion Share that would have been issuable upon such conversion
immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 6(d) on the
conversion of this Preferred Stock), the number of shares of Common Stock of the successor or acquiring corporation or of the Corporation,
if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable
as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Preferred Stock
is convertible immediately prior to such Fundamental Transaction (without regard to any limitation in Section 6(d) on the
conversion of this Preferred Stock). For purposes of any such conversion, the determination of the Conversion Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share
of Common Stock in such Fundamental Transaction, and the Corporation shall apportion the Conversion Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of
Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of this Preferred Stock
following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Corporation
or surviving entity in such Fundamental Transaction shall file a new Certificate of Designation with the same terms and conditions
and issue to the Holders new preferred stock consistent with the foregoing provisions and evidencing the Holders’ right to
convert such preferred stock into Alternate Consideration. The Corporation shall cause any successor entity in a Fundamental Transaction in which the
Corporation is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the
Corporation under this Certificate of Designation and the other Transaction Documents in
accordance with the provisions of this Section 7(e) pursuant to written agreements in form and substance reasonably satisfactory
to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option
of the holder of this Preferred Stock, deliver to the Holder in exchange for this Preferred Stock a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to this Preferred Stock which is convertible for
a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common
Stock acquirable and receivable upon conversion of this Preferred Stock (without regard to any limitations on the conversion of
this Preferred Stock) prior to such Fundamental Transaction, and with a conversion price which applies the conversion price hereunder
to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such conversion price being
for the purpose of protecting the economic value of this Preferred Stock 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 Certificate of Designation and the other Transaction Documents referring to the “Corporation”
shall refer instead to the Successor Entity), and may exercise every right and power of the Corporation and shall assume all of
the obligations of the Corporation under this Certificate of Designation and the other Transaction Documents with the same effect
as if such Successor Entity had been named as the Corporation herein.

 

    	 	8	 

     

    

  

f) Calculations. All calculations under this Section 7
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 7, the
number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares
of Common Stock (excluding any treasury shares of the Corporation) issued and outstanding.

 

g) Notice to the Holders.

 

i. Adjustment to Conversion Price. Whenever the Conversion
Price is adjusted pursuant to any provision of this Section 7, the Corporation shall promptly deliver to each Holder a notice
setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

 

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

 

    	 	9	 

     

    

 

Section 8. Miscellaneous.

 

a) Notices. Any and all notices or other communications
or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Conversion, shall be in writing
and delivered personally, by facsimile, or sent by a nationally recognized overnight courier service, addressed to the Corporation,
at [ ], or such other facsimile number, e-mail address or address as the Corporation may specify for such purposes by notice to
the Holders delivered in accordance with this Section 8. Any and all notices or other communications or deliveries to be provided
by the Corporation hereunder shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized overnight
courier service addressed to each Holder at the facsimile number or address of such Holder appearing on the books of the Corporation,
or if no such facsimile number or address appears on the books of the Corporation, at the principal place of business of such Holder,
as set forth in the Underwriting Agreement. Any notice or other communication or deliveries hereunder shall be deemed given and effective
on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
number set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the
date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth in this Section
on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading
Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt
by the party to whom such notice is required to be given.

 

b) Absolute Obligation. Except as expressly provided
herein, no provision of this Certificate of Designation shall alter or impair the obligation of the Corporation, which is absolute
and unconditional, to pay liquidated damages and accrued dividends, as applicable, on the shares of Preferred Stock at the time,
place, and rate, and in the coin or currency, herein prescribed.

 

c) Lost or Mutilated Preferred Stock Certificate. If
a Holder’s Preferred Stock certificate shall be mutilated, lost, stolen or destroyed, the Corporation shall execute and deliver,
in exchange and substitution for and upon cancellation of a mutilated certificate, or in lieu of or in substitution for a lost,
stolen or destroyed certificate, a new certificate for the shares of Preferred Stock so mutilated, lost, stolen or destroyed, but
only upon receipt of evidence of such loss, theft or destruction of such certificate, and of the ownership hereof reasonably satisfactory
to the Corporation.

 

d) Governing Law. All questions concerning the construction,
validity, enforcement and interpretation of this Certificate of Designation shall be governed by and construed and enforced in
accordance with the internal laws of the State of Delaware, without regard to the principles of conflict of laws thereof. Each
party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the transactions contemplated
by any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors, officers,
shareholders, employees or agents) shall be commenced in the state and federal courts sitting in the City of New York, Borough
of Manhattan (the “New York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction
of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction
of such New York Courts, or such New York Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect
for notices to it under this Certificate of Designation and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other
manner permitted by applicable law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Certificate of Designation or
the transactions contemplated hereby. If any party shall commence an action or proceeding to enforce any provisions of this Certificate
of Designation, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’
fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

    	 	10	 

     

    

 

e) Waiver. Any waiver by the Corporation or a Holder
of a breach of any provision of this Certificate of Designation shall not operate as or be construed to be a waiver of any other
breach of such provision or of any breach of any other provision of this Certificate of Designation or a waiver by any other Holders.
The failure of the Corporation or a Holder to insist upon strict adherence to any term of this Certificate of Designation on one
or more occasions shall not be considered a waiver or deprive that party (or any other Holder) of the right thereafter to insist
upon strict adherence to that term or any other term of this Certificate of Designation on any other occasion. Any waiver by the
Corporation or a Holder must be in writing.

 

f) Severability. If any provision of this Certificate
of Designation is invalid, illegal or unenforceable, the balance of this Certificate of Designation shall remain in effect, and
if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and
circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law
governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest
permitted under applicable law.

 

g) Next Business Day. Whenever any payment or other obligation
hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

 

h) Headings. The headings contained herein are for convenience
only, do not constitute a part of this Certificate of Designation and shall not be deemed to limit or affect any of the provisions
hereof.

 

i) Status of Converted or Redeemed Preferred Stock. Shares
of Preferred Stock may only be issued pursuant to the Underwriting Agreement. If any shares of Preferred Stock shall be converted,
redeemed or reacquired by the Corporation, such shares shall resume the status of authorized but unissued shares of preferred stock
and shall no longer be designated as Series C Convertible Preferred Stock.

 

*********************

 

 

 

 

 

 

 

 

    	 	11	 

     

    

 

RESOLVED, FURTHER, that the Chairman, the president or any vice-president,
and the secretary or any assistant secretary, of the Corporation be and they hereby are authorized and directed to prepare and
file this Certificate of Designation of Preferences, Rights and Limitations in accordance with the foregoing resolution and the
provisions of Delaware law.

 

IN WITNESS WHEREOF, the undersigned have executed this Certificate
this __ day of December, 2015.

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Name:	 	 	 	 	 	Name:	 	 
	 	 	Title:	 	 	 	 	 	Title:	 	 

 

    	 	12	 

     

    

 

ANNEX A 

 

NOTICE OF CONVERSION

 

(TO BE EXECUTED BY THE REGISTERED HOLDER
IN ORDER TO CONVERT SHARES OF PREFERRED STOCK)

 

The undersigned hereby elects to
convert the number of shares of Series C Convertible Preferred Stock indicated below into shares of common stock, par
value $0.01 per share (the “Common Stock”), of Rennova Health, Inc., a Delaware corporation (the
“Corporation”), according to the conditions hereof, as of the date written below. If shares of Common
Stock are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes
payable with respect thereto and is delivering herewith such certificates and opinions as may be required by the Corporation
in accordance with the Underwriting Agreement. No fee will be charged to the Holders for any conversion, except for any such
transfer taxes.

 

Conversion calculations:

 

	Date to Effect Conversion:	 	 
		 	
 

 

	 	 	 
	Number of shares of Preferred Stock owned prior to Conversion:	 
		 	
 

 

	 	 	 
	Number of shares of Preferred Stock to be Converted:	 
		 	
 

 

	 	 	 
	Stated Value of shares of Preferred Stock to be Converted:	 
		 	
 

 

	 	 	 
	Number of shares of Common Stock to be Issued:	 
		 	
 

 

	 	 	 
	Applicable Conversion Price:	 
		 	
 

 

	 	 	 
	Number of shares of Preferred Stock subsequent to Conversion:	 
		 	
 

 

	 	 	 
	 
	Address for Delivery:                                          
	or	 	 
	DWAC Instructions:
	Broker no:                     
	Account no:                     

 

	 	 	 	 
	 	[HOLDER]
	 	 	 
	 	By:	 	

	 	 	 	Name:
	 	 	 	Title:

 

    	 	13

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