EX-10.3
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ex10-3.htm
THIS WARRANT AND THE SHARES ISSUABLE
UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. EXCEPT AS OTHERWISE SET
FORTH HEREIN OR IN A SECURITIES PURCHASE AGREEMENT DATED AS OF May 15th, 2016, NEITHER THIS WARRANT NOR ANY OF SUCH SHARES MAY
BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER SAID ACT OR, AN
OPINION OF COUNSEL, IN FORM, SUBSTANCE AND SCOPE, CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT REGISTRATION
IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT. ANY SUCH SALE, ASSIGNMENT OR TRANSFER MUST ALSO
COMPLY WITH APPLICABLE STATE SECURITIES LAWS.
Right to Purchase 50,000,000 Shares of Common Stock, par
value $0.001 per share
STOCK PURCHASE WARRANT AGREEMENT
THIS CERTIFIES THAT,
for value received, Rxmm Health Pty Ltd. or its registered assigns, is entitled to purchase from Players Network, Inc. a Nevada
corporation (the “Company”), at any time or from time to time during the period specified in Paragraph 2 hereof, Fifty
Million (50,000,000) Common Shares to be vested as outlined in the Definitive Funding Agreement dated August 15th, 2016, between
Players Network and Rxmm Health. After each tranche is vested the warrant become fully paid and exercisable for the purchase of
non-assessable shares of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”), and the warrants
will be deemed earned and available to exercise at a price as outlined in Exhibit A Strike Price and Warrant Schedule (the “Exercise
Price”). The term “Warrant Shares,” as used herein, refers to the shares of Common Stock purchasable hereunder.
The Warrant Shares and the Exercise Price are subject to adjustment as provided in Paragraph 4 hereof. The term Warrants means
this Warrant and any other warrants that may be issued pursuant to that certain Definitive Funding Agreement dated August 15th,
2016, by and among the Company and the Buyers listed on the execution page thereof (the “Definitive Funding Agreement”).
This Warrant is subject to the following terms, provisions,
and conditions:
1. MANNER OF EXERCISE;
ISSUANCE OF CERTIFICATES; PAYMENT FOR SHARES. Subject to the provisions hereof, the holder may exercise this Warrant Hereof, in
whole or in part, by the surrender of this Warrant, together with a Completed exercise agreement in the form attached hereto (the
“Exercise Agreement”), to the Company during normal business hours on any business day at The Company’s principal executive
offices (or such other office or agency of the Company as it may designate by notice to the holder hereof), and upon (i) Payment
to the Company in cash, by against the forgiveness of the convertible Debenture by certified or official bank check or by wire
or a combination of the two that will transfer for the account of the Company of the Exercise Price for the Warrant Shares specified
in the Exercise Agreement or (ii) if the resale of the Warrant Shares by the holder is not then registered pursuant to an effective
Registration statement under the Securities Act of 1933, as amended (the “Securities Act”), delivery to the Company of
a written notice of an election to Effect a “Cashless Exercise” (as’ defined in Section 11 (c) below) for the Warrant
Shares specified in the Exercise Agreement-. The Warrant Shares so Purchased shall be deemed to be issued to the holder hereof
or such holder’s designee, as the record owner of such shares, as of the close of business on the date on which this Warrant shall
have been surrendered, the completed Exercise Agreement shall have been delivered, and payment shall have been made for such shares
as set forth above. Certificates for the Warrant Shares so purchased, representing the aggregate number of shares specified in
the Exercise Agreement, shall be delivered to the holder hereof within a reasonable time, not exceeding three (3) business days,
after this Warrant shall have been so exercised. The certificates so delivered shall be in such denominations as may be requested
by the holder hereof and shall be registered in the name of such holder or such such holder shall designate other name as. If this
warrant shall have been exercised only in part, then, unless this Warrant has expired, the Company shall, at its expense, at the
time of delivery of such certificates, deliver to the holder a new Warrant representing the number of shares with respect to which
this Warrant shall not then have been exercised.
Notwithstanding
anything in this Warrant to the contrary, in no event shall The Holder of this Warrant is entitled to exercise a number of Warrants
(or portions thereof) in excess of the number of Warrants (or portions thereof) upon exercise of which the sum of (i) the number
of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed
beneficially owned through the ownership of the unexercised Warrants and the unexercised or unconverted portion of any other securities
of the Company (including the Debentures (as defined in the Definitive Funding Agreement subject to a limitation on conversion
or exercise analogous to the limitation contained herein) and (ii) the number of shares of Common Stock issuable upon exercise
of the Warrants (or portions thereof) with respect to which the determination described herein is being made, would result in beneficial
ownership by the Holder and its affiliates of more than 4.9% of the outstanding shares of Common Stock. For purposes of the immediately
preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended, and Regulation 13D-G thereunder, except as otherwise provided in clause (i) hereof.
2. Period of Exercise. This Warrant
is exercisable at any time from the time after the date on which this Warrant is issued and delivered pursuant to the terms of
the Securities Purchase Agreement (the “Issue Date”) and before 5:00 p.m., New York City time on the second (2’) anniversary
of the Issue Date(the “Exercise Period”).
(a) CALLABLE FEATURE. Anytime during
the warrant exercising period if the price of the market reaches or exceeds the strike price of the warrant by 200% for a period
of 30 days, the company can demand the exercise of the outstanding warrant and converted to stock based on the attached Schedule
A, Strike Price and Warrant Schedule.
3. CERTAIN AGREEMENTS OF THE COMPANY.
The Company hereby covenants and agrees as follows:
(a) SHARES TO BE
FULLYPAID. All Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be validly issued, fully paid,
and nonassessable and free from all taxes, liens, and charges with respect to the issue thereof.
(b) RESERVATION OF SHARES. During the
Exercise Period, the Company shall at all times have authorized, and reserved for the purpose of issuance upon exercise of this
Warrant, a sufficient number of shares of Common Stock to provide for the full exercise of this Warrant.
(c) LISTING The Company shall as soon
as practicable secure the listing of the shares of Common Stock issuable upon exercise of the Warrant upon a national or international
securities exchange or automated quotation system, if any, upon which shares of Common Stock are then listed (subject to official
notice of issuance upon exercise of this Warrant) and shall maintain, so long as any other shares of Common Stock shall be so listed,
such listing of all shares of Common Stock from time to time issuable upon the exercise of this Warrant; and the Company shall
so list on a national or international securities exchange or automated quotation system, as the case may be, and shall maintain
such listing of, any other shares of capital stock of the Company issuable upon the exercise of this Warrant if and so long as
any shares of the same class shall be listed on such national or international securities exchange or automated quotation system.
(d) CERTAIN ACTIONS PROHIBITED. The
Company will not, by amendment of its charter or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms to be observed or performed by it hereunder, but will at all times in good faith assist in the carrying out of all the provisions
of this Warrant and in the taking of all such action as may reasonably be requested by the holder of this Warrant in order to protect
the exercise privilege of the holder of this Warrant against dilution or other impairment, consistent with the tenor and purpose
of this Warrant. Without limiting the generality of the foregoing, the Company (i) will not increase the par value of any shares
of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, and (ii) will take all such
actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable
shares of Common Stock upon the exercise of this Warrant.
(e) SUCCESSORS AND ASSIGNS. This Warrant
will be binding upon any entity succeeding to the Company by merger, consolidation, or acquisition of all Or substantially all
the Company’s assets.
4. ANTIDILUTION PROVISIONS. During the
Exercise Period, the Exercise Price and the number of Warrant Shares shall be subject to adjustment from time to time as provided
in this Paragraph 4. In the event that any adjustment of the Exercise Price as required herein results in a fraction of a cent,
such Exercise Price shall be rounded up to the nearest cent.
(a) ADJUSTMENT OF
EXERCISE PRICE AND NUMBER OF SHARES UPON ISSUANCE OF COMMON STOCK. Except as otherwise provided in Paragraphs 4(c) and 4(e) hereof,
if and whenever on or after the Issue Date, the Company issues or sells, or in accordance with Paragraph 4(b) hereof is deemed
to have issued or sold, Any shares of Common Stock for no consideration or for a consideration per share (before deduction of reasonable
expenses or commissions or underwriting discounts or allowances in connection therewith) less than 20% below the Market Price (as
herein after defined) on the date of issuance (or deemed issuance) of such Common Stock (a “Dilutive Issuance”), then
immediately upon the Dilutive Issuance, the Exercise Price will be reduced to a price determined by multiplying the Exercise Price
in effect immediately prior to the Dilutive Issuance by a fraction, (i) the numerator of which is an amount equal to the sum of
(x) the number of shares of Common Stock actually outstanding immediately prior to the Dilutive Issuance, plus (y) the quotient
of the aggregate consideration, calculated as set forth in Paragraph 4(b) hereof, received by the Company upon such Dilutive Issuance
divided by the Market Price in effect immediately prior to the Dilutive Issuance
(b) EFFECT ON EXERCISE PRICE OF CERTAIN
EVENTS. For purposes of Determining the adjusted Exercise Price under Paragraph 4(a) hereof, the following will be applicable:
(I) ISSUANCE OF
RIGHTS OR OPTIONS. If the Company in any manner issues or grants any warrants, rights or options, whether or not immediately exercisable,
to subscribe for or to purchase Common Stock or other securities Convertible into or exchangeable for Common Stock (“Convertible
Securities”) (Such warrants, rights and options to purchase Common Stock or Convertible Securities are hereinafter referred
to as “Options”) and the price per share for which Common Stock is issuable upon the exercise of such Options is less
than 20% of the Market Price on the date of issuance or grant of such Options, then the maximum total number of shares of Common
Stock issuable upon the exercise of all such Options will, as of the date of the issuance or grant of such Options, be deemed to
be outstanding and to have been issued and sold by the Company for such price per share. For purposes of the preceding sentence,
the “price per share for which Common Stock is issuable upon the exercise of such Options” is determined by dividing
(i) the total amount, if any, received or receivable by the Company as consideration for the issuance or granting of all such Options,
plus the minimum aggregate amount of additional consideration, if any, payable to the Company upon the exercise of all such Options,
plus, in the case of Convertible Securities issuable upon the exercise of such Options, the minimum aggregate amount of additional
consideration payable upon the conversion or exchange thereof at the time such Convertible Securities first become convertible
or exchangeable, by (ii) the Maximum total number of shares of Common Stock issuable upon the exercise of all such Options (assuming
full conversion of Convertible Securities, if applicable). No further adjustment to the Exercise Price will be made upon the actual
issuance of such Common Stock upon the exercise of such Options or upon the conversion or exchange of Convertible Securities issuable
upon exercise of such Options.
(ii) ISSUANCE OF CONVERTIBLE SECURITIES.
If the Company in any Manner issues or sells any Convertible Securities, whether or not immediately Convertible (other than where
the same are issuable upon the exercise of Options) and the price per share for which Common Stock is issuable upon such Conversion
or exchange is less than 20% below the Market Price on the date of issuance of Such Convertible Securities, then the maximum total
number of shares of Common Stock issuable upon the conversion or exchange of all such Convertible Securities will, as of the date
of the issuance of such Convertible Securities, be deemed to be outstanding and to have been issued and sold by the Company for
such price per share. For the purposes of the preceding sentence, the “price per share for which Common Stock is issuable
upon such conversion or exchange” determined by dividing (i) the total amount, if any, received or receivable by the Company
as consideration for the issuance or sale of all such Convertible Securities, plus the minimum aggregate amount of additional consideration,
if any, payable to the Company upon the conversion or exchange thereof at the time such Convertible Securities first become convertible
or exchangeable, by (ii) the maximum total number of shares of Common Stock issuable upon the conversion or exchange of all such
Convertible Securities. No further adjustment to the Exercise Price will be made upon the actual issuance of such Common Stock
upon conversion or exchange of such Convertible Securities.
(iii) CHANGE IN OPTION PRICE OR CONVERSION
RATE. If there is a Change at any time in (I) the amount of additional consideration payable to the Company upon the exercise of
any Options; (ii) the amount of additional consideration, if any, payable to the Company upon the conversion or exchange of any
Convertible Securities; or (iii) the rate at which any Convertible Securities are convertible into or exchangeable for Common Stock
(other than under or by reason of provisions designed to protect against dilution), the Exercise Price in effect at the time of
such change will be readjusted to the Exercise Price which would have been in effect at such time had such Options or Convertible
Securities still outstanding provided for such changed additional consideration or changed conversion rate, as the case may be,
at the time initially granted, issued or sold.
(v) CALCULATION OF CONSIDERATION RECEIVED.
If any Common Stock, Options or Convertible Securities are issued, granted or sold for cash, the consideration received therefor
for purposes of this Warrant will be the amount Received by the Company therefor, before deduction of reasonable commissions, Underwriting
discounts or allowances or other reasonable expenses paid or Incurred by the Company in connection with such issuance, grant or
sale. In case Any Common Stock, Options or Convertible Securities are issued or sold for a Consideration part or all of which shall
be other than cash, the amount of the Consideration other than cash received by the Company will be the fair value of Such consideration,
except where such consideration consists of securities, in Which case the amount of consideration received by the Company will
be the Market Price thereof as of the date of receipt. In case any Common Stock, Options or Convertible Securities are issued in
connection with any acquisition, Merger or consolidation in which the Company is the surviving corporation, the Amount of consideration
therefor will be deemed to be the fair value of such Portion of the net assets and business of the non-surviving corporation as
is Attributable to such Common Stock, Options or Convertible -Securities, as the Case may be. The fair value of any consideration
other than cash or securities Will be determined in good faith by the Board of Directors of the Company.
(vi) EXCEPTIONS-TO ADJUSTMENT OF EXERCISE
PRICE. No adjustment to the Exercise Price will be made (I) upon the exercise of any warrants, options Or convertible -securities
granted, issued and outstanding on the date of issuance of this Warrant; (ii) upon the grant or exercise of any stock or options
which may hereafter be granted or exercised under any employee benefit plan of the Company now existing or to be implemented in
the future, so long as the issuance of such stock or options is approved by a majority of the independent members of the Board
of Directors of the Company or a majority of the members of a committee of independent directors established for such purpose;
(iii) upon the exercise of the Warrants; or (iv) upon the issuance of shares of Common Stock in connection with the Company’s acquisitions.
(c) SUBDIVISION OR COMBINATION OF COMMON
STOCK. If the Company at any time subdivides (by any stock split, stock dividend, recapitalization, Reorganization, reclassification
or otherwise) the shares of Common Stock Acquirable hereunder into a greater number of shares, then, after the date of Record for
effecting such subdivision, the Exercise Price in effect immediately Prior to such subdivision will be proportionately reduced.
If the Company at any Time combines (by reverse stock split, recapitalization, reorganization, Reclassification or otherwise) the
shares of Common Stock acquirable hereunder Into a smaller number of shares, then, after the date of record for effecting Such
combination, the Exercise Price in effect immediately prior to such Combination will be proportionately increased.
(d) ADJUSTMENT IN
NUMBER OF SHARES. Upon each adjustment of the Exercise Price pursuant to the provisions of this Paragraph 4, the number of shares
of Common Stock issuable upon exercise of this Warrant shall be adjusted by multiplying a number equal to the Exercise Price in
effect immediately prior to such adjustment by the number of shares of Common Stock issuable upon exercise of this Warrant immediately
prior to such adjustment and dividing the product so obtained by the adjusted Exercise Price.
(e) CONSOLIDATION,
MERGER OR SALE. In case of any consolidation of any sale or conveyance of all or substantially all of the assets of the Company
other than in connection with a plan of complete liquidation of the Company, then as a condition of such consolidation, merger
or sale or conveyance, adequate provision will be made whereby the holder of this Warrant will have the right to acquire and receive
upon exercise of this Warrant in lieu of the shares of Common Stock immediately theretofore acquirable upon the exercise of this
Warrant, such shares of stock, securities or assets as may be issued or payable with respect to or in exchange for the number of
shares of Common Stock immediately theretofore acquirable and receivable upon exercise of this Warrant had such consolidation,
merger or sale or conveyance not taken place. In any such case, the Company will make appropriate provision to insure that the
provisions of this Paragraph 4 hereof will thereafter be applicable as nearly as may be in relation to any shards of stock or securities
thereafter deliverable upon the exercise of this warrant. The Company will not effect any consolidation, merger or sale or conveyance
unless prior to the consummation thereof, the successor corporation (if other than the Company) assumes by written instrument the
obligations under this Paragraph 4 and the obligations to deliver to the holder of this Warrant such shares of stock, securities
or assets as, in accordance with the foregoing provisions, the holder may be entitled to acquire.
(f) DISTRIBUTION
OF ASSETS. In case the Company shall declare or make any distribution of its assets (including cash) to holders of Common Stock
as a partial liquidating dividend, by way of return of capital or otherwise, then, after the date of record for determining stockholders
entitled to such distribution, but prior to the date of distribution, the holder of this Warrant shall be entitled upon exercise
of this Warrant for the purchase of any or all of the shares of Common Stock subject hereto, to receive the amount of such assets
which would have been payable to the holder had such holder been the holder of such shares of Common Stock on the record date for
the determination of stockholders entitled to such distribution.
(g) NOTICE OF ADJUSTMENT.
Upon the occurrence of any event which Requires any adjustment of the Exercise Price, then, and in each such case, the Company
shall give notice thereof to the holder of this Warrant, which notice shall state the Exercise Price resulting from such adjustment
and the increase or decrease in the number of Warrant Shares purchasable at such price upon exercise, setting forth in reasonable
detail the method of calculation and the facts upon which such calculation is based. The chief financial officer of the Company
shall certify such calculation.
(h) MINIMUM ADJUSTMENT
OF EXERCISE PRICE. No adjustment of the Exercise Price shall be made in an amount of less than I% of the Exercise Price in effect
at the time such adjustment is otherwise required to be made, but any such lesser adjustment shall be carried forward and shall
be made at the time and together with the next subsequent adjustment which, together with any adjustments so carried forward, shall
amount to not less than 1% of such Exercise Price.
OTHER NOTICES. In case at any time:
(I) The Company shall declare any dividend
upon the Common Stock payable in shares of stock of any class or make any other distribution (including dividends or distributions
payable in cash out of retained earnings) to the holders of the Common Stock;
(ii) The Company
shall offer for subscription pro rata to the holders of the Common Stock any additional shares of stock of any class or other rights;
(iii) There shall be any capital reorganization
of the Company, or reclassification of the Common Stock, or consolidation or merger of the Company with or into, or sale of all
or substantially all its assets to, another corporation or entity; or
(iv) There shall
be a voluntary or involuntary dissolution, liquidation or winding-up of the Company; then, in each such case, the Company shall
give to the holder of this Warrant (a) notice of the date on which the books of the Company shall close or a record shall be taken
for determining the holders of Common Stock entitled to receive any such dividend, distribution, or subscription rights or for
determining the holders of Common Stock entitled to vote in respect of any such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation or winding up and (b) in the case of any such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation or winding-up, notice of the date (or, if not then known, a reasonable approximation thereof
by the Company) when the same shall take place. Such notice shall also specify the date on which the holders of Common Stock shall
be entitled to receive such dividend, distribution, or subscription rights or to exchange their Common Stock for stock or other
securities or property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation,
or winding-up, as the case may be. Such notice shall be given at least 30 days prior to the record date or the date on which the
Company’s books are closed in respect thereto. Failure to give any such notice or any defect therein shall not affect the validity
of the proceedings referred to in clauses (I), (ii), (iii) and (iv) above.
(k) Certain Events.
If any event occurs of the type contemplated by the adjustment provisions of this Paragraph 4 but not expressly provided for by
such provisions, the Company will give notice of such event as provided in Paragraph 4(g) hereof, and the Company’s Board
of Directors will make an appropriate adjustment in the Exercise Price and the number of shares of Common Stock acquirable upon
exercise of this Warrant so that the rights of the Holder shall be neither enhanced nor diminished by such event.
(1) CERTAIN DEFINITIONS.
(I) “COMMON STOCK DEEMED OUTSTANDING”
shall mean the number of Shares of Common Stock actually outstanding (not including shares of Common Stock held in the treasury
of the Company), plus (x) pursuant to Paragraph 4(b) (I) hereof, the maximum total number of shares of Common Stock issuable upon
The exercise of Options, as of the date of such issuance or grant of such Options, if any, and (y) pursuant to Paragraph 4(b)(ii)
hereof, the maximum Total number of shares of Common Stock issuable upon conversion or exchange of Convertible Securities, as of
the date of issuance of such Convertible Securities, if any.
(ii) “MARKET PRICE,” as of any date, (I) mean the average
of the last reported sale prices for the shares of Common Stock on the OTC Markets (the “OTC “) for the five (5) trading
days immediately preceding such date as reported by I Bloomberg, L.P. (“Bloomberg”), or (ii) if the OTC is not the principal
trading market for the shares of Common Stock, the average of the last reported sale prices on the principal trading market for
the Common Stock during the same period as reported by Bloomberg, or (iii) if market value cannot be calculated as of such date
on any of the foregoing bases, the Market Price shall be the fair market value as reasonably determined in good faith by (a) the
Board of Directors of the Corporation or, at the option of a majority-in-interest of the holders of the outstanding Warrants by
(b) an independent investment bank of nationally recognized standing in the valuation of businesses similar to the business of
the corporation
(iii) “COMMON
STOCK,” for purposes of this Paragraph 4, includes the Common Stock, par value $0.001 per share, and any additional class
of stock of the Company having no preference as to dividends or distributions on liquidation, provided that the shares purchasable
pursuant to this Warrant shall include only shares of Common Stock, par value $0.001 per share, in respect of which this Warrant
is exercisable, or shares resulting from any subdivision or combination of such Common Stock, or in the case of any reorganization,
reclassification, consolidation, merger, or sale of the character referred to in Paragraph 4(e) hereof, the stock or other securities
or property provided for in such Paragraph.
5. ISSUE TAX. The
issuance of certificates for Warrant Shares upon the exercise Of this Warrant shall be made without charge to the holder of this
Warrant or such shares for any issuance tax or other costs in respect thereof, provided that the Company shall not be required
to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name
other than the holder of this Warrant.
6. NO RIGHTS OR
LIABILITIES AS A SHAREHOLDER. This Warrant shall Not entitle the holder hereof to any voting rights or other rights as a shareholder
of the Company. No provision of this Warrant, in the absence of affirmative action by the holder hereof to purchase Warrant Shares,
and no mere enumeration herein of the rights or privileges of the holder hereof, shall give rise to any liability of such holder
for the Exercise Price or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of
the Company.
7. TRANSFERS, EXCHANGE, AND REPLACEMENT
OF WARRANT.
(a) RESTRICTION
ON TRANSFER. This Warrant and the rights granted to The holder hereof is transferable, in whole or in part, upon surrender of this
Warrant, together with a properly executed assignment in the form attached Hereto, at the office or agency of the Company referred
to in Paragraph 7(e) Below, provided, however, that any transfer or assignment shall be subject to The conditions set forth in
Paragraph 7(f) hereof and to the applicable provisions of the Securities Purchase Agreement. Until due presentment for registration
of transfer on the books of the Company, the Company may treat the registered holder hereof as the. Any notice shall not affect
owner and holder hereof for all purposes, and the Company to the contrary. Notwithstanding anything to the contrary contained herein,
the registration rights described in Paragraph 8 are assignable only in accordance with the provisions of that certain Registration
Rights Agreement, dated as of March 31, 1999, by and among the Company and the other signatories thereto (the “Registration
Rights Agreement”.).
(b) WARRANT EXCHANGEABLE
FOR DIFFERENT DENOMINATIONS. This Warrant is exchangeable, upon the surrender hereof by the holder hereof at the office or Agency
of the Company referred to in Paragraph 7(e) below, for new Warrants of Like tenor representing in the aggregate the right to purchase
the number of shares of Common Stock, which may be purchased hereunder, each of such new warrants to represent the right to purchase
such number of shares as shall be Designated by the holder hereof at the time of such surrender.
(e) REPLACEMENT
OF WARRANT Upon receipt of evidence reasonably Satisfactory to the Company of the loss, theft, destruction, or mutilation of This
Warrant and, in the case of any such loss, theft, or destruction, upon Delivery of an indemnity agreement reasonably satisfactory
in form and amount to The Company, or, in the case of any such mutilation, upon surrender and Cancellation of this Warrant, the
Company, at its expense, will execute and Deliver, in lieu thereof, a new Warrant of like tenor.
(d) CANCELLATION,
PAYMENT OF EXPENSES. Upon the surrender of this Warrant in connection with any transfer, exchange, or replacement as provided in
This Paragraph 7, this Warrant shall be promptly canceled by the Company. The Company shall pay all taxes (other than securities
transfer taxes) and all other Expenses (other than legal expenses, if any, incurred by the Holder or transferees) and charges payable
in connection with the preparation, execution, and delivery of Warrants pursuant to this Paragraph 7.
(e) REGISTER. The
Company shall maintain, at its principal executive offices (or such other office or agency of the Company as it may designate by
notice to the holder hereof), a register for this Warrant, in which the Company shall record the name and address of the person
in whose name this Warrant has been issued, as well as the name and address of each transferee and each prior owner of this Warrant.
(f) EXERCISE OR
TRANSFER WITHOUT REGISTRATION. If, at the Time of the surrender of this Warrant in connection with any exercise, transfer, or exchange
of this Warrant, this Warrant (or, in the case of any exercise, the Warrant Shares issuable hereunder), shall not be registered
under the Securities Act and under applicable state securities or blue sky laws, the Company may require, as a condition of allowing
such exercise, transfer, or exchange, (I) that the holder or transferee of this Warrant, as the case may be, famish to the Company
a written opinion of counsel, which opinion and counsel are acceptable to the Company, to the effect that such exercise, transfer,
or exchange may be made without registration under the Securities Act and under applicable state securities or blue sky laws, (ii)
that the holder or transferee execute and deliver to the Company an investment letter in form and substance acceptable to the Company
and (iii) that the transferee be an “accredited investor” as defined in Rule 5 0 1 (a) promulgated under the Securities
Act; provided that no such opinion, letter or status as an “accredited investor” shall be required in connection with
a transfer pursuant to Rule 144 under the Securities Act. The first holder of this Warrant, by taking and holding the same, represents
to the Company that such holder is acquiring this Warrant for investment and not with a View to the distribution thereof
8. REGISTRATION
RIGHTS. The initial holder of this Warrant (and certain assignees thereof) is not entitled to the benefit of such registration
rights in respect of the Warrant Shares, and is limited in the resale thereof subject to Rule 144 as above.
9. NOTICES. All
notices, requests, and other communications required or permitted to be given or delivered hereunder to the holder of this Warrant
shall be in writing, and shall be personally delivered, or shall be sent by certified or registered mail or by recognized overnight
mail courier, postage prepaid and addressed, to such holder at the address shown for such holder on the books of the Company, or
at such other address as shall have been famished to the Company by notice from such holder. All notices, requests, and other communications
required or permitted to be given or delivered hereunder to the Company shall be in writing, and shall be personally delivered,
or shall be sent by certified or registered mail or by recognized overnight mail courier, postage prepaid and addressed, to the
office of the Company at 0000 xxxx Xxxxxxxx Xx 000x, Xxx Xxxxx Xxxxxx 00000. Attention: Chief Executive Officer at such other address
as shall have been famished to the holder of this Warrant by notice from the Company. Any such notice, request, or other communication
may be sent by Facsimile, but shall in such case be subsequently confirmed by a writing personally delivered or sent by certified
or registered mail or by recognized overnight mail courier as provided above. All notices, requests, and other communications shall
be deemed to have been given either at the time of the receipt thereof by the person entitled to receive such notice at the address
of such person for purposes of this Paragraph 9, or, if mailed by registered or certified mail or with a recognized overnight mail
courier upon deposit with the United States Post Office or such overnight mail courier, if postage is prepaid and the mailing is
properly addressed, as the case may be.
10. GOVERNING LAW.
This Warrant shall be governed by and construed In accordance with the laws of the State of Nevada applicable to contracts made
and to be performed in the State of Nevada (without regard to principles of conflict of laws). The Company and the holder irrevocably
consent to the jurisdiction of the United States federal courts and the state courts located in Delaware in any suit or proceeding
based on or arising under this Warrant, the agreements entered into in connection herewith or the transactions contemplated hereby
or thereby and irrevocably *agree that all claims in respect of such suit or proceeding may be determine in such courts. The Company
and the holder irrevocably waive the defense of an inconvenient forum to the maintenance of such suit or proceeding. The Company’
and the holder further agree that service of process upon a party mailed by party in any such suit or proceeding. Nothing herein
shall affect the right of the Company or the holder hereof to serve process in any other manner permitted by law. The Company and
the holder agree that a final non-appealable judgment in any such suit or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on such judgment or in any other lawful manner.
11. MISCELLANEOUS.
(a) AMENDMENTS. This Warrant and any
provision hereof may only amended by an instrument in writing signed by the Company and the holder hereof.
(b) DESCRIPTIVE
HEADINGS. The descriptive headings of the several paragraphs of this Warrant are inserted for purposes of reference only, and shall
not affect the meaning or construction of any of the provisions hereof
(c) CASHLESS EXERCISE.
Warrant’s can be exercised in part as forgiveness of the Convertible Debenture Agreement, without cash Notwithstanding anything
to the contrary contained in this Warrant, if the resale of the Warrant Shares by the holder is not then registered pursuant to
an effective registration statement under the Securities Act. Any amount of the value of the warrant that exceeds the amount of
the value of the Debenture pay off is due in cash. This Warrant may be exercised by presentation and surrender of this Warrant
to the Company at its principal executive offices with a written notice of the holder’s intention to effect a cashless exercise,
including a calculation of the number of shares of Common Stock to be issued upon such exercise in accordance with the terms hereof
(a “Cashless Exercise”). In the event of a Cashless Exercise, in lieu of paying the Exercise Price in cash, the holder
shall surrender this Warrant for that number of shares of Common Stock determined by multiplying the number of Warrant Shares to
which it would otherwise be entitled by a fraction, the numerator of which shall be the difference between the then current Market
Price per share of the Common Stock and the Exercise Price, and the denominator of which shall be the then current Market Price
per share of Common Stock.
IN WITNESS WHEREOF,
the Company has caused this Warrant to be signed by its
duly authorized officer.
| | | Players Network
Inc. |
| | | |
| | By: | |
| | | Xxxx Xxxxxxx |
| | | Chairman and Chief
Executive Officer |
| | | |
| | | Dated as of August
15th, 2016 |
FORM OF EXERCISE
AGREEMENT
Dated: July 21th
2016
To: Rxmm Health, Inc.
The undersigned,
pursuant to the provisions set forth in the within Warrant, hereby agrees to purchase 50,000,000 shares of Common Stock covered
by such Warrant, and makes payment herewith in full therefor at the price per share provided by such Warrant in cash or by certified
or official bank check in the amount of, or, if the resale of such Common Stock by the undersigned is not currently registered
pursuant to an effective registration statement under the Securities Act of 1933, as amended, by surrender of securities issued
by the Company (including a portion of the Warrant) having a market value (in the case of a portion of this Warrant, determined
in accordance with Section 1 l(c) of the Warrant) equal to $ ____________. Please issue a certificate or certificates for such
shares of Common Stock in the name of and pay any cash for any fractional share to:
Name: _______________________
Signature: __________________
Address: ____________________
____________________
Note: The above
signature should correspond Exactly with the name on the face of the within Warrant, and, if said number of shares of Common Stock
shall not be all the shares purchasable under the within Warrant, a new Warrant is to be issued in the name of said undersigned
covering the balance of the shares purchasable thereunder less any fraction of a share paid in cash.
FORM OF ASSIGNMENT
FOR VALUE RECEIVED, the undersigned
hereby sells, assigns, and transfers all the rights of the undersigned under the within Warrant, with respect to the number of
shares of Common Stock covered thereby set forth herein below, to:
Name of Assignee Address No of Shares
___________________________ ________________________
___________
___________________________ _________________________
, and hereby irrevocably
constitutes and appoints _______________________as agent and attorney-in-fact to transfer said Warrant on the books of the
within-named corporation, with full power of substitution in the premises.
Dated: ______ __,20____
In the presence of:
__________________
Name: __________________
Signature: __________________
Title of Signing
Officer or Agent (if any):
Address: __________________
__________________
Note: The above
signature should correspond exactly with the name on the face of the within Warrant.
EXHIBIT A
Strike Price and Warrant Schedule
RxMM will be granted with the following
warrants, which shall be issued at each funding milestone amount described in the table below. The warrant exercise price is defined
in the table below and the timing of exercise shall be tied to the Company’s share price based on a fourteen-day (14) trailing
average basis.
Unless the Warrant’s are called by the company, RxMM reserves the right to convert part or the entire debenture
into the warrant exercise price with any residual balance including interest to be repaid by the Company at Term.
The Warrants are callable if the stock
averages 200% of the warrant strike price for any thirty days (30) trading period. As an example, if the stock is trading at 0.08
the Company can call the .0.04 warrants. RxMM would then have 10 days to exercise these warrants. After exercise of all warrants
below any remaining principal and accrued interest could be converted into stock at a 25% discount to market and any excess over
the amount of interest will be paid in cash.
| Debenture Funding Milestone | | Warrants & Exercise Price Details |
| $400,000 | | 10 million at $0.05 for 2 years |
| $401,000 - $800,000 | | 15 million at $0.06 for 2 years |
| $800,001 - $1,600,000 | | 15 million at $0.07 for 2 years |
| $1,600,001 - $2,500,000 | | 10 million at $0.08 for 2 years |
