Exhibit
10.1


 


SECURITIES PURCHASE
AGREEMENT


 


This Securities Purchase Agreement
(this “Agreement”) is dated as of ________________ the “Effective
Date”) by and among SCWorx Corp., a Delaware corporation, located at 590 Madison Ave, New York, NY 10022 (the “Company”),
and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a purchaser and collectively
purchasers both defined interchangeably as either “Purchaser” or “Purchasers” in this document).


 


WHEREAS,
the Company is seeking a capital investment for working capital purposes; 


 


WHEREAS, the Purchaser
desires to invest an aggregate of One Million Five Hundred Thousand Dollars ($1,500,000.00) (the “Maximum Funding Amount”)
in the Company ( the “Investment”);


 


WHEREAS, on the terms
and subject to the conditions set forth in this Agreement, at the Closing, the Company desires to issue and sell to Purchaser(s), and
Purchaser(s) desires to purchase from the Company, an aggregate Two Million Three Hundred Seven Thousand Six Hundred Ninety Two (2,307,692)
shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at the Share Purchase
Price (as defined herein);


 


WHEREAS, the Company
and the Purchaser(s) are executing and delivering this Agreement in reliance exemption from securities registration afforded by Section
4(a)(2) of the Securities Act of 1933, as amended (the “1933 Act”), and Rule
506 of Regulation D (“Regulation D”), as promulgated by the United
States Securities and Exchange Commission (the “SEC”) under the 1933 Act.


 


NOW, THEREFORE,
in consideration of the mutual benefits to be derived hereby, the representations, warranties, covenants and agreements herein contained,
and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree
as follows:


 


Article
I.


DEFINITIONS


 


1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings set forth
in this Section 1.1:


 


“Action”
means any action, appeal, petition, plea, charge, complaint, claim, suit, demand, litigation, arbitration, mediation, hearing, formal
inquiry, or similar event, occurrence, or proceeding.


 


“Affiliate”
means with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under
common control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee
of such Person, or any venture capital fund or registered investment company now or hereafter existing that is controlled by one or
more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with,
such Person. For purposes of this definition, the term “control” (including, with correlative meaning, the terms
“controlled by” or “under common control with”) means direct or indirect ownership of fifty percent
(50%) or more, including ownership by one or more trusts with substantially the same beneficial interests, of the voting and
equity rights of such person, firm, trust, corporation, partnership or other entity or combination thereof, or the power to direct
the management of such person, firm, trust, corporation, partnership or other entity or combination thereof.


 






     


     


    

 


“Board
of Directors” means the board of directors of the Company.


 


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


 


“Closing”
means the closing of the purchase and sale of the Shares pursuant to Section 2.1.


 


“Closing
Date” means the Closing Date of the transaction.


 


“Common
Stock” shall have the meaning set forth in the Recitals to this Agreement.


 


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


 


“Company Subsidiaries” means
Primrose Solutions LLC, CageTix LLC and Direct-Worx, LLC.


 


“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.


 


“DWAC”
shall have the meaning assigned to such term in Section 5.33.


 


“DWAC Shares”
means shares of Common Stock that are, after any required holding period, (i) issued in electronic form, (ii) freely tradable and transferable
and without restriction on resale, (iii) eligible for deposit in at least one of the Purchaser’s brokerage accounts specified to
the Company on or prior to the date of this Agreement and (iv) timely credited by the Company to the Purchaser’s or its designee’s
specified Deposit/Withdrawal at Custodian (DWAC) account with DTC under its Fast Automated Securities Transfer (FAST) Program, or any
similar program hereafter adopted by DTC performing substantially the same function.


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


 


“GAAP”
means United States generally accepted accounting principles applied on a consistent basis during the periods involved.


 


“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(m).


 




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“Closing Date”
means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and
all conditions precedent to all of the conditions set forth in Section 2 hereof are satisfied or waived, as the case may be, or
such other date as the parties may agree in connection with the purchase and sale of the Shares.


 


“Purchase Price”
means $.65 per Share


 


“Knowledge
of the Company” or any similar expression or phrase qualifying any matter as to the knowledge of the Company shall mean
the actual knowledge of all senior officers of the Company, including but not limited to the Chief Executive Officer of the Company as
well as the Board of Directors of the Company.


 


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


 


“Material
Adverse Effect” shall have the meaning ascribed to such term in Section 3.1, and shall include means a material adverse
effect on the business, assets (including intangible assets), liabilities, financial condition, property, or results of operations of
the Company.


 


“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.


 


“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.


 


“Required
Filings” shall have the meaning ascribed to such term in Section 3.1(e).


 


“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.


 


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


 


“Shares”
means the Common Stock Shares.


 


“Subsidiary”
means any Person the Company owns or controls, or in which the Company, directly or indirectly, owns a majority of the capital stock or
similar interest.


 


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


 


“Trading Market”
means The Nasdaq Capital Market (or any nationally recognized successor thereto).


 




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“Transaction
Documents” means this Agreement, all exhibits and schedules thereto and hereto and any other documents or agreements
executed in connection with the transactions contemplated hereunder.


 


Article
II.

PURCHASE AND SALE


 


2.1
Purchase.


 


(a)
Closing. On the Closing Date, the Purchaser shall purchase from the Company, and the Company shall issue and sell to Purchaser,
free and clear of all liens, pledges, claims, and encumbrances of every kind, nature, and description, the Shares in exchange for the
payment of the Purchase Price. Upon satisfaction or waiver of the conditions set forth in Section 3, the Closing shall occur
via email or as the parties might otherwise agree. The term “Closing Date”
means the Effective Date or such later date when all of the transaction documents required to be executed and delivered in connection
with the Closing have been executed and delivered by the applicable parties thereto, and all conditions precedent to the Purchaser’s
obligations to purchase the Shares, and the Company’s obligations to issue and deliver the Shares, have been satisfied or waived.


 


2.2
Closing Deliveries


 


(a)
The Company shall deliver or cause to be delivered to the Purchaser the following at each closing:


 


(i)
the Shares, (within 5 days of each Closing Date);


 


(ii)
a good standing certificate issued by the Secretary of State of the State of Delaware;


 


(iii)
an officer’s certificate of the Company’s President or Chief Executive Officer;


 


(iv)
resolutions of the board of directors of the Company approving the issuance of the Shares, as applicable and all transactions and
agreements related to the Transaction Documents;


 


(b)
The respective obligations of the Purchaser hereunder in connection with each Closing Date are subject to the following conditions
being met:


 


(i)
the accuracy in all material respects when made and on each Closing Date of the representations and warranties of the Company contained
herein (unless such representations and warranties speak only as of a specific date, in which case they shall be accurate as of such date);


 


(ii)
all obligations, covenants and agreements of the Company required to be performed at or prior to each Closing Date shall have been
performed in all material respects;


 




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(iii)
 the delivery by the Company of the items required to be delivered by it at or prior to Closing as set forth in Section 2.2(a)
of this Agreement;


 


(iv)
there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and


 


(v)
no statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by this Agreement or any of the other Transaction Documents.


 


(c)
On the Closing Date, the Purchaser shall deliver or cause to be delivered to the Company the following:


 


(i)
an amount equal to the Closing Purchase Price, (net of purchaser closing costs including but not limited to Purchaser’s legal
fees as hereinafter set forth), by wire transfer of immediately available funds to the Wire Instructions attached as Exhibit A to this
Agreement.


 


(ii)
this Agreement duly executed by such Purchaser;


 


(iii)
an Accredited Investor Questionnaire (in the form provided by the Company to the Purchaser), duly executed by the Purchaser; and


 


(iv)
a Bad Actor Questionnaire (in the form provided by the Company in the form provided by the Company to the Purchaser), duly executed
by the Purchaser.


 


Except as otherwise set forth in this Agreement,
each party shall pay the fees and expenses of its own advisers, counsel, accountants, if any, and all other expenses incurred by such
party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.


 


2.3 Initial Public
Announcements and Required Filings. The Company shall, within the time period required under the Exchange Act, file with the
Commission a Current Report on Form 8-K describing the material terms of the transactions contemplated by the Transaction Documents,
including, without limitation, the issuance of the Shares to the Purchaser, and attaching as exhibits thereto a copy of this
Agreement, and, if applicable, any press release issued by the Company disclosing the execution of this Agreement (including all
exhibits thereto, the “Current Report”). The Company shall provide the Purchaser with a reasonable opportunity to
comment on a draft of the Current Report prior to filing the Current Report with the Commission and shall give due consideration to
all such comments. From and after the filing of the Current Report with the Commission, the Company shall have publicly disclosed
all material, nonpublic information delivered to the Purchaser (or the Purchaser’s representatives or agents) by the Company,
or any of its officers, directors, employees, agents or representatives (if any) in connection with the transactions contemplated by
the Transaction Documents. The Purchaser covenants that until such time as the transactions contemplated by this Agreement are
publicly disclosed by the Company as described in this Section 2.3, the Purchaser shall maintain the confidentiality of all
disclosures made to it in connection with the transactions contemplated by the Transaction Documents (including the existence and
terms of the transactions), except that the Purchaser may disclose the terms of such transactions to its financial, accounting,
legal and other advisors (provided that the Purchaser directs such Persons to maintain the confidentiality of such information). Not
later than 15 calendar days following the Closing Date, the Company shall file a Form D with respect to the issuance and sale of the
Shares in accordance with Regulation D and shall provide a copy thereof to the Purchaser promptly after such filing.


 






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Article
III.

REPRESENTATIONS AND WARRANTIES


 


The Company hereby represents and warrants to Purchaser
that as of the Closing Date as follows:


 


3.1   Organization
and Qualification. The Company is an entity duly incorporated or otherwise organized, validly existing and in good standing under
the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties
and assets and to carry on its business as currently conducted. The Company is not in violation or default of any of the provisions of
its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. The Company is duly qualified
to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business
conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing,
as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or
enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business or condition
(financial or otherwise) of the Company taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform
in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material
Adverse Effect”), and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or
seeking to revoke, limit or curtail such power and authority or qualification.


 


3.1
Subsidiaries. Other than the Company Subsidiaries, the Company does not currently own or control, directly or indirectly,
any interest in any other corporation, partnership, trust, joint venture, limited liability company, association, or other business entity.
The Company is not a participant in any joint venture, partnership or similar arrangement.


 


3.3 Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and
thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the
consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part
of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders in
connection herewith. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have
been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid
and binding obligation of the Company enforceable against the Company in accordance with its terms, except: (i) as limited by
general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be
limited by applicable law.


 






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3.3   No
Conflicts. The execution and delivery of the Transaction Documents, the consummation of the transactions hereby contemplated, and
the fulfillment of the terms hereof will not violate any provision of the articles of incorporation or bylaws of the Company nor will
they result in the breach of any term or provision of, or constitute a default under, or conflict with, or cause the monetary acceleration
of any obligation under, any agreement or other instrument of any description to which the Company is a party or by which the Company
is bound, or any judgment, decree, order, or award of any court, governmental body, or arbitrator, or any applicable law, rule, or regulation
unless caused by the breach of a representation or warranty by the Purchaser.


 


3.4
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give
any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than the filing of
a Form D with the Commission and such filings (if any) as are required to be made under applicable state securities laws (collectively,
the “Required Filings”).


 


3.5
Issuance of Shares. The Shares, when issued, sold and delivered in accordance with the terms and for the consideration set
forth in this Agreement, will be duly authorized, validly issued, fully paid and nonassessable and free of restrictions on transfer other
than restrictions on transfer under the Transaction Documents, applicable state and federal securities laws, and liens or encumbrances
created by or imposed by Purchaser.


 


3.6
Capitalization.  The authorized capital of the Company consists, immediately prior to the Closing, of 45,000,000 shares
of Common Stock, 11,737,760 shares of which are issued and outstanding immediately prior to the Closing. All of the outstanding shares
of Common Stock have been duly authorized, are fully paid and nonassessable. The Company has reserved 5,000,000 shares of Common Stock
for issuance (a) to officers, directors, employees and consultants of the Company pursuant to an equity incentive plan or arrangement
to be adopted by the Company, or (b) to additional investors as determined by the Board. Other than as set forth in the Transaction Documents
and as set forth in the Commission Documents, there are no outstanding options, warrants, rights (including conversion or preemptive
rights and rights of first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire from the Company any
shares of Common Stock, or any securities convertible into or exchangeable for shares of Common Stock. At the Closing, Purchaser(s) will
own an aggregate 16.4% of the Common Stock, on a fully-diluted basis.


 






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3.7
Registration Rights. Except as set forth in the SEC Reports, the Company is not under any obligation to register under the
Securities Act any of its currently outstanding securities or any securities issuable upon exercise or conversion of its currently outstanding
securities. To the Company’s knowledge, no stockholder of the Company has entered into any agreements with respect to the voting
of capital shares of the Company.


 


3.8
 Compliance. The Company is not: (i) in default under or in violation of (and no event has occurred that has not been waived
that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), the Company has not received
notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement
or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been
waived), (ii) in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) has been
in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal,
state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment
and labor matters, except in each case as would not, individually or in the aggregate, have or reasonably be expected to result in a Material
Adverse Effect.


 


3.9   SEC
Reports; Financial Statements.


 


(a) Except as set forth
in the Commission Documents, the Company has filed (giving effect to permissible extensions in accordance with Rule 12b-25 under the Exchange
Act) all Commission Documents for the twelve (12) months preceding the date of this Agreement. No Subsidiary of the Company is required
to file or furnish any report, schedule, registration, form, statement, information or other document with the Commission. As of its filing
date (or, if amended or superseded by a filing prior to the Closing Date, as of the date of such amended or superseded filing), each Commission
Document filed with or furnished to the Commission prior to the Closing Date (including, without limitation, the 2021 Form 10-K) complied
in all material respects with the requirements of the Securities Act or the Exchange Act, as applicable, and other federal, state and
local laws, rules and regulations applicable to it (or, if amended or superseded by a filing prior to the Closing Date, on the date of
such amended or superseded filing).


 






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(b) The consolidated
financial statements of the Company included or incorporated by reference in the Commission Documents, together with the related
notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and the
consolidated Subsidiaries as of the dates indicated and the consolidated results of operations, cash flows and changes in
stockholders’ equity of the Company and the consolidated Subsidiaries for the periods specified (or, if amended or superseded
by a filing prior to the Closing Date, as of the date of such amended or superseded filing) (subject, in the case of unaudited
statements, to normal year-end audit adjustments which will not be material, either individually or in the aggregate) and have been
prepared in compliance with the published requirements of the Securities Act and Exchange Act, as applicable, and in conformity with
generally accepted accounting principles in the United States (“GAAP”) applied on a consistent basis (except (i)
for such adjustments to accounting standards and practices as are noted therein and (ii) in the case of unaudited interim
statements, to the extent they may exclude footnotes or may be condensed or summary statements) during the periods involved. The pro
forma financial statements or data included or incorporated by reference in the Commission Documents, if any, comply with the
requirements of Regulation S-X of the Securities Act, including, without limitation, Article 11 thereof, and the assumptions used in
the preparation of such pro forma financial statements and data are reasonable, the pro forma adjustments used therein are
appropriate to give effect to the circumstances referred to therein and the pro forma adjustments have been properly applied to the
historical amounts in the compilation of those statements and data. The other financial and statistical data with respect to the
Company and the Subsidiaries contained or incorporated by reference in the Commission Documents, if any, are accurately and fairly
presented and prepared on a basis consistent with the financial statements and books and records of the Company. There are no
financial statements (historical or pro forma) that are required to be included or incorporated by reference in the Commission
Documents that are not included or incorporated by reference as required. The Company and the Subsidiaries do not have any material
liabilities or obligations, direct or contingent (including any off-balance sheet obligations or any “variable interest
entities” as that term is used in Accounting Standards Codification Paragraph 810-10-25-20), not described in Commission
Documents which are required to be described in the Commission Documents. All disclosures contained or incorporated by reference in
the Commission Documents, if any, regarding “non-GAAP financial measures” (as such term is defined by the rules and
regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K
under the Securities Act, to the extent applicable. The reserves, if any, established by the Company or the lack of reserves, if
applicable, are reasonable based upon facts and circumstances known by the Company on the date hereof and there are no loss
contingencies that are required to be accrued by the Statement of Financial Accounting Standard No. 5 of the Financial Accounting
Standards Board which are not provided for by the Company in its financial statements or otherwise. The Company is not currently
contemplating to amend or restate any of the financial statements (including, without limitation, any notes or any letter of the
independent accountants of the Company with respect thereto) included or incorporated by reference in any of the Commission
Documents, nor is the Company currently aware of facts or circumstances which would require the Company to amend or restate any such
financial statements, in each case, in order for any of such financials statements to be in compliance with GAAP and the rules and
regulations of the Commission. The Company has not been informed by its independent accountants that they recommend that the Company
amend or restate any of the financial statements included or incorporated by reference in any of the Commission Documents or that
there is any need for the Company to amend or restate any of such financial statements.


 


(c) Except as set
forth in the Commission Documents, the Company maintains a system of internal accounting controls sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii)
transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset
accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization;
and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. The Company is not aware of any material weaknesses in its internal control over financial
reporting (other than as set forth in the Commission Documents). Except as set forth in the Commission Documents, since the date of
the latest audited financial statements of the Company included in the 2021 Form 10-K, there has been no change in the
Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially
affect, the Company’s internal control over financial reporting. Except as set forth in the Commission Documents, the Company
has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) that comply with the
requirements of the Exchange Act. The Company’s certifying officers have evaluated the effectiveness of the Company’s
controls and procedures as of a date within 90 days prior to the filing date of the Form 10-K for the fiscal year most recently
ended (such date, the “Evaluation Date”). The Company presented in its Form 10-K for the fiscal year most
recently ended the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on
their evaluations as of the most recent Evaluation Date and, except as set forth in such Form 10-K or any Commission Document filed
with the Commission for a period subsequent to the period covered by such Form 10-K, the “disclosure controls and
procedures” are effective.


 


 






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(d) BF Borgers CPA PC,
whose report on the consolidated balance sheets of the Company as of December 31, 2021 and 2020, the related statement of operations,
stockholders’ equity (deficit), and cash flows for the year then ended, and the related notes, is filed with the Commission as part
of the 2021 Form 10-K, are and, during the periods covered by their report, were independent public accountants within the meaning of
the Securities Act and the Public Company Accounting Oversight Board (United States). To the Company’s Knowledge, BF Borgers CPA
PC is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”)
with respect to the Company.


 


(e) There is and has been
no failure on the part of the Company or, to the Knowledge of the Company, any of the Company’s directors or officers, in their
capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley Act and the rules and regulations
promulgated thereunder. Each of the principal executive officer and the principal financial officer of the Company (or each former principal
executive officer of the Company and each former principal financial officer of the Company as applicable) has made all certifications
required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents
required to be filed by it or furnished by it to the Commission during the past 12 months. For purposes of the preceding sentence, “principal
executive officer” and “principal financial officer” shall have the meanings given to such terms in the Exchange Act
Rules 13a-15 and 15d-15.


 


3.9
Bad Actor Disqualification.  None of the Company, any of
its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the Offering hereunder,
or, to the Company’s knowledge, any beneficial owner (as that term is defined in Rule 13d-3 under the Securities Exchange Act of
1934, as amended (the “Exchange”)) of 20% or more of the Company’s outstanding voting equity securities, calculated
on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company
in any capacity at the time of sale (each, an “Issuer Covered Person” and, together, “Issuer Covered Persons”)
is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a
“Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has
exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event.


 






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3.10 Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the Effective Date, (i) there has
been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect,
(ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses
incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the
Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not
altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property
to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the
Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option
plans. Except for confidential treatment requests described in the SEC Reports, the Company does not have pending before the
Commission any request for confidential treatment of information. Except for the issuance of the Shares and Warrants contemplated by
this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected
to occur or exist with respect to the Company or its Subsidiaries or their respective business, properties, operations, assets or
financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this
representation is made or deemed made that has not been publicly disclosed on or before the date that this representation is
made.


 


3.11
Litigation. Except as set forth in the Commission Documents, (i) There is no action, suit, inquiry, notice of violation,
proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or
any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal,
state, county, local or foreign) (collectively, an “Action”); (ii) neither the Company nor any Subsidiary, nor any
director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or
state securities laws or a claim of breach of fiduciary duty and (iii) there has not been, and to the knowledge of the Company, there
is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer
of the Company, which, in any case of clauses (i), (ii) or (iii), (A) adversely affects or challenges the legality, validity or enforceability
of any of the Transaction Documents or the Shares or (B) could, if there were an unfavorable decision, have or reasonably be expected
to result in a Material Adverse Effect.


 


3.12 Indebtedness;
Solvency. The Company’s annual report on Form 10-K for the annual period ended December 31, 2021 sets forth, as of
December 31, 2021, all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or
any Subsidiary has commitments through such date. For the purposes of this Agreement, “Indebtedness” shall mean
(a) any liabilities for borrowed money or amounts owed in excess of $100,000 (other than trade accounts payable incurred in the
ordinary course of business), (b) all guaranties, endorsements, indemnities and other contingent obligations in respect of
Indebtedness of others in excess of $100,000, whether or not the same are or should be reflected in the Company’s balance
sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of business; and (c) the present value of any lease payments in excess of $100,000 due under
leases required to be capitalized in accordance with GAAP. There is no existing or continuing default or event of default in respect
of any Indebtedness of the Company or any of its Subsidiaries. The Company has not taken any steps, and does not currently expect to
take any steps, to seek protection pursuant to Title 11 of the United States Code or any similar federal or state bankruptcy law or
law for the relief of debtors, nor does the Company have any Knowledge that its creditors intend to initiate involuntary bankruptcy,
insolvency, reorganization or liquidation proceedings or other proceedings for relief under Title 11 of the United States Code or
any other federal or state bankruptcy law or any law for the relief of debtors. The Company is financially solvent and is generally
able to pay its debts as they become due.


 






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3.13
Patents and Trademarks. The Company and its subsidiaries have, or have rights to use, all patents, patent applications,
trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual
property rights and similar rights necessary or material for use in connection with their respective businesses as described in the SEC
Reports and which the failure to so have could reasonably be expected to have a Material Adverse Effect (collectively, the “Intellectual
Property Rights”). Neither the Company nor any subsidiary has received a notice (written or otherwise) that any of the Intellectual
Property Rights used by the Company or any Subsidiary violates or infringes upon the rights of any Person, except as could not have or
reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are
enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries
have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except
where the failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.


 


3.14
Sarbanes-Oxley. The Company is in material compliance with all provisions of the Sarbanes-Oxley Act of 2002, to the extent
applicable.


 


3.15
Transactions With Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of
the Company and, to the knowledge of the Company, none of the employees of the Company is presently a party to any transaction with the
Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring
payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director,
or any such employee has a substantial interest or is an officer, director, trustee or partner, in each case in excess of $120,000 other
than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company
and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company.


 


3.16 Insurance. The
Company, its directors and officers, and any subsidiary, are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged,
including, but not limited to, directors and officers insurance coverage at least equal to the aggregate amount invested by Purchaser
hereunder. Neither the Company, its directors and officers, nor any subsidiary has been notified that it will not be able to renew its
existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary
to continue its business without a significant increase in cost.


 






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3.17 Title to
Assets. The Company has good and marketable title in all personal property owned by them that is material to the business of the
Company, in each case free and clear of all Liens, except for (i) Liens that do not materially affect the value of such property and
do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiary and (ii)
Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made in accordance with GAAP and
the payment of which is neither delinquent nor subject to penalties. The Company does not own any real property.


 


3.18   Permits.
The Company has all franchises, permits, licenses and any similar authority necessary for the conduct of its business, the lack of which
could reasonably be expected to have a Material Adverse Effect. The Company is not in default in any material respect under any of such
franchises, permits, licenses or other similar authority.


 


3.19   Use
of Proceeds. The Company intends to use the proceeds of sale of the Shares to fund growth of the Company in order to achieve positive
cash flow within the next [12] months and none of the proceeds from this Agreement shall be used to pay any existing or past Indebtedness
of the Company, provided however that the Company may use up to $100,000 in aggregate to pay Indebtedness, or any settlement payment,
judgment or costs associated with any litigation claim.


 


3.20
Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange
Act, and the Company has taken no action designed to, or that to its knowledge is likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating
such registration. Except as set forth in the SEC Reports, the Company has not, in the 12 months preceding the Effective Date, received
notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance
with the listing or maintenance requirements of such Trading Market. Except as disclosed in the SEC Reports, the Company is in compliance
in all material respects with all such listing and maintenance requirements.


 


3.21
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents and the Company’s periodic filings with the SEC filed prior to the signing of this Agreement, the Company confirms that
neither it nor any other Person acting on its behalf has provided the Purchaser or its agents or counsel with any information that it
believes constitutes or might constitute material, non-public information. The Company understands and confirms that the Purchaser will
rely on the foregoing representation in effecting transactions in securities of the Company. The Company acknowledges and agrees that
the Purchaser does not make or has not made any representations or warranties with respect to the transactions contemplated hereby other
than those specifically set forth herein.


 


3.22
Regulation M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly
or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company
to facilitate the sale or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases
of, any of the Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities
of the Company.


 






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3.23 Foreign Corrupt
Practices. Neither the Company nor to the Knowledge of the Company, any agent or other person acting on behalf of the Company,
has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related
to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees
or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution
made by the Company (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv)
violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.


 


3.24
No Integrated Offering. None of the Company or, to the Company’s knowledge, any of its affiliates, nor any Person
acting on its behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security,
under circumstances that would require registration of the issuance of any of the Shares under the 1933 Act, whether through integration
with prior offerings or otherwise, or cause this offering of the Shares to require approval of shareholders of the Company (other than
any required approval of holders of a majority of the outstanding common stock of the Company received before the Closing) under any applicable
shareholder approval provisions. None of the Company, nor its affiliates nor any Person acting on their behalf will take any action or
steps that would require registration of the issuance of any of the Shares under the 1933 Act or cause the offering of any of the Shares
to be integrated with other offerings of securities of the Company.


 


3.25
Exemption from Registration. Subject to, and in reliance on, the representations, warranties and covenants made herein by
the Purchaser, the offer and sale of the Shares in accordance with the terms and conditions of this Agreement is exempt from the registration
requirements of the Shares Act pursuant to Section 4(a)(2) and Rule 506(b) of Regulation D.


 


3.26
Manipulation of Price. Neither the Company nor any of its officers, directors or Affiliates has, and, to the Knowledge of
the Company, no Person acting on their behalf has, (i) taken, directly or indirectly, any action designed or intended to cause or to result
in the stabilization or manipulation of the price of any security of the Company, or which caused or resulted in, or which would in the
future reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of the Company, in
each case to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting
purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase
any other securities of the Company. Neither the Company nor any of its officers, directors or Affiliates will during the term of this
Agreement, and, to the Knowledge of the Company, no Person acting on their behalf will during the term of this Agreement, take any of
the actions referred to in the immediately preceding sentence


 


3.27
Securities Act. The Company has complied and shall comply with all applicable federal and state securities laws in connection
with the offer, issuance and sale of the Securities hereunder, including, without limitation, the applicable requirements of the Securities
Act. The Company is not, and has not previously been at any time, an issuer identified in, or subject to, Rule 144(i).


 






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3.28 Listing and
Maintenance Requirements; DTC Eligibility. As of the Closing Date, the Common Stock is registered pursuant to Section 12(b) of
the Exchange Act, and the Company has taken no action designed to, or which to its Knowledge is likely to have the effect of,
terminating the registration of the Common Stock under the Exchange Act, nor has the Company received any notification that the
Commission is contemplating terminating such registration. Except as disclosed in the Commission Documents, the Company is not in
violation of any of the rules, regulations or requirements of the Trading Market and has no knowledge of any facts or circumstances
that could reasonably lead to delisting or suspension of the Common Stock by the Trading Market in the foreseeable future. During
the two years prior to the date hereof, (i) the Common Stock has been listed or designated for quotation on the Trading Market, (ii)
trading in the Common Stock has not been suspended by the Commission or the Trading Market and (iii) the Company has received no
communication, written or oral, from the Commission or the Trading Market regarding the suspension or delisting of the Common Stock
from the Trading Market, except in all cases as disclosed in the Commission Documents. The Common Stock is eligible for
participation in the DTC book entry system and has shares on deposit at DTC for transferred electronically to third parties via DTC
through its Deposit/Withdrawal at Custodian (“DWAC”) delivery system. The Company has not received notice from DTC to
the effect that a suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or
book-entry services by DTC with respect to the Common Stock is being imposed or is contemplated.


 


3.29
Application of Takeover Protections. There is no control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s Charter or the laws of its
state of incorporation that is or could become applicable to the Purchaser as a result of the Purchaser and the Company fulfilling their
respective obligations or exercising their respective rights under the Transaction Documents (as applicable), including, without limitation,
as a result of the Company’s issuance of the Securities and the Purchaser’s ownership of the Shares.


 


3.30
 No Unlawful Payments. Neither the Company nor any of its Subsidiaries nor any director or officer, nor, to the Knowledge
of the Company, any employee, agent, representative or Affiliate of the Company, has taken within the past five years any action in furtherance
of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else
of value, directly or indirectly, to any “government official” (including any officer or employee of a government or government-owned
or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of
the foregoing, or any political party or party official or candidate for political office) to influence official action or secure an improper
advantage (to the extent acting on behalf of or providing services to the Company); and the Company and its Subsidiaries have conducted
their businesses within the past five years in compliance with the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”),
any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions, signed December 17, 1997, the U.K. Bribery Act 2010 and other applicable anti-corruption, anti-money laundering and anti-bribery
laws, and have instituted and maintain policies and procedures designed to promote and achieve compliance with such laws and with the
representation and warranty contained herein.


 






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3.31 Money Laundering
Laws. The operations of the Company are and have been conducted at all times within the past five years in material compliance
with all applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, and the applicable anti-money laundering statutes, including but not limited to, applicable
federal, state, international, foreign or other laws, regulations or government guidance regarding anti-money laundering, including,
without limitation, Title 18 US. Code section 1956 and 1957, the Patriot Act, the Bank Secrecy Act, and international anti-money
laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money
Laundering, of which the United States is a member and with which designation the United States representative to the group or
organization continues to concur, all as amended, and any Executive order, directive, or regulation pursuant to the authority of any
of the foregoing, or any orders or licenses issued thereunder, of jurisdictions where the Company conducts business, the rules and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any
governmental agency (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any
court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is
pending or, to the best knowledge of the Company, threatened.


 


3.32
OFAC. Neither the Company nor any of its Subsidiaries, nor any director, officer, or employee thereof, nor, to the Company’s
Knowledge, any agent, affiliate or representative of the Company, is a Person that is, or is owned or controlled by a Person that is (i)
the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, the
United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively,
“Sanctions”), nor (ii) located, organized or resident in a country or territory that is the subject of Sanctions (including,
without limitation, Crimea, Cuba, Iran, North Korea, Sudan and Syria). Neither the Company nor any of its Subsidiaries will, directly
or indirectly, use the proceeds from the sale of Shares under this Agreement, or lend, contribute or otherwise make available such proceeds
to any Subsidiary, joint venture partner or other Person (a) to fund or facilitate any activities or business of or with any Person or
in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions, or (b) in any other manner
that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter,
advisor, investor or otherwise). For the past five years, neither the Company nor any of its Subsidiaries have knowingly engaged in, or
are now knowingly engaged in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing
or transaction is or was the subject of Sanctions.


 


3.33
 U.S. Real Property Holding Corporation. Neither the Company nor any of its Subsidiaries is, or has ever been, and
so long as any of the Securities are held by the Purchaser, shall become a U.S. real property holding corporation within the meaning of
Section 897 of the Code.


 


3.34
 Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or affiliates is subject to the Bank Holding
Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the
“Federal Reserve”). Neither the Company nor any of its Subsidiaries or affiliates owns or controls, directly or indirectly,
five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or more of the total equity
of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries
or affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and
to regulation by the Federal Reserve.


 




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3.35
  IT Systems. (i)(x) To the Knowledge of Company, there has been no security breach or other compromise of any of the
Company’s or its Subsidiaries’ information technology and computer systems, networks, hardware, software, data (including
the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of them), equipment
or technology (collectively, “IT Systems and Data”) and (y) the Company has not been notified of, and has no
knowledge of any event or condition that would reasonably be expected to result in, any security breach or other compromise to the IT
Systems and Data, except as would not, in the case of this clause (i), individually or in the aggregate, have a Material Adverse Effect;
(ii) the Company is presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations
of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy
and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation
or modification, except as would not, in the case of this clause (ii), individually or in the aggregate, have a Material Adverse Effect;
and (iii) the Company has implemented backup and disaster recovery technology consistent with industry standards and practices.


 


3.36
 Compliance With Data Privacy Laws. The Company and the Subsidiaries are, and at all prior times were, in material
compliance with all applicable state and federal data privacy and security laws and regulations, including without limitation the Health
Insurance Portability and Accountability Act of 1996, and the European Union General Data Protection Regulation (EU 2016/679) (collectively,
the “Privacy Laws”). To ensure compliance with the Privacy Laws, the Company has in place, complies with, and takes
appropriate steps to ensure compliance in all material respects with its policies and procedures relating to data privacy and security
and the collection, storage, use, processing, disclosure, handling, and analysis of personal data and confidential data (the “Policies”).
The Company has at all times made all disclosures to users or customers required by applicable laws and regulatory rules or requirements,
and none of such disclosures made or contained in any of its Policies have been inaccurate or in violation of any applicable laws and
regulatory rules or requirements in any material respect. The Company further certifies that neither it nor any Subsidiary: (i) has received
notice of any actual or potential liability under or relating to, or actual or potential violation of, any of the Privacy Laws, and the
Company has no Knowledge of any event or condition that would reasonably be expected to result in any such notice; (ii) is currently conducting
or paying for, in whole or in part, any investigation, remediation, or other corrective action pursuant to any Privacy Law; or (iii) is
a party to any order, decree, or agreement that imposes any obligation or liability under any Privacy Law.


 


3.37
 Stock Option Plans. Each stock option granted by the Company was granted (i) in accordance with the
terms of the applicable stock option plan of the Company and (ii) with an exercise price at least equal to the fair market value of the
Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the
Company’s stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been no policy or
practice of the Company to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with,
the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results
or prospects.


 




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3.38
 Acknowledgement Regarding Purchaser’s Acquisition of Shares. The Company acknowledges and agrees that the Purchaser
is acting solely in the capacity of an arm’s-length purchaser with respect to this Agreement and the transactions contemplated by
the Transaction Documents. The Company further acknowledges that the Purchaser is not acting as a financial advisor or fiduciary of the
Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated by the Transaction Documents, and
any advice given by the Purchaser or any of its representatives or agents in connection therewith is merely incidental to the Purchaser’s
acquisition of the Shares. The Company further represents to the Purchaser that the Company’s decision to enter into the Transaction
Documents to which it is a party has been based solely on the independent evaluation of the transactions contemplated thereby by the Company
and its representatives. The Company acknowledges and agrees that the Purchaser has not made and does not make any representations or
warranties with respect to the transactions contemplated by the Transaction Documents other than those specifically set forth in Article
IV.


 


Article
IV.Representations and Warranties of the Purchaser.


 


Purchaser hereby acknowledges
that the Company will rely on the accuracy and completeness of the following representations and warranties and hereby represents and
warrants to the Company a as of the Closing Date:


 


4.1
Organization; Authority. Purchaser is either an individual or an entity duly incorporated or formed, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited
liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance
by Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership,
limited liability company or similar action, as applicable, on the part of Purchaser. Each Transaction Document to which it is a party
has been duly executed by Purchaser, and when delivered by Purchaser in accordance with the terms hereof, will constitute the valid and
legally binding obligation of Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable
principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement
of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief
or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.


 


4.2 No
Conflicts(a). The execution, delivery and performance by the Purchaser of this Agreement and the other Transaction Documents to
which it is a party and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict
with or violate any provision of the Purchaser’s certificate or articles of incorporation, bylaws or other organizational or
charter documents (as applicable), (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or
both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Purchaser or give
to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any
agreement, credit facility, debt or other instrument or other understanding to which the Purchaser is a party or by which any
property or asset of the Purchaser is bound or affected, or (iii) subject to the Required Filings, conflict with or result in a
violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental
authority to which the Purchaser is subject (including federal and state securities laws and regulations), or by which any property
or asset of Purchaser is bound or affected; except in the case of each of clauses (ii) and (iii), for such that do not materially
adversely affect the ability of such Purchaser to consummate the transactions contemplated hereby.


 






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4.3
Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation
to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired
by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view
to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation
in, or otherwise distributing the same. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently
have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to
any third Person, with respect to any of the Shares. The Purchaser has not been formed for the specific purpose of acquiring the Shares.


 


4.4
Restricted Securities. The Purchaser understands that the Shares (including the components thereof) have not been registered
under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon,
among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed
herein. The Purchaser understands that the Shares (including the components thereof) are “restricted securities” under applicable
U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Shares (including the components
thereof) indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an
exemption from such registration and qualification requirements is available. The Purchaser acknowledges that if an exemption from registration
or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale,
the holding period for the Shares (including the components thereof), and on requirements relating to the Company which are outside of
the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy.


 


4.6
Purchaser Status. At the time Purchaser was offered the Securities, it was, and as of the date hereof it is an “accredited
investor” as defined in Rule 501 under the Securities Act. Such Purchaser is not required to be registered as a broker-dealer under
Section 15 of the Exchange Act. The Purchaser has completed or caused to be completed and delivered to the Company the Accredited Investor
Certification set forth as Exhibit A hereto, which certification (as completed by the Purchaser) is true, correct and complete
in all material respects.


 


4.7 Foreign
Investors. If the Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Code), the Purchaser
hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any
invitation to subscribe for the Shares or any use of this Agreement, including (i) the legal requirements within its
jurisdiction for the purchase of the Shares , (ii) any foreign exchange restrictions applicable to such purchase,
(iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences,
if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares (including the components
thereof). The Purchaser’s subscription and payment for and continued beneficial ownership of the Shares (including the
components thereof) will not violate any applicable securities or other laws of the Purchaser’s jurisdiction.


 






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4.8   Experience
of Purchaser. Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business
and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has
so evaluated the merits and risks of such investment. Purchaser is able to bear the economic risk of an investment in the Securities and,
at the present time, is able to afford a complete loss of such investment.


 


4.8
Solicitation. Purchaser is not purchasing the Shares as a result of any advertisement, article, notice or other communication
regarding the Shares published in any newspaper, magazine or similar media, broadcast over television or radio, disseminated over the
Internet or presented at any seminar or, to its knowledge, any other general solicitation or general advertisement.


 


4.9
No Current Registration. Purchaser understands that the Shares have not been and will not be registered under the Securities
Act, except as otherwise set forth herein in connection with the securities laws of any other jurisdiction prior to acquisition of the
Shares by Purchaser, and the Shares must be held indefinitely without any transfer, sale, or other disposition unless the Shares are subsequently
registered under the Securities Act, and the securities laws of any other applicable jurisdictions or, in the opinion of counsel for the
Company, registration is not required under the Securities Act or such laws as the result of an available exemption.


 


4.10
Residence. If the Purchaser is an individual, then the Purchaser resides in the state or province identified in the address
of the Purchaser set forth on such Purchaser’s signature page; if the Purchaser is a partnership, corporation, limited liability
company or other entity, then the office or offices of the Purchaser in which its principal place of business is identified in the address
or addresses of the Purchaser set forth on such Purchaser’s signature page,


 


4.11
Reliance Upon Information. Purchaser understands that the

Shares are being offered and /sold in reliance on specific exemptions from the registration requirements of federal and state securities
laws and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings
set forth herein in order to determine the suitability of Purchaser to acquire the Shares.


 


Article
V.

OTHER AGREEMENTS OF THE PARTIES


 


5.1
Further Assurances. The Company and Purchaser shall execute and deliver all such other instruments and take all such other
action as either party may reasonably request from time to time in order to effectuate the transactions provided for herein.


 


5.2 Securities
Compliance. The Company shall notify the Commission and the Trading Market, if and as applicable, in accordance with their
respective rules and regulations, of the transactions contemplated by the Transaction Documents, and shall take all necessary
action, undertake all proceedings and obtain all registrations, permits, consents and approvals for the legal and valid issuance of
the Securities to the Purchaser in accordance with the terms of the Transaction Documents, as applicable.


 






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5.3
Reservation of Common Stock. The Company has available and the Company shall reserve and keep available at all times, free
of preemptive and other similar rights of stockholders, the requisite aggregate number of authorized but unissued shares of Common Stock
to enable the Company to timely effect (i) the issuance and delivery of all Shares to be issued and delivered to the Purchaser hereunder.
Without limiting the generality of the foregoing, (a) as of the date of this Agreement, the Company has available for issuance, out of
its authorized and unissued Common Stock, 28,262,240 shares of Common Stock solely for the purpose of issuing the Shares under this Agreement
to be issued and delivered to the Purchaser.


 


5.4
Registration and Listing. The Company shall use its commercially reasonable efforts to cause the Common Stock to continue
to be registered as a class of securities under Sections 12(g) of the Exchange Act, and to comply with its reporting and filing obligations
under the Exchange Act, and shall not take any action or file any document (whether or not permitted by the Securities Act or the Exchange
Act) to terminate or suspend such registration or to terminate or suspend its reporting and filing obligations under the Exchange Act
or Securities Act, except as permitted herein. The Company shall use its commercially reasonable efforts to continue the listing and trading
of its Common Stock. The Company shall not take any action which could be reasonably expected to result in the delisting or suspension
of the Common Stock on the Trading Market. If the Company receives any final and non-appealable notice that the listing or quotation of
the Common Stock on the Trading Market shall be terminated on a date certain, the Company shall promptly (and in any case within 24 hours)
notify the Purchaser of such fact in writing and shall use its commercially reasonable efforts to cause the Common Stock to be listed
or quoted on another Eligible Market. The Company shall take all action necessary to ensure that its Common Stock (i) can be transferred
electronically as DWAC Shares and (ii) is eligible for deposit in at least one of the Purchasers’ brokerage accounts specified to
the Company on or prior to the date of this Agreement


 


5.5
Compliance with Laws.


 


(i) The Company (a)
shall comply, and cause each Subsidiary (if any) to comply, with all laws, rules, regulations and orders applicable to the business
and operations of the Company and its Subsidiaries, except as would not have a Material Adverse Effect and (b) with applicable
provisions of the Securities Act and the Exchange Act, including Regulation M thereunder, applicable state securities or “Blue
Sky” laws, and applicable listing rules of the Trading Market or Eligible Market, except as would not, individually or in the
aggregate, prohibit or otherwise interfere with the ability of the Company to enter into and perform its obligations under this
Agreement in any material respect or for Purchaser to conduct resales of Securities under the Registration Statement in any material
respect. Without limiting the foregoing, neither the Company, nor to the Knowledge of the Company, any of their respective
directors, officers, agents, employees or any other Persons acting on their behalf shall, in connection with the operation of the
Company’s businesses, (1) use any corporate funds for unlawful contributions, payments, gifts or entertainment or to make any
unlawful expenditures relating to political activity to government officials, candidates or members of political parties or
organizations, (2) pay, accept or receive any unlawful contributions, payments, expenditures or gifts, or (3) violate or operate in
noncompliance with any export restrictions, anti-boycott regulations, embargo regulations or other applicable domestic or foreign
laws and regulations, including, without limitation, the FCPA and the Money Laundering Laws.


 






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(ii) The Purchaser shall
comply with all laws, rules, regulations and orders applicable to the performance by it of its obligations under this Agreement and its
investment in the Securities, except as would not, individually or in the aggregate, prohibit or otherwise interfere with the ability
of the Purchaser to enter into and perform its obligations under this Agreement in any material respect. Without limiting the foregoing,
the Purchaser shall comply with all applicable provisions of the Securities Act and the Exchange Act, including Regulation M thereunder,
and all applicable state securities or “Blue Sky” laws.


 


5.6
Transfer Restrictions.


 


The Shares may only be disposed of in compliance
with state and federal securities laws. In connection with any transfer of Securities other than pursuant to an effective registration
statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge, the Company may require the transferor
thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form
and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration
of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be
bound by the terms of this Agreement and shall have the rights and obligations of a Purchaser under this Agreement.


 


The Purchasers agree to the imprinting, so long
as is required by this Section 5.6, of a legend on only the Shares in the following form (with the bracketed text inserted
or excluded, as applicable):


 


THE SHARES EVIDENCED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ARE ‘RESTRICTED SECURITIES’ AS DEFINED BY RULE 144 UNDER
THAT ACT. THE SHARES MAY NOT BE SOLD, TRANSFERRED, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT REGISTERING
THE SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR, IN LIEU THEREOF, AN OPINION OF COUNSEL FOR THIS COMPANY TO THE EFFECT THAT
REGISTRATION IS NOT REQUIRED UNDER THAT ACT. WITHOUT LIMITING THE FOREGOING, THE SHARES MAY NOT BE TRANSFERRED, SOLD, OR OTHERWISE DISPOSED
OF WITHOUT AN OPINION OF COUNSEL FOR THIS COMPANY THAT SUCH TRANSFER, SALE, OR OTHER DISPOSITION DOES NOT VIOLATE THE SECURITIES LAWS
OF ANY OTHER APPLICABLE JURISDICTION OR ANY RULES OR REGULATIONS THEREUNDER.


 


5.7 Future Company
Offering. The Company hereby grants Purchaser a right of first refusal with respect to any offering of Shares in the future
until two (2) years from the date hereof, on the same terms and conditions to be offered or contemplated to be offered to any other
purchaser, and shall deliver to Purchaser a written notice of such proposed offering. Upon receipt of the written notice, Purchaser
shall have 15 days to provide written notice to exercise its right of first refusal, and thereafter, Purchaser and the Company shall
use commercially reasonable efforts to close no later than 15 days after Purchaser’s acceptance. Purchaser may waive its right
in writing at any time. The Purchaser’s right of first refusal under this section exempts any Shares sold under the
Company’s pre-existing stock purchases agreement with Tumim Stone Capital LLC dated June 28, 2022. After termination of this
right or any expiration of the notice period, the Company shall be free to sell to any other purchaser or purchasers without
restriction pursuant to this Section 5.7.


 






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5.8
Legal Opinions. On or after the 6-month anniversary after the Closing, the Company shall cause its counsel to promptly issue
appropriate legal opinions, as and if requested by Purchaser authorizing the public sale of the Shares, such legal opinion to be delivered
to the Company’s Transfer Agent no later than 5 business days from the time the Purchaser requests such legal opinion, provided
that Purchaser delivers a standard seller representation letter in such form reasonably necessary at the request of Company counsel with
respect to the ownership and transfer of such Shares. In the event the foregoing legal opinion is not delivered to Purchaser and the Company’s
Transfer Agent within such 7 days after receipt of Purchaser’s representation letter in connection with the Shares for which the
legal opinion is requested, this failure would constitute a material default of this Agreement. Accordingly, due to the fact that damages
to Purchaser are not readily ascertainable the parties agree that the Company would immediately pay to the Purchaser the sum of $2,500
per day for each calendar day in which the opinion letter is not provided from the Shares.


 


Article
VI.

Post Closing Covenants of the Parties


 


6.1
Indemnification


 


(a)
Purchaser’s Losses. Company shall indemnify and hold harmless Purchaser and its directors, officers, employees, shareholders,
representatives, agents and attorneys from, against and in respect of any and all Purchaser’s Losses (as defined below) suffered,
sustained, incurred or required to be paid by any of them by reason of (i) a breach of any representation, warranty or covenant made by
the Company in or pursuant to this Agreement (including, without limitation, the representations and warranties contained in any certificate
delivered pursuant hereto) or in any other Transaction Document executed in connection with the transactions contemplated hereby; and
(ii) any failure by the Company to observe or perform its covenants and agreements set forth in this Agreement or in any other Transaction
Document executed in connection with the transactions contemplated hereby. “Purchaser’s
Losses” shall mean all damages (including, without limitation, amounts paid in settlement with the Company’s consent,
which consent may not be unreasonably withheld), losses, obligations, liabilities, claims, deficiencies, costs and expenses (including,
without limitation, reasonable attorneys’ fees), penalties, fines, interest and monetary sanctions, including, without limitation,
reasonable attorneys’ fees and costs incurred to comply with injunctions and other court and agency orders, and other costs and
expenses incident to any suit, action, investigation, claim or proceeding or to establish or enforce the rights of Purchaser or such other
persons to indemnification hereunder.


 


(b) Company’s
Losses. Purchaser agrees to indemnify and hold harmless the Company and its representatives, officers, directors, shareholders,
agents and attorneys from, against and in respect of any and all Company Losses (as defined below) suffered, sustained, incurred or
required to be paid by any of them by reason of (i) a breach of any representation, covenant or warranty made by Purchaser in or
pursuant to this Agreement (including, without limitation, the representations and warranties contained in any certificate delivered
pursuant hereto) or in any other Transaction Document executed in connection with the transactions contemplated hereby or (ii) any
failure by Purchaser to observe or perform its covenants and agreements set forth in this Agreement or any other agreement or
document executed by it in connection with the transactions contemplated hereby. “Company
Losses” shall mean all damages (including, without limitation, amounts paid in settlement with the consent of
Purchaser, which consent may not be reasonably withheld), losses, obligations, liabilities, claims, deficiencies, costs and expenses
(including, without limitation, reasonable attorneys’ fees), penalties, fines, interest and monetary sanctions, including,
without limitation, reasonable attorneys’ fees and costs incurred to comply with injunctions and other court and Agency
orders, and other costs and expenses incident to any suit, action, investigation, claim and/or proceeding or to establish or enforce
the right of Seller or such other persons to indemnification hereunder.


 






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(c)
Limitation on Liability. Notwithstanding any other provisions contained in this Agreement or any other related transaction
documentation to the contrary, in no event shall the Purchaser’s or the Company’s or their parent, affiliates, subsidiaries,
shareholders, members, permitted transferees (as defined in the Shareholder’s Agreement), managers, directors, officers or other
related parties (collectively, “Related Parties”) liability to one another
and to their agents and attorneys, beneficiaries, heirs, successors and agents for all damages (including, without limitation, amounts
paid in settlement with the consent of the other Party , which consent may not be reasonably withheld), losses, obligations, liabilities,
claims, deficiencies, costs and expenses (including, without limitation, reasonable attorneys’ fees), penalties, fines, interest
and monetary sanctions, including, without limitation, reasonable attorneys’ fees and costs incurred to comply with injunctions
and other court and agency orders, and other costs and expenses incident to any suit, action, investigation, claim and/or proceedings
or the compensation for any other related or unrelated liabilities to either Party or their Related Parties for any and all claims which
the Party has, had or may have against the other Parties and/or the Related Parties including, without limitation, any liability pursuant
to the indemnification obligations set forth in this Section 5 (collectively, “Claims”)
exceed in the aggregate the Investment tendered by the Purchaser to Company through the date of the Claim.


 


(d)
Notice of Loss. Except to the extent set forth in the next sentence, a party to the Agreement will not have any liability
under the indemnity provisions of this Agreement with respect to a particular matter unless a notice setting forth in reasonable detail
the breach or other matter which is asserted has been given to the Indemnifying Party (as defined below) and, in addition, if such matter
arises out of a suit, action, investigation, proceeding or claim, such notice is given promptly. Notwithstanding the preceding sentence,
failure of the Indemnified Party to give notice hereunder shall not release the Indemnifying Party from its obligations under this Section 5,
except to the extent the Indemnifying Party is actually prejudiced by such failure to give notice. With respect to Purchaser’s Losses,
the Company shall be the Indemnifying Party and Purchaser and its representatives, agents and attorneys shall be the Indemnified Party.
With respect to Company Losses, Purchaser shall be the Indemnifying Party and Company and its representatives, agents and attorneys shall
be the Indemnified Party.


 






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(e)
 Right to Defend. Upon receipt of notice of any suit, action, investigation, claim or proceeding for which indemnification
might be claimed by an Indemnified Party, the Indemnifying Party shall be entitled to defend, contest or otherwise protect against any
such suit, action, investigation, claim or proceeding at its own cost and expense, and the Indemnified Party must cooperate in any such
defense or other action. The Indemnified Party shall have the right, but not the obligation, to participate at its own expense in defense
thereof by counsel of its own choosing, but the Indemnifying Party shall be entitled to control the defense unless the Indemnified Party
has relieved the Indemnifying Party from liability with respect to the particular matter or the Indemnifying Party fails to assume defense
of the matter. In the event the Indemnifying Party shall fail to defend, contest or otherwise protect in a timely manner against any such
suit, action, investigation, claim or proceeding, the Indemnified Party shall have the right, but not the obligation, thereafter to defend,
contest or otherwise protect against the same and make any compromise or settlement thereof and recover the entire cost thereof from the
Indemnifying Party including, without limitation, reasonable attorneys’ fees, disbursements and all amounts paid as a result of
such suit, action, investigation, claim or proceeding or the compromise or settlement thereof, provided, however, that the Indemnified
Party must send a written notice to the Indemnifying Party of any such proposed settlement or compromise, which settlement or compromise
the Indemnifying Party may reject, in its reasonable judgment, within thirty (30) days of receipt of such notice. The Indemnified Party
shall have the right to effect a settlement or compromise over the objection of the Indemnifying Party; provided, that if the Indemnifying
Party is contesting such claim in good faith. If the Indemnifying Party undertakes the defense of such matters, the Indemnified Party
shall not, so long as the Indemnifying Party does not abandon the defense thereof, be entitled to recover from the Indemnifying Party
any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than the reasonable
costs of investigation undertaken by the Indemnified Party with the prior written consent of the Indemnifying Party.


 


6.2
Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Shares as required under Regulation
D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably
determine is necessary in order to obtain an exemption for, or to qualify the Shares for, sale to the Purchasers at the Closing under
applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly
upon request of Purchaser.


 


6.4   Conference
Calls. The Company shall conduct regular conference calls (no less than quarterly) with investors and potential investors as to the
status of the Company’s business and operations, and shall conduct an initial conference call no later than 90 days after the date
hereof.


Article
VII.

MISCELLANEOUS


 


7.1 Fees and
Expenses. The Company shall pay the fees and expenses of its advisers, counsel, accountants and other experts as well as all
fees and expenses of the Purchaser, incident to the negotiation, preparation, execution, delivery and performance of this Agreement.
Notwithstanding the foregoing, the Company agrees to pay Greenberg Traurig, P.A. its legal fees to represent the Purchaser or
Purchasers in an amount equal to $25,000. The Company shall pay all Transfer Agent fees (including, without limitation, any fees
required for same-day processing of any instruction letter delivered by the Company and any conversion or exercise notice delivered
by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Shares to the Purchasers.


 






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7.2
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.


 


7.3
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto at or prior to 5:30 p.m. (local time,
based on the location of the recipient) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day
or later than 5:30 p.m. (local time, based on the location of the recipient) on any Trading Day, (c) the second (2nd) Trading Day following
the date of mailing, if sent for overnight delivery via U.S. nationally recognized overnight courier service or (d) upon actual receipt
by the party to whom such notice is required to be given. The address for such notices and communications to each Purchaser shall be as
set forth on the signature pages attached hereto. The address for such notices and communications to the Company is as set forth in the
Preamble.


 


7.4
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written
instrument signed, in the case of an amendment, by the Company and the Purchasers holding at least a majority in interest of the Shares
then outstanding, or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver
of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in
the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay
or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.


 


7.5
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed
to limit or affect any of the provisions hereof.


 


7.6
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The Purchaser may not assign this Agreement or any rights or obligations hereunder without the prior written consent
of the Company; provided, however, that the Company shall be permitted to assign this Agreement to any Person that acquires the Company
or its business (whether by merger, stock purchase or the acquisition or all or substantially all of the Company’s assets). Purchaser
may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Shares in accordance
with the terms of this Agreement and the other Transaction Documents, provided that such transferee agrees in writing to be bound, with
respect to the transferred Shares, by the provisions of the Transaction Documents that apply to the “Purchasers.”


 




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7.7
 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person


 


7.8
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
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 conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and
federal courts sitting in the State of Delaware. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the State of Delaware 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 action, suit or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is improper or is an 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 Agreement 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 law. If either party
shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then, the prevailing party in such action,
suit or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such action or proceeding.


 


7.9
Survival. The representations and warranties contained herein shall survive each Closing for a period of twelve (12) months.


 


7.10
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party,
it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.


 


7.11 Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in
full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they
would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter
declared invalid, illegal, void or unenforceable.


 






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7.12
Replacement of Share Certificates. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of
mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also
pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Shares.


 


7.13
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of
damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties
agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in
the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the
defense that a remedy at law would be adequate.


 


7.14
Liquidated Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the
Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and
other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages
or other amounts are due and payable shall have been canceled.


 


7.15
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.


 


7.16
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to
revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved
against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition,
each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the
date of this Agreement.


 


7.17
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY,
THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.


 


(Signature Pages Follow)


 




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IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.


 


	# of Shares Subscribed For:	 
	 	 
	Subscription Amount ($.65 for each Share):	 


 


	Purchaser:	 	Co-Purchaser:
	 	 	 
	 	 	 
	Full Legal Name of Purchaser (Please print)	 	Full Legal Name of Co- Purchaser (if applicable)

	 	 	
  
	 	 	 
	Signature of (or on behalf of) Purchaser	 	Signature of or on behalf of Co- Purchaser (if applicable)
	 	 	
	Name:	 	
	Title:	 	 
	 	 	 
	Address of Purchaser	 	Address of Co- Purchaser (if applicable)
	 	 	 
	 	 	 
	Telephone No. of Purchaser	 	Telephone No. of Co- Purchaser (if applicable)
	 	 	 
	 	 	 
	Social Security or Taxpayer Identification Number of Purchaser	 	Social Security or Taxpayer Identification Number of Co- Purchaser
    (if applicable)









 


	DWAC DELIVERY INSTRUCTIONS:	 	 
	 	 	 
	Brokerage Firm: ________________	 	 
	DTC #: _______________________	 	 
	# Of Shares Transferring: ________	 	 
	Symbol: WORX	 	 
	Account Name: ________________	 	 
	Account Number: ______________	 	 









 


	Accepted by the Company:	 
	 	 	 
	SCWorx Corp., a Delaware corporation.	 
	 	 	 
	By:	            	 
	Name:	Tim Hannibal	 
	Title:	CEO and President	 



 






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DISCLOSURE SCHEDULES


 


Schedule 3.1(f)(i) Capitalization


Schedule 3.1(f)(ii) Outstanding Options and Warrants


 


 


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