Exhibit 10.2


 





 


d/b/a South Texas Securities 


MEMBER FINRA/SIPC


895 Dove Street Suite 300


Newport Beach, CA 92660


949-851-4700


www.iconcapg.com


 


November 21, 2022


 


SunHydrogen, Inc.


10 E. Yanonali Street Ste. 36


Santa Barbara, CA 9310


Attention: Timothy Young


 


Dear Mr. Young:


 


This letter (the “Agreement”)
constitutes the agreement between Icon Capital Group, LLC dba South Texas Securities Co., a Delaware limited liability company (“ICG”
or the “Placement Agent”) and SunHydrogen, Inc., a Nevada corporation (the “Company”), who hereby
agrees to sell up to an aggregate of forty-five million dollars ($45,000,000.00) of securities of the Company, pursuant to a purchase
agreement (the “Purchase Agreement”) between the Company and GHS Investment, LLC (the “Purchaser”), dated November
17, 2022, including, (the “Shares”) of the Company’s common stock, $0.001 par value per share (the “Common
Stock” or the “Securities”) directly to the Purchaser through the Placement Agent, on a “reasonable
best efforts” basis, in connection with the proposed placement (the “Placement”) of the Securities. The terms
of the Placement and the Securities shall be mutually agreed upon by the Company and the Purchaser and nothing herein constitutes
that the Placement Agent would have the power or authority to bind the Company or the Purchaser or an obligation for the Company to issue
any Securities or complete the Placement. This Agreement and the documents executed and delivered by the Company and the Purchaser in
connection with the Placement, including but not limited to the Purchase Agreement, shall be collectively referred to herein as the “Transaction
Documents.” The date of the initial closing of the Placement shall be referred to herein as the “Closing Date.”
The Company expressly acknowledges and agrees that the Placement Agent’s obligations hereunder are on a reasonable best-efforts
basis only and that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase the Securities
and does not ensure the successful placement of the Securities or any portion thereof or the success of the Placement Agent with respect
to securing any other financing on behalf of the Company. Following the prior written consent of the Company, the Placement Agent may
retain other brokers or dealers to act as sub-agents or selected-dealers on its behalf in connection with the Placement. For the avoidance
of doubt, the Company’s engagement of the Placement Agent is solely with respect to the Purchase Agreement between the Company and
the Purchaser and the Placement Agent will not be entitled to any compensation from the Company except with respect to sales to the Purchaser
under the Purchase Agreement. Capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Purchase
Agreement.


  






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SECTION 1. REPRESENTATIONS
AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY.


 


A.  Representations
of the Company. Each of the representations and warranties (together with any related disclosure schedules thereto) and covenants
made by the Company to the Purchaser in the Purchase Agreement in connection with the Placement is hereby incorporated herein by reference
into this Agreement (as though fully restated herein) and is, as of the date of this Agreement and as of the Closing Date, hereby made
to, and in favor of, the Placement Agent. In addition to the foregoing, the Company represents and warrants that:


 


1.  The
Company has prepared and filed with the Commission a registration statement on Form S-3 (Registration No. 333-252523), and amendments
thereto, and related preliminary prospectuses, for the registration under the Securities Act of 1933, as amended (the “Securities
Act”), of the applicable Securities, which registration statement, as so amended (including post-effective amendments, if any)
became effective on February 3, 2021. At the time of such filing, the Company met the requirements of Form S-3 under the Securities Act.
Such registration statement meets the requirements set forth in Rule 415(a)(1)(x) under the Securities Act and complies with said Rule.
The Company will file with the Commission pursuant to Rule 424(b) under the Securities Act, and the rules and regulations (the “Rules
and Regulations”) of the Commission promulgated thereunder, a supplement to the form of prospectus included in such registration
statement relating to the placement of the Shares and the plan of distribution thereof and has advised the Placement Agent of all further
information (financial and other) with respect to the Company required to be set forth therein. Such registration statement, including
the exhibits thereto, as amended at the date of this Agreement, is hereinafter called the “Registration Statement”;
such prospectus in the form in which it appears in the Registration Statement is hereinafter called the “Base Prospectus”;
and the supplemented form of prospectus, in the form in which it will be filed with the Commission pursuant to Rule 424(b) (including
the Base Prospectus as so supplemented) is hereinafter called the “Prospectus Supplement.” Any reference in this Agreement
to the Registration Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the documents
incorporated by reference therein (the “Incorporated Documents”) pursuant to Item 12 of Form S-3 which were filed under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), on or before the date of this Agreement, or the
issue date of the Base Prospectus or the Prospectus Supplement, as the case may be; and any reference in this Agreement to the terms “amend,”
“amendment” or “supplement” with respect to the Registration Statement, the Base Prospectus or the Prospectus
Supplement shall be deemed to refer to and include the filing of any document under the Exchange Act after the date of this Agreement,
or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be, deemed to be incorporated therein by reference.
All references in this Agreement to financial statements and schedules and other information which is “contained,” “included,”
“described,” “referenced,” “set forth” or “stated” in the Registration Statement, the
Base Prospectus or the Prospectus Supplement (and all other references of like import) shall be deemed to mean and include all such financial
statements and schedules and other information which is or is deemed to be incorporated by reference in the Registration Statement, the
Base Prospectus or the Prospectus Supplement, as the case may be. No stop order suspending the effectiveness of the Registration Statement
or the use of the Base Prospectus or the Prospectus Supplement has been issued, and no proceeding for any such purpose is pending or has
been initiated or, to the Company's knowledge, is threatened by the Commission.


 


2.  The Registration
Statement (and any further documents to be filed with the Commission) contains all exhibits and schedules as required by the Securities
Act. Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material
respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations and did not and, as amended or supplemented,
if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading. The Base Prospectus and the Prospectus Supplement, each as of its respective
date, comply in all material respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations. Each of the
Base Prospectus and the Prospectus Supplement, as amended or supplemented, did not and will not contain as of the date thereof any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The Incorporated Documents, when they were filed with the Commission, conformed in all material
respects to the requirements of the Exchange Act and the applicable Rules and Regulations, and none of such documents, when they were
filed with the Commission, contained any untrue statement of a material fact or omitted to state a material fact necessary to make the
statements therein (with respect to Incorporated Documents incorporated by reference in the Base Prospectus or Prospectus Supplement),
in the light of the circumstances under which they were made not misleading; and any further documents so filed and incorporated by reference
in the Base Prospectus or Prospectus Supplement, when such documents are filed with the Commission, will conform in all material respects
to the requirements of the Exchange Act and the applicable Rules and Regulations, as applicable, and will not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising
after the date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is
required to be filed with the Commission. Except for this Agreement, there are no documents required to be filed with the Commission in
connection with the transaction contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will
not be filed within the requisite time period. Except for this Agreement, there are no contracts or other documents required to be described
in the Base Prospectus or Prospectus Supplement, or to be filed as exhibits or schedules to the Registration Statement, which (x) have
not been described or filed as required or (y) will not be filed within the requisite time period.


 






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3.  Reserved.


 


4.  There are no affiliations
with any FINRA member firm among the Company's officers, directors or, to the knowledge of the Company, any five percent (5.0%) or greater
stockholder of the Company, except as set forth in the Registration Statement and SEC Reports.


 


5.  The
Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of each of this Agreement by the Company
and the consummation by it of the transactions contemplated hereby and thereby and under the Base Prospectus have been duly authorized
by all necessary action on the part of the Company and no further action is required by the Company, the Company’s Board of Directors
(the “Board of Directors”) or the Company’s stockholders in connection therewith. This Agreement has been duly executed
by the Company and, when delivered in accordance with the terms hereof, 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.


 


6. The
execution, delivery and performance by the Company of this Agreement and the transactions contemplated pursuant to the Time of Sale Disclosure
Prospectus, the issuance and sale of the Shares and the consummation by it of the transactions contemplated hereby and thereby to which
it is a party do not and will not (i) conflict with or violate any provision of the Company’s or any subsidiary’s certificate
or articles of incorporation, bylaws or other organizational or charter documents, or (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 Company or any subsidiary, 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 (evidencing a Company or subsidiary
debt or otherwise) or other understanding to which the Company or any subsidiary is a party or by which any property or asset of the Company
or any subsidiary is bound or affected, or (iii) 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 Company or a subsidiary is subject (including
federal and state securities laws and regulations), or by which any property or asset of the Company or a subsidiary is bound or affected;
except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a material adverse
effect.


 


7.  Any
certificate signed by an officer of the Company and delivered to the Placement Agent or to counsel for the Placement Agent shall be deemed
to be a representation and warranty by the Company to the Placement Agent as to the matters set forth therein.


 


8. The
Company acknowledges that the Placement Agent will rely upon the accuracy and truthfulness of the foregoing representations and warranties
and hereby consents to such reliance.


 


9. No
forward-looking statements (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in
the Base Prospectus and the Prospectus Supplement has been made or reaffirmed without a reasonable basis or has been disclosed other than
in good faith.


 


10. Each
of the representations and warranties (together with any related disclosure schedules thereto) made to the Investors in the Purchase Agreements
is hereby incorporated herein by reference (as though fully restated herein) and is hereby made to, and in favor of, the Placement Agent.


 






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B.  Covenants and
Agreements of the Company. The Company further covenants and agrees with the Placement Agent as follows:


 


1. Registration
Statement Matters. The Company will advise the Placement Agent promptly after it receives notice thereof of the time when any amendment
to the Registration Statement has been filed or becomes effective or any supplement to the Base Prospectus or the Final Prospectus has
been filed and will furnish the Placement Agent with copies thereof. The Company will file promptly all reports and any definitive proxy
or information statements required to be filed by the Company with the Commission pursuant to Section 13(a), 14 or 15(d) of the Exchange
Act subsequent to the date of any Prospectus and for so long as the delivery of a prospectus is required in connection with the Offering.
The Company will advise the Placement Agent, promptly after it receives notice thereof (i) of any request by the Commission to amend the
Registration Statement or to amend or supplement any Prospectus or for additional information, and (ii) of the issuance by the Commission
of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or any order directed
at any Incorporated Document, if any, or any amendment or supplement thereto or any order preventing or suspending the use of the Base
Prospectus or the Final Prospectus or any prospectus supplement or any amendment or supplement thereto or any post-effective amendment
to the Registration Statement, of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, of the institution
or threatened institution of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing
of the Registration Statement or a Prospectus or for additional information. The Company shall use its reasonable best efforts to prevent
the issuance of any such stop order or prevention or suspension of such use. If the Commission shall enter any such stop order or order
or notice of prevention or suspension at any time, the Company will use its reasonable best efforts to obtain the lifting of such order
at the earliest possible moment, or will file a new registration statement and use its reasonable best efforts to have such new registration
statement declared effective as soon as practicable. Additionally, the Company agrees that it shall comply with the provisions of Rules
424(b), 430A, 430B and 430C, as applicable, under the Securities Act, including with respect to the timely filing of documents thereunder,
and will use its reasonable efforts to confirm that any filings made by the Company under such Rule 424(b) are received in a timely manner
by the Commission.


 


2. Blue
Sky Compliance. The Company will cooperate with the Placement Agent and the Investors in endeavoring to qualify the Shares for sale
under the securities laws of such jurisdictions (United States and foreign) as the Placement Agent and the Investors may reasonably request
and will make such applications, file such documents, and furnish such information as may be reasonably required for that purpose, provided
the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of process in any jurisdiction
where it is not now so qualified or required to file such a consent, and provided further that the Company shall not be required to produce
any new disclosure document. The Company will, from time to time, prepare and file such statements, reports and other documents as are
or may be required to continue such qualifications in effect for so long a period as the Placement Agent may reasonably request for distribution
of the Shares. The Company will advise the Placement Agent promptly of the suspension of the qualification or registration of (or any
such exemption relating to) the Shares for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding
for any such purpose, and in the event of the issuance of any order suspending such qualification, registration or exemption, the Company
shall use its best efforts to obtain the withdrawal thereof at the earliest possible moment.


 


3. Amendments
and Supplements to a Prospectus and Other Matters. The Company will comply with the Securities Act and the Exchange Act, and the rules
and regulations of the Commission thereunder, so as to permit the completion of the distribution of the Shares as contemplated in this
Agreement, the Incorporated Documents and any Prospectus. If during the period in which a prospectus is required by law to be delivered
in connection with the distribution of Shares contemplated by the Incorporated Documents or any Prospectus (the “Prospectus Delivery
Period”), any event shall occur as a result of which, in the judgment of the Company or in the opinion of the Placement Agent or
counsel for the Placement Agent, it becomes necessary to amend or supplement the Incorporated Documents or any Prospectus in order to
make the statements therein, in the light of the circumstances under which they were made, as the case may be, not misleading, or if it
is necessary at any time to amend or supplement the Incorporated Documents or any Prospectus or to file under the Exchange Act any Incorporated
Document to comply with any law, the Company will promptly prepare and file with the Commission, and furnish at its own expense to the
Placement Agent and to dealers, an appropriate amendment to the Registration Statement or supplement to the Registration Statement, the
Incorporated Documents or any Prospectus that is necessary in order to make the statements in the Incorporated Documents and any Prospectus
as so amended or supplemented, in the light of the circumstances under which they were made, as the case may be, not misleading, or so
that the Registration Statement, the Incorporated Documents or any Prospectus, as so amended or supplemented, will comply with law. Before
amending the Registration Statement or supplementing the Incorporated Documents or any Prospectus in connection with the Offering, the
Company will furnish the Placement Agent with a copy of such proposed amendment or supplement and will not file any such amendment or
supplement to which the Placement Agent reasonably objects.


 






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4. Copies
of any Amendments and Supplements to a Prospectus. The Company will furnish the Placement Agent, without charge, during the period
beginning on the date hereof and ending on the later of the last Closing Date of the Offering, as many copies of any Prospectus or prospectus
supplement and any amendments and supplements thereto, as the Placement Agent may reasonably request.


 


5. Transfer
Agent. The Company will maintain, at its expense, a registrar and transfer agent for the Common Stock.


 


6. Periodic
Reporting Obligations. During the Prospectus Delivery Period, the Company will duly file, on a timely basis, with the Commission and
the Trading Market all reports and documents required to be filed under the Exchange Act within the time periods and in the manner required
by the Exchange Act.


 


7. Additional
Documents. The Company will enter into any subscription, purchase or other customary agreements as the Placement Agent or the Investors
deem necessary or appropriate to consummate the Offering, all of which will be in form and substance reasonably acceptable to the Placement
Agent and the Purchaser. The Company agrees that the Placement Agent may rely upon, and each is a third-party beneficiary of, the representations
and warranties, and applicable covenants, set forth in any such purchase, subscription or other agreement with Investors in the Offering.


 


8. No
Manipulation of Price. The Company will not take, directly or indirectly, any action designed to cause or result in, or that has constituted
or might reasonably be expected to constitute, the stabilization or manipulation of the price of any securities of the Company.


 


9. Acknowledgment.
The Company acknowledges that any advice given by the Placement Agent to the Company is solely for the benefit and use of the Board of
Directors of the Company and may not be used, reproduced, disseminated, quoted or referred to, without the Placement Agent's prior written
consent.


 


10. Announcement
of Offering. The Company acknowledges and agrees that the Placement Agent may, subsequent to the Closing, make public its involvement
with the Offering.


 


11. Reliance
on Others. The Company confirms that it will rely on its own counsel and accountants for legal and accounting advice.


 


SECTION 2. REPRESENTATIONS
OF THE PLACEMENT AGENT. The Placement Agent represents and warrants that it (i) is a member in good standing of FINRA, (ii) is registered
as a broker/dealer under the Exchange Act, (iii) is licensed as a broker/dealer under the laws of the States applicable to the offers
and sales of the Securities by the Placement Agent, (iv) is and will be a corporate entity validly existing under the laws of its place
of incorporation or formation, and (v) has full power and authority to enter into and perform its obligations under this Agreement. The
Placement Agent will immediately notify the Company in writing of any change in its status as such. The Placement Agent covenants that
it will use its reasonable best efforts to conduct the Placement hereunder in compliance with the provisions of this Agreement and the
requirements of applicable law.


  


SECTION 3. COMPENSATION.
In consideration of the services to be provided for hereunder, the Company shall pay to the Placement Agent or its respective designees
the following compensation with respect to the Securities which they are placing:


 


		A.	A cash fee (the “Cash Fee”) equal to an aggregate of two percent (2%) of the aggregate gross
proceeds raised in the Placement.
	 	 	 



		B.	Payment shall accrue and be paid monthly in arrears of the execution of the securities purchase agreement by the 10th day
of the month
	 	 	 



		C.	Reserved.
	 	 	 
		D.	The Placement Agent reserves the right to reduce any item
of its compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect
that the Placement Agent’s aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.



 






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SECTION 4. INDEMNIFICATION.
The Company agrees to the indemnification and other agreements set forth in the Indemnification Provisions (the “Indemnification”)
attached hereto as Addendum A, the provisions of which are incorporated herein by reference and shall survive the termination
or expiration of this Agreement.


 


SECTION 5. ENGAGEMENT
TERM. The Placement Agent’s engagement hereunder shall be until the earlier of (i) the final closing date of the Placement and
(ii) the date a party terminates the engagement according to the terms of the next sentence (such date, the “Termination Date”
and the period of time during which this Agreement remains in effect is referred to herein as the “Term”). The engagement
may be terminated at any time by either party upon five (5) days written notice to the other party, effective upon receipt of written
notice to that effect by the other party. Notwithstanding anything to the contrary contained herein, the provisions concerning the Company’s
obligation to pay any fees actually earned pursuant to Section 3 hereof and the provisions concerning confidentiality, indemnification
and contribution contained herein and the Company’s obligations contained in the Indemnification Provisions will survive any expiration
or termination of this Agreement. If this Agreement is terminated prior to the completion of the Placement, all fees due to the Placement
Agent shall be paid by the Company to the Placement Agent on or before the Termination Date (in the event such fees are earned or owed
as of the Termination Date). The Placement Agent agrees not to use any confidential information concerning the Company provided to the
Placement Agent by the Company for any purposes other than those contemplated under this Agreement.


 


SECTION 6. PLACEMENT
AGENT INFORMATION. The Company agrees that any information or advice rendered by the Placement Agent in connection with this engagement
is for the confidential use of the Company only in their evaluation of the Placement and, except as otherwise required by law, the Company
will not disclose or otherwise refer to the advice or information in any manner without the Placement Agent’s prior written consent.


 


SECTION 7. NO
FIDUCIARY RELATIONSHIP. This Agreement does not create and shall not be construed as creating rights enforceable by any person or
entity not a party hereto, except those entitled hereto by virtue of the Indemnification Provisions hereof. The Company acknowledges and
agrees that the Placement Agent is not and shall not be construed as a fiduciary of the Company and shall have no duties or liabilities
to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention of the Placement
Agent hereunder, all of which are hereby expressly waived.


 


SECTION 8. CLOSING.
The obligations of the Placement Agent, and the closing of the sale of the Securities hereunder are subject to the accuracy, when made
and on the Closing Date, of the representations and warranties on the part of the Company contained herein and in the Purchase Agreement,
to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the
Company of their obligations hereunder, and to each of the following additional terms and conditions, except as otherwise disclosed to
and acknowledged and waived by the Placement Agent by the Company:


 


A.  No stop order
suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall have been
initiated or threatened by the Commission, and any request for additional information on the part of the Commission (to be included in
the Registration Statement, the Base Prospectus, the Prospectus Supplement or otherwise) shall have been complied with to the reasonable
satisfaction of the Placement Agent. Any filings required to be made by the Company in connection with the Placement shall have been timely
filed with the Commission.


 


B.  The Placement
Agent shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration Statement, the Base
Prospectus, the Prospectus Supplement or any amendment or supplement thereto contains an untrue statement of a fact which, in the opinion
of counsel for the Placement Agent, is material or omits to state any fact which, in the opinion of such counsel, is material and is required
to be stated therein or is necessary to make the statements therein not misleading.


 






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C.  All corporate
proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of this Agreement, the
Securities, the Registration Statement, the Base Prospectus and the Prospectus Supplement and all other legal matters relating to this
Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all material respects to counsel for ICG, and the
Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon
such matters.


 


D.  Reserved.


  


E.  Reserved.


 


F.  Reserved.


 


G.  Reserved.


 


H.  The Company (i)
shall not have sustained since the date of the latest audited financial statements included or incorporated by reference in the Registration
Statement, the Base Prospectus and the Prospectus Supplement, any loss or interference with its business from fire, explosion, flood,
terrorist act or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order
or decree, otherwise than as set forth in or contemplated by the Registration Statement, the Base Prospectus and the Prospectus Supplement,
and (ii) since the date of the latest audited financial statements included or incorporated by reference in the Registration Statement,
the Base Prospectus and the Prospectus Supplement there shall not have been any change in the capital stock or long-term debt of the Company
or any change, or any development involving a prospective change, in or affecting the business, general affairs, management, financial
position, stockholders' equity, results of operations or prospects of the Company, otherwise than as set forth in or contemplated by the
Registration Statement, the Base Prospectus and the Prospectus Supplement, the effect of which, in any such case described in clause (i)
or (ii), is, in the judgment of the Placement Agent, so material and adverse as to make it impracticable or inadvisable to proceed with
the sale or delivery of the Shares on the terms and in the manner contemplated by the Base Prospectus and Prospectus Supplement.


 


I.  The Common Stock
is registered under the Exchange Act and, as of the Closing Date, the Shares shall be listed for trading on the Trading Market or other
applicable U.S. national exchange and reasonable evidence of such action, if available, shall have been provided to the Placement Agent
upon its request. The Company shall have taken no action designed to, or likely to have the effect of terminating the registration of
the Common Stock under the Exchange Act or delisting or suspending from trading the Common Stock from the Trading Market or other applicable
U.S. national exchange, nor has the Company received any information suggesting that the Commission or the Trading Market or other U.S.
applicable national exchange is contemplating terminating such registration or listing.


 


J.  No action shall
have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental agency or body
which would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect or potentially
and adversely affect the business or operations of the Company; and no injunction, restraining order or order of any other nature by any
federal or state court of competent jurisdiction shall have been issued as of the Closing Date which would prevent the issuance or sale
of the Securities or materially and adversely affect or potentially and adversely affect the business or operations of the Company.


 


K.  The Company shall
have prepared and filed with the Commission a Current Report on Form 8-K with respect to the Placement, including as an exhibit thereto
this Agreement.


 


L.  The Company shall
have entered into a Purchase Agreement with the Purchaser and such agreements shall be in full force and effect and shall contain representations,
warranties and covenants of the Company as agreed between the Company and the Purchaser.


 


M.  FINRA shall have
raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition, the Company shall,
if requested by the Placement Agent, make or authorize Placement Agent’s counsel to make on the Company’s behalf, any filing
with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110 with respect to the Placement and pay all filing fees required
in connection therewith.


 






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N.  Reserved.


 


O.  Reserved.


 


If any of the conditions specified
in this Section 8 shall not have been fulfilled when and as required by this Agreement, all obligations of the Placement Agent hereunder
may be cancelled by the Placement Agent at, or at any time prior to, the consummation of the Closing. Notice of such cancellation shall
be given to the Company in writing or orally. Any such oral notice shall be confirmed promptly thereafter in writing.


 


SECTION 9. Reserved..


 


SECTION 10. GOVERNING
LAW. This Agreement shall be deemed to have been made and delivered in New York City and both this engagement letter and the transactions
contemplated hereby shall be governed as to validity, interpretation, construction, effect and in all other respects by the internal laws
of the State of New York, without regard to the conflict of laws principles thereof. Each of the Placement Agent and the Company: (i)
agrees that any legal suit, action or proceeding arising out of or relating to this engagement letter and/or the transactions contemplated
hereby shall be instituted exclusively in New York Supreme Court, County of New York, or in the United States District Court for the Southern
District of New York, (ii) waives any objection which it may have or hereafter to the venue of any such suit, action or proceeding, and
(iii) irrevocably consents to the jurisdiction of the New York Supreme Court, County of New York, and the United States District Court
for the Southern District of New York in any such suit, action or proceeding. Each of the Placement Agent and the Company further agrees
to accept and acknowledge service of any and all process which may be served in any such suit, action or proceeding in the New York Supreme
Court, County of New York, or in the United States District Court for the Southern District of New York and agrees that service of process
upon the Company mailed by certified mail to the Company’s address shall be deemed in every respect effective service of process
upon the Company, in any such suit, action or proceeding, and service of process upon the Placement Agent mailed by certified mail to
the Placement Agent’s address shall be deemed in every respect effective service process upon the Placement Agent, in any such suit,
action or proceeding. Notwithstanding any provision of this engagement letter to the contrary, the Company agrees that neither the Placement
Agent nor its affiliates, and the respective officers, directors, employees, agents and representatives of the Placement Agent, its affiliates
and each other person, if any, controlling the Placement Agent or any of its affiliates, shall have any liability (whether direct or indirect,
in contract or tort or otherwise) to the Company for or in connection with the engagement and transaction described herein except for
any such liability for losses, claims, damages or liabilities incurred by us that are finally judicially determined to have resulted from
the willful misconduct or gross negligence of such individuals or entities. If either party shall commence an action or proceeding to
enforce any provision of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party
for its reasonable attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of
such action or proceeding.1


  


SECTION 11. ENTIRE
AGREEMENT/MISC. This Agreement (including the attached Indemnification Provisions) embodies the entire agreement and understanding
between the parties hereto, and supersedes all prior agreements and understandings, relating to the subject matter hereof. If any provision
of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any
other respect or any other provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended
or otherwise modified or waived except by an instrument in writing signed by the Placement Agent and the Company. The representations,
warranties, agreements and covenants contained herein shall survive the closing of the Placement and delivery of the Securities. 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 the other party, it being understood that
both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or a .pdf format
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.


 


 





 



 






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SECTION 12. CONFIDENTIALITY.
The Placement Agent (i) will keep the Confidential Information (as such term is defined below) confidential and will not (except as required
by applicable law or stock exchange requirement, regulation or legal process (“Legal Requirement”)), without the Company’s
prior written consent, disclose to any person any Confidential Information, and (ii) will not use any Confidential Information other than
in connection with the Placement. The Placement Agent further agree, severally and not jointly, to disclose the Confidential Information
only to its Representatives (as such term is defined below) who need to know the Confidential Information for the purpose of the Placement,
and who are informed by the Placement Agent of the confidential nature of the Confidential Information. The term “Confidential
Information” shall mean, all confidential, proprietary and non-public information (whether written, oral or electronic communications)
furnished by the Company to the Placement Agent or its Representatives in connection with the Placement Agent’s evaluation of the
Placement. The term “Confidential Information” will not, however, include information which (i) is or becomes publicly
available other than as a result of a disclosure by the Placement Agent or its Representatives in violation of this Agreement, (ii) is
or becomes available to the Placement Agent or any of its Representatives on a non-confidential basis from a third-party, (iii) is known
to the Placement Agent or any of its Representatives prior to disclosure by the Company or any of its Representatives, or (iv) is or has
been independently developed by the Placement Agent and/or the Representatives without use of any Confidential Information furnished to
it by the Company. The term “Representatives” shall mean the Placement Agent’s directors, board committees, officers,
employees, financial advisors, attorneys and accountants. This provision shall be in full force until the earlier of (a) the date that
the Confidential Information ceases to be confidential and (b) two years from the date hereof. Notwithstanding any of the foregoing, in
the event that the Placement Agent or any of its Representatives are required by Legal Requirement to disclose any of the Confidential
Information, such Placement Agent and its Representatives will furnish only that portion of the Confidential Information which such Placement
Agent or its Representative, as applicable, is required to disclose by Legal Requirement as advised by counsel, and will use reasonable
efforts to obtain reliable assurance that confidential treatment will be accorded the Confidential Information so disclosed.


 


SECTION 13. NOTICES.
All communications hereunder shall be in writing and shall be mailed, hand delivered or e-mailed and confirmed to the parties hereto as
follows:


 


If to the Placement Agent
to the address set forth herein, attention: John Calicchio, email: jc@iconcapg.com


 


With a copy to:


 


Foley Shechter Ablovatskiy
LLP


1180 Avenue of the Americas,
8th Floor


New York, New York 10036


E-mail: js@foleyshechter.com


Attention: Jonathan Shechter,
Esq.


 


If to the Company:


 


SunHydrogen, Inc.


10 E. Yanonali Street, Suite
36


Santa Barbara, CA 93101


e-mail:


Attention: Timothy Young


 


With a copy to:


 


Sichenzia Ross Ference LLP


1185 Avenue of the Americas,
31st Fl.


New York, NY 10036


e-mail:


Attention:


 


Any party hereto may change
the address for receipt of communications by giving written notice to the others.


 


SECTION 14. PRESS
ANNOUNCEMENTS. The Company agrees that the Placement Agent shall, from and after any Closing, have the right to reference the
Placement and the Placement Agent’s role in connection therewith in the Placement Agent’s marketing materials and on its website
and to place advertisements in financial and other newspapers and journals, in each case at its own expense.


 


[The remainder of this page has been intentionally
left blank.]


 




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Please confirm that the foregoing
correctly sets forth our agreement by signing and returning to ICG the enclosed copy of this Agreement.


 


	 	Very truly yours,
	 	 
	 	ICON CAPITAL GROUP, LLC
	 	 	 
	 	By:	/s/ John Calicchio
	 	 	Name: 	John Calicchio
	 	 	Title:	President/CEO
	 	 	 	 
	 	 	Address for notice:
	 	 	895 Dove Street, Suite 300
	 	 	Newport Beach, CA 92660
	 	 	Attention: John Calicchio
	 	 	Email: 


 


Accepted and agreed to as of


the date first written above:


 


	SUNHYDROGEN, INC.	 
	 	 
	By:	/s/ Timothy Young	 
	 	Name: 	Timothy Young	 
	 	Title:	Chief Executive Officer	 


 


	 	Address for notice:	 
	 	 	 
	 	SunHydrogen, Inc.	 
	 	10 E. Yanonali Street, Suite 36	 
	 	Santa Barbara, CA 93101	 
	 	Attn: Chief Executive Officer	 
	 	Email: 	 


 


[Signature Page to Placement Agency Agreement
Between


SunHydrogen, Inc. and Icon Capital Group, LLC]


 




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ADDENDUM A


 


INDEMNIFICATION PROVISIONS


 


In connection with the
engagement of Icon Capital Group, LLC (the “Lead Manager”) by SunHydrogen, Inc. (the “Company”) pursuant to a
placement agency agreement dated as of the date hereof, between the Company and the Lead Manager, as it may be amended from time to time
in writing (the “Agreement”), the Company hereby agrees as follows:


 


1.  To the extent
permitted by law, the Company will indemnify the Lead Manager and each of their respective affiliates, directors, officers, employees
and controlling persons (within the meaning of Section 15 of the Securities Act of 1933, as amended, or Section 20 of the Securities Exchange
Act of 1934) against all losses, claims, damages, expenses and liabilities, as the same are incurred (including the reasonable fees and
expenses of counsel), relating to or arising out of its activities hereunder or pursuant to the Agreement, except, with regard to the
Lead Manager, to the extent that any losses, claims, damages, expenses or liabilities (or actions in respect thereof) are found in a final
judgment (not subject to appeal) by a court of law to have resulted primarily and directly from the Lead Manager’s willful misconduct
or gross negligence in performing the services described herein, as the case may be.


 


2.  Promptly after
receipt by the Lead Manager of notice of any claim or the commencement of any action or proceeding with respect to which the Lead Manager
are entitled to indemnity hereunder, the Lead Manager will notify the Company in writing of such claim or of the commencement of such
action or proceeding, and the Company will assume the defense of such action or proceeding and will employ counsel reasonably satisfactory
to the Lead Manager and will pay the fees and expenses of such counsel. Notwithstanding the preceding sentence, the Lead Manager will
be entitled to employ counsel separate from counsel for the Company and from any other party in such action if counsel for the Lead Manager
reasonably determines that it would be inappropriate under the applicable rules of professional responsibility for the same counsel to
represent both the Company and the Lead Manager. In such event, the reasonable fees and disbursements of no more than one such separate
counsel will be paid by the Company. The Company will have the exclusive right to settle the claim or proceeding provided that the Company
will not settle any such claim, action or proceeding without the prior written consent of the Lead Manager, which will not be unreasonably
withheld.


 


3.  The Company agrees
to notify the Lead Manager promptly of the assertion against it or any other person of any claim or the commencement of any action or
proceeding relating to a transaction contemplated by the Agreement.


 


4.  If for any reason
the foregoing indemnity is unavailable to the Lead Manager or insufficient to hold the Lead Manager harmless, then the Company shall contribute
to the amount paid or payable by the Lead Manager, as the case may be, as a result of such losses, claims, damages or liabilities in such
proportion as is appropriate to reflect not only the relative benefits received by the Company on the one hand, and the Lead Manager on
the other, but also the relative fault of the Company on the one hand and the Lead Manager on the other that resulted in such losses,
claims, damages or liabilities, as well as any relevant equitable considerations. The amounts paid or payable by a party in respect of
losses, claims, damages and liabilities referred to above shall be deemed to include any legal or other fees and expenses incurred in
defending any litigation, proceeding or other action or claim. Notwithstanding the provisions hereof, the Lead Manager’s share of
the liability hereunder shall not be in excess of the amount of fees actually received, or to be received, by the Lead Manager under the
Agreement (excluding any amounts received as reimbursement of expenses incurred by the Lead Manager).


 


5.  These Indemnification
Provisions shall remain in full force and effect whether or not the transaction contemplated by the Agreement is completed and shall survive
the termination of the Agreement, and shall be in addition to any liability that the Company might otherwise have to any indemnified party
under the Agreement or otherwise.


 


[The remainder of this page has been intentionally
left blank.]


 




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	 	Very truly yours,
	 	 
	 	ICON CAPITAL GROUP, LLC
	 	 	 
	 	By:	/s/ John Calicchio
	 	 	Name: 	John Calicchio
	 	 	Title:	President, CEO
	 	 	 	 
	 	 	Address for notice:
	 	 	895 Dove Street Suite 300
	 	 	Newport Beach, CA 92660
	 	 	Attention: John Calicchio
	 	 	Email:


 


Accepted and agreed to as of


the date first written above:


 


	SUNHYDROGEN, INC.	 
	 	 
	By:	/s/ Timothy Young	 
	 	Name:	Timothy Young	 
	 	Title:	Chief Executive Officer	 


 


	 	Address for notice:	 
	 	 	 
	 	SunHydrogen, Inc.	 
	 	10 E. Yanonali Street, Suite 36	 
	 	Santa Barbara, CA 93101	 
	 	Attn: Chief Executive Officer	 
	 	Email: 	 


 


[Signature Page to Indemnification Provisions
Pursuant to Placement Agency Agreement]


between SunHydrogen, Inc., Icon Capital Group,
LLC]










 


 


12